Factors influencing intention to invest in Shariah-compliant social impact bonds in Malaysia

Syed Marwan, Suhaiza Ismail, Engku Rabiah Adawiah Engku Ali, Mohamed Aslam Mohamed Haneef
{"title":"Factors influencing intention to invest in Shariah-compliant social impact bonds in Malaysia","authors":"Syed Marwan, Suhaiza Ismail, Engku Rabiah Adawiah Engku Ali, Mohamed Aslam Mohamed Haneef","doi":"10.1108/jiabr-12-2022-0340","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>The purpose of the paper is twofold. Firstly, this study aims to investigate the factors influencing stakeholders’ intention to invest in Shariah-compliant social impact bonds (SC SIBs) in Malaysia. Secondly, this study compares the differences in the perception of different stakeholders on the importance of the factors.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>Using the extended theory of planned behaviour, the study undertakes a questionnaire survey on licensed capital market investors and individuals involved in the development of the financial market (developers). A total of 260 complete and valid responses were obtained from the survey. Multiple regression and Mann–Whitney tests were carried out to achieve the two objectives, respectively.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The results reveal that attitude (<em>β</em> = 0.447, <em>p</em> &lt; 0.01), subjective norm (SN) (<em>β</em> = 0.255, <em>p</em> &lt; 0.01) and moral norm (MN) (<em>β</em> = 0.163, <em>p</em> &lt; 0.01) are significantly positive predictors of intention to invest in SC SIBs. In terms of the differences in the perceptions of the two parties, the results show that the factors have more effect towards developers than investors.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>The empirical evidence from this study on the factors that influence stakeholders’ participation in SC SIBs is useful to the policymakers and interested parties in taking the next steps to develop, implement and promote SC SIBs to stakeholders in Malaysia. Fund managers can use the study’s insights to promote positive attitudes, SNs and MNs towards SC SIBs, especially targeting developers who are more influenced by these factors. More importantly, the results indicate a need for different strategies to influence the stakeholder investment behaviour of SC SIB in Malaysia to ensure that it is sustainable and viable in the long run.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2023-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Islamic Accounting and Business Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/jiabr-12-2022-0340","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

Abstract

Purpose

The purpose of the paper is twofold. Firstly, this study aims to investigate the factors influencing stakeholders’ intention to invest in Shariah-compliant social impact bonds (SC SIBs) in Malaysia. Secondly, this study compares the differences in the perception of different stakeholders on the importance of the factors.

Design/methodology/approach

Using the extended theory of planned behaviour, the study undertakes a questionnaire survey on licensed capital market investors and individuals involved in the development of the financial market (developers). A total of 260 complete and valid responses were obtained from the survey. Multiple regression and Mann–Whitney tests were carried out to achieve the two objectives, respectively.

Findings

The results reveal that attitude (β = 0.447, p < 0.01), subjective norm (SN) (β = 0.255, p < 0.01) and moral norm (MN) (β = 0.163, p < 0.01) are significantly positive predictors of intention to invest in SC SIBs. In terms of the differences in the perceptions of the two parties, the results show that the factors have more effect towards developers than investors.

Originality/value

The empirical evidence from this study on the factors that influence stakeholders’ participation in SC SIBs is useful to the policymakers and interested parties in taking the next steps to develop, implement and promote SC SIBs to stakeholders in Malaysia. Fund managers can use the study’s insights to promote positive attitudes, SNs and MNs towards SC SIBs, especially targeting developers who are more influenced by these factors. More importantly, the results indicate a need for different strategies to influence the stakeholder investment behaviour of SC SIB in Malaysia to ensure that it is sustainable and viable in the long run.

查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
影响马来西亚符合伊斯兰教法的社会影响债券投资意向的因素
本文有两个目的。首先,本研究旨在调查影响马来西亚利益相关者投资符合伊斯兰教法的社会影响债券(SC SIBs)意向的因素。其次,本研究比较了不同利益相关者对这些因素重要性认识的差异。设计/方法/途径本研究采用扩展的计划行为理论,对持牌资本市场投资者和参与金融市场发展的个人(开发者)进行了问卷调查。调查共获得 260 份完整有效的答复。调查结果显示,态度(β = 0.447,p < 0.01)、主观规范(SN)(β = 0.255,p < 0.01)和道德规范(MN)(β = 0.163,p < 0.01)对投资 SC SIB 的意向具有显著的正向预测作用。本研究就影响利益相关者参与 SC SIBs 的因素所提供的经验证据,有助于政策制定者和相关方采取下一步措施,在马来西亚发展、实施和向利益相关者推广 SC SIBs。基金管理者可以利用本研究的洞察力来促进对 SC SIB 的积极态度、SN 和 MN,尤其是针对受这些因素影响较大的开发商。更重要的是,研究结果表明,有必要采取不同的策略来影响马来西亚利益相关者对 SC SIB 的投资行为,以确保 SC SIB 的长期可持续性和可行性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
4.80
自引率
22.70%
发文量
78
期刊介绍: The journal provides a dynamic forum for the advancement of accounting and business knowledge based on Shari’ah and Islamic activities that have an impact on the welfare of society. JIABR publishes articles on the interplay between Islamic business ethics, accounting, auditing and governance, in promoting accountability, socio-economic justice (adl) and everlasting success (al-falah). It seeks to inform, among others, current theoretical and empirical research and practice in Islamic accounting, auditing and corporate governance, management of Islamic organizations, accounting regulation and policy for Islamic institutions, Shari’ah auditing and corporate governance, financial and non-financial performance measurement and disclosure in Islamic institutions and organizations. All styles of research, theoretical and empirical, case studies, practice-based papers and research notes that are well written and falling within the journal''s scope, are generally welcomed by the journal. Scope/Coverage Development of accounting, auditing and corporate governance concepts based on Shari’ah Socio-political influence on accounting and auditing regulation and policy making for Islamic financial institutions and organizations Historical perspectives on Islamic accounting, auditing and financial management Critical analysis on issues and challenges on accounting disclosure and measurement, Shari’ah audit and corporate governance Controls and risks in Islamic organizations Financial and non-financial performance measurement and disclosure.
期刊最新文献
Exploring the antecedents and consequences of brand addiction among Iranian consumers Bridging the gap between the tradition of the Prophet in zakat payment and the current practice, through modern measurement Corporate governance and firm performance: in Qatari non-financial firms Factors influencing SME project returns on Islamic Fintech lending platform Exploring the feasibility of Muzara’ah based Islamic running finance model as an alternative for agriculture credit
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1