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DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA 伊斯兰股票ipo超额认购的决定因素:来自印度尼西亚的证据
Q2 Economics, Econometrics and Finance Pub Date : 2022-08-30 DOI: 10.21098/jimf.v8i3.1566
Azwar Aulia Rasyad, Bayu Arie Fianto, Rogier Busser
This study aims to investigate factors that affect IPO oversubscription on Islamic stocks. Using data of 202 IPOs indexed from Indonesia Sharia Stock Index, this study uses ordinary least squaresand quantile regression to test the formulated hypothesis from 2011 to 2020. This study finds that issue price and issue size negatively affect IPO oversubscription. Meanwhile, firm size and raw return positively affect IPO oversubscription. The findings of this study offer implications forcompanies especially related to go public subscription. This study can be reference for investors as well when engage in IPO related activities for Islamic stocks.
本研究旨在探讨影响伊斯兰股票IPO超额认购的因素。本文利用印尼伊斯兰教法股票指数(Indonesia Sharia Stock Index)索引的202家ipo数据,采用普通最小二乘法和分位数回归对2011 - 2020年所建立的假设进行检验。本研究发现,发行价格和发行规模对IPO超额认购有负向影响。同时,企业规模和原始回报对IPO超额认购有正向影响。这项研究的结果为上市公司提供了启示,特别是与上市相关的公司。本研究也可为投资者从事伊斯兰股票IPO相关活动提供参考。
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引用次数: 1
EVALUATING INDONESIAN ISLAMIC BANKING SCHOLARLY PUBLICATIONS: A DATA ANALYTICS 评估印尼伊斯兰银行学术出版物:数据分析
Q2 Economics, Econometrics and Finance Pub Date : 2022-08-30 DOI: 10.21098/jimf.v8i3.1560
M. K. Hassan, Fahmi Ali Hudaefi, Ahmad Agung
This study employs bibliometric analysis to evaluate 443 scholarly works on the topics of Indonesian Islamic banking published on 194 academic platforms, and authored by 1049 scholars. The machine learning tools i.e., R Studio and VOSviewer were employed to analyse the Scopus’ bibliographical data automatically harvested from the database. We developed four research questions based on the theories that are fundamental to bibliometric study, i.e., performance analysis, citation and co-citation analyses, bibliographic coupling and social network analysis, to identify the most impactful manuscripts, scholarly journals, authors, and institutions of affiliation. We further established the discussion of the current issues in Indonesian Islamic banking topics from the keyword analysis and the bibliographic coupling. These findings derive some recommendations for future research. This study provides a supply of scholarly novelty in the assessment of Indonesian Islamic banking publications which are both practically and theoretically importance to regulators, academia and industry professionals.
本研究采用文献计量分析方法,对194个学术平台上发表的、1049位学者撰写的443篇关于印尼伊斯兰银行主题的学术著作进行了评估。使用机器学习工具R Studio和VOSviewer对Scopus数据库中自动获取的书目数据进行分析。我们基于文献计量学研究的基本理论,即绩效分析、引文和共被引分析、书目耦合和社会网络分析,开发了四个研究问题,以确定最具影响力的手稿、学术期刊、作者和隶属机构。我们进一步从关键词分析和文献耦合的角度建立了对印尼伊斯兰银行主题当前问题的讨论。这些发现为未来的研究提供了一些建议。本研究为印度尼西亚伊斯兰银行出版物的评估提供了学术上的新颖性,这对监管机构、学术界和行业专业人士在实践和理论上都很重要。
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引用次数: 4
INCENTIVES, SOCIAL NORMS, AND BUSINESS CYCLE: AN EXAMPLE OF BUSINESS LOANS PROVISION BY ISLAMIC BANKS 激励、社会规范和商业周期:伊斯兰银行提供商业贷款的一个例子
Q2 Economics, Econometrics and Finance Pub Date : 2022-08-30 DOI: 10.21098/jimf.v8i3.1565
M. Bhatti, S. Basov
The interaction of social norms and incentives is a subject of growing interest in economic literature. Basov and Bhatti (2013) pointed out that invoking a social norm is both a blessing, since it allows mitigating moral hazard problem, and a curse, since it restricts the class of admissible contractual arrangements. In this paper, we reiterate this point using particular example of the effects of restrictions imposed on contracts by Shariah law on the optimal risk-incentive trade-off. We show that extra rigidity imposed by Shariah law leads to a greater reluctance to invest into daring new ideas, which are profitable in expectation, but may also result in significant losses. A shared set of social norms between the lender and the entrepreneur allows mitigating adverse consequences of the excess rigidity through creation of good will and may even lead to an improved performance. The adverse consequences may vary according to the stages of business cycle. As a result, recessions can have negative long-term effects and longer booms may be followed by longer recessions. We also hypothesize that turning a social norm into a law will deprive it of the ability to generate good will, while leaving the negative aspects intact. We find a tentative support of this hypothesis by comparing relative performance of Islamic banks in three regions: South East Asia (primarily, Malaysia), Middle East, and the UK.
社会规范和激励的相互作用是经济文献中一个日益引起人们兴趣的主题。Basov和Bhatti(2013)指出,调用社会规范既是一种祝福,因为它允许减轻道德风险问题,也是一种诅咒,因为它限制了可接受的契约安排的类别。在本文中,我们用伊斯兰教法对合同施加的限制对最优风险激励权衡的影响的特定例子重申了这一点。我们表明,伊斯兰教法施加的额外刚性导致人们更不愿意投资大胆的新想法,这些想法在预期中是有利可图的,但也可能导致重大损失。贷款人和企业家之间共享的一套社会规范可以通过创造善意来减轻过度刚性的不利后果,甚至可能导致业绩的改善。不利后果可能因经济周期的不同阶段而异。因此,衰退可能会产生长期的负面影响,而更长的繁荣之后可能会有更长的衰退。我们还假设,将社会规范转变为法律将剥夺其产生善意的能力,同时保留其消极方面。通过比较东南亚(主要是马来西亚)、中东和英国三个地区伊斯兰银行的相对表现,我们发现了对这一假设的初步支持。
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引用次数: 2
DO ISLAMIC CRYPTOCURRENCIES PROVIDE DIVERSIFICATION OPPORTUNITIES TO INDONESIAN ISLAMIC INVESTORS? 伊斯兰加密货币是否为印尼伊斯兰投资者提供了多样化的机会?
Q2 Economics, Econometrics and Finance Pub Date : 2022-08-30 DOI: 10.21098/jimf.v8i3.1563
Syed Aun R. Rizvi, Mohsin Ali
This study examines whether Islamic gold-backed cryptocurrencies (Onegram and X8X) provide any diversification benefits to the Islamic investors of Indonesia. We study the co-movements between return and volatility of cryptocurrencies and Indonesian Islamic equity indices during the pre-COVID-19 and COVID-19 periods. We employ Multivariate Generalized Autoregressive Conditional Heteroscedastic-Dynamic Conditional Correlation (M-GARCH-DCC) and Continuous Wavelet Transforms (CWT) for this study. We find that the COVID-19 crisis enhanced the spillover effect among the Islamic gold-backed cryptocurrencies and Islamic equities. We also provide evidence that Indonesian investors may invest in cryptocurrencies to minimize the equity sector risks during the pandemic. Our results bear significant implications for portfolio diversification strategies for Indonesian investors.
本研究考察了伊斯兰黄金支持的加密货币(Onegram和X8X)是否为印度尼西亚的伊斯兰投资者提供了任何多样化的好处。我们研究了2019冠状病毒病前和2019冠状病毒病期间加密货币和印度尼西亚伊斯兰股票指数的回报率和波动性之间的共同运动。本文采用多元广义自回归条件异方差-动态条件相关(M-GARCH-DCC)和连续小波变换(CWT)进行研究。我们发现,新冠肺炎危机增强了伊斯兰黄金支持的加密货币和伊斯兰股票之间的溢出效应。我们还提供证据表明,印度尼西亚投资者可能会投资加密货币,以尽量减少疫情期间股票行业的风险。我们的研究结果对印尼投资者的投资组合多元化策略具有重要意义。
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引用次数: 2
ESTIMATION OF ZAKAT PROCEEDS IN BANGLADESH: A TWO-APPROACH ATTEMPT 对孟加拉国天课收益的估计:两种方法的尝试
Q2 Economics, Econometrics and Finance Pub Date : 2022-02-28 DOI: 10.21098/jimf.v8i1.1455
Rashed Jahangir, Mehmet Bulut
The purpose of this study is to calculate Zakat proceeds in Bangladesh by using both classical and contemporary or alternative Zakat calculation methods. The results reveal that the percentage of Zakat amount to GDP is significantly higher than the average, i.e., 2.5-3%; under the classical and alternative approaches, the Zakat proceeds are estimated as 3.79 and 2.33 percent of GDP, respectively.
本研究的目的是通过使用经典和现代或替代的天课计算方法来计算孟加拉国的天课收益。结果表明:天课金额占GDP的比例显著高于平均水平,为2.5 ~ 3%;根据传统方法和替代方法,天课收益估计分别为GDP的3.79%和2.33%。
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引用次数: 1
DOES ISLAMIC SOCIAL CAPITAL ENHANCING SMEs SUSTAINABLE PERFORMANCE? 伊斯兰社会资本是否能促进中小企业的可持续绩效?
Q2 Economics, Econometrics and Finance Pub Date : 2022-02-28 DOI: 10.21098/jimf.v8i1.1398
Rizaldi Yusfiarto, Galuh Tri Pambekti, A. Setiawan, Ann Khoirunnisa, Septy Setia Nugraha
The study examines the roles of Islamic social capital and firm innovativeness in maintaining sustainable performance of SMEs in Indonesia. Compiling data from 186 respondents and using the partial least squares structural equation modeling approach (SEM-PLS), the study documents the importance of Islamic social capital for many aspects of businesses. The Islamic social capital not only supports business activities but also strengthens business networks, which in turn boosting firms’ innovation its performance.
本研究考察了伊斯兰社会资本和企业创新在维持印尼中小企业可持续绩效中的作用。该研究收集了186名受访者的数据,并使用偏最小二乘结构方程建模方法(SEM-PLS),证明了伊斯兰社会资本对企业许多方面的重要性。伊斯兰社会资本不仅支持商业活动,而且加强商业网络,从而促进企业的创新和绩效。
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引用次数: 1
RELIGIOSITY AND SAVING BEHAVIOR: A PRELIMINARY INVESTIGATION AMONG MUSLIM STUDENTS IN INDONESIA 宗教信仰与储蓄行为:印尼穆斯林学生的初步调查
Q2 Economics, Econometrics and Finance Pub Date : 2022-02-28 DOI: 10.21098/jimf.v8i1.1440
Coky Fauzi Alfi, S. Yusuf
This study examined the relationship between religiosity, saving intention, and saving behavior among Muslim university students in Palembang, Indonesia. A quantitative research approach was employed for this study. A total of 103 respondents were students aged between 18 and 22 years. Analyses were carried out using the partial least square path modeling (PLS-PM) technique in R-Studio (version 4.0.3) through cSEM: Composite-Based Structural Equation Modelling package. Data supported all three hypotheses, with all path coefficients being positive and statistically significant. Religiosity was found to have a significant positive relationship with saving intention and behavior. In addition, saving intention and saving behavior had a significant positive relationship. Meanwhile, according to Cohen’s convention, the effect size of the association between religiosity and saving intention and behavior was small.
本研究考察了印尼巨港市穆斯林大学生的宗教信仰、储蓄意愿和储蓄行为之间的关系。本研究采用定量研究方法。共有103名受访者是年龄在18至22岁之间的学生。使用R-Studio(4.0.3版本)中的偏最小二乘路径建模(PLS-PM)技术,通过cSEM:复合结构方程建模包进行分析。数据支持所有三个假设,所有路径系数均为正且具有统计学意义。宗教信仰与储蓄意愿和行为有显著的正相关关系。储蓄意愿与储蓄行为存在显著正相关。同时,根据科恩的惯例,宗教信仰与储蓄意愿和行为之间的关联的效应量很小。
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引用次数: 2
The CROWDFUNDING AND ISLAMIC SECURITIES: THE ROLE OF FINANCIAL LITERACY 众筹与伊斯兰证券:金融知识的作用
Q2 Economics, Econometrics and Finance Pub Date : 2022-02-28 DOI: 10.21098/jimf.v8i1.1420
Rifaldi Majid, Rizky Aditya Nugraha
This study aims to investigate the effect of Islamic Financial Literacy on the intentions of prospective Muslim investors to invest through the Islamic securities crowdfunding FinTech (I-SCF FinTech) platform. With employed Partial Least Square – Structural Equation Modeling, this study used 100 valid samples from the total 125 questionnaires filled in.  The sample technique was Simple random sampling with convenience technique. Data were obtained through filling out online questionnaires using a google form containing questions adopted from relevant research. We also employed the Technology Acceptance Model (TAM) combined with the Theory of Planned Behavior (TPB) which also integrated with Islamic Financial Literacy (IFL) focused on investment. The main finding in this study is that IFL switch is the identity as well as the risks inherent in Islamic financial products is found to have a significant effect on behavioral intention. The results of this study are expected to add to the scientific treasures on the side of investors' intentions to adopt I-SCF FinTech which is still very rarely done. Practically, the research has implications for the need to strengthen product and contract literacy followed by supervision and implementation of contracts that are in line with sharia principles through synergy between the Financial Service Authority (OJK) and the crowdfunding FinTech associations as well as relevant stakeholders.
本研究旨在调查伊斯兰金融素养对潜在穆斯林投资者通过伊斯兰证券众筹金融科技(I-SCF FinTech)平台进行投资意图的影响。本研究采用偏最小二乘-结构方程模型,从125份问卷中抽取100份有效样本。抽样方法为简单随机抽样,方便法。数据通过使用谷歌表格填写在线问卷获得,其中包含相关研究中采用的问题。我们还将技术接受模型(TAM)与计划行为理论(TPB)相结合,并将其与专注于投资的伊斯兰金融素养(IFL)相结合。本研究的主要发现是伊斯兰金融产品的IFL转换是身份,同时发现伊斯兰金融产品固有的风险对行为意愿有显著影响。本研究的结果有望增加投资者采用I-SCF金融科技的意图方面的科学宝藏,这仍然很少做。实际上,该研究对加强产品和合同素养的必要性产生了影响,随后通过金融服务管理局(OJK)与众筹金融科技协会以及相关利益相关者之间的协同作用,监督和执行符合伊斯兰教原则的合同。
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引用次数: 8
FINANCIAL DEVELOPMENT, ISLAMIC FINANCE, AND ECONOMIC GROWTH: AN EMPIRICAL INVESTIGATION FROM PERSPECTIVE OF GOVERNANCE 金融发展、伊斯兰金融与经济增长:治理视角下的实证研究
Q2 Economics, Econometrics and Finance Pub Date : 2022-02-28 DOI: 10.21098/jimf.v8i1.1443
Syed Muhammad Abdul Rehman Shah, M. Farooq, Shaherbano Ijaz, Memoona Ansar
Economic growth is the increase in the production of goods and services per head of population over a stated period of time (Oxford Dictionary). This study explores the short run and long run effect of financial development, governance, institutional quality, democracy, Islamic finance on economic growth in the time period of 2002-2020 for Pakistan. An ARDL method is applied for checking the cointegration among variables. The results indicate the existence of short run and long run cointegration among economic growth, financial development, governance, institutional quality, democracy, and Islamic finance. We recommend policy makers to provide comfortable environment and institutional support to boost sustainable inclusive economic growth after considering the above mentioned aspects especially in post covid-19 world.
经济增长是指在一定时期内人均生产的商品和服务的增加(牛津词典)。本研究探讨了2002-2020年期间巴基斯坦金融发展、治理、制度质量、民主、伊斯兰金融对经济增长的短期和长期影响。采用ARDL方法对变量间的协整进行检验。研究结果表明,经济增长、金融发展、治理、制度质量、民主与伊斯兰金融之间存在短期和长期协整关系。我们建议政策制定者在考虑上述因素的基础上,特别是在新冠肺炎疫情后的世界,为促进可持续包容性经济增长提供舒适的环境和制度支持。
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引用次数: 0
DO ISLAMIC BANKS IN INDONESIA TAKE EXCESSIVE RISK IN THEIR FINANCING ACTIVITIES? 印尼的伊斯兰银行在融资活动中是否承担了过多的风险?
Q2 Economics, Econometrics and Finance Pub Date : 2022-02-28 DOI: 10.21098/jimf.v8i1.1431
Muhamad Anindya Hiroshi Purbayanto, Taufik Faturohman, Y. Yulianti, Arson Aliludin
This study analyzes the risk-taking behavior of Indonesian Islamic Banks by examining whether the relation between financing Growth rate and non-performing financing (NPF). We employ threshold regression models and bank-level data of 24 Islamic banks (full-fledged Islamic banks and Islamic banking windows) covering the period from 2009 to 2019. We find evidence for the excessive risk-taking of Islamic Banks. More specifically, while the relation between NPF and FGR is negative when the one-lagged NPF is below the threshold (estimated to be 5.42%), it turns positive once it is above the threshold. This means that banks with NPF above the 5.42 percent threshold tend to take risky loans.
本研究通过考察融资增长率与不良融资(NPF)之间的关系来分析印尼伊斯兰银行的风险承担行为。我们采用阈值回归模型和24家伊斯兰银行(成熟的伊斯兰银行和伊斯兰银行窗口)的银行级数据,涵盖2009年至2019年。我们找到了伊斯兰银行过度冒险的证据。更具体地说,当一滞后NPF低于阈值(估计为5.42%)时,NPF与FGR之间的关系为负,而当一滞后NPF高于阈值时,NPF与FGR之间的关系变为正。这意味着NPF超过5.42%的银行倾向于高风险贷款。
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引用次数: 1
期刊
Journal of Islamic Monetary Economics and Finance
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