Purpose This study aims to explore the motives behind the company’s decision to go public in Sri Lanka. Design/methodology/approach This study adopts the explanatory sequential mixed-method approach based on the benefit-cost trade-off theory, incorporating survey-based descriptive statistics of 143 respondents from listed companies in the Colombo Stock Exchange (CSE) followed by content analysis of 52 initial public offering prospectuses and 11 interviews with top management of listed companies. Findings Companies primarily go public to raise capital for long- and short-term growth, followed by enhancing corporate image and governance structure. Also, they go public to rebalance capital structure, lower the cost of capital, diversify risk, compete in their product market and grab market timing opportunities. Furthermore, the qualitative analysis established that companies are going public also for value addition, broadening the ownership structure, establishing new strategic partnerships and funding for working capital requirements, which are not highlighted in previous studies. Practical implications These findings offer valuable insights for policymakers aiming to attract new companies to CSE, which would contribute to the capital market development of Sri Lanka. Originality/value This study combines quantitative survey and qualitative content analysis in a single investigation, revealing novel motives for going public that were not previously identified. This approach allows for a more comprehensive topic exploration, including the participants’ experiences and perceptions, while minimizing bias and maximizing robustness. This study is more comprehensive than previous studies that relied on descriptive statistics.
{"title":"Why do companies go public in Sri Lanka? A mixed-method approach","authors":"Mohamed Ismail Mohamed Riyath, Debeharage Athula Indunil Dayaratne","doi":"10.1108/qrfm-06-2023-0141","DOIUrl":"https://doi.org/10.1108/qrfm-06-2023-0141","url":null,"abstract":"Purpose\u0000This study aims to explore the motives behind the company’s decision to go public in Sri Lanka.\u0000\u0000Design/methodology/approach\u0000This study adopts the explanatory sequential mixed-method approach based on the benefit-cost trade-off theory, incorporating survey-based descriptive statistics of 143 respondents from listed companies in the Colombo Stock Exchange (CSE) followed by content analysis of 52 initial public offering prospectuses and 11 interviews with top management of listed companies.\u0000\u0000Findings\u0000Companies primarily go public to raise capital for long- and short-term growth, followed by enhancing corporate image and governance structure. Also, they go public to rebalance capital structure, lower the cost of capital, diversify risk, compete in their product market and grab market timing opportunities. Furthermore, the qualitative analysis established that companies are going public also for value addition, broadening the ownership structure, establishing new strategic partnerships and funding for working capital requirements, which are not highlighted in previous studies.\u0000\u0000Practical implications\u0000These findings offer valuable insights for policymakers aiming to attract new companies to CSE, which would contribute to the capital market development of Sri Lanka.\u0000\u0000Originality/value\u0000This study combines quantitative survey and qualitative content analysis in a single investigation, revealing novel motives for going public that were not previously identified. This approach allows for a more comprehensive topic exploration, including the participants’ experiences and perceptions, while minimizing bias and maximizing robustness. This study is more comprehensive than previous studies that relied on descriptive statistics.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141335429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-16DOI: 10.1108/qrfm-04-2023-0101
Aisyah Syahidah Shafruddin, S. Shahimi
Purpose The present study aims to evaluate the VBI strategies that have been implemented and to analyze the implementation challenges that BIMB has encountered. Design/methodology/approach A case study method was used to generate an in-depth and multi-faceted understanding of VBI strategy implementation in Bank Islam Malaysia Berhad (BIMB). A semi-structured in-depth interview was conducted with BIMB which is among of the earliest members of the VBI Community of Practitioners (CoPs). The data were transcribed and analyzed based on the content and thematic analyses. Findings This paper provides insights into how Islamic bank, i.e. BIMB, implement initiatives and strategies for adopting VBI based on the four underpinning principles. VBI is seen as a continuous strategy implementation of what has been practiced in BIMB, for instance, the Sadaqah House initiative introduced in 2018. Research limitations/implications The primary limitation of the study is that it only focused on BIMB and does not represent the larger members of VBI CoPs among Islamic banks in Malaysia. A larger sample would have given more trustworthy results and could give better insights on the VBI implementation. Practical implications A good strategy implementation can be realized by generating a positive and sustainable economic, societal and environmental impact consistent with sustainable shareholder returns and long-term interests. The regulator should consider the policy implications of this study by strengthening the VBI and encouraging more Islamic and conventional banks to adopt it based on the findings. Originality/value The originality of this study is that it focuses on strategy implementation and the challenges facing Islamic bank toward VBI. It provides information on the implementation strategy of VBI in Islamic banks in Malaysia and facilitates other Islamic banking institutions, specifically future members of CoPs in creating a strong ethical foundation.
{"title":"Strategy and challenges of value-based intermediation implementation: the case of BIMB","authors":"Aisyah Syahidah Shafruddin, S. Shahimi","doi":"10.1108/qrfm-04-2023-0101","DOIUrl":"https://doi.org/10.1108/qrfm-04-2023-0101","url":null,"abstract":"\u0000Purpose\u0000The present study aims to evaluate the VBI strategies that have been implemented and to analyze the implementation challenges that BIMB has encountered.\u0000\u0000\u0000Design/methodology/approach\u0000A case study method was used to generate an in-depth and multi-faceted understanding of VBI strategy implementation in Bank Islam Malaysia Berhad (BIMB). A semi-structured in-depth interview was conducted with BIMB which is among of the earliest members of the VBI Community of Practitioners (CoPs). The data were transcribed and analyzed based on the content and thematic analyses.\u0000\u0000\u0000Findings\u0000This paper provides insights into how Islamic bank, i.e. BIMB, implement initiatives and strategies for adopting VBI based on the four underpinning principles. VBI is seen as a continuous strategy implementation of what has been practiced in BIMB, for instance, the Sadaqah House initiative introduced in 2018.\u0000\u0000\u0000Research limitations/implications\u0000The primary limitation of the study is that it only focused on BIMB and does not represent the larger members of VBI CoPs among Islamic banks in Malaysia. A larger sample would have given more trustworthy results and could give better insights on the VBI implementation.\u0000\u0000\u0000Practical implications\u0000A good strategy implementation can be realized by generating a positive and sustainable economic, societal and environmental impact consistent with sustainable shareholder returns and long-term interests. The regulator should consider the policy implications of this study by strengthening the VBI and encouraging more Islamic and conventional banks to adopt it based on the findings.\u0000\u0000\u0000Originality/value\u0000The originality of this study is that it focuses on strategy implementation and the challenges facing Islamic bank toward VBI. It provides information on the implementation strategy of VBI in Islamic banks in Malaysia and facilitates other Islamic banking institutions, specifically future members of CoPs in creating a strong ethical foundation.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140969070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-16DOI: 10.1108/qrfm-04-2023-0082
Afiffudin Mohammed Noor, Fathullah Asni, Muhamad Husni Hasbulah, Muhamad Rozaimi Bin Ramle
Purpose This study aims to examine the factors of implementing istibdal waqf and generating cash waqf funds through istibdal in Penang. This study was based on the previous problem statements, stating that waqf property could not be developed due to lack of cash funds. This has allowed the study to explore the factors for implementing istibdal waqf property and the extent to which the istibdal method can generate cash waqf funds in Penang. Design/methodology/approach This study adopted a qualitative method by conducting semi-structured interviews to achieve its research goals. Semi-structured interviews were conducted to comprehensively understand the current practice on istibdal cases in Penang State Islamic Religious Council (MAINPP) through official institutions concerned with waqf management practices in Penang. This research relied on purposive sampling to select the informants. It is a sampling strategy to select the informants in advance based on the research question. To achieve the purpose of this study, two officers from MAINPP were selected based on their working experience and specialisation criteria. As a result, several themes were successfully defined from the interview data before being analysed based on the content analysis method. Findings The results present three istibdal implementation processes outlined by MAINPP, namely, the istibdal implementation process for waqf land involved in the acquisition by state authorities (PBN), non-productive waqf land and istibdal applications from certain parties. The results also reveal two factors in implementing istibdal in Penang: the acquisition of waqf land by PBN and the application of istibdal for cemeteries by the Islamic Centre of Universiti Sains Malaysia. From the point of cash fund generation, no case of istibdal implementation records the generation of cash funds to MAINPP. Thus, this study ends with proposals for improving the process and implementing istibdal in Penang to generate cash funds to help MAINPP manage waqf properties. Research limitations/implications The study only focused on implementing factors and generating cash waqf funds through istibdal in Penang. At the same time, it can be expanded to other states like Terengganu, Johor and Kelantan. This study only interviewed officers who manage matters related to the affairs of waqf properties. Therefore, it is believed that the study can be extended to other respondents, such as experts in cash fund generation investments and others. Practical implications This study proposed improvements to the policy and practice of istibdal waqf property to MAINPP after the shortcomings were identified throughout this study. If improved, these proposals will significantly impact the waqf properties involved in implementing istibdal, where it can generate cash and ensure the constant economic value of waqf properties. Social implications This study has great implications for society through the development of a cash waqf fund
{"title":"Proposed improvements to Istibdal implementation management in the state of Penang","authors":"Afiffudin Mohammed Noor, Fathullah Asni, Muhamad Husni Hasbulah, Muhamad Rozaimi Bin Ramle","doi":"10.1108/qrfm-04-2023-0082","DOIUrl":"https://doi.org/10.1108/qrfm-04-2023-0082","url":null,"abstract":"Purpose\u0000This study aims to examine the factors of implementing istibdal waqf and generating cash waqf funds through istibdal in Penang. This study was based on the previous problem statements, stating that waqf property could not be developed due to lack of cash funds. This has allowed the study to explore the factors for implementing istibdal waqf property and the extent to which the istibdal method can generate cash waqf funds in Penang.\u0000\u0000Design/methodology/approach\u0000This study adopted a qualitative method by conducting semi-structured interviews to achieve its research goals. Semi-structured interviews were conducted to comprehensively understand the current practice on istibdal cases in Penang State Islamic Religious Council (MAINPP) through official institutions concerned with waqf management practices in Penang. This research relied on purposive sampling to select the informants. It is a sampling strategy to select the informants in advance based on the research question. To achieve the purpose of this study, two officers from MAINPP were selected based on their working experience and specialisation criteria. As a result, several themes were successfully defined from the interview data before being analysed based on the content analysis method.\u0000\u0000Findings\u0000The results present three istibdal implementation processes outlined by MAINPP, namely, the istibdal implementation process for waqf land involved in the acquisition by state authorities (PBN), non-productive waqf land and istibdal applications from certain parties. The results also reveal two factors in implementing istibdal in Penang: the acquisition of waqf land by PBN and the application of istibdal for cemeteries by the Islamic Centre of Universiti Sains Malaysia. From the point of cash fund generation, no case of istibdal implementation records the generation of cash funds to MAINPP. Thus, this study ends with proposals for improving the process and implementing istibdal in Penang to generate cash funds to help MAINPP manage waqf properties.\u0000\u0000Research limitations/implications\u0000The study only focused on implementing factors and generating cash waqf funds through istibdal in Penang. At the same time, it can be expanded to other states like Terengganu, Johor and Kelantan. This study only interviewed officers who manage matters related to the affairs of waqf properties. Therefore, it is believed that the study can be extended to other respondents, such as experts in cash fund generation investments and others.\u0000\u0000Practical implications\u0000This study proposed improvements to the policy and practice of istibdal waqf property to MAINPP after the shortcomings were identified throughout this study. If improved, these proposals will significantly impact the waqf properties involved in implementing istibdal, where it can generate cash and ensure the constant economic value of waqf properties.\u0000\u0000Social implications\u0000This study has great implications for society through the development of a cash waqf fund ","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140969187","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}