金融风险概念化和投资多元化对马来西亚宗教基金机构效率的影响

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引用次数: 0

摘要

本研究旨在概念化马来西亚的金融风险,即流动性和信贷风险,以及投资多元化与宗教基金机构效率的关系。回顾了以往的研究,以确定与效率、流动性风险、信贷风险和投资多元化有关的相关理论和经验证据。从概念上看,宗教基金机构管理其宗教基金财产的效率低下主要是由于流动性和信贷风险的暴露。然而,投资多元化战略使宗教基金机构能够产生更高的潜在回报,从而增加其财政资源。因此,多样化的投资组合可以缓和流动性和信贷风险对宗教基金机构效率的影响。事实上,由于其独特的运作方式和缺乏准确的衡量,宗教基金机构的效率在研究中很少得到检验。本研究提出了一个框架,该框架首次将宗教基金机构的效率与金融风险联系起来,并将投资多元化作为调节因素。这可能会推动未来的实证研究。事实上,该框架间接强调了风险管理对宗教基金机构的重要性。
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Conceptualizing Financial Risk and Investment Diversification towards the Efficiency of Waqf Institutions in Malaysia
This study aims to conceptualize on how financial risks i.e., liquidity and credit risk, and investment diversification relate to waqf institution’s efficiency in Malaysia. Past studies were reviewed to identify the relevant theories and empirical evidence relating to efficiency, liquidity risk, credit risk and investment diversification. Conceptually, it is found that the inefficiency of waqf institutions in managing its waqf property is mainly due to the exposure of liquidity and credit risk. However, investment diversification strategies allow waqf institutions to generate higher potential returns and subsequently enhance its financial resources. Thus, diverse investment portfolio could moderate the impact of liquidity and credit risk on the efficiency of waqf institutions. In fact, waqf institution’s efficiency has been rarely examined in studies due to its unique operation and the absence of accurate measurement. This research proposes a framework that is the first to link the efficiency of the waqf institution with financial risk, and investment diversification as a moderator. This could be an impetus for future empirical research. Indeed, the framework has indirectly emphasized the importance of risk management for waqf institutions.
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