Why do companies issue sukuk?

被引：32

作者：

Klein, Paul-Olivier ^{[1
]}

Weill, Laurent ^{[2
]}

机构：

[1] Univ Strasbourg, Strasbourg, France

[2] Univ Strasbourg, EM Strasbourg Business Sch, Strasbourg, France

来源：

REVIEW OF FINANCIAL ECONOMICS | 2016年 / 31卷

关键词：

Financial instruments; Islamic finance; Debt issuance; Emerging countries;

D O I：

10.1016/j.rfe.2016.05.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the determinants for firms to choose sukuk over conventional bond. We investigate the potential impact of information asymmetries through moral hazard and adverse selection to explain why firms prefer using sukuk. We perform logit regressions of the choice of debt type to determine which characteristics lead a firm to issue a sukuk rather than a bond. We use a dataset of sukuk and conventional bond issuances in Malaysia from 2004 to 2013. We find evidence of the influence of information asymmetries and adverse selection on the choice of the sukuk market. (C) 2016 Elsevier Inc. All rights reserved.

引用

页码：26 / 33

页数：8

共 23 条

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