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Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad

This study investigates and estimates the impact of bond facets to issuer performance using multivariate regression model which is applied into three categories: (i) firm’s profitability which is proxies by return on asset (ROA), return on equity (ROE), net profit margin (NPM) and operating profit m...

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Main Authors: Mohd Saad, Noriza, Mohamad, Nor Edi Azhar
Format: Article
Language:English
Published: 2012
Subjects:
HG Finance
Investment, capital formation, speculation
Malaysia
Stock price indexes. Stock quotations
Bonds
Government securities. Industrial securities. Venture capital
Online Access:https://ir.uitm.edu.my/id/eprint/59719/1/59719.pdf
https://ir.uitm.edu.my/id/eprint/59719/
http://myjms.mohe.gov.my/index.php/tifej
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id my.uitm.ir.59719
record_format eprints
spelling my.uitm.ir.597192022-05-18T08:45:59Z https://ir.uitm.edu.my/id/eprint/59719/ Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad Mohd Saad, Noriza Mohamad, Nor Edi Azhar HG Finance Investment, capital formation, speculation Malaysia Stock price indexes. Stock quotations Bonds Government securities. Industrial securities. Venture capital This study investigates and estimates the impact of bond facets to issuer performance using multivariate regression model which is applied into three categories: (i) firm’s profitability which is proxies by return on asset (ROA), return on equity (ROE), net profit margin (NPM) and operating profit margin (OPM); (ii) firm’s efficiency is proxy by asset turnover (AT) and (iii) firm’s capital structure is proxy by debt to equity in Malaysia. On the other hand, we applied ANOVA approach to compare between sukuk or Islamic bonds and conventional bonds. Secondary data was used for issuance (N= 563) cover the 2005-2009 periods which are gathered from Bank Negara Info Bond Hub website and Rating Agency Malaysia (RAM) for such a bond facets. However, data on issuer performance has been obtained from Bloomberg software and Thompson Data Stream. The results revealed that there is a statistically significant relationship among variables and most of the public listed issuer was issued sukuk as compared to conventional bonds. Based on the regression result it was recommended that bond issuer should deeply considered bond rating in their future issuances to tap the bond market at competitive rate since it was statistically significant to all regressions model. 2012 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/59719/1/59719.pdf (2012) Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad. Terengganu International Finance and Economics Journal (TIFEJ), 2 (2). pp. 28-39. ISSN 2232-0539 http://myjms.mohe.gov.my/index.php/tifej
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic HG Finance
Investment, capital formation, speculation
Malaysia
Stock price indexes. Stock quotations
Bonds
Government securities. Industrial securities. Venture capital
spellingShingle HG Finance
Investment, capital formation, speculation
Malaysia
Stock price indexes. Stock quotations
Bonds
Government securities. Industrial securities. Venture capital
Mohd Saad, Noriza
Mohamad, Nor Edi Azhar
Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad
description This study investigates and estimates the impact of bond facets to issuer performance using multivariate regression model which is applied into three categories: (i) firm’s profitability which is proxies by return on asset (ROA), return on equity (ROE), net profit margin (NPM) and operating profit margin (OPM); (ii) firm’s efficiency is proxy by asset turnover (AT) and (iii) firm’s capital structure is proxy by debt to equity in Malaysia. On the other hand, we applied ANOVA approach to compare between sukuk or Islamic bonds and conventional bonds. Secondary data was used for issuance (N= 563) cover the 2005-2009 periods which are gathered from Bank Negara Info Bond Hub website and Rating Agency Malaysia (RAM) for such a bond facets. However, data on issuer performance has been obtained from Bloomberg software and Thompson Data Stream. The results revealed that there is a statistically significant relationship among variables and most of the public listed issuer was issued sukuk as compared to conventional bonds. Based on the regression result it was recommended that bond issuer should deeply considered bond rating in their future issuances to tap the bond market at competitive rate since it was statistically significant to all regressions model.
format Article
author Mohd Saad, Noriza
Mohamad, Nor Edi Azhar
author_facet Mohd Saad, Noriza
Mohamad, Nor Edi Azhar
author_sort Mohd Saad, Noriza
title Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad
title_short Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad
title_full Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad
title_fullStr Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad
title_full_unstemmed Malaysian capital market: sukuk versus conventional bond / Noriza Mohd Saad and Nor Edi Azhar Mohamad
title_sort malaysian capital market: sukuk versus conventional bond / noriza mohd saad and nor edi azhar mohamad
publishDate 2012
url https://ir.uitm.edu.my/id/eprint/59719/1/59719.pdf
https://ir.uitm.edu.my/id/eprint/59719/
http://myjms.mohe.gov.my/index.php/tifej
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score 13.211869

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