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Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang

This study provides perspectives and insights into the importance of Maqasid al-Shari’ah in the discourse of Shari’ah-Compliant Asset Pricing Model (SCAPM) development by considering inflation and zakat as the minimum level of expected return. The study also integrated market risk and investor senti...

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Main Authors: Febrianto, Igo, Mohamed, Norhayati, Bujang, Imbarine
Format: Article
Language:English
Published: Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA 2023
Subjects:
Finance, Islamic
KBP Islamic law. Sharī'ah. Fiqh
Online Access:https://ir.uitm.edu.my/id/eprint/83422/1/83422.pdf
https://ir.uitm.edu.my/id/eprint/83422/
https://apmaj.uitm.edu.my/
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spelling my.uitm.ir.834222023-09-05T03:53:37Z https://ir.uitm.edu.my/id/eprint/83422/ Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang apmaj Febrianto, Igo Mohamed, Norhayati Bujang, Imbarine Finance, Islamic KBP Islamic law. Sharī'ah. Fiqh This study provides perspectives and insights into the importance of Maqasid al-Shari’ah in the discourse of Shari’ah-Compliant Asset Pricing Model (SCAPM) development by considering inflation and zakat as the minimum level of expected return. The study also integrated market risk and investor sentiment as systematic risks faced by Muslim investors in stock investments. Using a non-linear panel ARDL approach with monthly panel data from 109 Shari’ah-compliant listed companies on the Indonesian Stock Exchange between October 2007 and June 2021 (164 months), the study found that the Islamic market risk premium and investor sentiment had a positive long-term impact on Shari’ah-compliant stock returns. Surprisingly, market risk premium had a reverse effect in the short term, while investor sentiment remained positive. These findings contribute to understanding Islamic finance and have practical implications for investors, financial institutions, and policymakers. Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA 2023-08 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/83422/1/83422.pdf Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang. (2023) Asia-Pacific Management Accounting Journal (APMAJ) <https://ir.uitm.edu.my/view/publication/Asia-Pacific_Management_Accounting_Journal_=28APMAJ=29/>, 18 (2): 7. pp. 165-190. ISSN 2550-1631 https://apmaj.uitm.edu.my/
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 Finance, Islamic
KBP Islamic law. Sharī'ah. Fiqh
spellingShingle Finance, Islamic
KBP Islamic law. Sharī'ah. Fiqh
Febrianto, Igo
Mohamed, Norhayati
Bujang, Imbarine
Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang
description This study provides perspectives and insights into the importance of Maqasid al-Shari’ah in the discourse of Shari’ah-Compliant Asset Pricing Model (SCAPM) development by considering inflation and zakat as the minimum level of expected return. The study also integrated market risk and investor sentiment as systematic risks faced by Muslim investors in stock investments. Using a non-linear panel ARDL approach with monthly panel data from 109 Shari’ah-compliant listed companies on the Indonesian Stock Exchange between October 2007 and June 2021 (164 months), the study found that the Islamic market risk premium and investor sentiment had a positive long-term impact on Shari’ah-compliant stock returns. Surprisingly, market risk premium had a reverse effect in the short term, while investor sentiment remained positive. These findings contribute to understanding Islamic finance and have practical implications for investors, financial institutions, and policymakers.
format Article
author Febrianto, Igo
Mohamed, Norhayati
Bujang, Imbarine
author_facet Febrianto, Igo
Mohamed, Norhayati
Bujang, Imbarine
author_sort Febrianto, Igo
title Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang
title_short Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang
title_full Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang
title_fullStr Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang
title_full_unstemmed Investor sentiment under the Maqasid Al-Shari’ah compliance asset pricing model: a behavioral finance approach to Islamic finance / Igo Febrianto, Norhayati Mohamed and Imbarine Bujang
title_sort investor sentiment under the maqasid al-shari’ah compliance asset pricing model: a behavioral finance approach to islamic finance / igo febrianto, norhayati mohamed and imbarine bujang
publisher Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA
publishDate 2023
url https://ir.uitm.edu.my/id/eprint/83422/1/83422.pdf
https://ir.uitm.edu.my/id/eprint/83422/
https://apmaj.uitm.edu.my/
_version_ 1776250571788910592
score 13.211869

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