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Determinants of Sukuk Issuance: Study in Indonesia
Lukmanal Hakim

Salford Business School, University of Salford, United Kingdom
Email: l.hakim[at]edu.salford.ac.uk


Abstract

This study investigates the determinant factors that promote the issuance of sukuk instrument in Indonesia from 2010 to 2017. The first aim is to examine macroeconomic factors that influence sukuk issuance. Using vector error correction model the empirical results show that economic development has co-integrating relationship with sovereign sukuk issuance. Second objective is to explore which specific firm level factors have a significant effect on corporate sukuk issuance using panel data analysis in the form of fixed effect and random effects model. The results are consistent with trade-off and pecking order theory and suggest that corporate sukuk issuance can enhance company valuation, bargaining value, and business sustainability

Keywords: Sovereign Sukuk; Corporate Sukuk; Macroeconomics; Capital Structure

Topic: Sukuk

Link: https://ifory.id/abstract/qYWThzXuRD7V

Conference: THE 4th ANNUAL ISLAMIC FINANCE CONFERENCE (AIFC 2019)

Plain Format | Corresponding Author (Lukmanal Hakim)

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