Capital market imperfections and corporate sukuk: Issuers' motivations and the role of sukuk certifiers

Abdul Halim, Zairihan (2016) Capital market imperfections and corporate sukuk: Issuers' motivations and the role of sukuk certifiers. PhD thesis, Queensland University of Technology.


Islamic structured bonds or sukuk have become a mainstream alternative source of financing for corporations. Linking the market institution and corporate finance theory, this thesis examines the business motivation and pricing of sukuk issuance using a sample of Malaysian issuers. The results show that sukuk are superior to conventional bonds in dealing with managerial opportunistic behavior. Further, certification by Islamic finance advisors, Islamic financial institutions, and reputable investment banks is valued by investors, reducing the risk premium demanded.

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ID Code: 96271
Item Type: QUT Thesis (PhD)
Supervisor: How, Janice & Verhoeven, Peter
Keywords: Sukuk, Agency cost, Structure choice, Certification, Shariah advisor, Arranger, Spread
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Institution: Queensland University of Technology
Deposited On: 15 Jul 2016 00:19
Last Modified: 15 Jul 2016 00:19

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