Purpose
This paper aims to examine the effect do Sukuk Spur Infrastructure Development of Sukuk market expansion on infrastructure development for a sample of 15 emerging countries over the period 1997–2018. The paper also compares the role of Sukuk in infrastructure development to that of the size of the banking system, bond market development and stock market development.
Design/methodology/approach
A novel index of infrastructure development is constructed via principal component analysis. This index is regressed on Sukuk market development and other macroeconomic and institutional variables. To tackle the problems of heteroscedasticity and the existence of serial correlation in the residuals, the panel model is estimated using the generalized least squares (GLS) procedure with random effects and robust standard errors.
Findings
The evidence shows that a well-developed Sukuk market contributes to the expansion of the country’s infrastructure, whereas a larger banking system and a better capitalized stock market do not have any significant effect on infrastructure development. Surprisingly, well-developed bond markets jeopardize infrastructure expansion, thereby pointing to a potential crowding-out effect between Sukuk and bonds in financing infrastructure investments. Additionally, per capita GDP and education are positively related to infrastructure development, whereas inflation has a negative effect on the country’s proliferation of infrastructure.
Originality/value
This study uses a novel infrastructure index via principal component analysis and shows that Sukuk markets fill an important gap in the financing of large-scale and long-term projects. This result is novel and has not been documented in previous research.
This study utilized an extended model of the Unified Theory of Acceptance and Use of Technology (UTAUT2) to explore the factors influencing the future adoption of accounting information systems (AIS) by Qatari students. A research model was proposed to predict future adoption, partially moderated by voluntary status of using the system. A sample of 237 students was used to probe their perceptions regarding the use of such systems in their future careers. Students were enrolled in an accounting information systems course in Qatar University. Results indicated that perceived facilitating conditions, performance expectancy and enjoyment were significant predictors of AIS. The other factors failed to be significant predictors. The estimated R2 was 48.4%. The moderation effect of voluntariness was also significant in influencing the relationship between enjoyment and future adoption. The moderator yielded a negative beta, which means that it faded the relationship under consideration. Conclusions and future recommendations are reported at the end of paper.
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