Developing financial disclosure quality in sukuk and bond market: Evidence from Indonesia, Malaysia, and Australia

Qizam, Ibnu; Fong, Michelle Wye Leng

doi:10.1016/j.bir.2019.05.002

Cited by 22 publications

(35 citation statements)

References 39 publications

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“…(Borhan & Ahmad, 2018 ). Qizam and Fong (2019) found that sukuk and bond ratings were influenced by ROI (Return on Investment), and that ROI and ROA had significant correlation.…”

Section: Previous Studiesmentioning

confidence: 99%

“…It reflects the ability of banks to provide funds used to overcome possible default risk (Adhidarma & Purbasari, 2015). Research comparing sukuk and bond ratings in several countries was conducted by Qizam and Fong (2019), who found that financial disclosure quality and accounting-based risk, such as leverage and ROI, affected sukuk ratings in Indonesia and Malaysia and bond ratings in Australia. Bond ratings were more influenced by variations in financial performance than sukuk ratings.…”

Section: E Capital Adequacy Ratio (Car)mentioning

confidence: 99%

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Determinants of Corporate Bond and Sukuk Ratings in Indonesia

Ni’mah

Laila

Rusmita

et al. 2020

JIMF

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This study aims to determine the factors, both financial and non-financial, which influence corporate bond and Sukuk ratings. The results will be useful for companies, investors or related parties as additional information and references for their investment decisions. Using ordinal logistic regression models with SPSS version 21 software, the study analyses the determinants of corporate bond and sukuk ratings listed on the Indonesia Stock Exchange (IDX) for the period 2013-2017. The variables employed are profitability, liquidity, leverage, company size, securities structure and maturity date. The results of the Wald test statistics show that leverage ratio, firm size, security structure, and maturity date are the factors that influence the probability of high or low corporate bond ratings, while profitability and liquidity ratios are factors that have no effect on the level of such ratings. With regard to sukuk, profitability, liquidity, and maturity date are the factors that influence the probability of high or low corporate sukuk ratings, while leverage ratio, company size, and security structure have no effect on the ratings.

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“…(Borhan & Ahmad, 2018 ). Qizam and Fong (2019) found that sukuk and bond ratings were influenced by ROI (Return on Investment), and that ROI and ROA had significant correlation.…”

Section: Previous Studiesmentioning

confidence: 99%

Section: E Capital Adequacy Ratio (Car)mentioning

confidence: 99%

Determinants of Corporate Bond and Sukuk Ratings in Indonesia

Ni’mah

Laila

Rusmita

et al. 2020

JIMF

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“…However, crude oil prices show an insignificant impact on sukuk performance both in the long and short run. In the same way, Qizam and Fong (2019) examined the financial revelation quality in the sukuk and bond markets of Indonesia, Malaysia, and Australia, using the pooled Feasible Generalized Least Square (FGLS) regression. The results indicated that the quality related to reliability was affected by the sukuk ratings rather than the bond ratings.…”

Section: Empirical Literaturementioning

confidence: 99%

A Wavelet-Based Analysis of the Co-Movement between Sukuk Bonds and Shariah Stock Indices in the GCC Region: Implications for Risk Diversification

Nasreen

Naqvi

Tiwari

et al. 2020

JRFM

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Investors are interested in knowing whether sukuk bonds and shariah stock indices in the Gulf Corporation Council (GCC) region are related. This study examines the connectedness between the sukuk- and shariah-compliant stock indices in the GCC financial markets. Bivariate and multivariate wavelet approaches are applied to the daily data covering the period 10 July 2008 to 15 May 2017. The empirical findings demonstrate a strong correlation between these GCC sukuk bond indices and shariah stock indices. The degree of connectedness between these sukuk and shariah stock indices varies across time and scale. A strong and positive association is observed in the short term and a negative association is evident in the long term. The same findings are observed, using the wavelet cohesion approach that also validates the existence of portfolio diversification opportunities at a short-time horizon. The multivariate cross-correlation analysis reveals that these sukuk and shariah stock markets are highly integrated across time and scale. Furthermore, the value at risk (VaR) for the sukuk bond–shariah stocks portfolio is performed to highlight the significance of the wavelet analysis. The outcomes show that portfolio stocks are variable with respect to time or scale (time diversification). Overall, analyzing the sukuk bond–shariah stock index returns in the GCC at a multiscale level makes it easier for financial agents dealing with heterogeneous trading horizons to assess the benefits of diversifications.

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“…Many papers were devoted to the study of errors and violations in the accounting of securities [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18]. Despite the considerable attention paid to these issues in this area, there are still accounting errors and misstatements in the financial statements of an economic entity.…”

Section: Introductionmentioning

confidence: 99%

Securities accounting control procedures as a tool for preventing economic crimes

Бурлакова

Saushkina

2020

SHS Web Conf.

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This article offers a methodology of control procedures for checking the accounting of securities as a tool for preventing economic crimes. This methodology is proposed based on the analysis of investments in fixed assets and the dynamics of economic crimes in 2010-2018, the study of typical errors and violations. The methodology combines two sets of procedures: determining the effectiveness of purchased and available securities, as well as determining the completeness, reliability and information content of securities. The methodology of control procedures proposed by authors is aimed at timely detection and prevention of violations and fraudulent actions with securities.

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Developing financial disclosure quality in sukuk and bond market: Evidence from Indonesia, Malaysia, and Australia

Cited by 22 publications

References 39 publications

Determinants of Corporate Bond and Sukuk Ratings in Indonesia

Determinants of Corporate Bond and Sukuk Ratings in Indonesia

A Wavelet-Based Analysis of the Co-Movement between Sukuk Bonds and Shariah Stock Indices in the GCC Region: Implications for Risk Diversification

Securities accounting control procedures as a tool for preventing economic crimes

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