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What DeterminesSukukIssuance Type in Indonesia?

In: Asia-Pacific Contemporary Finance and Development

Author

Listed:
  • Datien Eriska Utami
  • Irwan Trinugroho
  • Bruno S. Sergi

Abstract

We empirically investigate the determinants ofsukukissuance type in Indonesia to issue eitherijarah sukukormudharabah sukuk. We includesukukcharacteristics, sharia-related factors, and firm characteristics, provide empirical evidence on the determinants ofsukukissuance type by incorporating sukuk-specific factors, firm-specific factors, and sharia compliance variables, and address the role of Sharia Supervisory Board, as the sharia representative of firm compliance for sharia products, in the issuer’s choice ofsukuktype. By studying 88 sukuk issuance in Indonesia from 2009 to 2017, we find that firm profitability and the sharia compliance level have a significant effect on the probability of issuingmudharabah sukuk. Some other factors’ characteristics including sukuk yield, firm age, and inflation rate are also found to have a significant effect.

Suggested Citation

  • Datien Eriska Utami & Irwan Trinugroho & Bruno S. Sergi, 2019. "What DeterminesSukukIssuance Type in Indonesia?," International Symposia in Economic Theory and Econometrics, in: Asia-Pacific Contemporary Finance and Development, volume 26, pages 195-206, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:isetez:s1571-038620190000026010
    DOI: 10.1108/S1571-038620190000026010
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    More about this item

    Keywords

    Sukuk; Ijarah; Mudharabah; sharia supervisory board; profitability; yield; Indonesia; G15; G23;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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