An empirical study of the effects of green Sukuk spur on economic growth, social development, and financial performance in Indonesia

The recapitalisation of Nigerian banks improved capital market performance and economic growth. However, economic recessions led to a decline in capital market activities and economic growth. Therefore, this study assessed the influence of capital market performance on economic growth in developing countries for the period 2012 to 2022 using empirical evidence. The specific objective of the study was to examine the impact of market capitalisation on the real gross domestic product (GDP) in developing nations. Related and relevant literature was reviewed for the conceptual, theoretical, and empirical framework for the study. The study employed a qualitative approach using descriptive synthesis to evaluate the results of the impact of capital market performance on economic growth in developing countries using empirical evidence from 2012 to 2022. The analysis revealed that 30% of empirical results from the capital market and economic growth studies in developing nations are not consistent with the apriori expectation. The study concludes that using different variables and approaches for time series analysis produces inconsistent results in developing countries. The study recommended encouraging the financing of companies through domestic capital formation in both capital and money markets. There is also a need for harmonising the approach for consistency of findings in capital market research.

http://www.scirp.org/journal/PaperDownload.aspx?paperID=118257

Impact of Capital Market Performance on Economic Growth in Developing Nations: A Qualitative Approach

This study aims to examine the impact of Islamic and Conventional bonds on firm performance. Using Malaysian listed companies from 2010 to 2018, the results of the multiple regression analyses show that the bond affects firm performance measured by Return on Assets (ROA) and Return on Equity (ROE). Moreover, we also examine whether the bond affects the firm value (measured by EPS) or not. Results provide mixed results for both conventional and Islamic bonds. The results show that the issuance of conventional bonds positively affects the firm's performance. However, the findings also reveal that the Islamic bond-to-debt ratio negatively affects firm ROA. Next, Islamic bond has a negative effect on ROE. Further, results also reveal that the total debt ratio positively relates to firm performance. On the other hand, both conventional bonds and Islamic bonds have a negative association with the firm value. This study shows that either type of bond is good for companies up to a certain threshold. The manager should deliberate the sensitivity of Islamic bonds while investing. 

Effect of Islamic and Conventional Bonds on Firm's Performance: Evidence from Malaysia

A systematic review of Capital market research from 2012 to 2021 identifying relevant features and characteristics of these studies and thereby proffering suggestions for future research. The study used the Systematic Quantitative Assessment Technique (SQAT), a methodology for the identification and selection of high-quality peer-reviewed journal articles, all selected journal articles studied the impact of the capital market on economic growth. A total of 51 Journal articles; were used for the review. Analysis revealed that many of the studies were conducted in Nigeria, while some articles were from different continents, but were significantly empirical. The focus of many Capital market article themes was studying the Capital market and how it influences economic growth. A limitation was the use of high-quality academic database that could not provide enough articles for the review; hence, the use of Google Scholar open search for the selection of relevant articles. The study concluded that capital market performance influenced economic growth even though with disparity among different nations due to the difference in the level of development of capital markets across the globe. It was recommended that research on capital markets requires more attention due to the clear nexus between the capital market performance and economic growth.

Impact of capital market performance on economic growth in Nigeria: a systematic review

This study aims to examine the impact of Islamic and Conventional bonds on firm performance. Using Malaysian listed companies from 2010 to 2018, the results of the multiple regression analyses show that the bond affects firm performance measured by Return on Assets (ROA) and Return on Equity (ROE). Moreover, we also examine whether the bond affects the firm value (measured by EPS) or not. Results provide mixed results for both conventional and Islamic bonds. The results show that the issuance of conventional bonds positively affects the firm's performance. However, the findings also reveal that the Islamic bond-to-debt ratio negatively affects firm ROA. Next, Islamic bond has a negative effect on ROE. Further, results also reveal that the total debt ratio positively relates to firm performance. On the other hand, both conventional bonds and Islamic bonds have a negative association with the firm value. This study shows that either type of bond is good for companies up to a certain threshold. The manager should deliberate the sensitivity of Islamic bonds while investing.

The purpose of this paper is to explore the effects of the capital market on economic growth by considering the role of ṣukūk (Islamic investment certificates) and other capital market sub-components in Malaysia between 1998 and 2018.,The empirical investigation is based on the autoregressive distributed lag (ARDL) cointegration bounds test.,The results reveal the prevalence of a long-run equilibrium relationship between capital market variables and economic growth. As expected, bond market components (ṣukūk and conventional bonds) have a positive, albeit insignificant influence on economic growth. In contrast, in the long-term, stock market development – regardless of the indicator used on economic growth – is shown to have a significant and positive effect. The study suggests that stock market sub-components affect Malaysia’s economic growth the most.,The primary limitation of this study is that only corporate ṣukūk were considered, while government ṣukūk were excluded from the estimation due to a lack of requisite information, resources and data.,A strategic framework should be established, especially in pricing efficiencies. Furthermore, there is a need to create more awareness on the benefits of ṣukūk investment among conventional bond investors, including retail investors. Thus, there will be more players in the ṣukūk market, and this will help to improve market liquidity.,Apart from conventional capital market sub-components, this study takes into account ṣukūk as a sub-component in the capital market on economic growth using the ARDL framework. Also, this study particularly concentrates on the world’s largest ṣukūk issuer, Malaysia, rather than focusing on other ṣukūk-issuing countries.

/pdf/capital-market-and-economic-growth-in-malaysia-the-role-of-2qx64m83f1.pdf

Capital market and economic growth in Malaysia: the role of ṣukūk and other sub-components

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Capital market and economic growth in Malaysia: the role of ṣukūk and other sub-components