이슬람 국가 수쿠크 사용과 기업 부채조달 행태: 말레이시아 사례

Issuing Sukuk Bonds and Debt Financing in Islamic Countries: Evidence from Malaysian Firms

This paper examines the strategy to procure liquidity by issuing Sukuk, i.e. Islamic bond, in Malaysia, which due to the speed and volume of issuing Sukuk the attention has been paid to. The guiding research question is whether Malay companies prefer Sukuk to general liabilities due to its positive impact on firm profitability. The empirical data for Malay publicly listed companies in manufacturing has been collected from Osiris covering the year of 2003-2017, and the analysis has been done by usning yearly time series and longitudinal data. Employing the fixed effect panel model, the main findings of this study are as follows: first, financing by issuing Sukuk(noncurrent) has been positively associated with the financial performance such as ROIC and ROE. In contrast, It has been negatively associated with the market performance such as PBR and PER. Second, as for financial performance concerned, Malay companies prefer Sukuk(noncurrent) to equity or long-term liability. In contrast, for market performance they prefer the latters. As such, it is possible to conclude that pecking order theory works in the financing strategy of Malay companies.