Abstract
Albeit Malaysia is considered as one of the key active players of Islamic Financial Market industries, there are still limited studies that have been conducted on the hybrid securities issuance in the Islamic capital market. The underlying objectives of this study are to enrich the literature review by providing comprehensive analysis of the hybrid securities on Malaysia Islamic capital. There are several theories that related for the motivation of the firms to issue hybrid securities such as risk-shifting exercise (Green in J Finan Econ 13:115–136, 1984), backdoor equity financing (Stein in J Finan Econ 32:3–21, 1992) and sequential financing problem (Myers in J Finan Econ 47:83–102, 1998) respectively. Besides, there are several other benefits of hybrid securities features that the firms could leverage by opting to hybrid securities. By exploring hybrid security issuance among Shariah compliance firms will also fill up the gap of lacking of awareness and understanding of security market against the essential of the instruments in financial system.
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Jaafar, M.N., Haris, B., Muhamat, A.A., Ahmad, I. (2019). Islamic Hybrid Securities: Analysis from Malaysia Islamic Capital Market. In: Hassan, F., Osman, I., Kassim, E., Haris, B., Hassan, R. (eds) Contemporary Management and Science Issues in the Halal Industry. Springer, Singapore. https://doi.org/10.1007/978-981-13-2677-6_14
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DOI: https://doi.org/10.1007/978-981-13-2677-6_14
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