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The Characteristics of IPOs and Corporation in Islamic Countries of ASEAN

Research Project

Project/Area Number 17K03882
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Management
Research InstitutionOita University

Principal Investigator

UZAKI KIYOTAKA  大分大学, 経済学部, 教授 (20232811)

Project Period (FY) 2017-04-01 – 2020-03-31
Project Status Completed (Fiscal Year 2019)
Budget Amount *help
¥3,380,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥780,000)
Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
KeywordsIPOs / 資金調達 / マレーシア / イスラム法準拠企業 / MABHR / MACAR / 新規株式公開 / 非イスラム法準拠企業 / 新規株式公開(IPO) / 東南アジア地域 / イスラム諸国 / マレーシア証券取引所(MSE) / アンダーライターの名声 / アンダープライシング / イスラム法非準拠企業 / ASEAN / Islamic Countries
Outline of Final Research Achievements

We analyzed the long-term stock price performance of 16 Shariah-compliant company companies that made their initial public offerings (IPOs) from 2014 to 2015 in this study. Stock prices were collected from the Datastream Thomson Reuters database, and the observation period was set from December 2015 to the end of December 2018. We used the abnormal return (MABHR) method to analyze the long-term performance of IPOs in this study. The result of this analysis was MABHR of -43.161%. This indicates that the stock price is lower than that of the Malaysia Stock Exchange market.

Academic Significance and Societal Importance of the Research Achievements

本研究の目的は,今日発展著しい東南アジア地域のイスラム諸国(マレーシア)におけるイスラム法準拠企業(Shariah-compliant company)と非イスラム法準拠企業(Non-Shariah-compliant company)の新規株式公開(Initial Public Offerings: IPOs)のアンダーパフォーマンスの発生を確認することであった。その結果,IPOsを行ったイスラム法準拠企業企業の株価が,マレーシア証券取引所の平均株価よりも低いことを示している。 この結果は,投資家がより高いリターンを得る投資ポートフォリオを開発するために有用である。

Report

(4 results)
  • 2019 Annual Research Report   Final Research Report ( PDF )
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (6 results)

All 2019 2018 2017

All Journal Article (6 results) (of which Int'l Joint Research: 5 results,  Peer Reviewed: 5 results,  Open Access: 5 results)

  • [Journal Article] Robust Long Term Performance Analysis for Initial Public Offerings Using Market Adjusted Buy and Hold Returns (MABHR) Model2019

    • Author(s)
      Nashirah Abu Bakar , Sofian Rosbi and Kiyotaka Uzaki
    • Journal Title

      The International Journal of Engineering and Science (IJES)

      Volume: 8 Pages: 8-15

    • Related Report
      2019 Annual Research Report 2018 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Framework of 5S Quality Management for University Ecosystem to Achieve Green Campus2019

    • Author(s)
      Nashirah Abu Bakar, Sofian Rosbi, Azizi Abu Bakar, Noraziah Che Arshad, Noriza Abd Aziz and Kiyotaka Uzaki
    • Journal Title

      The International Journal of Scientific Research and Management

      Volume: 7 Issue: 12 Pages: 1-6

    • DOI

      10.18535/ijsrm/v7i12.em01

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Evaluating Forecasting Method Using Autoregressive Integrated Moving Average (ARIMA) Approach for Shariah Compliant Oil and Gas Sector in Malaysia2018

    • Author(s)
      Nashirah Abu Backar, Sofian Rosbi and Kiyotaka Uzaki
    • Journal Title

      Journal of Mathematical and Computational Science

      Volume: 1 Pages: 19-33

    • Related Report
      2018 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] 新規株式公開時における研究開発費(R&D)の企業価値に及ぼす影響2018

    • Author(s)
      鵜崎清貴
    • Journal Title

      明治大学経営学研究所 経営論集

      Volume: 第65巻 第1号 Pages: 99-113

    • Related Report
      2017 Research-status Report
  • [Journal Article] “Cryptocurrency Framework Diagnostics from Islamic Finance Perspective: A New Insight of Bitcoin System Transaction”2017

    • Author(s)
      Nashirah Abu Backar, Sofian Rosbi and Kiyotaka Uzaki
    • Journal Title

      International Journal of Management Science and Business Administration

      Volume: Vol. 4, Issue 1 Pages: 19-28

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] “Islaamic Finance Operational Transaction Framework: A New Insight Of Islamic Finance Implication in Malays and Japaan”2017

    • Author(s)
      Nashirah Abu Backar, Sofian Rosbi and Kiyotaka Uzaki
    • Journal Title

      International Journal of Economics, Commerce and Management

      Volume: Vol.V, Issue 11 Pages: 365-378

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research

URL: 

Published: 2017-04-28   Modified: 2021-02-19  

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