ARTÍCULO
TITULO

The Impact of Depositary Receipts on Stock Market Development: Evidence from Organization of Islamic Cooperation Stock Markets

Norhazlina Ibrahim    
Obiyathulla Ismath Bacha    
Mansor H. Ibrahim    
Hishamuddin Abdul Wahab    

Resumen

The issue of liquidity and the under development of the Organization of Islamic Cooperation (OIC) stock markets have been a hindrance factor for companies in those countries to seek fund and capital. Due to this reason, many companies choose Depositary Receipts (DRs) to raise capital internationally. Thus, this study aims at examining the financial implications of cross listing via the existing Depositary Receipts (DRs) on stock market development. This study employs a dynamic panel model covers sample of 146 firms from 17 OIC countries that are cross-listed as American Depositary Receipts (ADRs) or Global DRs from 1993 to 2016. The findings reveal that growth and expansion of international cross listings via DRs have a positive impact on domestic stock market. This study provides insights to OIC stock markets that consider accommodating Islamic Depositary Receipts (IDRs) in the future.                                                       Keywords: Depositary Receipts (DRs), stock market development, OIC countries, Islamic FinanceJEL Classifications: G1, G10, 016DOI: https://doi.org/10.32479/ijefi.9572

 Artículos similares

       
 
Lamsihar Rajagukguk, Nathania Mauriska Walani, Megawati Silaban     Pág. 1528 - 1537
The purpose of this research is to find out how the influence of Liquidity, Solvency, and Profitability either partially or simultaneously on stock prices. Each data used is official data from the annual financial statements taken from financial statemen... ver más

 
Taufiq Marwa,(Universitas SriwijayaIndonesia)Muizzuddin Muizzuddin,(Universitas SriwijayaIndonesia)Imam Asngari,(Universitas SriwijayaIndonesia)     Pág. 64 - 73
This research examines the impact of financial development on economic growth. Using a sample of 152 observations from 13 countries in the Asia Pacific for the period 2004 and 2020, we find that financial development positively impacts economic growth, s... ver más

 
Muhammad Ananda Putra     Pág. 135 - 144
This study analyzed the impact of digital transformation (DT) and big data analytic capabilities (BDAC) on bank profitability, which is proxied by ROA and ROE. This study also examined the moderation effect of institutional ownership on digital transform... ver más

 
Tina Novianti Sitanggang, Hendrico Sipahutar, Tina Hastarina Wau     Pág. 833 - 843
The assessment is aimed at analyzing how much influence the Accounting Profit, Total Cash Flow, NPM, and Laverage Level on Stock Returns in Insurance Companies. In this study the population used is one of the Insurance Companies Liste on the IDX in 2015-... ver más

 
Yasmin Yasmin, Hartati Wau, Nabila Tatcher, Nintha Katharina     Pág. 1087 - 1096
In this investigation, it is relied upon to test the influence of the audit committee as measured by the size of the number of committee members, and external audit is measured by whether the company uses the big four watchdog or not, then profitability ... ver más