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Article
Publication date: 17 May 2021

Sudipa Majumdar and Rashita Puthiya

The global sukuk market has seen widespread innovations in the last couple of decades, which helped sukuk develop into one of the most acceptable Islamic instruments for raising…

655

Abstract

Purpose

The global sukuk market has seen widespread innovations in the last couple of decades, which helped sukuk develop into one of the most acceptable Islamic instruments for raising finance. According to the State of the Global Islamic Economy Report (2018–19), United Arab Emirates (UAE) is ranked second among Islamic economies and Nasdaq Dubai is credited to be the leading international center for sukuk listings (Thomson Reuters, 2018). However, there has been limited research studies on this financing option within the region. To the best of the authors’ knowledge, this study is the first to focus on the role of signaling theory driving the financing choice for listed entities in the UAE. The paper aims to make a significant contribution in light of the recent expansion of sukuk issuances and fills the lacuna in research carried out in the UAE bond market.

Design/methodology/approach

This study empirically tested the hypotheses on a data set that covered a sample of 1,354 bond issuances over the period 2008–2019. The authors used logistic regression to distinguish between the issuance of sukuk versus conventional bond. Sukuk structuration leads to information asymmetry that prompts firms to send signals to the capital market. Information asymmetry has been studied in terms of issue-specific (maturity and issue size) and issuer-specific (firm size, growth, profitability, leverage) variables. Two control variables were included to capture the years under study and the macroeconomic effects of economic slowdown.

Findings

The banking sector accounted for 93% of bond issuances but contributed only 63% of the bond market in the UAE in terms of issue size. The data evidenced that non-banking sukuk issuances expanded over the years, with participation from sectors like real estate, oil and gas, logistics and utilities and contributed 50% of issuances in the UAE sukuk market. Typically, firms with smaller asset sizes and higher financing requirements were found to favour sukuk. The banking sector revealed irrelevance of information asymmetry, as Islamic Banks were mandated to issue sukuk. Non-financial firms with high profits and high debts were prompted to prefer conventional bonds, in line with the adverse selection mechanism.

Originality/value

Although UAE’s sukuk market has existed for more than a decade, scant research has been carried out. Few studies exist for the GCC region that either concentrated on stock market reactions to issuances of Islamic versus conventional bonds or studied capital market characteristics of non-financial entities alone. This is the first study to focus on signaling theory and information asymmetry playing a role in the capital structure of all listed firms (banking and non-banking) issuing bonds in the UAE.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 14 no. 5
Type: Research Article
ISSN: 1753-8394

Keywords

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Article
Publication date: 26 July 2013

Sudipa Majumdar and Damodharan Varadarajan

The purpose of the study is to examine whether there is a difference in the entrepreneurial intentions among male and female students in UAE. The study is extremely relevant and

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Abstract

Purpose

The purpose of the study is to examine whether there is a difference in the entrepreneurial intentions among male and female students in UAE. The study is extremely relevant and interesting since females in the UAE have a higher success rate in education but this has not been translated into comparable increases in employment rates. Given the social, cultural, and religious fabric of the country's indigenous society and the rising number of female graduates, this anomaly in the corporate sector might result in more female entrepreneurs in this part of the globe, as compared to the rest of the world.

Design/methodology/approach

The research studies a sample of first year business students from the United Arab Emirates, namely Dubai Men's College and Dubai Women's College. The primary survey was a part of an international study involving 12 universities in Europe, Middle East and Australia. A five‐point Likert scale was used for each question and dummy variables were computed based on the scores. The authors used a multivariable econometric model to assess the statistical significance of the determinants of entrepreneurial attitudes. The empirical assessment of the students' entrepreneurial propensity was based on the estimation of a logistic regression.

Findings

The authors' results show that male and female students were equally strong in terms of their propensity to become future entrepreneurs. Female respondents showed higher risk‐taking behavior than males, which was contradictory to past research findings that have typically found females to be more conservative in risk‐taking than males. The estimation results showed that the propensity of future entrepreneurship does not depend on gender ‐ it depended on factors like creativity, motivation and awareness. This is a very important result since the authors' sample does not follow the expected trend in the existing literature on gender differences and entrepreneurship propensities where a wide gender gap has been found.

Originality/value

Both academia and practitioners have increased their efforts in promoting an entrepreneurial mindset within society. However, only a few studies have investigated entrepreneurial attitudes amongst students and no research studies have been conducted in the UAE. The authors' research fills this lacuna and shows that the efforts need to be directed towards nurturing the creativity and awareness of both male and female students for future business ventures.

Details

Foresight, vol. 15 no. 4
Type: Research Article
ISSN: 1463-6689

Keywords

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Article
Publication date: 26 October 2010

Damodharan Varadarajan Sowmya, Sudipa Majumdar and Monica Gallant

Preparing today's students for success and eventual leadership in the new global marketplace is one of the most important responsibilities in education today. This study seeks to…

2452

Abstract

Purpose

Preparing today's students for success and eventual leadership in the new global marketplace is one of the most important responsibilities in education today. This study seeks to represent the first, in‐depth analysis of future entrepreneurs and to show that its results indicate that the investment in entrepreneurship education is valuable.

Design/methodology/approach

A primary survey was conducted among first‐year Business Studies students from Australia, Portugal, Finland, Germany, Slovenia, Poland, the UK and the UAE. There were a total of 860 students, of whom 510 were female respondents. A five‐point Likert scale was used for each question and mean scores were generated from the ranks.

Findings

Results indicated that the majority of students possessed entrepreneurial attitudes. Furthermore, both student characteristics and entrepreneurial experience were found to be associated with certain entrepreneurial attitudes. The results show that the young female students in Dubai are positive regarding the role that universities can play in fostering their interest towards entrepreneurship, for their education and as the incubator for their new venture.

Practical implications

Significant scope was found for promotion of entrepreneurship in the education system in the United Arab Emirates. Emirati female students showed a high inclination to become entrepreneurs, provided that they undertook a specialized entrepreneurial Business Program. This research shows that students have a positive attitude towards entrepreneurship and it provides evidence, which urges action to advance entrepreneurship education globally.

Originality/value

Both academia and practitioners have increased their efforts in promoting an entrepreneurial mindset within society. However, only a few studies have investigated entrepreneurial attitudes among students. This research shows that students have a positive attitude towards entrepreneurship and it provides evidence which urges action to advance entrepreneurship education globally.

Details

Journal of Small Business and Enterprise Development, vol. 17 no. 4
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 24 August 2010

Monica Gallant, Sudipa Majumdar and Damodharan Varadarajan

In today's world, entrepreneurship is seen as the vital source for economic growth and education is a vital component in the creation and development of entrepreneurial attitudes…

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Abstract

Purpose

In today's world, entrepreneurship is seen as the vital source for economic growth and education is a vital component in the creation and development of entrepreneurial attitudes. It is, therefore, natural to consider students as the primary resource of future entrepreneurs. To this end, the purpose of this paper is to carry out an empirical research amongst females in their first year of business studies in Dubai, providing a descriptive analysis of students' entrepreneurial intentions.

Design/methodology/approach

A primary survey amongst female first‐year business studies students in Dubai was conducted. A five‐point Likert scale was used for each question and mean scores were generated from the ranks.

Findings

The results show that the young female students in Dubai are positive regarding the role that universities can play in fostering their interest towards entrepreneurship, both for their education and the incubator for their new venture.

Practical implications

Significant scope for promotion of entrepreneurship in the education system in the United Arab Emirates is found. Emirati females students showed a high inclination to become entrepreneurs provided they underwent a specialized entrepreneurial Business Program. More attention is required by policy makers and higher education authorities to foster “hands‐on” entrepreneurship as a part of business studies program.

Originality/value

Both academia and practitioners have increased their efforts in promoting entrepreneurial mindset within the society. However, only a few studies have investigated entrepreneurial attitudes amongst students; even fewer have considered entrepreneurial intentions of females and no studies have been conducted in the Middle East. This paper fills this gap.

Details

Education, Business and Society: Contemporary Middle Eastern Issues, vol. 3 no. 3
Type: Research Article
ISSN: 1753-7983

Keywords

Available. Content available
Article
Publication date: 24 August 2010

James Pounder and Matthew Clarke

277

Abstract

Details

Education, Business and Society: Contemporary Middle Eastern Issues, vol. 3 no. 3
Type: Research Article
ISSN: 1753-7983

Available. Content available
Article
Publication date: 26 July 2013

Nnamdi O. Madichie

138

Abstract

Details

Foresight, vol. 15 no. 4
Type: Research Article
ISSN: 1463-6689

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