Browsing by Author Dewandaru, Ginanjar

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Showing results 1 to 20 of 38
  • analysis_stock_market_efficiency_developed_vs_Islamic_stock_markets_using_MF-DFA_obiya_mansur.pdf.jpg
  • Journal Article


  • Authors: Rizvi, Syed Aun Raza; Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • An efficient market has been theoretically proven to be a key component for effective and efficient resource allocation in an economy. This paper incorporates econophysics with Efficient Market Hypothesis to undertake a comparative analysis of Islamic and developed countries’ markets by extending the understanding of their multifractal nature. By applying the Multifractal Detrended Fluctuation Analysis (MFDFA) we calculated the generalized Hurst exponents, multifractal scaling exponents and generalized multifractal dimensions for 22 broad market indices. The findings provide a deeper understanding of the markets in Islamic countries, where they have traces of highly efficient performa...

  • islamic_stock_markets_integrated_globally_sarkar_ginanjar_mansur.pdf.jpg
  • Journal Article


  • Authors: Kabir, Sarkar Humayun; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2013)

  • This study attempts to investigate the issue of integration of Islamic equity markets (i) not only whether these markets are moving together or not (ii) but also whether the permanent and temporary components of these markets are moving together or not. Our evidence tends to indicate that these selected Islamic markets are bound together by one cointegrating relationship with the Euro zone Islamic equity market being the most leading one and the U.K. Islamic equity market being the follower. Beveridge-Nelson (BN) time series decomposition analysis reinforces the integration by indicating that both the permanent and transitory components of all these Islamic equity indices tend to move...

  • item.jpg
  • Master


  • Authors: Roslan, Muhammad Faruq (2018)

  • The current global market is not seeing enough investment products catered to impact investing strategy, especially in the public equity context; this gap needs to be addressed as the construct of their massive size and relationships across the supply chain would implicitly cause social and environmental impacts at every level. Thus, investors seeking to impart positive changes beyond mere financial returns must also assess the positive and negative impacts oftheir public equities portfolio as the bulk of their capital's impact lies there. In assessing non-financial impacts, big data could be leveraged to materialise these impacts. The study explores the big data ecosystem and suggest...

  • combining_momentum_value_quality_islamic_equity_portfolio_multi-style_rotation_strategies_using_augmented_black_litterman_factor_model_mm.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2015)

  • This study constructs active Islamic portfolios using a multi-style rotation strategy, derived from the three prominent styles, namely, momentum, value, and quality investing. We use the stocks that are consistently listed in the U.S. Dow Jones Islamic index for a sample period from 1996 to 2012. We also include two macroeconomic mimicking portfolios to capture the premiums of industrial production growth and inflation innovation, accommodating the economic regime shifts. Based on the information coefficients, we find the six-month momentum and the fractal measure as momentum factors; the enterprise yield (gross profit/TEV) and the book to market ratio as valuation factors; the gross ...

  • contagion_interdependence_across_Asia-Pacific_equity_markets_analysis_based_multi-horizon_discrete_continuous_wavelet_transformations_mansur.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Mohammed Masih, Abul Mansur (2016)

  • Our study attempts to discover contagion amongst the Asia-Pacific equity markets (Japan, Hong Kong and Australia) during twelve major crises around the world. We apply both discrete and continuous wavelet decompositions to unveil the multi-horizon nature of co-movement and lead–lag relationship. We find that shocks were transmitted via excessive linkages, with the Asian crisis as the most influential in relation to a sudden stop. We also find that the subprime crisis revealed fundamentals-based contagion, due to the strengthening fundamental linkages, with a dominant role of the Japanese market. Finally, we find low co-movements in the short run, suggesting a partial convergence acros...

  • item.jpg
  • PhD


  • Authors: Islam, Muhammad Umar (2019)

  • Globally, the awareness about sustainability has increased due to the lingering environment, social and governance-related issues. In this perspective, the role of social media and consumer awareness are important since they influence the corporate sector to care for sustainable development. Banks, being very important to the economy, contribute to sustainability through their internal (through governance, data security, etc.) and external (through environment-friendly loans , financial inclusion, etc.) practices. These practices are collectively called as environment, society, and governance (ESG) sustainability. ESG practices by banks are important since they operate on public funds...

  • developing_trading_strategies_based_fractal_finance_application_MF-DFA_context_Islamic equities_ginanjar_etal.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2015)

  • We provide a new contribution to trading strategies by using multi-fractal de-trended fluctuation analysis (MF-DFA), imported from econophysics, to complement various momentum strategies. The method provides a single measure that can capture both persistency and anti-persistency in stock prices, accounting for multifractality. This study uses a sample of Islamic stocks listed in the U.S. Dow Jones Islamic market for a sample period covering 16 years starting in 1996. The findings show that the MF-DFA strategy produces monthly excess returns of 6.12%, outperforming other various momentum strategies. Even though the risk of the MF-DFA strategy may be relatively higher, it can still prod...

  • item.jpg
  • PhD


  • Authors: Omer, Gamal Salih (2019)

  • This research aims to examine the relationship between Islamic banks' profitability and shareholders' value with the market structures, ownership structures, and financial risk factors, and to test for any differences in these performances between the Islamic and conventional banks. The impacts of both market and ownership structures and financial risks of banking performance is recognized globally and critical for the banking industry. The market and ownership structures are considered pertinent as they indicate competitive environment in which banks can lower costs, extend access to finance, and build effectiveness while garnering impacts of the financial risks will promote financia...

  • doing_well_while_doing_good_the_case_of_islamic_and_sustainability_equity_investing_adam.pdf.jpg
  • Academic Presentation


  • Authors: Ng, Adam Boon Ka; Naeem Azmi, Choudhari Wajahat; Dewandaru, Ginanjar; Nagayev, Ruslan (2016)

  • Sustainability trends present risks and opportunities for companies and various stakeholders. Profits can be derived from doing good: Islamic sustainability equity in vesting offers competitive risk-return profiles at the levels of individual asset and portfolio of global assets particularly during economic expansion, equity bullish and subprime crisis periods. Islamic finance industry should proactively drive main stream sustainability investing.

  • item.jpg
  • PhD


  • Authors: Smolo, Edib (2019)

  • Although the well-functioning financial structure is, in general, a key to long-term sustainable economic growth and overall stability, the debate on the relationship between financial development and economic growth remains non-fading. The theoretical literature provides startlingly different and sometimes conflicting views on the finance growth nexus. In addition to this non-fading debate on finance - growth nexus, the degree of banking competition attracted increasing attention in recent years. Banking consolidations, merger and acquisitions, fuelled by overall banking deregulations and the lowering of economic barriers led to structural changes within the banking and financial env...

  • item.jpg
  • PhD


  • Authors: Khan, Shabeer (2019)

  • Although literature on shadow economy has been growing, the examination is scarce in the case of developing countries, especially the Organization of Islamic Cooperation (OIC) economies. In this study, we develop various testable hypotheses related to shadow economy. We investigate the determinants of shadow economy across a large sample of 141 countries and examine whether it varies across OIC (42) and non-OIC (99) countries. The average size of the shadow economy in OIC countries is 34.36% of gross domestic product (GDP) while it is 30.57% of GDP in non-OlC economies. The approach of exploring various definitions, historical development, types, Islamic viewpoint and the determining ...

  • item.jpg
  • PhD


  • Authors: Dewandaru, Ginanjar (2015)

  • This study investigates the roles of Shariah-compliant asset classes as well as Shariah-compliant portfolio strategies, which are divided into three separate essays. The first essay investigates both conventional and Islamic investors' problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. The sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. The study uses the recent mean-variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of va...

  • Exploring_portfolio_diversification_opportunities_through_venture_capital_financing_yusuf_et_al.pdf.jpg
  • Journal Article


  • Authors: Jaffar, Yusuf; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2018)

  • Islamic financial institutions are being pressured by critics to offer profit and loss sharing (PLS) financing such as, venture capital financing, for the purpose of entrepreneurial development aligned to the principle of equity risk sharing. Our study aims to link PLS investments with portfolio optimization opportunities for the Islamic asset managers. Using portfolio analysis with dynamic conditional correlation, Markov switching, and maximal overlap discrete wavelet transformation, our findings tend to indicate that there is indeed a portfolio optimization opportunity in investment universe for the fund managers who invested in PLS investments in the context of venture capital asse...

  • item.jpg
  • Master


  • Authors: Reza, Md Ridwan (2018)

  • The study employs different types ofrelatively novel Markov regime switching GARCH (MRS-GARCH) models along with standard GARCH to identify better models to forecast the conditional volatility of Dow Jones Islamic Market World Index (DJIM). Several statistical and risk-management-based loss functions are employed to evaluate the out-of-sample volatility and Value-at-Risk (VaR) forecast from these models. Our empirical results show that although there is no single model - either of standard GARCH and MRS-GARCH type - is consistently outperforming the others if both the statistical and the risk-management loss functions are considered, overall different asymmetric Markov regime switchin...

  • impact_social_environmental_sustainability_esma et al.pdf.jpg
  • Journal Article


  • Authors: Nizam, Esma; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Nagayev, Ruslan; Nkoba, Malik Abdul Rahman (2019)

  • While there is ample evidence that non-financial firms' financial performance and social and environmental performance are related, evidence for the banking sector remains limited and inconclusive. This paper examines the impact of access to finance and environmental financing on the financial performance of the banking sector globally. Based on cross-sectional linear regressions and non-linear threshold regressions of 713 banks from 75 countries over the period 2013-2015, we find that access to finance has significantly positive effects on banks' financial performance in most estimation models controlling for both bank-specific and macroeconomic variables. The positive impact on fina...

  • the_impact_social_enviromental_sustainability_financial_performance_adam.pdf.jpg
  • Journal Article


  • Authors: Nizam, Esma; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Nagayev, Ruslan; Nkoba, Malik Abdulrahman (2019)

  • Despite the promising evidence of the corporate social and environmental performance-corporate financial performance relations across various business sectors, the findings from banking sector remain limited and inconclusive. This article examines the impact of access to finance and environmental financing on the financial performance of the banking sector globally. Based on cross-sectional linear regression and non-linear threshold regression of 713 banks from 75 countries over the period of 2013-2015, we find that access to finance has significantly positive effects on banks' financial performance in most of the estimation models controlling for both bank specific and macroeconomic ...

  • incorporating_sustainability_criteria_islamic_investment_framework.pdf.jpg
  • Academic Presentation


  • Authors: Ng, Adam Boon Ka; Dewandaru, Ginanjar (2017)

  • The slides highlight: 1) enhancing responsible business and sustainability practices; 2) enhancing positive impact while minimizing negative impact; 3) incorporating sustainability demands big data and robust research methodology.

  • is_the_regime_of_risk_transfer_sustainable_abbas_adam_ginanjar_baharom.pdf.jpg
  • Journal Article


  • Authors: Mirakhor, Abbas; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Abdul Hamid, Baharom (2017)

  • In a risk transfer and shifting financial systems, an interest rate based debt contract is an "impossible contract," since, under the axioms of conventional economics, the borrower has an incentive not to repay the loan. Such impossible contract is made possible by creating a virtual world of certainty through mechanisms such as collateral requirements and an edifice of legal, administrative, policy incentive mechanisms that include positive and negative enforcements that protect the creditor. The society has to bear huge costs to make them possible. Risk sharing has the potential to enhance efficiency as each party to contracts has "skin-in-the-game", thus eliminating or minimizing t...

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

  • item.jpg
  • Master


  • Authors: Nkoba, Malik Abdulrahman (2019)

  • The spotlight of this study is to examine the relationship between microfinance and poverty with specific focus to OIC countries and Islamic Microfinance institutions (MFls). Using an unbalanced panel dataset covering of 2,904 microfinance institutions from 120 countries and applying two econometrics techniques: Generalized method of moments (GMM) and two stage least squares instrumental variable regression, my study fails to establish the positive role of microfinance institutions in alleviating poverty. Taking into account the endogeneity problem associated with microfinance loans and domestic credit, I show that microfinance institutions neither reach the poor nor the poorest. I fi...

Browsing by Author Dewandaru, Ginanjar

Jump to: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
or enter first few letters:  
Showing results 1 to 20 of 38
  • analysis_stock_market_efficiency_developed_vs_Islamic_stock_markets_using_MF-DFA_obiya_mansur.pdf.jpg
  • Journal Article


  • Authors: Rizvi, Syed Aun Raza; Dewandaru, Ginanjar; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2014)

  • An efficient market has been theoretically proven to be a key component for effective and efficient resource allocation in an economy. This paper incorporates econophysics with Efficient Market Hypothesis to undertake a comparative analysis of Islamic and developed countries’ markets by extending the understanding of their multifractal nature. By applying the Multifractal Detrended Fluctuation Analysis (MFDFA) we calculated the generalized Hurst exponents, multifractal scaling exponents and generalized multifractal dimensions for 22 broad market indices. The findings provide a deeper understanding of the markets in Islamic countries, where they have traces of highly efficient performa...

  • islamic_stock_markets_integrated_globally_sarkar_ginanjar_mansur.pdf.jpg
  • Journal Article


  • Authors: Kabir, Sarkar Humayun; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2013)

  • This study attempts to investigate the issue of integration of Islamic equity markets (i) not only whether these markets are moving together or not (ii) but also whether the permanent and temporary components of these markets are moving together or not. Our evidence tends to indicate that these selected Islamic markets are bound together by one cointegrating relationship with the Euro zone Islamic equity market being the most leading one and the U.K. Islamic equity market being the follower. Beveridge-Nelson (BN) time series decomposition analysis reinforces the integration by indicating that both the permanent and transitory components of all these Islamic equity indices tend to move...

  • item.jpg
  • Master


  • Authors: Roslan, Muhammad Faruq (2018)

  • The current global market is not seeing enough investment products catered to impact investing strategy, especially in the public equity context; this gap needs to be addressed as the construct of their massive size and relationships across the supply chain would implicitly cause social and environmental impacts at every level. Thus, investors seeking to impart positive changes beyond mere financial returns must also assess the positive and negative impacts oftheir public equities portfolio as the bulk of their capital's impact lies there. In assessing non-financial impacts, big data could be leveraged to materialise these impacts. The study explores the big data ecosystem and suggest...

  • combining_momentum_value_quality_islamic_equity_portfolio_multi-style_rotation_strategies_using_augmented_black_litterman_factor_model_mm.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2015)

  • This study constructs active Islamic portfolios using a multi-style rotation strategy, derived from the three prominent styles, namely, momentum, value, and quality investing. We use the stocks that are consistently listed in the U.S. Dow Jones Islamic index for a sample period from 1996 to 2012. We also include two macroeconomic mimicking portfolios to capture the premiums of industrial production growth and inflation innovation, accommodating the economic regime shifts. Based on the information coefficients, we find the six-month momentum and the fractal measure as momentum factors; the enterprise yield (gross profit/TEV) and the book to market ratio as valuation factors; the gross ...

  • contagion_interdependence_across_Asia-Pacific_equity_markets_analysis_based_multi-horizon_discrete_continuous_wavelet_transformations_mansur.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Mohammed Masih, Abul Mansur (2016)

  • Our study attempts to discover contagion amongst the Asia-Pacific equity markets (Japan, Hong Kong and Australia) during twelve major crises around the world. We apply both discrete and continuous wavelet decompositions to unveil the multi-horizon nature of co-movement and lead–lag relationship. We find that shocks were transmitted via excessive linkages, with the Asian crisis as the most influential in relation to a sudden stop. We also find that the subprime crisis revealed fundamentals-based contagion, due to the strengthening fundamental linkages, with a dominant role of the Japanese market. Finally, we find low co-movements in the short run, suggesting a partial convergence acros...

  • item.jpg
  • PhD


  • Authors: Islam, Muhammad Umar (2019)

  • Globally, the awareness about sustainability has increased due to the lingering environment, social and governance-related issues. In this perspective, the role of social media and consumer awareness are important since they influence the corporate sector to care for sustainable development. Banks, being very important to the economy, contribute to sustainability through their internal (through governance, data security, etc.) and external (through environment-friendly loans , financial inclusion, etc.) practices. These practices are collectively called as environment, society, and governance (ESG) sustainability. ESG practices by banks are important since they operate on public funds...

  • developing_trading_strategies_based_fractal_finance_application_MF-DFA_context_Islamic equities_ginanjar_etal.pdf.jpg
  • Journal Article


  • Authors: Dewandaru, Ginanjar; Masih, Rumi; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2015)

  • We provide a new contribution to trading strategies by using multi-fractal de-trended fluctuation analysis (MF-DFA), imported from econophysics, to complement various momentum strategies. The method provides a single measure that can capture both persistency and anti-persistency in stock prices, accounting for multifractality. This study uses a sample of Islamic stocks listed in the U.S. Dow Jones Islamic market for a sample period covering 16 years starting in 1996. The findings show that the MF-DFA strategy produces monthly excess returns of 6.12%, outperforming other various momentum strategies. Even though the risk of the MF-DFA strategy may be relatively higher, it can still prod...

  • item.jpg
  • PhD


  • Authors: Omer, Gamal Salih (2019)

  • This research aims to examine the relationship between Islamic banks' profitability and shareholders' value with the market structures, ownership structures, and financial risk factors, and to test for any differences in these performances between the Islamic and conventional banks. The impacts of both market and ownership structures and financial risks of banking performance is recognized globally and critical for the banking industry. The market and ownership structures are considered pertinent as they indicate competitive environment in which banks can lower costs, extend access to finance, and build effectiveness while garnering impacts of the financial risks will promote financia...

  • doing_well_while_doing_good_the_case_of_islamic_and_sustainability_equity_investing_adam.pdf.jpg
  • Academic Presentation


  • Authors: Ng, Adam Boon Ka; Naeem Azmi, Choudhari Wajahat; Dewandaru, Ginanjar; Nagayev, Ruslan (2016)

  • Sustainability trends present risks and opportunities for companies and various stakeholders. Profits can be derived from doing good: Islamic sustainability equity in vesting offers competitive risk-return profiles at the levels of individual asset and portfolio of global assets particularly during economic expansion, equity bullish and subprime crisis periods. Islamic finance industry should proactively drive main stream sustainability investing.

  • item.jpg
  • PhD


  • Authors: Smolo, Edib (2019)

  • Although the well-functioning financial structure is, in general, a key to long-term sustainable economic growth and overall stability, the debate on the relationship between financial development and economic growth remains non-fading. The theoretical literature provides startlingly different and sometimes conflicting views on the finance growth nexus. In addition to this non-fading debate on finance - growth nexus, the degree of banking competition attracted increasing attention in recent years. Banking consolidations, merger and acquisitions, fuelled by overall banking deregulations and the lowering of economic barriers led to structural changes within the banking and financial env...

  • item.jpg
  • PhD


  • Authors: Khan, Shabeer (2019)

  • Although literature on shadow economy has been growing, the examination is scarce in the case of developing countries, especially the Organization of Islamic Cooperation (OIC) economies. In this study, we develop various testable hypotheses related to shadow economy. We investigate the determinants of shadow economy across a large sample of 141 countries and examine whether it varies across OIC (42) and non-OIC (99) countries. The average size of the shadow economy in OIC countries is 34.36% of gross domestic product (GDP) while it is 30.57% of GDP in non-OlC economies. The approach of exploring various definitions, historical development, types, Islamic viewpoint and the determining ...

  • item.jpg
  • PhD


  • Authors: Dewandaru, Ginanjar (2015)

  • This study investigates the roles of Shariah-compliant asset classes as well as Shariah-compliant portfolio strategies, which are divided into three separate essays. The first essay investigates both conventional and Islamic investors' problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. The sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. The study uses the recent mean-variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of va...

  • Exploring_portfolio_diversification_opportunities_through_venture_capital_financing_yusuf_et_al.pdf.jpg
  • Journal Article


  • Authors: Jaffar, Yusuf; Dewandaru, Ginanjar; Mohammed Masih, Abul Mansur (2018)

  • Islamic financial institutions are being pressured by critics to offer profit and loss sharing (PLS) financing such as, venture capital financing, for the purpose of entrepreneurial development aligned to the principle of equity risk sharing. Our study aims to link PLS investments with portfolio optimization opportunities for the Islamic asset managers. Using portfolio analysis with dynamic conditional correlation, Markov switching, and maximal overlap discrete wavelet transformation, our findings tend to indicate that there is indeed a portfolio optimization opportunity in investment universe for the fund managers who invested in PLS investments in the context of venture capital asse...

  • item.jpg
  • Master


  • Authors: Reza, Md Ridwan (2018)

  • The study employs different types ofrelatively novel Markov regime switching GARCH (MRS-GARCH) models along with standard GARCH to identify better models to forecast the conditional volatility of Dow Jones Islamic Market World Index (DJIM). Several statistical and risk-management-based loss functions are employed to evaluate the out-of-sample volatility and Value-at-Risk (VaR) forecast from these models. Our empirical results show that although there is no single model - either of standard GARCH and MRS-GARCH type - is consistently outperforming the others if both the statistical and the risk-management loss functions are considered, overall different asymmetric Markov regime switchin...

  • impact_social_environmental_sustainability_esma et al.pdf.jpg
  • Journal Article


  • Authors: Nizam, Esma; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Nagayev, Ruslan; Nkoba, Malik Abdul Rahman (2019)

  • While there is ample evidence that non-financial firms' financial performance and social and environmental performance are related, evidence for the banking sector remains limited and inconclusive. This paper examines the impact of access to finance and environmental financing on the financial performance of the banking sector globally. Based on cross-sectional linear regressions and non-linear threshold regressions of 713 banks from 75 countries over the period 2013-2015, we find that access to finance has significantly positive effects on banks' financial performance in most estimation models controlling for both bank-specific and macroeconomic variables. The positive impact on fina...

  • the_impact_social_enviromental_sustainability_financial_performance_adam.pdf.jpg
  • Journal Article


  • Authors: Nizam, Esma; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Nagayev, Ruslan; Nkoba, Malik Abdulrahman (2019)

  • Despite the promising evidence of the corporate social and environmental performance-corporate financial performance relations across various business sectors, the findings from banking sector remain limited and inconclusive. This article examines the impact of access to finance and environmental financing on the financial performance of the banking sector globally. Based on cross-sectional linear regression and non-linear threshold regression of 713 banks from 75 countries over the period of 2013-2015, we find that access to finance has significantly positive effects on banks' financial performance in most of the estimation models controlling for both bank specific and macroeconomic ...

  • incorporating_sustainability_criteria_islamic_investment_framework.pdf.jpg
  • Academic Presentation


  • Authors: Ng, Adam Boon Ka; Dewandaru, Ginanjar (2017)

  • The slides highlight: 1) enhancing responsible business and sustainability practices; 2) enhancing positive impact while minimizing negative impact; 3) incorporating sustainability demands big data and robust research methodology.

  • is_the_regime_of_risk_transfer_sustainable_abbas_adam_ginanjar_baharom.pdf.jpg
  • Journal Article


  • Authors: Mirakhor, Abbas; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Abdul Hamid, Baharom (2017)

  • In a risk transfer and shifting financial systems, an interest rate based debt contract is an "impossible contract," since, under the axioms of conventional economics, the borrower has an incentive not to repay the loan. Such impossible contract is made possible by creating a virtual world of certainty through mechanisms such as collateral requirements and an edifice of legal, administrative, policy incentive mechanisms that include positive and negative enforcements that protect the creditor. The society has to bear huge costs to make them possible. Risk sharing has the potential to enhance efficiency as each party to contracts has "skin-in-the-game", thus eliminating or minimizing t...

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

  • item.jpg
  • Master


  • Authors: Nkoba, Malik Abdulrahman (2019)

  • The spotlight of this study is to examine the relationship between microfinance and poverty with specific focus to OIC countries and Islamic Microfinance institutions (MFls). Using an unbalanced panel dataset covering of 2,904 microfinance institutions from 120 countries and applying two econometrics techniques: Generalized method of moments (GMM) and two stage least squares instrumental variable regression, my study fails to establish the positive role of microfinance institutions in alleviating poverty. Taking into account the endogeneity problem associated with microfinance loans and domestic credit, I show that microfinance institutions neither reach the poor nor the poorest. I fi...