Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB
Cash Waqf Linked Sukuk (CWLS) is a newly developed social investment instrument to stimulate Indonesia's productive waqf movement. CWLS has numerous commercial and social benefits and worship values. However, despite these advantages, it takes a long time for CWLS to collect funds due to variou...
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| Format: | Article |
| Language: | English |
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Universitas Muhammadiyah Yogyakarta
2023-07-01
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| Series: | International Journal of Islamic Economics and Finance |
| Subjects: | |
| Online Access: | https://journal.umy.ac.id/index.php/ijief/article/view/16950 |
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| author | Dida Nurhaida Farida Jasfar Rifki Ismal Acep Riana Jayaprawira |
| author_facet | Dida Nurhaida Farida Jasfar Rifki Ismal Acep Riana Jayaprawira |
| author_sort | Dida Nurhaida |
| collection | DOAJ |
| description | Cash Waqf Linked Sukuk (CWLS) is a newly developed social investment instrument to stimulate Indonesia's productive waqf movement. CWLS has numerous commercial and social benefits and worship values. However, despite these advantages, it takes a long time for CWLS to collect funds due to various challenges and inadequate investors' response rate, which is still far from expectation. Thus, this study looks into the contributing factors and antecedence that entail and determine the decision of an institutional investor to invest. The theoretical framework applied the decomposed theory of planned behavior (DTPB). Additionally, it highlights a new perspective by delivering the specific determinants that impact investors' attitudes, moral norms, and perceived behavior control. These factors offer a deep understanding of the association and determine their definite effects on intentions. Based on a survey of 250 respondents, analyzed using partial least squares – structural equation modeling (PLS-SEM), it was found that the proposed hypotheses were accepted. Above all, the important finding is the contribution of attitude as the dominant determinant impacting the investor's intention. It was mainly driven by perceived Ihsan as part of the Muslim religiosity dimension reflecting the spirit to do good. This study's findings provide deeper insight into untested behavior literature. This study will also benefit policymakers, academicians, and future researchers. |
| format | Article |
| id | doaj-art-96f5f8b51a9844e7bbea36f299cf3538 |
| institution | OA Journals |
| issn | 2622-3562 2622-4372 |
| language | English |
| publishDate | 2023-07-01 |
| publisher | Universitas Muhammadiyah Yogyakarta |
| record_format | Article |
| series | International Journal of Islamic Economics and Finance |
| spelling | doaj-art-96f5f8b51a9844e7bbea36f299cf35382025-08-20T01:58:36ZengUniversitas Muhammadiyah YogyakartaInternational Journal of Islamic Economics and Finance2622-35622622-43722023-07-016224728010.18196/ijief.v6i2.169506877Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPBDida Nurhaida0Farida Jasfar1Rifki Ismal2Acep Riana Jayaprawira3Doctoral Program in Islamic Economic and Finance (IEF), Faculty of Economics and Business, Universitas TrisaktiDoctoral Program in Islamic Economic and Finance (IEF), Faculty of Economics and Business, Universitas TrisaktiDoctoral Program in Islamic Economic and Finance (IEF), Faculty of Economics and Business, Universitas TrisaktiDoctoral Program in Islamic Economic and Finance (IEF), Faculty of Economics and Business, Universitas TrisaktiCash Waqf Linked Sukuk (CWLS) is a newly developed social investment instrument to stimulate Indonesia's productive waqf movement. CWLS has numerous commercial and social benefits and worship values. However, despite these advantages, it takes a long time for CWLS to collect funds due to various challenges and inadequate investors' response rate, which is still far from expectation. Thus, this study looks into the contributing factors and antecedence that entail and determine the decision of an institutional investor to invest. The theoretical framework applied the decomposed theory of planned behavior (DTPB). Additionally, it highlights a new perspective by delivering the specific determinants that impact investors' attitudes, moral norms, and perceived behavior control. These factors offer a deep understanding of the association and determine their definite effects on intentions. Based on a survey of 250 respondents, analyzed using partial least squares – structural equation modeling (PLS-SEM), it was found that the proposed hypotheses were accepted. Above all, the important finding is the contribution of attitude as the dominant determinant impacting the investor's intention. It was mainly driven by perceived Ihsan as part of the Muslim religiosity dimension reflecting the spirit to do good. This study's findings provide deeper insight into untested behavior literature. This study will also benefit policymakers, academicians, and future researchers.https://journal.umy.ac.id/index.php/ijief/article/view/16950cash waqf linked sukukcwlsinstitutional investortheory of planned behaviourdecomposed tpb |
| spellingShingle | Dida Nurhaida Farida Jasfar Rifki Ismal Acep Riana Jayaprawira Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB International Journal of Islamic Economics and Finance cash waqf linked sukuk cwls institutional investor theory of planned behaviour decomposed tpb |
| title | Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB |
| title_full | Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB |
| title_fullStr | Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB |
| title_full_unstemmed | Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB |
| title_short | Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB |
| title_sort | investigating institutional investors behaviours toward cash waqf linked sukuk cwls using dtpb |
| topic | cash waqf linked sukuk cwls institutional investor theory of planned behaviour decomposed tpb |
| url | https://journal.umy.ac.id/index.php/ijief/article/view/16950 |
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