{"id":"https://openalex.org/W4396958179","doi":"https://doi.org/10.1108/jiabr-09-2023-0292","title":"Investors\u2019 demand in Initial Public Offering (IPO): Shariah compliance, corporate governance and macroeconomic factors","display_name":"Investors\u2019 demand in Initial Public Offering (IPO): Shariah compliance, corporate governance and macroeconomic factors","publication_year":2024,"publication_date":"2024-05-16","ids":{"openalex":"https://openalex.org/W4396958179","doi":"https://doi.org/10.1108/jiabr-09-2023-0292"},"language":"en","primary_location":{"id":"doi:10.1108/jiabr-09-2023-0292","doi":"https://doi.org/10.1108/jiabr-09-2023-0292","is_oa":false,"landing_page_url":"https://doi.org/10.1108/jiabr-09-2023-0292","pdf_url":null,"source":{"id":"https://openalex.org/S129963087","display_name":"Journal of Islamic accounting and business research","issn_l":"1759-0817","issn":["1759-0817","1759-0825"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["abdc-c","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Islamic Accounting and Business Research","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5084023244","display_name":"Abdullah Al Masud","orcid":"https://orcid.org/0000-0001-9345-4703","observed_orcids":["https://orcid.org/0000-0001-9345-4703","https://orcid.org/0000-0003-4029-7227","https://orcid.org/0000-0001-5855-4629","https://orcid.org/0000-0003-1068-2693"]},"institutions":[{"id":"https://openalex.org/I123758333","display_name":"\u0130stanbul Sabahattin Zaim \u00dcniversitesi","ror":"https://ror.org/00xvwpq40","country_code":"TR","type":"education","lineage":["https://openalex.org/I123758333"]}],"countries":["TR"],"is_corresponding":false,"raw_author_name":"Abdullah Al Masud","raw_affiliation_strings":["Istanbul Sabahattin Zaim Universitesi Department of Islamic Economics and Finance, , Istanbul,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Istanbul Sabahattin Zaim Universitesi Department of Islamic Economics and Finance, , Istanbul,","institution_ids":["https://openalex.org/I123758333"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5012894056","display_name":"Burhan Uluyol","orcid":"https://orcid.org/0000-0002-9984-489X","observed_orcids":["https://orcid.org/0000-0002-9984-489X"]},"institutions":[{"id":"https://openalex.org/I123758333","display_name":"\u0130stanbul Sabahattin Zaim \u00dcniversitesi","ror":"https://ror.org/00xvwpq40","country_code":"TR","type":"education","lineage":["https://openalex.org/I123758333"]}],"countries":["TR"],"is_corresponding":true,"raw_author_name":"Burhan Uluyol","raw_affiliation_strings":["Istanbul Sabahattin Zaim Universitesi Department of Islamic Economics and Finance, , Istanbul,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Istanbul Sabahattin Zaim Universitesi Department of Islamic Economics and Finance, , Istanbul,","institution_ids":["https://openalex.org/I123758333"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5012894056"],"corresponding_institution_ids":["https://openalex.org/I123758333"],"apc_list":null,"apc_paid":null,"fwci":4.4848,"has_fulltext":false,"cited_by_count":10,"citation_normalized_percentile":{"value":0.94785837,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"17","issue":"4","first_page":"769","last_page":"794"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11365","display_name":"Islamic Finance and Banking Studies","score":0.6708999872207642,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11365","display_name":"Islamic Finance and Banking Studies","score":0.6708999872207642,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.16040000319480896,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.11580000072717667,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.890999972820282},{"id":"https://openalex.org/keywords/oversubscription","display_name":"oversubscription","score":0.7900000214576721},{"id":"https://openalex.org/keywords/sharia-compliance","display_name":"sharia compliance","score":0.9909999966621399},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.9330000281333923},{"id":"https://openalex.org/keywords/board-independence","display_name":"board independence","score":0.8989999890327454},{"id":"https://openalex.org/keywords/board-size","display_name":"board size","score":0.9810000061988831},{"id":"https://openalex.org/keywords/book-building","display_name":"bookbuilding","score":0.8029999732971191},{"id":"https://openalex.org/keywords/macroeconomic-factors","display_name":"macroeconomic factors","score":0.8169999718666077},{"id":"https://openalex.org/keywords/bank-interest-rates","display_name":"bank interest rates","score":0.8560000061988831},{"id":"https://openalex.org/keywords/ipo-size","display_name":"IPO size","score":0.8489999771118164},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.7009999752044678},{"id":"https://openalex.org/keywords/ipo-risk","display_name":"IPO risk","score":0.8970000147819519},{"id":"https://openalex.org/keywords/islamic-finance","display_name":"Islamic finance","score":0.5450000166893005},{"id":"https://openalex.org/keywords/bangladesh","display_name":"Bangladesh","score":0.578000009059906}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.9216090440750122},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.7616274952888489},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.6422803997993469},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6407625079154968},{"id":"https://openalex.org/C2781460075","wikidata":"https://www.wikidata.org/wiki/Q1399332","display_name":"Compliance (psychology)","level":2,"score":0.48527953028678894},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.40240153670310974},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3495316505432129},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2947232127189636},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1108/jiabr-09-2023-0292","doi":"https://doi.org/10.1108/jiabr-09-2023-0292","is_oa":false,"landing_page_url":"https://doi.org/10.1108/jiabr-09-2023-0292","pdf_url":null,"source":{"id":"https://openalex.org/S129963087","display_name":"Journal of Islamic accounting and business research","issn_l":"1759-0817","issn":["1759-0817","1759-0825"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["abdc-c","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Islamic Accounting and Business Research","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":53,"referenced_works":["https://openalex.org/W764823998","https://openalex.org/W1509942126","https://openalex.org/W1992700915","https://openalex.org/W2001572393","https://openalex.org/W2012334063","https://openalex.org/W2017116383","https://openalex.org/W2027884015","https://openalex.org/W2031857192","https://openalex.org/W2038051874","https://openalex.org/W2044499836","https://openalex.org/W2050806951","https://openalex.org/W2066357210","https://openalex.org/W2069997481","https://openalex.org/W2073488258","https://openalex.org/W2083327641","https://openalex.org/W2089858078","https://openalex.org/W2096381076","https://openalex.org/W2097052238","https://openalex.org/W2106972195","https://openalex.org/W2139410222","https://openalex.org/W2152564097","https://openalex.org/W2154127363","https://openalex.org/W2163982668","https://openalex.org/W2170790204","https://openalex.org/W2301500726","https://openalex.org/W2314139024","https://openalex.org/W2521799472","https://openalex.org/W2587248942","https://openalex.org/W2758418536","https://openalex.org/W2761604689","https://openalex.org/W2783714712","https://openalex.org/W2789710473","https://openalex.org/W2807342867","https://openalex.org/W2885753329","https://openalex.org/W2914631203","https://openalex.org/W2949718818","https://openalex.org/W2968157217","https://openalex.org/W2995373758","https://openalex.org/W3009434990","https://openalex.org/W3081287584","https://openalex.org/W3082609899","https://openalex.org/W3122859634","https://openalex.org/W3123137588","https://openalex.org/W3124114405","https://openalex.org/W3124281742","https://openalex.org/W3125205977","https://openalex.org/W3135217112","https://openalex.org/W3143715439","https://openalex.org/W3159053186","https://openalex.org/W4296042338","https://openalex.org/W4307463080","https://openalex.org/W4311986966","https://openalex.org/W4390505171"],"related_works":["https://openalex.org/W4379880563","https://openalex.org/W2761604689","https://openalex.org/W2968157217","https://openalex.org/W4294672352","https://openalex.org/W2807342867","https://openalex.org/W4413761161","https://openalex.org/W7111167049","https://openalex.org/W4414269226","https://openalex.org/W2987203007","https://openalex.org/W2982438078"],"abstract_inverted_index":{"Purpose":[0],"Initial":[1],"Public":[2],"Offering":[3],"(IPO)":[4],"is":[5,40,52,68,121,137,299,357],"a":[6,10,14,21,79,189,206,218,383],"major":[7,47],"milestone":[8],"for":[9,123,141,192,224,247,253,278,306,344],"company.":[11],"It":[12],"allows":[13],"private":[15],"company":[16],"to":[17,20,42,53,86,102,130,145,164,170,187,195,204,216,238,333],"issue":[18,263,280],"shares":[19,162,277],"much":[22],"broader":[23],"group":[24],"of":[25,33,49,57,78,90,105,107,161,184,276,284,347,354,360,373,382],"investors":[26,194,302,314,317],"and":[27,62,92,109,112,116,166,213,250,262,282,315,322],"become":[28],"public.":[29],"But":[30],"conclusive":[31],"evidence":[32],"the":[34,46,55,175,193,236,243,274,310,348,355,374,388],"driving":[35],"forces":[36],"behind":[37,245],"investors\u2019":[38,58,64],"demand":[39,59,65,196,252,379],"yet":[41],"be":[43,100,188,290,387],"identified.":[44],"Therefore,":[45],"purpose":[48],"this":[50,268,342],"study":[51,72,269,343,356],"assess":[54],"level":[56],"in":[60,66,139,325,335,341,380],"IPO":[61,76,154,158,176,185,222,326,361],"how":[63],"IPOs":[67,113,124,254,337,381],"affected.":[69],"Design/methodology/approach":[70],"The":[71,151,351],"will":[73,99,386],"employ":[74],"80":[75],"companies":[77,186],"Muslim-majority":[80,384],"country,":[81],"Bangladesh,":[82],"starting":[83],"from":[84,96,267],"2013":[85],"2021":[87],"with":[88,209,221,227,338],"application":[89],"linear":[91],"quantile":[93],"regressions.":[94],"Apart":[95],"that,":[97],"t-test":[98],"used":[101],"compare":[103],"means":[104],"groups":[106],"Shariah-compliant":[108,307],"non-Shariah-compliant":[110,248],"firms":[111,143,147,212,226,249,261],"under":[114],"fixed-price":[115,127],"book-building":[117,131],"mechanism.":[118],"Findings":[119],"Oversubscription":[120],"higher":[122,251,256],"issued":[125],"through":[126],"method":[128],"compared":[129,144],"method,":[132],"but":[133],"no":[134],"significant":[135,172,190],"difference":[136],"found":[138,153,180,201],"oversubscription":[140],"Shariah":[142,287,297],"non-Shariah":[146,181],"based":[148],"on":[149,174,273,296],"t-tests.":[150],"authors":[152],"size,":[155,157],"firm":[156],"risk,":[159],"proportion":[160,275],"offered":[163],"public,":[165,279],"bank":[167],"interest":[168,257],"rate":[169],"have":[171,205,217],"impact":[173],"demand.":[177,229],"Some":[178],"models":[179],"compliance":[182,298],"status":[183],"factor":[191],"IPO.":[197],"Quantile":[198],"regression":[199],"results":[200],"board":[202,214,283],"independence":[203],"positive":[207],"association":[208],"larger,":[210],"less-subscribed":[211],"size":[215,281],"negative":[219],"relation":[220],"demand,":[223],"smaller":[225],"high":[228],"Research":[230],"limitations/implications":[231],"Future":[232],"studies":[233],"may":[234],"apply":[235],"findings":[237],"other":[239,311],"settings,":[240],"especially":[241],"into":[242],"reasons":[244],"preference":[246],"during":[255],"rate.":[258],"Equity":[259],"issuing":[260],"managers":[264],"can":[265],"benefit":[266],"by":[270],"wisely":[271],"deciding":[272],"director":[285],"composition.":[286],"considerations":[288],"cannot":[289],"ignored":[291],"given":[292],"that":[293],"more":[294],"information":[295],"disseminated":[300],"among":[301],"despite":[303],"current":[304],"non-preference":[305],"IPOs.":[308],"On":[309],"hand,":[312],"institutional":[313],"general":[316],"should":[318],"consider":[319],"firm-specific,":[320],"governance":[321],"macroeconomic":[323],"factors":[324,376],"investment.":[327],"Likewise,":[328],"regulators":[329],"would":[330],"do":[331],"well":[332],"bring":[334],"quality":[336],"characteristics":[339],"mentioned":[340],"ensuring":[345],"stability":[346],"market.":[349],"Originality/value":[350],"main":[352,389],"contribution":[353],"identifying":[358],"determinants":[359],"demand:":[362],"faith,":[363],"governance,":[364],"macro":[365],"issues":[366],"\u2013":[367],"understanding":[368],"whether":[369],"one":[370],"or":[371],"many":[372],"above":[375],"drive":[377],"investor":[378],"country":[385],"contribution.":[390]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":5},{"year":2023,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2024-05-17T00:00:00"}