چکیده:
Companies and enterprises use different financial sources to carry out their plans and operations. In order to maximize their efficiency, they should particularly provide financial support from internal sources (shareholders' capital) or funds from creditors outside the company or a combination of the two. This research deals with the identification and ranking of financing methods based on non-maturity sukuk development companies; hence, this research is applied in terms of purpose and descriptive-evaluative in terms of data collection. Many studies have analyzed the relationship between financial security based on non-maturity sukuk. Some of them show that companies with better corporate governance are more successful in capital-based financing. On the other hand, some believe that there is a positive relationship between favorable development companies and debt-based financing. While distinguishing between the perspective of financial providers and the perspective of companies requesting funds, this paper investigates the relationship between development companies and financial support based on the issuance of sukuk. The results show that the variables of development companies have a positive and significant effect on the issuance of non-maturity sukuk in the studied companies.
خلاصه ماشینی:
Research Article Identification and Ranking of Perpetual Sukuk-Based Financing Methods in Developmental Companies ( Asghar Karimi Khorami/ Assistant Professor of Accounting Department, Abarkuh Branch, Islamic Azad University, Abarkuh, Iran karimi4946@gmail.
The present research aims to identify and rank perpetual sukuk-based financing methods in developmental companies; therefore, in terms of objective, this research is applied, and in terms of data collection, it is descriptive-evaluative.
In this research, while distinguishing between the perspective of financiers and the perspective of companies requesting funds, the relationship between developmental companies and financing based on sukuk issuance has been investigated.
In developmental companies with weak corporate governance, potential financiers will prefer to use fixed-return debt-based financing to protect themselves against potential mismanagement and the subsequent lower profitability of the company.
Therefore, unlike debt-based financing, where an existing obligation is met with new borrowing, the Sukuk-issuing company must have strong corporate governance and a capable management system to select and manage the underlying asset.
If the underlying asset does not have sufficient effectiveness in the company's production process or is not used correctly, the probability of default increases; and since there will be no additional payments in case of inability to pay installments, the default risk in Murabaha Sukuk is much more significant than in debt-based financing (Prouizian and Dehghan Dehnavi, 2018).
It seems that based on the following explanations, from both the perspective of the financier and the company, there is a positive relationship between the issuance of Murabaha Sukuk and developmental companies (Safaei Ghadikelai et al.
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