Evaluating the Impact of Islamic Financial Markets (Sukuk) on Corporate Financing Using Real Data in Iran During ۲۰۱۶-۲۰۲۳ with Panel Data Method

This article evaluates the impact of Islamic financial markets, particularly Sukuk, on corporate financing in Iran during the years ۲۰۱۶-۲۰۲۳. The main objective is to examine the quantitative and qualitative role of these instruments in providing companies with the necessary financial resources and to analyze the challenges and opportunities ahead. The research methodology is descriptive-analytical, and real data has been collected from reports of the Tehran Stock Exchange, Iran Fara Bourse, and the Securities and Exchange Organization. Panel data regression is used for analysis and estimation of effects, which allows for controlling firm-specific fixed effects and increasing the accuracy of estimations. Research findings indicate that the Sukuk market experienced significant growth in volume and value during the period under review, with Ijarah Sukuk accounting for a major share of this market. The analysis results show a positive and significant impact of Sukuk on improving capital structure and increasing companies' financing capacity; such that the use of Sukuk can lead to a reduction in companies' debt ratios. These instruments have helped diversify companies' financing sources and reduce their reliance on traditional sources (such as bank loans). However, challenges such as the complexity of the issuance process, the need for underlying assets, and insufficient development of the secondary market still exist. Finally, the article provides suggestions for facilitating the issuance process, developing the secondary market, designing more diverse instruments, and strengthening institutional cooperation to maximize the potential of Sukuk.

کلیدواژه ها:

Islamic financial markets ، Sukuk ، corporate financing ، panel data ، capital structure ، Iran