Proceedings of the 4th International Conference on Islamic Economics, Business, Philanthropy, and PhD Colloqium (ICIEBP 2022)

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The Initial Discussions of MSMEs’ Green Sukuk Through Islamic Securities Crowdfunding: Behavioral Intentions Study of Prospective Investors

Authors
Rifaldi Majid1, *, Agung Maulana2
1Department of Economics and Development Studies, Faculty of Economics and Business, Diponegoro University, Semarang, Indonesia
2Management Department, Nusa Putra University, Sukabumi, Indonesia
*Corresponding author. Email: rifaldimajid@lecturer.undip.ac.id
Corresponding Author
Rifaldi Majid
Available Online 19 June 2023.
DOI
10.2991/978-94-6463-176-0_21How to use a DOI?
Keywords
Behavioral Intentions; Green Sukuk; MSMEs; Securities Crowdfunding; Sustainability
Abstract

This study presents an initial discussion about the opportunity to implement green Sukuk issuance for MSMEs through Islamic Securities Crowdfunding (SCF) in Indonesia then followed by examines what factors influence the behavioral intentions of prospective investors towards this instrument. In doing so, this study uses mixed research methods. A qualitative approach through in-depth interviews is conducted to provide input and policy recommendations based on expert opinions regarding opportunities for implementing green Sukuk for SMEs. Meanwhile, quantitative research through a survey by observing 152 respondents was conducted to determine the role of the Theory of Planned Behavior, religiosity, and environmental knowledge on the behavioral intentions of this instrument. Quantitative data were processed using Structural Equation Modeling (SEM) techniques. The results show that subjective norms, perceived behavioral control, and religiosity significantly affects prospective investors’ behavioral intentions via the mediating role of attitude. Meanwhile, environmental knowledge directly affects behavioral intentions without mediating part of attitude. This research has implications for extending the theory of planned behavior with the addition of knowledge about Islamic principles and the environment in terms of buying the green Sukuk offered by SCF. From a policy perspective, the results can be used as the material for regulators (Financial Services Authorities (OJK)) to discuss more deeply the issuance of MSMEs’ green Sukuk. In addition, the crowdfunding service association, providers, and the Muslim entrepreneurs community can jointly do collaboration to review the process of environmental assessments for MSMEs’ green projects.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 4th International Conference on Islamic Economics, Business, Philanthropy, and PhD Colloqium (ICIEBP 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
19 June 2023
ISBN
978-94-6463-176-0
ISSN
2352-5428
DOI
10.2991/978-94-6463-176-0_21How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Rifaldi Majid
AU  - Agung Maulana
PY  - 2023
DA  - 2023/06/19
TI  - The Initial Discussions of MSMEs’ Green Sukuk Through Islamic Securities Crowdfunding: Behavioral Intentions Study of Prospective Investors
BT  - Proceedings of the 4th International Conference on Islamic Economics, Business, Philanthropy, and PhD Colloqium (ICIEBP 2022)
PB  - Atlantis Press
SP  - 316
EP  - 343
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-176-0_21
DO  - 10.2991/978-94-6463-176-0_21
ID  - Majid2023
ER  -