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研究生:Aulia Annisa Izzati
研究生(外文):AULIA ANNISA IZZATI
論文名稱:東南亞五國經濟自由度對股市之影響(1999-2014)
論文名稱(外文):The Influence of Economic Freedom Index to Islamic Stock Return in ASEAN-5 in 1999-2014
指導教授:楊踐為楊踐為引用關係
指導教授(外文):YANG, JIAN-WEI
口試委員:楊踐為胥愛琦王凱力
口試委員(外文):YANG, JIAN-WEIHsu, AI-CHIKAILI, WANG
口試日期:2016-06-14
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:財務金融系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:英文
論文頁數:50
中文關鍵詞:經濟自由指數伊斯蘭股票收益政府支出企業的自由勞動自由東盟5國
外文關鍵詞:Economic freedom indexIslamic stock returngovernment spendingbusiness freedomlabor freedomASEAN-5
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這項研究的目的是伊斯蘭股票收益在東盟經濟5個國家自由指數的影響進行調查,如新加坡,馬來西亞,泰國,菲律賓和印度尼西亞,期間為1999年至2014年的研究發現,改變在五個國家總體經濟自由度指數有伊斯蘭股票收益正顯著的關係。同時,在每個組件中經濟自由的變化顯示了各個國家不同程度和顯著的價值。與其他人不同的四個國家,泰國對商業和投資自由指數價值微不足道,由於價格控制和強有力的保護的國有企業,而且政治條件和限制在某些經濟部門的貢獻指標的價值微不足道。在勞動力自由方面,所有國家呈現負係數的值,因為更自由,因為他們希望這樣不利於公司的監管勞動將給正確的工人,以盡可能多的設置工作時間和工資水平。要指出的最後一件事是新加坡和印尼透露財務自由指數價值微不足道,儘管新加坡前五名包括最自由的國家,但金融業依靠這是不是在伊斯蘭制度使傳統的銀行服務。雖然印尼作為對他們的經濟會擁抱民主制度的國家之一,具有更低的自由決定金融體系。綜上所述,一切從回歸得到的結果證實這兩個假設一(H1),其中指出整體經濟自由度指數將會影響伊斯蘭股票收益與假設二(H2),在經濟自由指數的成分變化將影響伊斯蘭股票收益。
The objective of the study is to investigate the influence of economic freedom index on Islamic stock return in ASEAN – 5 countries such as Singapore, Malaysia, Thailand, Philippine, and Indonesia for the period, 1999 to 2014. This study found that the changing in overall economic freedom index in five countries have positively significant relationship to the Islamic stock return. While, the changing in each component economic Freedom shows different degree and significant value for every country. Different with others four countries, Thailand have insignificant value on business and investment freedom Index due to the price control and strong protection to the state-owned enterprises, moreover political condition and restriction in some sectors of the economy contribute insignificant value to the index. In terms of labor freedom, all of countries showed negative coefficient value because the freer the labor will give right for the worker to set working hour and wage level as much as they want so that is not good for the company’s regulation. The last thing to point out is Singapore and Indonesia revealed insignificant value of financial freedom Index, even though Singapore include in top five the most free country but the financial sector rely on conventional banking services which is not allowed in Islamic system. Whilst Indonesia as one of country that embrace democratic system on their economic will has lower freedom to determine financial system. To sum up, all of the result obtained from the regression confirmed both hypothesis one (H1) which state that the overall economic freedom index will influence the Islamic stock returns and hypothesis two (H2), the change in economic freedom index’s components will influence the Islamic stock return.
摘要 i
Abstract ii
Acknowledgment iii
Table of Contents iv
List of Tables vi
List of Figures vii
CHAPTER ONE: INTRODUCTION 1
1.1 Research Background 1
1.2 Research Objective 5
1.3 Research Question 5
1.4 Research Contribution 5
1.5 Research Methodology 6
1.6 Research systematic 6
CHAPTER TWO: THEORETICAL BACKGROUND 8
2.1 Economic Freedom 8
2.2 Measuring Economic Freedom Index 9
2.3 Classification of Economic Freedom 9
2.3.1 Rule of Law 9
2.3.2 Government Size 10
2.3.3 Regulatory Efficiency 11
2.3.4 Market Openness 13
2.4 Economic Freedom Development in ASEAN-5 Countries 16
2.4.1 Indonesia 16
2.4.2 Singapore 16
2.4.3 Malaysia 16
2.4.4 Thailand 17
2.4.5 Philippines 18
2.5 MSCI Islamic Index 18
2.5.1 MSCI Islamic Index Definition 18
2.5.2 MSCI Islamic Index Screening Methodology 19
2.5.2.1 Business Activity Screening 19
2.5.2.2 Financial Screening 20
2.6 Hypothesis Development 21
CHAPTER THREE: METHODOLOGY 23
3.1 Research Framework 23
3.2 Data Collection 24
3.3 Data Measurement 24
3.3.1 Dependent Variable 24
3.3.2 Independent Variable 24
3.3.3 Control Variable 37
CHAPTER FOUR: EMPIRICAL RESULT 38
4.1 Descriptive Statistics 39
4.2 ASEAN-5 Regression Result 41
4.3 Summary of Regression Result 44
CHAPTER FIVE: CONCLUSION 46
5.1 Discussion 46
5.2 Limitation and Suggestion 46
References 47

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