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Abstrak :
We investigate financial structure institutional determinants of firms listed on the MENA region, and we analyze the indirect role played by institutions on the speed of adjustment. We consider a sample of 506 non-financial firms from 12 MENA countries listed on the stock exchange between 2006 and 2014. We find that the effects of firm profitability, non-debt tax savings and growth opportunities on leverage are strengthened in the context of good quality institutions. In the contrast, the effects of firm size and returns volatility are reduced. Regarding the adjustment speed, we find that the financial market development and the good quality of institutions tend to reinforce the effects of firm profitability and distance from the target. However, they moderate the influence of firm returns volatility, growth opportunities, non-debt tax savings, and asset tangibility on the adjustment process. We also note that political stability plays an indirect role to control bankruptcy costs and information asymmetries. Our results have important implications since they can interest firm executives and investors in MENA countries, and more generally in developing countries. They may provide answers to questions about the role played by institutions in the adjusting process to the target debt ratio.

Abstrak :
Saat ini Dunia yang telah memasuki fase polarisasi politik yang terjadi di belahan dunia, negara-negara di dunia harus mampu memilih rekan sekutu yang tepat untuk keberlangsungan pemerintahan. Mesir melalui proyek BRI yang ditawarkan China menggunakan pendekatan softpower dan kesamaan ambisi kedua pemimpin membentuj kerjasama yang saling menguntungkan. Melalui metode kualitatif dan interview mendalam kepada narasumber, penelitian ini memperoleh hasil bahwa. China melalui BRI telah memperluas jangkauan perdagangan dan mengurangi pengaruh Amerika di kawasan MENA serta pembuka gerbang rute perdagangan laut terbesar di dunia melintasi benua Eropa, Afrika dan Asia melalui Terusan Suez. Pertumbuhan ekonomi Mesir dalam keadaan yang baik dan positif, lapangan pekerjaan yang meningkat setiap adanya perusahaan baru yang masuk dan proyek Ibukota baru, kota administrasi eksklusif dan tower tertinggi di Afrika yang dibangun oleh China hingga mendukung Egypt Vision 2030. China dengan proyek BRI yang ditawarkan di Mesir dianggap sebagai sebuah keuntungan daripada jebakan hutang sebab menciptakan kebijakan luar negeri yang lebih mendorong kerja sama dan kepercayaan investasi lebih lanjut daripada melakukan hard deterrance seperti yang dilakukan Amerika dahulu. ......The world now has entered a phase of the political polarization that occurs in parts of the world, all countries in the world must be able to choose the right allies for the continuity of nation. Egypt through the BRI project offered by China using a softpower approach and the common vision of the two ambitious leaders to establish mutual beneficial cooperation. Through qualitative methods and in-dept interviews with truthable informan, this research obtained the results that. China through the BRI has expanded its trade reach and reducing America influence in the MENA region as well as opening the gateway of the world's largest sea trade routes across the European, African and Asian continents through the Suez Canal. Egypt's economic growth is in a good and positive state, jobs are increasing with the introduction of new companies and projects New capital, exclusive administrative cities and the tallest towers in Africa will be built by China to support Egypt Vision 2030. China with the BRI project offered in Egypt is considered an advantage rather than a debt trap because it creates a foreign policy that encourages further cooperation and investment confidence than doing hard deterrance like America used to do.

Abstrak :
ABSTRAK
Pertumbuhan keuangan syariah di dunia semakin mendapatkan perhatian baik dari segi keilmuan maupun praktik di dunia nyata. Pengamatan yang dilakukan kebanyakan menggunakan model linear yang kurang sesuai digunakan untuk pemodelan riset keuangan. Selain itu, dinamika pergerakan dari waktu ke waktu seharusnya menjadi perhitungan lebih dalam pengamatan yang dilakukan. Dengan menggunakan estimasi model regresi linear dan Markov regime switching, penelitian terhadap pasar saham syariah di ASEAN, MENA, dan Eropa periode Desember 2008 ndash; Desember 2017, penelitian ini bertujuan untuk melihat dampak atau pengaruh variabel indeks konvensional dan makroekonomi seperti inflation rate dan perubahan interest rate terhadap return saham syariah di negara-negara dengan sistem pasar saham ganda. Hasil penelitian menunjukkan keberadaan pengaruh return indeks konvensional terhadap return indeks syariah di seluruh regional dan setiap regime. Variabel makroekonomi tidak terlalu menunjukkan pengaruh. Inflation rate hanya signifikan berpengaruh pada sampel Eropa pada model regresi linear dan ketika volatilitas rendah, sementara perubahan interest rate hanya signifikan berpengaruh di ASEAN pada saat volatilitas tinggi dan di Eropa pada model regresi linear.

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ABSTRACT<>br> The growth of Islamic finance increasingly have become focus both in terms of science and practice in the real world. Most observations used a linear model, which was less suitable for financial research modeling. In addition, the dynamics of stock markets over time should be given more consideration while doing the observation. By estimating linear regression model and Markov regime switching, this research on Islamic stock market in ASEAN, MENA, and Europe during December 2008 December 2017 aims to see the impact or influence of conventional index and macroeconomic variables such as inflation rate and interest rate on Islamic stock returns in dual stock market systems. The results show the existence of the effect of conventional return index on syariah index return across the region and under every regime, meanwhile macroeconomic variables do not show much significance of its effect. Inflation rate only has significant effect on European market in linear regression model and when the volatility is low, while changes in interest rate are only significantly influential in ASEAN at the time of high volatility and in Europe in linear regression model.