Aplikasi Pembiayaan Kacukan dalam Pengurusan Kewangan: Ulasan Sistematik

Abstract

Hybrid financing is increasingly applied in a firm. Focusing on literature, a systematic review related to hybrid financing may be implemented based on prior research. This article aims to analyse the methods chosen in the management of a firm as well as the hybrid financing instruments used to ensure the smooth operation of its financial management. Based on a systematic survey, a total of 147 articles from the Scopus, Web of Science and Emerald databases are obtained and only 106 articles are selected for this study. The findings are that from 1958 to 2018, there is an increase in the number of journals published with relevance to hybrid financing. In addition, most of the articles obtained make decision making whether to rent or buy assets as the main theme of the study whereas business and retail sectors are the most involved sectors in hybrid financing. Meanwhile, the United States of America is the most active country that adopts hybrid financing in financial management in which developed countries are more advanced in this hybrid financing application. Instruments such as bonds, derivatives, options, preferred share and shariah security are also among the instruments of hybrid financing used by firms. Finally, some further research particular in Islamic hybrid financing are suggested in order to provide reference and understanding to syariah-compliant firms.