本文主要探討機構投資人在印尼上市公司資本結構所扮演的角色，並加入伊斯蘭教義探究是否有調節效果，以2012年至2019年印尼398間上市公司做為樣本，共2940筆觀察值進行驗證分析。本文機構投資人分為外國機構投資人持股、本國機構投資人持股、主動型機構投資人持股、被動型機構投資人持股進行分析討論。實證研究結果發現機構投資人持股越高公司的負債比率也越高，而在機構投資人與遵循伊斯蘭教義交互作用則呈現顯著負相關，其中外國機構投資人、本國機構投資人分別呈現相同結果，主動機構投資人則呈現相反關係。本文進一步討論公司治理機制中董事會特徵、所有權結構與伊斯蘭教義對於資本結構的影響，結果顯示董事會規模與獨立董事比率對於負債比率有顯著影響。

This study investigates the role institutional investors plays in corporate financial leverage decision, taking into account of Shariah (the Islamic Law). The institutional investors are divided into foreign institutional investors, local institutional investors, active institutional investors, and passive institutional investors. Using a sample of Indonesia listed firms with 2,940 observations from 2012 to 2019, we find that institutional investors is positively correlated with financial leverage. In addition, compared with non-Shariah-compliant firms, Shariah-compliant firms with higher foreign institutional ownership and local institutional ownership have lower financial leverage. Moreover, Shariah-compliant firms with active institutional ownership have higher financial leverage. Finally, we find a significant influence of board characteristics on financial leverage.

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