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研究生： 簡艾瑪
NUR IMAMAH
論文名稱： Islamic Law. Corporate Governance, Growth Opportunities, and Dividend Policy in Indonesia Stock Market
指導教授： 洪榮華
Jung-Hua Hung
林翠蓉
Tsui-Jung Lin
Suhadak
Suhadak
Siti Ragil Handayani
Siti Ragil Handayani
口試委員:
學位類別： 博士
Doctor
系所名稱： 管理學院 - 企業管理學系
Department of Business Administration
論文出版年： 2019
畢業學年度： 107
語文別： 英文
論文頁數： 46
中文關鍵詞： 伊斯蘭法 、公司治理 、成長機會 、股利政策
外文關鍵詞： Islamic Law, Corporate Governance, Growth Opportunities, Dividend Policy
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    • 本研究探討伊斯蘭法、公司治理與成長機會是否影響印尼上市公司之股利政策，分析2,125個觀察值，研究期間為2012到2016年。研究發現，相對於非遵循伊斯蘭法的公司，遵循伊斯蘭法的公司支付比較高的股利，而其主要原因是所有權結構中的內部人持股與外部大股東持股。此外，遵循伊斯蘭法的公司，其機構投資人扮演良好的公司治理角色，因為當公司成長高時，其與股利支付呈負相關，即支持公司多保留資金以供再投資；反之，當公司成長低時，則與股利支付呈正相關，即要求公司多支付股利，以免保留太多閒置資金供經理人浪費。本研究結果意味著，在伊斯蘭國家，伊斯蘭法是影響股利政策的重要因素。

    This paper examines whether the Islamic law (Shariah), corporate governance and growth opportunities affect dividend policy. Using a sample of 2,125 firm-years for companies listed on the Indonesia Stock Exchange (IDX) over the period of 2012-2016, we find evidence that Shariah-compliant firms (SCFs) have higher dividend payouts, mainly driven by insider ownership and external large ownership. In addition, institutional ownership of SCFs plays a strong role in corporate governance since it is negatively related to dividend payouts when firm growth is high while this relationship becomes positive when firm growth is low. These results suggest that the Islamic law is an important factor affecting dividend policy in Islamic countries.

    CONTENTSTABLE OF CONTENTS TABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS ABSTRACT IN CHINESE ....................................................................................................... i ABSTRACT ............................................................................................................................ ii ACKNOWLEDGEMENTS ................................................................................................... iii TABLE OF CONTENTS ........................................................................................................ iv LIST OF TABLES ................................................................................................................... v 1. INTRODUCTION ................................................................................................................ 1 2. LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT .................................. 5 2.1. Shariah screening process, Shariah, and Dividend Policy ............................................ 5 2.2. Corporate Governance and Dividend Policy ................................................................ 7 2.3. The Effect of Islamic Law on the Relationship between Corporate Governance and Dividend Policy ............................................................................................................ 8 3. RESEARCH METHODS ................................................................................................... 11 3.1. Source and Sample Screening ..................................................................................... 11 3.2.1 Research Methods .............................................................................................. 11 3.2.2 Study Model ....................................................................................................... 11 3.3. Descriptive Statistics ................................................................................................... 14 4. EMPIRICAL RESULTS .................................................................................................... 20 4.1. The Effect of the Shariah screening criteria and Shariah on Dividend Payouts ......... 20 4.2. The Influence of Corporate Governance on Dividend Payouts .................................. 22 4.3. The Moderating Effect of Shariah on the Relationship between Corporate Governance and Dividend Policy ................................................................................................... 24 4.4. Additional results: The Role that Growth Opportunities Play .................................... 26 4.5. Robustness Tests ......................................................................................................... 33 5. Conclusion .......................................................................................................................... 42 REFERENCES ....................................................................................................................... 43

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