| 摘要: | 本計畫探討伊斯蘭教義與董事會特徵對公司績效的影響，並以2011 年到2020 年印尼上市公司為樣本進行研究。本計畫透過文獻整理，推論遵行伊斯蘭教義的公司，公司績效較低；且績效較低的驅動來源，是伊斯蘭教義對風險的看法所致。本計畫亦加入董事會特徵考量，並推論遵循伊斯蘭教義的公司，其董事會規模越大、獨立董事比率越高，則公司績效越高，而這些研究結果，也受到董事會特徵中和風險保守的看法所影響。其次，本計畫利用兩階段最小平方法(2SLS)降低內生性問題對本計畫研究結果的干擾。本計畫研究結果顯示，遵行伊斯蘭教義公司，公司績效較低，顯示保守的伊斯蘭教義對股東財富的提升有不利之影響。其次，本文加入董事會特徵加以探討，研究結果顯示，遵行伊斯蘭教義之公司，董事會規模越大，公司績效越好，但獨立董事比例越高，對績效有負向影響，顯示內隱地宗教力量與外顯的公司治理機制，對管理者營運思維是抵換關係或是互補關係，仍需進一步檢測。最後在管理者風險承擔變數檢測上，本文研究發現，伊斯蘭教義對公司績效的負向影響，是透過管理者的風險承擔而來。亦即伊斯蘭教義對投資範圍與資金籌措管道的限制，侷限了管理者追求高成長風險專案的投資機會，對股東財富有不利影響。本文研究結果將對新興市場的投資與管理決策產生貢獻，亦即當管理思維加入宗教考量後，將對公司營運決策產生重大影響，而投資人形成投資組合時，亦需謹慎看待宗教帶給管理者影響。
This project explores the impact of Sharia and board characteristics on company performance, and studies a sample of Indonesian listed companies from 2011 to 2020. Through literature review, this project infers that companies that follow Shariah have lower performance; and the driving source of lower performance is Sharia's perception of risk. This project also takes into account the characteristics of the board of directors, and infers that the larger the board size and the higher the ratio of independent directors, the higher the performance of the company that follows the Shariah affected. Secondly, this project uses the two-stage least squares method (2SLS) to reduce the interference of endogeneity problems on the research results of this project. The results of this project's research show that Shariah-compliant companies have lower corporate performance, indicating that conservative Shariah practices have an adverse effect on the enhancement of shareholder wealth. Secondly, this paper discusses the characteristics of the board of directors. The research results show that the larger the board size, the better the performance of the company, but the higher the proportion of independent directors, the negative impact on performance, showing that the implicit religious power and the explicit corporate governance mechanism needs to be further tested whether it is a trade-off relationship or a complementary relationship to managers' operational thinking. Finally, on the variable detection of managers' risk-taking, this paper finds that the negative impact of Islamic law on corporate performance comes through managers' risk-taking. That is to say, Sharia's restrictions on investment scope and fund raising channels limit the investment opportunities for managers to pursue high-growth risk projects, which adversely affects shareholders' wealth. The results of this paper will contribute to investment and management decisions in emerging markets. That is, when management thinking incorporates religious considerations, it will have a significant impact on corporate operating decisions. Investors also need to be cautious when forming investment portfolios. |
