| 摘要: | 本研究主要以伊斯蘭教法、所有權結構與新冠肺炎對風險承擔之影響，並以2012-2021年間印尼上市公司作為研究樣本，進行實證分析。本文推論遵循伊斯蘭教法之公司，其風險承擔程度越低，在加入所有權結構層面後，當機構所有權持股越高時，遵循伊斯蘭教法的公司風險承擔越低；反之，當內部所有權持股比例越高時，遵循伊斯蘭教法的公司，風險承擔較高。另外當面對Covid-19疫情衝擊本文推論，Covid-19疫情會調節伊斯蘭教法、所有權結構與風險承擔間之關係。本文實證結果發現，遵循伊斯蘭教法之公司，其風險承擔程度越低，顯示伊斯蘭教法對於投資、融資、風險管理方面之限制，降低了公司風險承擔程度。加入所有權結考量後，實證結果發現，當機構所有權持股越高時，遵循伊斯蘭教法的公司風險承擔越低，顯示在伊斯蘭教法限制之下，機構投資人無法極大化運用資產達成其預期之績效；內部所有權持股比例越高時，遵循伊斯蘭教法的公司，風險承擔較高，顯示透過伊斯蘭教法監督，能有效降低代理問題發生之機率。最後Covid-19疫情之影響實證結果發現，在疫情年間，遵循伊斯蘭教法之公司，其風險承擔越低。當加入所有權結構後，遵循伊斯蘭教法之公司，在機構所有權持股越多時，其風險承擔程度越高；而在內部人持股越多時，其風險承擔程度則會降低，顯示Covid-19疫情之衝擊會調節所有權結構、伊斯蘭教法與風險承擔間之關係。本文透過研究伊斯蘭教法和Covid-19疫情對新興市場公司實務管理之影響，提供了重要的貢獻。亦即宗教、所有權結構與外在環境的衝擊，是影響公司管理者風險承擔的重要因子。
This study examines the influence of Islamic law, ownership structure, and the COVID-19 pandemic on risk taking in Indonesian listed companies from 2012 to 2021. The empirical analysis is conducted using a sample of companies adhering to Islamic law. The findings suggest that companies following Islamic law exhibit lower levels of risk taking. Additionally, when considering ownership structure, it is observed that as institutional ownership increases, risk taking decreases for Islamic law-compliant companies. Conversely, higher levels of insider ownership are associated with increased risk taking among Islamic law-compliant companies. Furthermore, the study explores the moderating effect of the COVID-19 pandemic on the relationship between Islamic law, ownership structure, and risk taking. The empirical results reveal that companies adhering to Islamic law demonstrate lower levels of risk taking, particularly during the COVID-19 pandemic. Overall, the findings suggest that Islamic law imposes restrictions on investment, financing, and risk management, thereby reducing companies' risk exposure. Additionally, incorporating ownership structure considerations, the study indicates that higher institutional ownership reduces risk taking among Islamic law-compliant companies, indicating limitations in maximizing asset utilization for institutional investors under Islamic law. Conversely, higher levels of insider ownership among Islamic law-compliant companies are associated with increased risk taking, highlighting the effectiveness of Islamic law supervision in mitigating agency problems. Lastly, the empirical results indicate that during the COVID-19 pandemic, companies adhering to Islamic law exhibit lower levels of risk taking. When considering ownership structure, higher institutional ownership leads to increased risk taking among Islamic law-compliant companies, while higher levels of insider ownership result in decreased risk taking. These findings suggest that the impact of the COVID-19 pandemic moderates the relationship between ownership structure, Islamic law, and risk taking. This study contributes to understanding the practical implications of Islamic law and the COVID-19 pandemic on emerging market company management. It underscores the importance of religion, ownership structure, and external environmental factors as significant factors influencing managers' risk-taking behavior. |
