本文主要探討公司治理對於股利政策的影響，並以2012年至2015年印尼上市公司作為研究樣本，進行實證分析。印尼身處於東南亞市場，且以信仰伊斯蘭教為主，其文化背景和宗教信仰皆與西方國家資本市場有所差異，因此本文以伊斯蘭教教義影響印尼公司管理實務為出發點，探討伊斯蘭的宗教規範在董事會特徵與所有權結構上，對於股利政策是否產生影響。研究樣本包含遵循伊斯蘭教義與非遵循伊斯蘭教的公司進行分析探討。研究結果顯示，印尼遵循伊斯蘭教義的公司董事會規模越大，股利發放越少；印尼遵循伊斯蘭教義的公司獨立董事比例越高，股利發放越高。另外，探討所有權結構對股利政策的影響，結果顯示，當遵循伊斯蘭教義的印尼公司法人持股比例越高，股利發放越低。實證研究顯示，伊斯蘭宗教對於印尼公司的公司治理機制有顯著影響，並且反映在股利政策的管理實務上。;This research investigates the effect of corporate governance on the payout policy, and the sample contains the listed firms in Indonesia from 2012 to 2015. Indonesia is located in the Southeast Asia and mainly believed in Islam. The culture background and religious belief are very different form the Western capital markets. Therefore, this research article is starting with the Islamic doctrine to impacts the Indonesia company management practice. We want to examine whether the religious norms of Islam have an impact on the payout policy by influence the board characteristics and the ownership structure. The sample contains Shariah firm and non-Shariah firm to analysis. The empirical results indicate that in Indonesian Shariah-compliant companies, a larger board size may increase the dividend payment. Also the percentage of independent directors in board is higher may increase the dividend payment. Further, we examine the effect of ownership structure on payout policy, we find that the higher shares owned by the institutional, decrease the dividend payment in Indonesian Shariah-compliant companies. These results shown above are indicated that Islamic religion has had a significant impact on the Indonesian corporate governance and reflected in the management of dividend payout policy.
