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.
