本研究主要在探討伊斯蘭教義、公司治理與成長機會對於公司風險承擔的影響，以2011年到2018年印尼上市公司作為樣本，共計2740個觀察值進行實證性分析。伊斯蘭教為全球最大宗教之一，其教義對於人民的思想以及行為影響深遠，同時印尼正處於快速發展的東南亞地區，本文期望透過伊斯蘭教義與實務上的公司治理機制來探討其對管理者對於風險承擔的態度，並加入成長機會作為外在環境因素來觀察其對風險承擔的調節作用。研究結果發現，遵循伊斯蘭教義的公司相較於非遵循伊斯蘭教義的公司風險承擔較低；遵循伊斯蘭教義的公司相較於非遵循伊斯蘭教義的公司，其董事會規模越大，公司的風險承擔也越大；遵循伊斯蘭教義的公司相較於非遵循伊斯蘭教義的公司，其監事會獨立董事比例越高以及董事會獨立董事比例越高分別有不同的結果；遵循伊斯蘭教義的公司相較於非遵循伊斯蘭教義的公司，其機構投資人持股比例越高以及內部投資人持股比例越高，皆會提高公司的風險承擔。此外，當加入成長機會做為考量後，本文發現遵循伊斯蘭教義公司，內部人持股比例越高，風險承擔越低。整體而言，本文實證結果對於宗教如何影響管理者行為，以及宗教與公司治理機制在新興市場扮演的角色有其管理與實務意涵。;The main purpose of this study is examining how Shariah, corporate governance, and growth opportunity affect corporate risk-taking. Based on a sample of Indonesian listed company over the period of 2011-2018, a total of 2740 observations were used for our empirical analysis. Islam is one of the world’s largest religions, and its doctrine has a profound impact on Muslims’ thoughts and behavior. In addition, Indonesia is located in Southeast Asia as a fast-growing country. We investigate managers’ attitude to the risk through Shariah and practical corporate governance mechanisms. Moreover, we consider growth opportunities as an external factor to observe the moderate effect to the risk-taking. Our research shows that: Shariah companies compare to non-Shariah companies have lower risk; the larger size of board of directors that the Shariah compliant companies have, the higher risk they take; in the part of board independence in the Shariah compliant companies, there are opposite results between the board of commissioners and the board of directors; in the part of ownership structure in the Shariah compliant companies, the more shares that institutions or insiders hold, the more risk the companies take. Furthermore, when taking growth opportunity into account, we find that the higher the insiders’ shareholding ratio, the lower the risk taking. Overall, the empirical results of this paper have implications for management and practice on how religion affects managerial behavior and the role of religion and internal governance mechanisms in emerging markets.
