本文主要探討伊斯蘭教義、所有權結構與成長機會對公司風險承擔之影響，並以2012年至2019年印尼398間上市公司為樣本，共2262個觀察值進行實證分析。本文所有權結構分為內部人持股、政府持股、國內機構投資人持股與國外機構投資人持股進行分析討論。實證研究結果發現遵循伊斯蘭教義的公司有較低的風險承擔，但在所有權結構與遵循伊斯蘭教義交互作用上，僅有機構投資人持股比例越高對風險承擔越高，而國內機構投資人持股比例與風險承擔有顯著負相關。本文進一步分析成長機會的影響，發現高成長機會下，國外機構投資人持股比例與伊斯蘭教義對風險承擔有正向影響。顯示不同所有權身分對於成長機會所創造的經濟租追求會有不同的考量。越績效導向的所有權結構例如外資持股，越能中和保守的伊斯蘭教義對風險承擔的影響。本文在管理實務上有貢獻，亦即內隱的宗教信仰與外顯的公司治理機制是影響公司風險承擔的重要因素，投資人在制定投資決策時須加以權衡考量。;This paper mainly discusses how Shariah (Islamic law), ownership structure, and growth opportunity affect the level of corporate risk taking, and uses 398 listed companies in Indonesia from 2012 to 2019 with a total of 2262 observations as sample for empirical analysis. This paper divided ownership structure into insider ownership, government ownership, Indonesian local institutional ownership and foreign institutional ownership for discussion. The empirical results found that companies that follow the Shariah (Islamic law) have lower risk-taking, but among the interaction between the ownership structure and the Shariah(Islamic law), only higher institutional ownership ratio have higher level of risk-taking, while Indonesian domestic institutional ownership ratio hold a significant negative correlation with risk taking. This article further analyzes the impact of growth opportunity and finds that under high growth opportunities, the foreign institutional ownership ratio and Shariah (Islamic law) have a positive impact on risk-taking. Shows that different type of ownership structure will have different considerations for the pursuit of economic rent which been created by growth opportunities. The more performance-oriented ownership structure, such as foreign shareholding, more able to neutralize the influence of conservative Shariah (Islamic law) on risk-taking. This paper contributes to management practices, that is, implicit religious beliefs and explicit corporate governance mechanisms are important factors that affect the company′s risk-taking. Investors must measure and consider when making investment decisions.
