以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：22

、訪客IP：3.145.108.9

姓名	簡艾瑪(NUR IMAMAH)  查詢紙本館藏	畢業系所	企業管理學系
論文名稱	(Islamic Law. Corporate Governance, Growth Opportunities, and Dividend Policy in Indonesia Stock Market)
檔案	[Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   [檢視]  [下載] 本電子論文使用權限為同意立即開放。 已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。 請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。
摘要(中)	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。
摘要(英)	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.
關鍵字(中)	★ 伊斯蘭法 ★ 公司治理 ★ 成長機會 ★ 股利政策	關鍵字(英)	★ Islamic Law ★ Corporate Governance ★ Growth Opportunities ★ Dividend Policy
論文目次	CONTENTSTABLE OF CONTENTS TABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS ABSTRACT IN CHINESE ....................................................................................................... i ABSTRACT ............................................................................................................................ ii ACKNOWLEDGEMENTS ................................................................................................... iii TABLE OF CONTENTS ........................................................................................................ iv LIST OF TABLES ................................................................................................................... v 1. INTRODUCTION ................................................................................................................ 1 2. LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT .................................. 5 2.1. Shariah screening process, Shariah, and Dividend Policy ............................................ 5 2.2. Corporate Governance and Dividend Policy ................................................................ 7 2.3. The Effect of Islamic Law on the Relationship between Corporate Governance and Dividend Policy ............................................................................................................ 8 3. RESEARCH METHODS ................................................................................................... 11 3.1. Source and Sample Screening ..................................................................................... 11 3.2.1 Research Methods .............................................................................................. 11 3.2.2 Study Model ....................................................................................................... 11 3.3. Descriptive Statistics ................................................................................................... 14 4. EMPIRICAL RESULTS .................................................................................................... 20 4.1. The Effect of the Shariah screening criteria and Shariah on Dividend Payouts ......... 20 4.2. The Influence of Corporate Governance on Dividend Payouts .................................. 22 4.3. The Moderating Effect of Shariah on the Relationship between Corporate Governance and Dividend Policy ................................................................................................... 24 4.4. Additional results: The Role that Growth Opportunities Play .................................... 26 4.5. Robustness Tests ......................................................................................................... 33 5. Conclusion .......................................................................................................................... 42 REFERENCES ....................................................................................................................... 43
參考文獻	REFERENCESEFERENCESEFERENCESEFERENCES EFERENCESEFERENCES Adjaoud, F., and Ben-Amar, W., 2010. Corporate governance and dividend policy: Shareholders’ protection or expropriation? Journal of Banking, Finance & Accounting, 37, 648-667. Aldohni, A. K., 2014. Morality and religion: Complementing or complicating corporate governance. Journal of Religion and Business Ethics, 3, Article15. Alzahrani, Mohammed, and Meziane Lasfer, 2012. Investor protection, taxation, and dividends, Journal of Corporate Finance, 18, 745-762. Chae, J., S. Kim, and E. J. Lee, 2009. How corporate governance affects payout policy under agency problems and external financing constraints, Journal of Banking & Finance, 33, 2093-2101. Chen, J., Leung, W. S., and Goergen, 2017. The impact of board composition on dividend payouts. Journal of Corporate Finance, 43, 86-105. Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang, 2002. Disentangling the incentive and entrenchment effects of large shareholdings, Journal of Finance, 57, 2741-2771. Čornanič, A., Novák, J., & Šarapatka, J., 2018. Religion, corporate governance, and executive compensation. Finance a Uver, 68, 34-70. Daniel, W. E., 2003. Corporate governance in Indonesian listed companies – A problem of legal transplant. Bond Law Review, 15, 345-375. Denis, D. J., & Sibilkov, V., 2009. Financial constraints, investment, and the value of cash holdings. Review of Financial Studies, 23, 247-269. Easterbrook, Frank H, 1984. Two agency-cost explanations of dividends, American Economic Review, 74, 650-659. 44 Faccio, M., Lang, L. H. P., and Young, L., 2001. Dividend and expropriation, American Economic Review 91, 54-78. Farooq, O., & Tbeur, O., 2013. Dividend policies of Shariah-compliant and non-Shariahcompliant firms: Evidence from the MENA region. International Journal of Economics and Business Research, 6, 158-172. Ferreira, M.A., M. Massa, and P. Matos, 2010. Dividend clienteles around the world: Evidence from Institutional Holdings. Marshall School of Business Working Paper No. FBE 35-09. Guizani, M., 2017. Free cash flow, agency cost and dividend policy of Shariah-compliant and Non-Shariah-compliant firms. International Journal of Economics and Management, 11, 355-370. Hasan, Z., 2009. Regulatory framework of Shari’ah governance system in Malaysia, GCC Countries and the UK. Kyoto Bulletin of Islamic Area Studies, 3-2. Hayat, R., & Hassan, M. K., 2017. Does an Islamic label indicate good corporate governance? Journal of Corporate Finance, 43, 159-174. Hilary, G., & Hui, K. W., 2009. Does religion matter in corporate decision making in America? Journal of Financial Economics, 93, 455-473. Hwang, L. S., Kim, H., Park, K., and Park, R. S., 2013. Corporate governance and payout policy: Evidence from Korean business groups, Pacific-Basin Finance Journal, 24, 179-198. Iqbal, Z., and Mirakhor, A., 2004. Stakeholders model of governance in Islamic economic system. Islamic Economic Studies, 11, 43-63. Jensen, M. C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323-329. 45 Jiraporn, P., J. C. Kim, and Y. S. Kim, 2011. Dividend payouts and corporate governance quality: An empirical investigation, Financial Review 46, 251-279. Kasim, N., NuHtay, M. S. N., & Salman, S. A., 2013. Shariah governance for Islamic capital market: A step forward. International Journal of Educational Research. Universiti Teknologi MARA, 1, 1-14. Klapper, L. F., and I. Love, 2004. Corporate governance, investor protection, and performance in emerging markets, Journal of Corporate Finance, 10, 703-728. La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W., 2000. Agency problems and dividend policies around the world, Journal of Finance, 55, 1-33. Larbsh, M. M., 2015. Islamic Perspective of Corporate Governance. University Bulletin, 17, 135-152. Lewis, M. K., 2005. Islamic corporate governance. Review of Islamic Economics, 9, 5. Mitton, T., 2004. Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5, 409-426. Mohd Ghazali, N. A., 2010. Ownership structure, corporate governance and corporate performance in Malaysia. International Journal of Commerce and Management, 20, 109119. Safieddine, A., 2009. Islamic financial institutions and corporate governance: New insights for agency theory. Corporate Governance: An International Review, 17, 142-158. Sawiki, J., 2009. Corporate governance and dividend policy in Southeast Asia pre- and postcrisis. European Journal of Finance, 15, 211-230. Shao, L., Kwok, C. C., and Guedhami, O., 2010. National culture and dividend policy. Journal of International Business Studies, 41, 1391-1414. 46 Smith Jr, C. W., and Watts, R. L., 1992. The investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Financial Economics, 32, 263-292. Su, Z. Q., Fung H. G., Huang, D. S., Shen C. H, 2014. Cash dividends, expropriation, and political connections: Evidence from China. International Review of Economics and Finance, 29, 260-272. Volonté, C., 2015. Boards: Independent and committed directors?. International review of law and economics, 41, 25-37. Von Eije, H., & Megginson, W. L., 2008. Dividends and share repurchases in the European Union. Journal of financial economics, 89(2), 347-374. Yildirim, R., Masih, M., & Bacha, O. I. (2018). Determinants of capital structure: evidence from Shari′ah compliant and non-compliant firms. Pacific-Basin Finance Journal, 51(C), 198-219. Zheng, C., & Ashraf, B. N., 2014. National culture and dividend policy: International evidence from banking. Journal of Behavioral and Experimental Finance, 3, 22-40.
指導教授	洪榮華 林翠蓉 Suhadak Siti Ragil Handayani(Jung-Hua Hung Tsui-Jung Lin Suhadak Siti Ragil Handayani)	審核日期	2019-4-16
推文	facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu
網路書籤	Google bookmarks   del.icio.us   hemidemi   myshare