公司治理對股利政策之影響—印尼上市公司之實證

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姓名

江慶晟(Ching-Cheng Jiang) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

公司治理對股利政策之影響—印尼上市公司之實證
(The effects of corporate governance on payout policy: An empirical study of Indonesian listed firms)

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摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 董事會特徵
★ 所有權結構
★ 股利政策
★ 印尼
★ 伊斯蘭教

關鍵字(英)

★ Board characteristics
★ Ownership structure
★ Payout policy
★ Indonesia
★ Islam

論文目次

摘要 i
Abstract ii
目錄 iii
表目錄 iv
第一章緒論 1
1-1研究動機與目的 1
1-2研究架構 5
第二章文獻探討與假說建立 6
2-1 伊斯蘭教介紹與對公司治理的影響 6
2-2公司治理董事會的重要性 8
2-3 印尼遵循伊斯蘭教義的公司其董事會特徵對股利政策的影響 10
2-4印尼遵循伊斯蘭教義的公司其獨立董事對股利政策之影響 12
2-5 印尼遵循伊斯蘭教義的公司其總經理雙元性對股利政策之影響 15
2-6 印尼遵循伊斯蘭教義的公司其所有權結構對股利政策之影響 18
第三章研究方法 23
3-1資料來源與樣本篩選 23
3-2研究方法與研究模型 23
3-2-1 研究方法 23
3-2-2研究模型 24
第四章實證結果與分析 28
4-1 基本敘述性統計分析 28
4-2 迴歸分析 33
4-3 穩健性分析 42
第五章　結論與建議 49
5-1 研究結論與管理意涵 49
5-2 研究限制與建議 50
參考文獻 51

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指導教授

洪榮華、林翠蓉(Jung-Hua Hung Tsui-Jung Lin)

審核日期

2017-6-19

推文