宗教對公司治理及投資的影響--以印尼上市公司為例

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：13

、訪客IP：3.144.8.29

姓名

楊筑媛(Chu-Yuan Yang) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

宗教對公司治理及投資的影響--以印尼上市公司為例
(The effect of religion on corporate governance and investment: An empirical study of Indonesian listed firms)

相關論文

★ 伊斯蘭教義公司治理與成長機會對公司風險承擔影響之研究—以印尼上市公司為例	★ 伊斯蘭教義、公司治理與成長機會對資本結構影響之研究—以印尼上市公司為例
★ 營運資金、固定資產投資與公司績效的關係－以印尼上市公司為例	★ 伊斯蘭教義、公司治理與成長機會對投資現金流量敏感度影響之研究—以印尼上市公司為例
★ 伊斯蘭教義對資本結構與績效的影響 -以印尼公司為例	★ 伊斯蘭教義、所有權結構與成長機會對公司風險承擔影響之研究—以印尼上市公司為例

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)

印尼現為東南亞最大經濟體，也是目前全球擁有最多的穆斯林人口的伊斯蘭教國家，且伊斯蘭教影響其管理實務甚深。本研究主要從伊斯蘭的角度探討宗教規範對於公司治理機制產生何種影響，進而探討是否影響公司的投資支出、投資效率以及公司績效。以2012年至2017年印尼資本市場上市公司作為研究樣本，進行實證分析。資料來源為印尼證券交易所（IDX-Indonesia Stock Exchange）以及Eikon with Datastream for Office（原Datastream），2012年至 2017年之財務報表。研究結果顯示，遵循伊斯蘭教法的公司，其投資支出比率較低；在投資效率方面，結果顯示遵循伊斯蘭教法的公司透過減少過度投資來提升公司的投資效率；在公司績效方面，遵循伊斯蘭教法的公司，其績效較高。

摘要(英)

This study mainly discusses the effects of Islamic doctrine on corporate governance, and then investigates whether it affects the company′s capital expenditure, investment efficiency and firm performance. The sample contains listed firms in Indonesia Stock Exchange from 2012 to 2017. The empirical results of the study show that companies following Islamic law (Sharia) have lower capital expenditure, and higher investment efficiency due to low over-investment, and better corporate performance.

關鍵字(中)

★ 資本支出
★ 投資效率
★ 公司績效
★ 伊斯蘭教法

關鍵字(英)

★ capital expenditure
★ investment efficiency
★ corporate performance
★ Shariah

論文目次

摘要 v
Abstract vi
目錄 vii
表目錄 ix
第一章緒論 1
1-1 研究動機與目的 1
1-2 研究流程 3
第二章文獻探討與假說推論 4
2-1公司是否遵循伊斯蘭教法對投資支出及資金來源的影響 4
2-2公司是否遵循伊斯蘭教法對投資效率的影響 6
2-3公司治理對投資效率的影響 9
第三章研究方法 11
3-1資料來源與樣本篩選 11
3-2研究方法與研究模型 11
3-2-1 研究方法 11
3-2-2 研究模型 11
3-3 變數定義 15
3-3-1 依變數（Dependent variable） 15
3-3-2 自變數（Independent variable） 15
3-3-3 控制變數（Control variable） 17
第四章實證結果與分析 18
4-1 基本敘述性統計分析 18
4-2單變量統計分析 21
4-3迴歸分析 24
4-4 穩健性分析 31
第五章結論與建議 37
5-1 研究結論與管理意涵 37
5-2 研究限制與建議 38
參考文獻 39

參考文獻

1. Abuznaid, S., 2006. Islam and management: What can be learned? , Thunderbird International Business Review, 48, 125-139.
2. Baele, L., Farooq, M., Ongena, S., 2014, Of religion and redemption: Evidence from default on Islamic loans. Journal of Banking & Finance, 44, 141-159.
3. Balakrishnan, K., Core, J.E., Verdi, R.S., 2014. The relation between reporting quality and financing and investment: evidence from changes in financing capacity. Journal of Accounting Research, 52, 1-36.
4. Ball, R., 2001. Infrastructure requirements for an economically efficient system of public financial reporting and disclosure. Brookings-Wharton Papers on Financial Services, pp. 127-182.
5. Ball, R., Shivakumar, L., 2005. Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics, 39, 83-128.
6. Beck, T., Demirgüç-Kunt, A., Merrouche, O., 2013. Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37. 433-447.
7. Bhagat, S., Moyen, N., Suh, I., 2005. Investment and internal funds of distressed firms. Journal of Corporate Finance, 11, 449-472.
8. Bhatt, V., Sultan, J., 2012. Leverage risk, financial crisis, and stock returns: a comparison among Islamic, conventional, and socially responsible stocks. Islamic Economic Studies, 20, 87-143.
9. Biddle, G.C., Hilary, G., Verdi, R.C., 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48, 112-131.
10. Bryd, J., Hickman, K., 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics, 32, 195-222.
11. Bushman, R.M., Smith, A.J., 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics, 31, 237-333.
12. Bushman, R.M., Piotroski, J.D., Smith, A.J., 2011. Capital allocation and timely accounting recognition of economic losses. Journal of Business Finance & Accounting, 38, 1-33.
13. Campello, M., Graham, J.R., Harvey, C.R., 2010. The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97, 470-487.
14. Cerbioni, F., Parbonetti, A., 2007. Exploring the effects of corporate governance on intellectual capital disclosure: an analysis of European biotechnology companies. European Accounting Review, 16, 791-826.
15. Chen, S., Sun, Z., Tang, S., Wu, D., 2011. Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17, 259-271.
16. Childs, P.D., Mauer, D.C., Ott, S.H., 2005. Interactions of corporate financing and investment decisions: the effects of agency conflicts. Journal of Financial Economics, 76, 667-690.
17. Cleary, S., 1999. The relationship between firm investment and financial status. The Journal of Finance, 54, 673-692.
18. Cleary, S., Povel, P., Raith, M., 2007. The U-shaped investment curve: theory and evidence. Journal of Financial and Quantitative Analysis, 42, 1-40.
19. Deng, L., Jiang, P., Li, S., Liao, M., 2017. Government intervention and firm investment. Journal of Corporate Finance.
20. Duchin, R., Ozbas, O., Sensoy, B.A., 2010. Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97, 418-435.
21. Fazzari, S.M., Hubbard, R.G., Petersen, B.C., 1988. Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1, 141-206.
22. Firth, M., Malatesta, P.H., Xin, Q., Xu, L., 2012. Corporate investment, government control, and financing channels: Evidence from China′s Listed Companies. Journal of Corporate Finance 18, 433-450.
23. Francis, J., Martin, X., 2010. Acquisition profitability and timely loss recognition. Journal of Accounting and Economics, 49, 161-178.
24. Frijns, B., Dodd, O., & Cimerova, H., 2016. The impact of cultural diversity in
corporate boards on firm performance. Journal of Corporate Finance, 41, 521-541.
25. García Lara, J. M., García Osma, B., Penalva, F., 2016. Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics, 61, 221-238.
26. Gheeraert, L., 2014. Does Islamic finance spur banking sector development? Journal of Economic Behavior & Organization, 103, S4-S20.
27. Hayat, R. and M. Kabir Hassan, 2017. Does an Islamic label indicate good corporate governance? Journal of Corporate Finance, 43, 159-174.
28. Hermalin, B.E., Weisbach, M.S., 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. FRBNY Economic Policy Review, 9, 7-26.
29. Hilary, G. and K. W. Hui, 2009. Does religion matter in corporate decision making in America? Journal of Financial Economics, 93, 455-473.
30. Ho, C., Rahman, N., Yusuf, N., Zamzamin, Z., 2014. Performance of global Islamic versus conventional share indices: international evidence. Pacific-Basin Finance Journal, 28,110-121.
31. Hubbard, R.G., 1998. Capital-market imperfections and investment. Journal of Economic Literature, 36, 193-225.
32. Imamah, N., Lin, T.J, Suhadak, Handayani, S.R., Hung, J.H., 2019. Islamic law, corporate governance, growth opportunities and dividend policy in Indonesia stock market. Pacific-Basin Finance Journal, 55, 110-126.
33. Jensen, M.C., 1986. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323-329.
34. Jensen, M.C., Meckling, W., 1976. Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3, 305-360.
35. Jensen, M.C., 1993. The modern industrial revaluation, exist and failure of internal control systems. The Journal of Finance, 48, 831-880.
36. Jouaber-Snoussi, K., Ben Salah, M., Rigobert, M., 2012. The performance of Islamic investment: evidence from the Dow Jones Islamic indexes. Markets, Bankers Investors, 121, 4-16.
37. Kaplan, S.N., Zingales, L., 1997. Do investment-cash flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics, 112, 169-215.
38. Khan, M., Watts, R.L., 2009. Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48, 132-150.
39. Khanchel, I., 2007. Corporate governance: measurement and determinate analysis. Managerial Auditing Journal, 22, 740-760.
40. Kim, Y., Li, S., Pan, C., Zuo, L., 2013. The role of accounting conservatism in the equity market: evidence from seasoned equity offerings. Accounting Review, 88, 1327-1356.
41. Krause, R., Semadeni, M., Cannella Jr., A.A., 2013. CEO Duality:A Review and Research Agenda. Journal of Management, 40, 256-286.
42. LaFond, R., Watts, R.L., 2008. The information role of conservatism. Accounting Review, 83, 447-478.
43. Lang, L., Stulz, R., Walkling, R., 1991. A test of the free cash flow hypothesis: the case of bidder returns. Journal of Financial Economics, 29, 315-335.
44. Leuz, C., 2001. Comment on: Ball, R., Infrastructure requirements for an economically efficient system of public financial reporting and disclosure. Brookings-Wharton Papers on Financial Services, 127-169.
45. Malinvaud, E., 1987. Capital productif, incertitudes et proﬁtabilite. Annales d’Economie et de Statistique, 5, 1-36.
46. McGowan Jr, C. B., Muhammad, J., 2010. The theoretical impact of the listing of shariah-approved stocks on stock price and trading volume. The International Business & Economics Research Journal, 9, 11.
47. McLean, R.D., Zhang, T., Zhao, M., 2012. Why does the law matter? Investor protection and its effects on investment, finance, and growth. The Journal of Finance, 67, 313-350.
48. Miller, A., Hoffmann, J., 1995. Risk and religion: an explanation of gender differences in religiosity. Journal for the Scientiﬁc Study of Religion., 34, 63-75.
49. Modigliani, F., Miller, M.H., 1958. The cost of capital, corporation finance and the theory of investment. American Economic Review, 48, 261-297.
50. Mollah, S. and M. Zaman, 2015. Shariah supervision, corporate governance and performance: Conventional vs. Islamic banks. Journal of Banking & Finance, 58, 418-435.
51. Myers, S.C., 1977. Determinants of corporate borrowing. Journal of Financial Economics, 5, 147-176.
52. Myers, S.C., 1984. The capital structure puzzle. Journal of Finance, 39, 575-592.
53. Myers, S.C., Majluf, N.S., 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-221.
54. Osoba, B., 2003. Risk preferences and the practice of religion: evidence from panel data. Unpublished Working Paper, West Virginia University.
55. Pathan, S., 2009. Strong boards, CEO power and bank risk-taking. Journal of Banking & Finance, 33, 1340-1350.
56. Pathan, S., Faff, R., 2013. Does board structure in banks really affect their performance? Journal of Banking & Finance, 37, 1573-1589.
57. Ramli, J. A. and M. I. Ramli, 2016. Corporate Governance and Corporate Performance of Malaysian Companies: Examining from an Islamic Perspective. Procedia Economics and Finance, 35, 146-155.
58. Reuters, T., 2013. State of the global Islamic economy report.
59. Richardson, S., 2006. Over-investment of free cash flow. Review of Accounting Studies, 11, 159-189.
60. Rodinson, M., 1974. Islam and capitalism. Suffolk, UK: Chaucer Press.
61. Rosenstein, S., Wyatt, J.G., 1990. Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26, 175-191.
62. Roychowdhury, S., 2010. Discussion of: Francis, J., Martin, X., Acquisition profitability and timely loss recognition. Journal of Accounting and Economics, 49, 179-183.
63. Safieddine, A., 2009. Islamic Financial Institutions and Corporate Governance: New Insights for Agency Theory. Corporate Governance: An International Review, 17, 142-158.
64. Sauner-Leroy, J.B., 2004. Managers and productive investment decisions: the impact of uncertainty and risk-aversion. Journal of Small Business Management, 42, 1-18.
65. Stein, J.C., 2003. Agency, information and corporate investment. Handbook of the Economics of Finance., 1, 111-165.
66. Lewis, M.K., 2005. Islamic corporate governance. Review of Islamic Economics, 9, 5-29.
67. Weisbach, M., 1988. Outside directors and CEO turnover. Journal of Financial Economics, 20, 431-460.
68. Wittenberg-Moerman, R., 2008. The role of information asymmetry and financial reporting quality in debt trading: evidence from the secondary loan market. Journal of Accounting and Economics, 46, 240-260.
69. Wurgler, J., 2000. Financial markets and the allocation of capital. Journal of Financial Economics, 58, 187-214.
70. Yermack, D., 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40, 185-212.

指導教授

洪榮華林翠蓉

審核日期

2020-3-19

推文