公司治理對資本結構之影響－印尼上市公司之實證

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王郁文(Yu-Wen Wang) 查詢紙本館藏

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企業管理學系

論文名稱

公司治理對資本結構之影響－印尼上市公司之實證
(The effects of corporate governance on capital structure: An empirical study of Indonesia listed firms.)

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摘要(中)

印尼在新興市場中屬於相對龐大的經濟體，其文化背景以信仰伊斯蘭教為主與西，其文化背景以信仰伊斯蘭教為主與西，其文化背景以信仰伊斯蘭教為主與西，其文化背景以信仰伊斯蘭教為主與西方國家資本市場有所差異，因此文以伊斯蘭教義對公司管理實務的影響探討方國家資本市場有所差異，因此文以伊斯蘭教義對公司管理實務的影響探討方國家資本市場有所差異，因此文以伊斯蘭教義對公司管理實務的影響探討方國家資本市場有所差異，因此文以伊斯蘭教義對公司管理實務的影響探討方國家資本市場有所差異，因此文以伊斯蘭教義對公司管理實務的影響探討蘭宗教規範在董事會特徵及所有權結構對公司治理產生何種影響，進而探討是否對公司治理產生何種影響，進而探討是否對公司治理產生何種影響，進而探討是否公司的資本結構。司的資本結構。本文主要探討公司治理對資結構的影響，並以的影響，並以的影響，並以 2012年至 2016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 Darastream)，2012年至 2016年之財務報表。研究結果顯示，遵循伊斯蘭教法的公司，其負債比率較低；董事會特徵中包含董規模及獨立性，在遵循伊斯蘭教法的公司無發揮其監督事會特徵中包含董規模及獨立性，在遵循伊斯蘭教法的公司無發揮其監督事會特徵中包含董規模及獨立性，在遵循伊斯蘭教法的公司無發揮其監督事會特徵中包含董規模及獨立性，在遵循伊斯蘭教法的公司無發揮其監督事會特徵中包含董規模及獨立性，在遵循伊斯蘭教法的公司無發揮其監督作用；另外，發現機構投資人在遵循伊斯蘭教法的公司作用；另外，發現機構投資人在遵循伊斯蘭教法的公司作用；另外，發現機構投資人在遵循伊斯蘭教法的公司作用；另外，發現機構投資人在遵循伊斯蘭教法的公司作用；另外，發現機構投資人在遵循伊斯蘭教法的公司作用；另外，發現機構投資人在遵循伊斯蘭教法的公司扮演了重要的角色，伊斯蘭宗教扮演了重要的角色，伊斯蘭宗教扮演了重要的角色，伊斯蘭宗教因素對公司治理的影響可能是透過機構投資人，進而影響公司的資本結構決策。

摘要(英)

This research investigates the effects of Islamic doctrine and corporate governance on the capital structure of Indonesian listed, and the study period is from 2012 to 2016. The empirical results show that the debt ratios of companies that follow Islamic law (sharia) are relatively low, compared with their counterparts. In Sharia-compliant companies, we find that board characteristics, including board sizes and board independence, do not play their supervisory role. However, institutional investors do play an important role in Sharia-compliant companies and institutional investors are the channel through which Islamic religious factor affects Sharia-compliant firms’ capital structure.

關鍵字(中)

★ 資本結構
★ 董事會特徵
★ 所有權結構
★ 印尼
★ 伊斯蘭教

關鍵字(英)

★ Capital Structure
★ Board characteristics
★ Ownership structure
★ 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 研究流程 6
第二章文獻探討與假說建立 7
2-1 公司治理結構及伊斯蘭教對於印尼上市公司資本結構的影響 7
2-2 董事會規模對遵循伊斯蘭教法公司資本結構的影響 9
2-3 獨立董事的比率對遵循伊斯蘭教法公司資本結構的影響 11
2-4 所有權結構對遵循伊斯蘭教法公司資本結構的影響 12
第三章研究方法 14
3-1 資料來源與樣本篩選 14
3-2 研究方法與研究模型 14
3-2-1 研究方法 14
3-2-2 研究模型 14
第四章實證結果與分析 20
4-1 基本敘述性統計分析 20
4-2 迴歸分析 25
4-3 穩健性分析 34
第五章結論與建議 39
5-1 研究結論與管理意涵 39
5-2 研究限制與建議 40
參考文獻 41

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指導教授

洪榮華林翠蓉(Jung-Hua Hung Tsui-Jung Lin)

審核日期

2018-6-15

推文