本研究主要探討伊斯蘭教與所有權結構對公司風險承擔程度之影響進行探討，並以2011年到2019年印尼上市公司作為為樣本進行實證分析。本文實證結果發現伊斯蘭教對風險承擔程度呈現負向的顯著影響，顯示遵行伊斯蘭教義的內部人，偏向降低風險承擔程度。此外，加入所有權結構考量後，遵行伊斯蘭教義公司的法人持股比例越高，風險承擔程度越高，顯示法人投資人的績效導向，可以調節教義的保守思惟；然而在內部人持股上，遵行教義的公司，內部人持股越高，風險承擔程度越高。本文在宗教信仰如何影響公司內部人的運作，以及新興市場管理實務有貢獻。本文研究結果顯示當內部人具有宗教信仰時，內在信仰的箝制與外在公司治理機制的交互作用，會影響內部人對風險程度的判斷；其次，在投資實務上，投資人進行投資策略時，內部人的宗教信仰須納入投資考量中。
This research mainly discusses the influence of Islam and ownership structure on the degree of corporate risk-taking, and conducts empirical analysis using Indonesian listed companies from 2011 to 2019 as a sample. The empirical results of this article find that Islam has a significant negative impact on the degree of risk-taking, showing that managers who follow Islamic teachings tend to lower the degree of risk-taking. In addition, after considering the ownership structure, the higher the shareholding ratio of legal persons in companies that comply with Shariah, the higher the degree of risk-taking, indicating that the performance orientation of institutional investors can adjust the conservative thinking of the doctrine; however, in terms of insider shareholding, compliance In a doctrinal company, the higher the shareholding of insiders, the higher the degree of risk taking. This article contributes to how religious beliefs affect the operation of company managers and management practices in emerging markets. The research results of this paper show that when managers have religious beliefs, the restraint of internal beliefs and the interaction of external corporate governance mechanisms will affect managers’ judgments on risks; secondly, in investment practice, when investors make investment strategies, management The religious belief of the person must be included in the investment considerations.
