| 摘要: | 本文主要探討伊斯蘭教法、所有權結構、現金持有與公司績效間之關係。此外，亦加入新冠肺炎(Coronavirus Disease-2019, COVID-19)因素進行探討，並以2012年至2021年印尼上市公司為研究樣本進行實證分析。
根據過去文獻，本文提出以下研究假說，包括現金持有與公司績效間為非線性的倒U型關係；當加入宗教與所有權結構考量後，此種非線性關係仍保有。此外，本文進一步加入新冠肺炎(COVID-19)的影響進行探討，藉以了解在環境劇烈變動時，宗教影響現金持有與公司績效間之關係，是否存在差異性。
本文實證結果發現，現金持有與公司績效間為非線性的倒U型關係。當加入所有權結構因素後，此種非線性關係仍保有，且不同所有權結構有差異性之影響，其中，法人持股時為非線性倒U型關係；內部人持股時為非線性U型關係，顯示不同所有權結構對現金持有與公司績效間之關係存在不同效果。當加入宗教因素考量後，遵循伊斯蘭教法的公司，現金持有與公司績效間為非線性U型關係，顯示宗教對現金持有與公司績效之關係存在同層次的影響。最後，在新冠肺炎的影響上，新冠肺炎的發生不改變宗教在現金持有與公司績效間之非線性關係的影響，然而在新冠肺炎發生前，此線性關係為非線性倒U型關係，在新冠肺炎發生後為非線性U型關係。本文在學術研究及管理上的意涵為在新興市場，宗教、所有權結構與新冠肺炎會對公司現金管理與績效間產生差異性的影響，投資人做投資決策時，需深入了解這些差異性，以降低投資組合風險，提高績效。
This study mainly explores the relationship of Islamic Law and Ownership Structure on Cash Holdings and Firm Performance. In addition, includes the factor of Coronavirus Disease-2019 (COVID-19) for empirical analysis with a research sample of Indonesian-listed companies from 2012 to 2021.
Based on past literature, this study hypothesizes that the relationship between cash holdings and firm performance is non-linear inverted U-shaped; this non-linear relationship remains when religion and ownership structure are included. In addition, this study further investigates the effect of COVID-19 to see if there is any difference in the relationship between religious influence on cash holdings and firm performance when the environment changes drastically.
This study’s empirical results show that the relationship between cash holdings and firm performance is non-linear and inverted U-shaped. When ownership structure is added, this non-linear relationship is still maintained and there are different effects in different ownership structures, including a non-linear inverted U-shaped relationship for institutional ownership and a non-linear U-shaped relationship for insider ownership, indicating that different ownership structures have different effects on the relationship between cash holdings and firm performance. When religion was added, the non-linear U-shaped relationship between cash holdings and firm performance was found for companies that follow Islamic Law, indicating that religion has the same level of influence on the relationship between cash holdings and firm performance. Finally, in the case of COVID-19, the occurrence of COVID-19 did not change the effect of religion on the non-linear relationship between cash holdings and firm performance, however, before the occurrence of COVID-19, this linear relationship was non-linear inverted U-shaped, and after the occurrence of COVID-19, it became non-linear U-shaped. The implication of this study in terms of academic research and management is that in emerging markets, religion, ownership structure, and COVID-19 have differential effects on cash management and the performance of companies. When making investment decisions, investors need to understand these differences to reduce portfolio risk and improve performance. |
