宗教文化對於企業舉債決策的影響

本研究以印尼上市公司為研究對象，並且從伊斯蘭教的觀點，探討伊斯蘭教義對印尼上市公司的負債水準的影響，樣本區間為2013年至2019年，共2,628筆觀察值。實證結果顯示，遵循伊斯蘭教義的公司比未遵循伊斯蘭教義的公司傾向使用負債融資，文化對於印尼上市公司確實存在嚴格的限制，本研究再更一步的加入家族企業變數，實證結果顯示，在伊斯蘭教義的規範影響下，無論是家族企業或非家族企業皆傾向使用負債融資，兩者差異不大，此結果證實伊斯蘭教義對印尼上市公司的負債水準有重大的影響。

關鍵字

伊斯蘭教義；負債水準；家族企業

並列摘要

This study takes Indonesian listed companies as the research object and explores the impact of shariah practices on the debt ratio of Indonesian listed companies from. The empirical result shows that shariah firms tend to use debt financing than non-shariah firms. Culture does have re-strictions on shariah firms in Indonesia. This study further adds family business variable. The empirical result shows that shariah firms, no matter is family or non-family business tend to use debt financing, and there is only a minor difference between them. This result confirms that shariah practices have a significant impact on the debt level of listed firms in Indonesia.

並列關鍵字

Shariah Practices ； Debt Level ； Family Business

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