Pengaruh Struktur Kepemilikan Keluarga, Kepemimpinan Dan Perwakilan Keluarga Terhadap Kinerja Perusahaan
DOI:
https://doi.org/10.26740/jaj.v5n2.p133-150Keywords:
Family ownership structure, family CEO, family member on the board, corporate performanceAbstract
Abstract
This paper examines the impact of family ownership structure, leadership, and family representatives on firm performance that was measured by Tobins Q and ROA. This research used leverage, size, sales growth and firm ages of public corporate that was listed in Indonesia StockExchange for period 2009 to 2011 as control variables. Regressionsresult shows that family ownership structure has positive impact to market performance (Tobins Q) and financial performance (ROA). Family CEO has negative effect to Tobins Q, but a positive effect to ROA. Family member on the board hasa negative effect to Tobins Q and ROA.
References
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Andres, C. 2008.Large Sharehoder and Firm Performance - An Empirical Examination of Founding-Family Ownership.Journal of Corporate Finance. Vol. 14 No. 4, pp.431-445 https://doi.org/10.1016/j.jcorpfin.2008.05.003
Berle, A., & Means, G. 1932. The Modern Corporation and Private Property. Macmillan. New York, NY.
Barontini, R., & Caprio, L. 2006. The Effect Family Control on Firm Value and Performance: Evidence From Contental Europe. European Financial Management. Vo. 12 No. 5, pp. 689-723. https://doi.org/10.1111/j.1468-036x.2006.00273.x
Brigham, F Eugene, & J. Fred Weston. 1990. Dasar-Dasar Manajemen Keuangan. Edisi Kesembilan. Jilid satu dan dua. Jakarta: Penerbit Erlangga.
Demsetz, H. 1983. The Structure of Ownership and The Theory of Firm. Journal of Law and Economics. Vol 26 No. 2, pp. 375-390 https://doi.org/10.1086/467041
Demsetz, H., & Lehn, K. 1985. The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy. Vol. 93 No. 6, pp1155-1177 https://doi.org/10.1086/261354
Demsetz, H., & Villalonga, B. 2001.Ownership Structure and Corporate Performance.Journal of Corporate Finance. Vol. 7 No. 1, pp. 209-223 https://doi.org/10.1016/s0929-1199(01)00020-7
Fama, Eugene F., & Jensen, Michael C. 1983.Agency Problem and Residual Claims.Journal of Law and Economics. Vol. 26 https://doi.org/10.1086/467038
Gilson, R.J., & Gordon, J.N. 2003.Controlling Controlling Shareholder.Working Paper No. 228.Columbia Law and Economics.The Center for Law & Economics Studies, NY. https://doi.org/10.2307/3313035
Gonzales, M.R. et al. 2007. A Research About Of Family Firm Definition.Working Paper. Universitat De Lleida
James, H. 1999. Owner as Manager, Extended Horizons and the Family Firm.International Journal of Economics and Business, 6, 41”56. https://doi.org/10.1080/13571519984304
Jensen, M., and Meckling, W. 1976. Theory of The Firm: Managerial Behaviour, Agency Cost, and Ownership Structure. Journal of Financial Economics.Vol. 3. No. 4, pp. 304-360 https://doi.org/10.1016/0304-405x(76)90026-x
King, M. and Santor, E. (2008). Family Values: Ownership Structure, Performance and Capital Structure. Journal of Banking and Finance.Vol. 32. No. 11, pp. 2423-2432. https://doi.org/10.1016/j.jbankfin.2008.02.002
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. et al. 1999. Corporate Ownership Around The World. Journal of Financia Economics.Vol. 54. No. 2, pp. 471-517 https://doi.org/10.1111/0022-1082.00115
Lipton, M., & Lorsch, J.W. 1992.A Modest Proposal for Improved Corporate Governance.Bussines Lawyer. 59-77
McConaughy, D. Walker, M. Henderson, G. and Mishra, C. 1998. Founding Family Controlled Firm: Efficiency and Value. Review of Financial Economics.Vol 7. No. 2, pp. 1-19 https://doi.org/10.1016/s1058-3300(99)80142-6
McConnell, J., & Servaes, H. 1990. Additional Evidence on Equity Ownership Structure, and Firm Performance.Journal of Financial Economics. 591-612 https://doi.org/10.1016/0304-405x(90)90069-c
Moelyadi. 2006. Manajemen Keuangan: Pendekatan Kualitatif dan Kuantitatif. Bayu Media. Bandung
Morck, R., Sheilfer, A., & Vishny, R. 1998. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics. Vol. 20 No. 1-2, pp. 293-315 https://doi.org/10.1016/0304-405x(88)90048-7
Pukthuanthong, K. 2013. Does Family Ownership Create or Destroy Value? Evidence From Canada. International Journal of Managerial Finance. Vol. 9 No. 1, pp. 13-48 https://doi.org/10.1108/17439131311298511
Reilly, Frank K., and E. A. Norton. 1995. Investment, Fourth Edition, Florida: The Dryden Press.
Smith, B. and Amoako-Adu, B. (1999).Management Succession and Financial Performance of Family Controlled Firms.Journal of Corporate Finance. Vol. 5 No. 4, pp. 341-368. https://doi.org/10.1016/s0929-1199(99)00010-3
Suara, Merdeka. 2007. Perusahaan Swasta Beri Kontribusi Besar pada PDB (Online). (http://www.suaramerdeka.com/harian/0706/28/eko06.htm)
Susanto, A. B., et al. 2010. Pengertian Perusahaan Keluarga (Online). (http://ciputraentrepreneurship.com/edukasi/2547-pengertian-perusahaan-keluarga.html.)
Sraer, D. & Thesmar, D. 2007. Performance and Behavior of Family Firms: Evidence From The French Stock Market. Journal of The European Economic Association. Vol. 5 No 4, pp. 709-751 https://doi.org/10.1162/jeea.2007.5.4.709
Villalonga, B., & Amit, R. 2006. How Do Family Ownership, Control, and Management Affect Firm Value?.Journal of Financial Economics. Vol. 80 No. 2, pp.385-417 https://doi.org/10.1016/j.jfineco.2004.12.005
Weston, J. Fred, and Thomas E. Copeland. 1995. Managerial Finance. Ninth Edition. New York: The Dryden Press.
Wiwattanakantang, Y. 1999. An Empirical Study on The Determinant of The Capital Structure of Thai Firm. Journal of Finance.Vol. 7. https://doi.org/10.1016/s0927-538x(99)00007-4
Andres, C. 2008.Large Sharehoder and Firm Performance - An Empirical Examination of Founding-Family Ownership.Journal of Corporate Finance. Vol. 14 No. 4, pp.431-445 https://doi.org/10.1016/j.jcorpfin.2008.05.003
Berle, A., & Means, G. 1932. The Modern Corporation and Private Property. Macmillan. New York, NY.
Barontini, R., & Caprio, L. 2006. The Effect Family Control on Firm Value and Performance: Evidence From Contental Europe. European Financial Management. Vo. 12 No. 5, pp. 689-723. https://doi.org/10.1111/j.1468-036x.2006.00273.x
Brigham, F Eugene, & J. Fred Weston. 1990. Dasar-Dasar Manajemen Keuangan. Edisi Kesembilan. Jilid satu dan dua. Jakarta: Penerbit Erlangga.
Demsetz, H. 1983. The Structure of Ownership and The Theory of Firm. Journal of Law and Economics. Vol 26 No. 2, pp. 375-390 https://doi.org/10.1086/467041
Demsetz, H., & Lehn, K. 1985. The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy. Vol. 93 No. 6, pp1155-1177 https://doi.org/10.1086/261354
Demsetz, H., & Villalonga, B. 2001.Ownership Structure and Corporate Performance.Journal of Corporate Finance. Vol. 7 No. 1, pp. 209-223 https://doi.org/10.1016/s0929-1199(01)00020-7
Fama, Eugene F., & Jensen, Michael C. 1983.Agency Problem and Residual Claims.Journal of Law and Economics. Vol. 26 https://doi.org/10.1086/467038
Gilson, R.J., & Gordon, J.N. 2003.Controlling Controlling Shareholder.Working Paper No. 228.Columbia Law and Economics.The Center for Law & Economics Studies, NY. https://doi.org/10.2307/3313035
Gonzales, M.R. et al. 2007. A Research About Of Family Firm Definition.Working Paper. Universitat De Lleida
James, H. 1999. Owner as Manager, Extended Horizons and the Family Firm.International Journal of Economics and Business, 6, 41”56. https://doi.org/10.1080/13571519984304
Jensen, M., and Meckling, W. 1976. Theory of The Firm: Managerial Behaviour, Agency Cost, and Ownership Structure. Journal of Financial Economics.Vol. 3. No. 4, pp. 304-360 https://doi.org/10.1016/0304-405x(76)90026-x
King, M. and Santor, E. (2008). Family Values: Ownership Structure, Performance and Capital Structure. Journal of Banking and Finance.Vol. 32. No. 11, pp. 2423-2432. https://doi.org/10.1016/j.jbankfin.2008.02.002
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. et al. 1999. Corporate Ownership Around The World. Journal of Financia Economics.Vol. 54. No. 2, pp. 471-517 https://doi.org/10.1111/0022-1082.00115
Lipton, M., & Lorsch, J.W. 1992.A Modest Proposal for Improved Corporate Governance.Bussines Lawyer. 59-77
McConaughy, D. Walker, M. Henderson, G. and Mishra, C. 1998. Founding Family Controlled Firm: Efficiency and Value. Review of Financial Economics.Vol 7. No. 2, pp. 1-19 https://doi.org/10.1016/s1058-3300(99)80142-6
McConnell, J., & Servaes, H. 1990. Additional Evidence on Equity Ownership Structure, and Firm Performance.Journal of Financial Economics. 591-612 https://doi.org/10.1016/0304-405x(90)90069-c
Moelyadi. 2006. Manajemen Keuangan: Pendekatan Kualitatif dan Kuantitatif. Bayu Media. Bandung
Morck, R., Sheilfer, A., & Vishny, R. 1998. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics. Vol. 20 No. 1-2, pp. 293-315 https://doi.org/10.1016/0304-405x(88)90048-7
Pukthuanthong, K. 2013. Does Family Ownership Create or Destroy Value? Evidence From Canada. International Journal of Managerial Finance. Vol. 9 No. 1, pp. 13-48 https://doi.org/10.1108/17439131311298511
Reilly, Frank K., and E. A. Norton. 1995. Investment, Fourth Edition, Florida: The Dryden Press.
Smith, B. and Amoako-Adu, B. (1999).Management Succession and Financial Performance of Family Controlled Firms.Journal of Corporate Finance. Vol. 5 No. 4, pp. 341-368. https://doi.org/10.1016/s0929-1199(99)00010-3
Suara, Merdeka. 2007. Perusahaan Swasta Beri Kontribusi Besar pada PDB (Online). (http://www.suaramerdeka.com/harian/0706/28/eko06.htm)
Susanto, A. B., et al. 2010. Pengertian Perusahaan Keluarga (Online). (http://ciputraentrepreneurship.com/edukasi/2547-pengertian-perusahaan-keluarga.html.)
Sraer, D. & Thesmar, D. 2007. Performance and Behavior of Family Firms: Evidence From The French Stock Market. Journal of The European Economic Association. Vol. 5 No 4, pp. 709-751 https://doi.org/10.1162/jeea.2007.5.4.709
Villalonga, B., & Amit, R. 2006. How Do Family Ownership, Control, and Management Affect Firm Value?.Journal of Financial Economics. Vol. 80 No. 2, pp.385-417 https://doi.org/10.1016/j.jfineco.2004.12.005
Weston, J. Fred, and Thomas E. Copeland. 1995. Managerial Finance. Ninth Edition. New York: The Dryden Press.
Wiwattanakantang, Y. 1999. An Empirical Study on The Determinant of The Capital Structure of Thai Firm. Journal of Finance.Vol. 7. https://doi.org/10.1016/s0927-538x(99)00007-4
Published
2014-04-08
How to Cite
Komalasari, P. T., & Nor, M. A. (2014). Pengaruh Struktur Kepemilikan Keluarga, Kepemimpinan Dan Perwakilan Keluarga Terhadap Kinerja Perusahaan. AKRUAL: Jurnal Akuntansi, 5(2), 133–150. https://doi.org/10.26740/jaj.v5n2.p133-150
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