Tata Kelola dan Kinerja Perusahaan Keluarga di Indonesia
Abstract
Company performance is an important indicator for companies in assessing management effectiveness. This study aims to determine the effect of institutional ownership, managerial ownership, family ownership, family involvement, gender diversity of the board of directors, and the educational level of the CEO on the performance of family companies listed on the IDX for the 2017-2021 period. The sampling method used was purposive sampling with a total of 130 companies or 650 data meeting the criteria. The results of the study concluded that family ownership, family involvement, and gender diversity of the board of directors had no relationship to ROE and Tobin's Q. Institutional ownership did not affect ROE but had a positive relationship to Tobin's Q. Managerial ownership had a significant negative relationship to ROE but did not affect Tobin's Q. The education level of the CEO has a positive effect on ROE and Tobin's Q.
Keywords: Firm Performance; Corporate Governance; Ownership Structure, Family Firm
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References
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Rachmawati, E., Suliyanto, & Suroso, A. (2020). Direct and indirect effect of entrepreneurial orientation, family involvement and gender on family business performance. Journal of Family Business Management. https://doi.org/10.1108/JFBM-07-2020-0064
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Yudha, D. P., & Singapurwoko, A. (2017). The effect of family and internal control on family firm performance: Evidence from Indonesia Stock Exchange (IDX). Journal of Business and Retail Management Research, 11(4), 68–75. https://doi.org/10.24052/jbrmr/v11is04/teofaicoffpefise
Zamzamir, Z. Z., Haron, R., & Othman, A. H. A. (2021). Hedging, managerial ownership and firm value. Journal of Asian Business and Economic Studies, 28(4), 263–280. https://doi.org/10.1108/jabes-08-2020-0101
Zraiq, M. A. A., & Fadzil, F. H. B. F. (2018). The impact of ownership structure on firm performance: Evidence from Jordan. International Journal of Accounting, Finance and Risk Management, 3(1), 1–4. https://doi.org/10.11648/j.ijafrm.20180301.12
Al-Ghamdi, M., & Rhodes, M. (2015). Family ownership, corporate governance and performance: Evidence from Saudi Arabia. International Journal of Economics and Finance, 7(2), 78–89. https://doi.org/10.5539/ijef.v7n2p78
Alamsyah, M. F., & Yulianti. (2022). The effect of good corporate governance on the financial performance of property and real estate sub-sector companies listed on the Indonesia Stock Exchange. Asian Management and Business Review, 2(1), 90–102. https://doi.org/10.20885/AMBR.vol2.iss1.art8
Altuwaijri, B. M., & Kalyanaraman, L. (2020). CEO education-performance relationship: Evidence from Saudi Arabia. Journal of Asian Finance, Economics and Business, 7(8), 259–268. https://doi.org/10.13106/JAFEB.2020.VOL7.NO8.259
Alves, C. A., & Gama, A. P. M. (2020). Family business performance: A perspective on family influence. Revista Brasileira de Gestao de Negocios, 22(1), 163–182. https://doi.org/10.7819/rbgn.v22i1.4040
Arora, A., & Sharma, C. (2016). Corporate governance and firm performance in developing countries: Evidence from India. Corporate Governance: The International Journal of Business in Society, 16(2). https://doi.org/10.1108/CG-01-2016-0018
Azizi, M., Bidgoli, M. S., & Taheri, A. (2021). The effect of ownership and management structure on family businesses performance. Cogent Business & Management, 8(1). https://doi.org/10.1080/23311975.2021.1872888
Bao, S. R., & Lewellyn, K. B. (2017). Ownership structure and earnings management in emerging markets—An institutionalized agency perspective. International Business Review, 26(5), 828–838. https://doi.org/10.1016/j.ibusrev.2017.02.002
Ciftci, I., Tatoglu, E., Wood, G., Demirbag, M., & Zaim, S. (2019). Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review, 28(1), 90–103. https://doi.org/10.1016/j.ibusrev.2018.08.004
D’Amato, A. (2017). Do women perform better in family firms?: Exploring the moderating role of family firm status. International Journal of Wine Business Research, 29(3), 299–315. https://doi.org/https://doi.org/10.1108/IJWBR-12-2016-0039
Darmadi, S., & Sodikin, A. (2013). Information disclosure by family-controlled firms: The role of board independence and institutional ownership. Asian Review of Accounting, 21(3), 223–240. https://doi.org/10.1108/ARA-01-2013-0009
Fėlix, E. G. S., & David, D. S. T. (2019). Performance of family-owned firms: The impact of gender at the management level. Journal of Family Business Management. https://doi.org/10.1108/JFBM-10-2018-0051
Gómez, J. M., & Blanco, J. C. (2018). The relationship between women’s presence in corporate positions and firm performance: The case of Colombia. International Journal of Gender and Entrepreneurship, 10(1), 83–100. https://doi.org/10.1108/IJGE-10-2017-0071
Hoxha, R., & Hoti, H. (2019). Impact of gender, age, and management style on the success of family business in Kosovo. European Journal of Sustainable Development, 8(5), 153–160. https://doi.org/10.14207/ejsd.2019.v8n5p153
Indarwati, P. (2015). Analisis pengaruh struktur kepemilikan terhadap kinerja perusahaan manufaktur. Jurnal Ilmu Manajemen Dan Akuntansi Terapan (JIMAT), 6(1), 104–119.
Ivone, & Lee, I. (2022). Kinerja perusahaan: Apakah tata kelola perusahaan dan diversitas gender berpengaruh? Jurnal Ilmiah Akuntansi Dan Keuangan, 4(6), 2622–2205.
Lee, T., & Chu, W. (2017). The relationship between entrepreneurial orientation and firm performance: Influence of family governance. Journal of Family Business Strategy, 8(4), 213–223. https://doi.org/10.1016/j.jfbs.2017.09.002
Léopold, D. W. (2022). Family CEO and company performance during the COVID-19 crisis: The case of Cameroon. African Journal of Business Management, 16(1), 10–16. https://doi.org/10.5897/ajbm2021.9260
Massis, A. De, Kotlar, J., Campopiano, G., & Cassia, L. (2013). Dispersion of family ownership and the performance of small-to-medium size private family firms. Journal of Family Business Strategy, 4(3), 166–175. https://doi.org/10.1016/j.jfbs.2013.05.001
Mohammed, A. M. (2018). The impact of ownership structure on firm performance: Evidence from Jordan. Academy of Accounting and Financial Studies Journal, 22(5). https://doi.org/10.11648/j.ijafrm.20180301.12
Naseem, M. A., Lin, J., Rehman, R. ur, Ahmad, M. I., & Ali, R. (2020). Does capital structure mediate the link between CEO characteristics and firm performance? Management Decision, 58(1), 164–181. https://doi.org/10.1108/MD-05-2018-0594
Pacheco, L. (2019). Performance vs. family ownership and management: The case of Portuguese wine firms. Entrepreneurial Business and Economics Review, 7(3), 7–24. https://doi.org/10.15678/EBER.2019.070301
Rachmawati, E., Suliyanto, & Suroso, A. (2020). Direct and indirect effect of entrepreneurial orientation, family involvement and gender on family business performance. Journal of Family Business Management. https://doi.org/10.1108/JFBM-07-2020-0064
Ragoobur, V. T., & Kasseeah, H. (2017). Is gender an impediment to firm performance? Evidence from small firms in Mauritius. International Journal of Entrepreneurial Behaviour and Research, 23(6), 952–976. https://doi.org/10.1108/IJEBR-11-2016-0385
Rakesh, M., & Sheeba, K. (2017). Effect of ownership structure and board structure on firm value: Evidence from India. Corporate Governance: The International Journal of Business in Society. https://doi.org/https://doi.org/10.1108/CG-03-2016-0059
Ramírez, Y., Dieguez-Soto, J., & Manzaneque, M. (2021). How does intellectual capital efficiency affect firm performance? The moderating role of family management. International Journal of Productivity and Performance Management, 70(2), 297–324. https://doi.org/10.1108/IJPPM-03-2019-0119
Ratten, V., Dana, L. P., & Ramadani, V. (2017). Internationalisation of family business groups in transition economies. International Journal of Entrepreneurship and Small Business, 30(4), 509–525. https://doi.org/10.1504/IJESB.2017.082896
Romero, M. J. M., Alonso, R. M., & Casado, M. P. (2020). Family management and firm performance: The interaction effect of technological innovation efficiency. Springer Nature Switzerland AG 2020. https://doi.org/https://doi.org/10.1007/978-3-030-49410-0_13#ESM
Saridakis, G., Lai, Y., Muñoz Torres, R. I., & Mohammed, A. M. (2018). Actual and intended growth in family firms and non-family-owned firms: Are they different? Journal of Organizational Effectiveness, 5(1), 2–21. https://doi.org/10.1108/JOEPP-04-2017-0033
Shen, N., Au, K., & Yi, L. (2018). Diversification strategy, ownership structure, and financial crisis: Performance of Chinese private firms. Asia-Pacific Journal of Financial Studies, 47(1), 54–80. https://doi.org/10.1111/ajfs.12203
Singapurwoko, A. (2015). The impact of ownership structure on family firm performance: Evidence from the Indonesia Stock Exchange. Int’l Conference on Business, Marketing & Information System Management, 1–5. https://doi.org/10.15242/icehm.ed1115005
Sumarsono, H. (2020). Family in top management team and firm value: Do gender and education of Family manager matter? Shirkah: Journal of Economics and Business, 5(2), 146. https://doi.org/10.22515/shirkah.v5i2.319
Susanto, A. . (2005). World class family business (A. Rosyid & Asrofi (eds.); Membangun). Quantum Bisnis & Manajemen.
Wang, K. T., & Shailer, G. (2017). Family ownership and financial performance relations in emerging markets. International Review of Economics and Finance, 51, 82–98. https://doi.org/10.1016/j.iref.2017.05.014
William, J., & Sanjaya, R. (2017). Faktor-faktor yang mempengaruhi kinerja perusahaan pada perusahaan yang terdaftar di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 19(1a), 152–162. https://doi.org/10.34208/jba.v19i1a-2.309
Yopie, S., & Andriani, E. (2021). Analisis pengaruh karakteristik dewan direksi dan struktur Kepemilikan terhadap kinerja keuangan perusahaan keluarga. Jesya (Jurnal Ekonomi & Ekonomi Syariah, 4(2), 1137–1146. https://doi.org/10.36778/jesya.v4i2.469
Yopie, S., & Aw, F. (2021). Diversitas dewan direksi dan profitabilitas pada perusahaan terdaftar di Bursa Efek Indonesia. E- Jurnal Akuntansi, 31(10), 2415–2428. https://doi.org/10.24843/EJA.2021.v31.i10.p01
Yopie, S., & Chrislin, C. (2022). Analisis pengaruh keterlibatan keluarga terhadap kinerja perusahaan di Indonesia. Owner: Riset & Jurnal Akuntansi, 6(1), 359–368. https://doi.org/10.33395/owner.v6i1.593
Yopie, S., & Desiani. (2021). Pengaruh kinerja perusahaan keluarga dengan gender, kepemilikan manajerial, kepemilikan keluarga, board characteristic, umur perusahaan, ukuran perusahaan, dan sektor bisnis perusahaan. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 2227–2241.
Yudha, D. P., & Singapurwoko, A. (2017). The effect of family and internal control on family firm performance: Evidence from Indonesia Stock Exchange (IDX). Journal of Business and Retail Management Research, 11(4), 68–75. https://doi.org/10.24052/jbrmr/v11is04/teofaicoffpefise
Zamzamir, Z. Z., Haron, R., & Othman, A. H. A. (2021). Hedging, managerial ownership and firm value. Journal of Asian Business and Economic Studies, 28(4), 263–280. https://doi.org/10.1108/jabes-08-2020-0101
Zraiq, M. A. A., & Fadzil, F. H. B. F. (2018). The impact of ownership structure on firm performance: Evidence from Jordan. International Journal of Accounting, Finance and Risk Management, 3(1), 1–4. https://doi.org/10.11648/j.ijafrm.20180301.12
Published
2022-11-26
How to Cite
LU, Shanice; YOPIE, Santi.
Tata Kelola dan Kinerja Perusahaan Keluarga di Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 11, p. 3212-3226, nov. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/91514>. Date accessed: 08 may 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i11.p02.
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