- Email: [email protected]
Family Management, Executive Compensation and Financial Performance of Indonesian Listed Companies
Available online at www.sciencedirect.com
ScienceDirect Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
QG*OREDO&RQIHUHQFHRQ%XVLQHVVDQG6RFLDO6FLHQFH*&%666HSWHPEHU %DOL,QGRQHVLD
)DPLO\0DQDJHPHQW([HFXWLYH&RPSHQVDWLRQDQG)LQDQFLDO 3HUIRUPDQFHRI,QGRQHVLDQ/LVWHG&RPSDQLHV ,PDP6XEHNWLD 'HZL.XUQLDZDQ6XPDUJRE a, b
University of Brawijaya, Jalan M.T. Haryono 165 Malang 65145, Indonesia
$EVWUDFW 0RVWRI,QGRQHVLDQOLVWHGFRPSDQLHVDUHPDQDJHGE\IDPLO\7KLVWUDLWLVDQLQWHUHVWLQJWUDLWWREHLQYHVWLJDWHGZLWKUHJDUGVWR ILQDQFLDOSHUIRUPDQFH7KLVVWXG\DLPVWRH[DPLQHWKHHIIHFWVRIIDPLO\PDQDJHPHQWDQGH[HFXWLYHFRPSHQVDWLRQRQILQDQFLDO SHUIRUPDQFH7KHUHVHDUFKVDPSOHLV,QGRQHVLDQOLVWHGFRPSDQLHV7KLVVWXG\ILQGVWKDWIDPLO\PDQDJHPHQWKDVQRHIIHFWRQ 52$EXWKDVDQHJDWLYHHIIHFWRQ7RELQ¶V47KLVILQGLQJLQGLFDWHVWKDWLQYHVWRUVSHUFHLYHWKLVDVXQDGYDQWDJHRXVFRQGLWLRQV7KLV LQGLFDWHV WKDW IDPLO\ PDQDJHPHQW LV KDUPLQJ PLQRULW\ VKDUHKROGHUV $QRWKHU UHVXOW VKRZV WKDW H[HFXWLYH FRPSHQVDWLRQ KDV D SRVLWLYHHIIHFWRQILQDQFLDOSHUIRUPDQFH 7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). 3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKH2UJDQL]LQJ&RPPLWWHHRIWKHQG*&%66 Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015 Keywords:)DPLO\0DQDJHPHQW([HFXWLYH&RPSHQVDWLRQ)LQDQFLDO3HUIRUPDQFH52$DQG7RELQ¶V4
,QWURGXFWLRQ )DPLO\EXVLQHVVLVDQLQWHUHVWLQJSKHQRPHQRQWREHVWXGLHG7KLVLVEHFDXVHIDPLO\EXVLQHVVKDVDQLPSRUWDQWUROH LQWKHHFRQRP\RIDFRXQWU\HVSHFLDOO\LQGHYHORSLQJFRXQWULHVVXFKDV,QGRQHVLDDQGRWKHU$VLDQFRXQWULHV,WKDV EHHQVKRZQWKDWIDPLO\EXVLQHVVRFFXSLHGDSSUR[LPDWHO\RIDOOOLVWHGILUPVDQGRIWRWDOPDUNHWFDSLWDOL]DWLRQ )DQHWDO )DQHWDO DOVRVKRZHGWKDWIDPLO\EXVLQHVVHVRXWSHUIRUPHGOLVWHGILUPVLQ,QGRQHVLD6WRFN ([FKDQJH ,'; DIWHU WKH HFRQRPLF FULVLV ,QGRQHVLDQ IDPLO\ EXVLQHVV¶VWRFN SHUIRUPDQFH LV WKH EHVW IURP WKH FRXQWULHV VWXGLHG E\ WKH LQFUHDVLQJ 3( UDWLR IURP WLPHV WR WLPHV ,QGRQHVLDQ IDPLO\ EXVLQHVV¶ PDUNHW
&RUUHVSRQGLQJDXWKRU7HO E-mail address:VXEHNWL#XEDFLG
1877-0428 © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015 doi:10.1016/j.sbspro.2015.11.076
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
579
FDSLWDOL]DWLRQUHDFKHVRI,QGRQHVLD6WRFN([FKDQJH ,'; PDUNHWFDSLWDOL]DWLRQ 6HYHUDOSUHYLRXVUHVHDUFKHVLQYHVWLJDWLQJWKHUHODWLRQVKLSEHWZHHQIDPLO\PDQDJHPHQWDQGILUPSHUIRUPDQFHZHUH FRQGXFWHGLQZHVWHUQFRXQWULHV+RZHYHUWKHUHVXOWVRIVRPHRIWKHVWXGLHVDUHLQFRQVLVWHQWHVSHFLDOO\ZKHQDVVRFLDWHG ZLWKFRPSDQ\SHUIRUPDFH $QGHUVRQ 5HHE )DPLO\PDQDJHUVWHQGWRVHHNDGGLWLRQDOVNLOOWRLPSURYHKLV RZQDQGWKHFRUSRUDWLRQ¶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¶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¶ SHUIRUPDQFHKDGDSRVLWLYHUHODWLRQRQERDUGFRPSHQVDWLRQDQGDOVRH[FHVVFRPSHQVDWLRQIRUIDPLO\ILUPV 7KLVUHVHDUFKDWOHDVWFDQFRQWULEXWHLQWZRZD\V)LUVWWKLVUHVHDUFKZLOORIIHUWKHHIIHFWRIIDPLO\PDQDJHPHQWRQ ILUPSHUIRUPDQFH,QDGGLWLRQLWDOVRSURYLGHVWKHHIIHFWRIH[HFXWLYHFRPSHQVDWLRQRQILUPSHUIRUPDQFHLQ,QGRQHVLD /LWHUDWXUH5HYLHZDQG+\SRWKHVLV'HYHORSPHQW 2.1 Agency Theory and Family Management $JHQF\WKHRU\W\SH,LVDWKHRU\EDVHGRQFRQWUDFWEHWZHHQSULQFLSDODQGDJHQWRQWKHILUP -HQVHQ 0HFNOLQJ $JHQF\WKHRU\W\SH,KLJKOLJKWVWKHFRQIOLFWEHWZHHQPDQDJHUVDQGVKDUHKROGHUV%DVHGRQDJHQF\WKHRU\W\SH ,WKHILUPZLWKIDPLO\PDQDJHPHQWLVRQHRIWKHHIILFLHQWRUJDQL]DWLRQIRUPVDQGZLWKOHDVWDJHQF\FRVW )DPD -HQVHQ %HVLGHV WKH XQLTXH VWUXFWXUH RI IDPLO\ EXVLQHVV PRWLYDWHV IDPLO\ PDQDJHUV WR ZRUN DFKLHYHV FRPSDQ\¶VJRDODQGFRQWULEXWHVWRILUPSHUIRUPDQFH .LP *DR %DVHGRQDJHQF\W\SH,IDPLO\PDQDJHPHQW ZLOOLPSDFWILUPSHUIRUPDQFHSRVLWLYHO\ ,QDFFRUGDQFHZLWKDJHQF\WKHRU\6DLWR DQG*RQ]DOH]HWDO IRXQGDVXSHULRULW\SHUIRUPDQFHDWILUPV ZLWK IDPLO\ PDQDJHPHQW $OORXFKH HW DO &KHQ &KDUEHOHW DO DQG 6FLDVFLD VKRZHG D SRVLWLYHUHODWLRQVKLSEHWZHHQIDPLO\PDQDJHPHQWDQGILUPSHUIRUPDQFHZKLOH%ORFNHWDO IRXQGWKDWIDPLO\ PDQDJHPHQWKDGDQDPELJXRXVHIIHFWRQILUPSHUIRUPDQFH,QDGGLWLRQ6FLDVFLD 0D]]ROD &XFFXOHOOLD 0LFXFFL DQG 0LUDOOHV0DUFHORHW DO IRXQG WKDW IDPLO\ PDQDJHPHQW QHJDWLYHO\ LPSDFWHG ILUP SHUIRUPDQFH + )DPLO\0DQDJHPHQWDIIHFWVILUPSHUIRUPDQFHSRVLWLYHO\ 2.2 Optimal Contracting Hypothesis and Executive Compensation ([HFXWLYHFRPSHQVDWLRQLVRQHRIWKHSUREOHPVRIIDPLO\EXVLQHVV&RPSHQVDWLRQLVQDWXUDOO\UHODWHGWRWKHILUP SHUIRUPDQFH 6KDRHWDO -HQVHQ 0HFNOLQJ 7KHUHODWLRQVKLSEHWZHHQFRPSHQVDWLRQDQGH[HFXWLYH
580
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
FRPSHQVDWLRQFDQEHH[SODLQHGZLWKRSWLPDOFRQWUDFWLQJK\SRWKHVLV 5HVHDUFKHV UHODWHG WR RSWLPDO FRQWUDFWLQJ K\SRWKHVLV ZDV SLRQHHUHG E\ 0LUUOHHV 2SWLPDO FRQWUDFWLQJ K\SRWKHVLVDSSURDFKZDVGHULYHGIURPDJHQF\WKHRU\2SWLPDOFRQWUDFWLQJK\SRWKHVLVVHHVPDQDJHUFRPSHQVDWLRQ FRQWUDFWDVDUHPHG\RIDJHQF\SUREOHP%DVHGRQRSWLPDOFRQWUDFWLQJK\SRWKHVLVH[HFXWLYHFRPSHQVDWLRQVFKHPHLV H[SHFWHGWRPD[LPL]HWKHVKDUHKROGHUV¶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esearch Sample and Data 7KHSRSXODWLRQRIWKLVUHVHDUFKLVOLVWHGILUPVLQ,QGRQHVLDQ6WRFN([FKDQJH ,'; IURPWKHSHULRG 6DPSOHVZHUHVHOHFWHGXVLQJSXUSRVLYHVDPSOLQJPHWKRG&ULWHULDVXVHGWRVHOHFWWKHVHVDPSOHVDUH ILUPVWKDW KDYHEHHQOLVWHGLQ,QGRQHVLD6WRFN([FKDQJH ,'; LQRUSUHYLRXV ILUPVWKDWLVVXHGILQDQFLDOVWDWHPHQWVDV RI'HFHPEHUVWDQGZKLFKZHUHSUHVHQWHGLQ5XSLDK ,'5 7KHVDPSOHVREWDLQHGDUHILUPVIURPWKH± RU ILUP\HDUV )RU UHVHDUFK GDWD ILQDQFLDO VWDWHPHQWV ZHUH REWDLQHG IURP ,QGRQHVLDQ &DSLWDO 0DUNHW 'LUHFWRU\DQGDQQXDOUHSRUWVSXEOLVKHGE\HDFKFRPSDQ\ 3.3 Research Variables and Analysis
'HSHQGHQWYDULDEOHVRIWKLVUHVHDUFKDUHILUPILQDQFLDOSHUIRUPDQFHZKLFKLVPHDVXUHGE\5HWXUQRQ$VVHWV 52$ DQG7RELQ¶V452$ZDVREWDLQHGE\GLYLGLQJFRPSUHKHQVLYHLQFRPHZLWKDYHUDJHWRWDODVVHW:KLOH7RELQ¶V4ZDV PHDVXUHGXVLQJDIRUPXODGHYHORSHGE\6PLWKHUV 6WHSKHQ 7KHIRUPXODLVDVIROORZV
(09' 7RELQ¶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¶VWRWDODVVHWVDWWKHHQGRIWKH\HDU/HYHUDJHLVPHDVXUHGE\GLYLGLQJWRWDOOLDELOLWLHVZLWKWRWDODVVHWVRIWKH
581
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
ILUP 7KHUHJUHVVLRQDQDO\VLVLVHPSOR\HGWRWHVWWKHK\SRWKHVLV7KHUHJUHVVLRQPRGHOVDUHDVIROORZV 52$ Įȕ)0ȕ&20ȕ6,=(ȕ/(9ȕ'IDPİ 4 Įȕ)0ȕ&20ȕ6,=(ȕ/(9ȕ'IDPİ :KHUH UHWXUQRQILUPDVVHWV 52$ 4 7RELQ¶V4 RIIDPLO\PHPEHULQWKH%RDUGRI'LUHFWRUVDQG&RPPLVVLRQHUV )0 &20 ORJRIH[HFXWLYHFRPSHQVDWLRQ ORJRIILUP¶VWRWDODVVHWV 6,=( /(9 ILUPOHYHUDJH )DPLO\PDQDJHPHQWZKHQWKHILUPKDVDWOHDVWWZRIDPLOLHVIRURWKHU 'IDP
5HVXOWDQG'LVFXVVLRQ
7KHUHVHDUFKGDWDZKLFKLVXVHGWRWHVWK\SRWKHVLVLVSUHVHQWHGDW7DEOHLVDVIROORZV 7DEOH'HVFULSWLYH6WDWLVWLFV
7RWDO6DPSOH 0HDQ
6XEVDPSOH)DPLO\0DQDJHPHQW
6WDQGDUG
0HDQ
'HYLDWLRQ
6WDQGDUG
6XEVDPSOH1RQIDPLO\0DQDJHPHQW 0HDQ
'HYLDWLRQ
6WDQGDUG 'HYLDWLRQ
52$
7RELQ¶V4
&20
6,=(
/(9
/RJ4
/RJ&20
/RJ6,=(
7DEOHH[SODLQVWKDWWKHDFFRXQWLQJSHUIRUPDQFH 52$ RIILUPVZLWKIDPLO\PDQDJHPHQWLVEHWWHUWKDQWKHILUPV ZLWK QRQIDPLO\ PDQDJHPHQW +RZHYHU DFFRXQWLQJPDUNHW SHUIRUPDQFH 7RELQ¶V 4 RI QRQIDPLO\ PDQDJHPHQW ILUPVLVEHWWHUWKDQIDPLO\PDQDJHPHQWILUPV,QDGGLWLRQH[HFXWLYHFRPSHQVDWLRQILUPVL]HDQGOHYHUDJHRIILUPV ZLWKIDPLO\PDQDJHPHQWDUHVPDOOHUWKDQQRQIDPLO\PDQDJHPHQWILUPV 7KHGDWDHPSOR\HGWRPHDVXUH7RELQ¶V4FRPSHQVDWLRQDQGILUPVL]HLVWUDQVIRUPHGE\XVLQJORJDULWKP ORJ WR REWDLQDQRUPDOO\GLVWULEXWHGGDWD'DWDZKLFKLVGLVWULEXWHGQRUPDOO\FDQSURGXFHXQELDVHGUHJUHVVLRQPRGHODQGIUHH IURPFODVVLFDODVVXPSWLRQVSUREOHPV7KHUHIRUHWKLVVWXG\PDNHVIXUWKHUDQDO\VLVEDVHGRQWKHGDWDWKDWKDVEHHQ WUDQVIRUPHGLQWRORJDULWKP ORJ %DVHGRQWKHGHVFULSWLYHVWDWLVWLFVLWFDQEHIRXQGWKDWWKHDYHUDJHYDOXHRI7RELQ¶V4ILUPVL]HDQGOHYHUDJHRQ ILUP ZLWK IDPLO\ PDQDJHPHQW LV ORZHU WKDQ WKHILUP ZLWKRXWIDPLO\ PDQDJHPHQW 7KH VPDOOHU ILUP VL]H DQG ILUP OHYHUDJHVKRZWKDWILUPZLWKIDPLO\PDQDJHPHQWLQ,QGRQHVLDWHQGWRXVHDFRQVHUYDWLYHVWUDWHJ\WKDWDYRLGVULVNV,Q DGGLWLRQWKHORZYDOXHRI7RELQ¶V4LQGLFDWHVORZPDUNHWYDOXHRIHTXLW\DQGLOOLTXLGLW\VKDUHVRIILUPZLWKIDPLO\ PDQDJHPHQW 7KXV WKLV UHVHDUFK ILQGV WKDW IDPLO\ PDQDJHPHQW ILUP LQ ,QGRQHVLD WHQGV WR DYRLG ULVN WDNLQJ DQG LOOLTXLGLW\ILUPVKDUHV)DPLO\EXVLQHVVKDVVHYHUDOFKDUDFWHULVWLFVVXFKDVFRQVHUYDWLYHVWUDWHJ\E\FRQVLGHULQJULVN
582
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
WDNLQJ LQIRUPDWLRQ DV\PPHWU\ XQEDODQFHG SRZHU EHWZHHQ IDPLOLHV DQG PLQRULW\ VKDUHKROGHUV PLQLPL]DWLRQ RI GLYLGHQGSROLF\DQGLOOLTXLGLW\ILUPVKDUHV 4.1 Regression Analysis Result 7KHUHVXOWRIK\SRWKHVLVWHVWXVLQJUHJUHVVLRQDQDO\VLVLVSUHVHQWHGLQ7DEOHDVIROORZV 7DEOH5HVXOWRI5HJUHVVLRQ$QDO\VLV 7RWDO6DPSOH 6XEVDPSOH)DPLO\ 6XEVDPSOH1RQ)DPLO\ 0DQDJHPHQW 0DQDJHPHQW 0RGHO 0RGHO 0RGHO0RGHO0RGHO0RGHO &RQVWDQW
WYDOXH )0
WYDOXH &20
WYDOXH 6,=(
WYDOXH /(9
WYDOXH 'IDP WYDOXH $GM5
6LJQLILFDQWDWDQGOHYHOV RQHWDLOWHVW :KHUH 0RGHO 52$ Įȕ)0ȕ&20ȕ6,=(ȕ/(9ȕ'IDP 0RGHO 4 Įȕ)0ȕ&20ȕ6,=(ȕ/(9ȕ'IDPİ 52$LVUHWXUQRQDVVHWV 4LVWKHORJRI7RELQ¶V4YDOXH )0LVWKHSHUFHQWDJHRIIDPLO\PHPEHULQ%RDUGRI 'LUHFWRUDQG%RDUGRI&RPPLVVLRQHU &20LVWKHORJRIWRWDOH[HFXWLYHFRPSHQVDWLRQ 6,=(LVWKHORJRIILUP¶VWRWDO DVVHWV /(9LVWKHILUP¶VOHYHUDJHDQG'IDPLVWKHGXPP\YDULDEOHRIIDPLO\PDQDJHPHQWE\WZRIDPLOLHV $FFRUGLQJ WR 7DEOH WKH YDULDEOH RI IDPLO\ PDQDJHPHQW )0 RI 0RGHO 5HJUHVVLRQ VKRZV WKDW WKH IDPLO\ PDQDJHPHQWGRHVQRWDIIHFWILUPSHUIRUPDQFH 52$ :KLOH0RGHO5HJUHVVLRQVKRZVWKDWIDPLO\PDQDJHPHQWKDV QHJDWLYHHIIHFWRQILUPSHUIRUPDQFH 7RELQ¶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
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
583
4.2 Executive Compensation and Firm performance $FFRUGLQJWR7DEOH GHVFULSWLYHVWDWLVWLFV FRPSHQVDWLRQRIILUPVZKLFKDUHPDQDJHGE\IDPLO\LVQRWGLIIHUHQW IURPILUPVZKLFKDUHQRWPDQDJHGE\IDPLO\7KLVFRQGLWLRQZDVGLIIHUHQWIURP7KHHUDYDQLFK¶V ILQGLQJVWKDW IRXQGDQH[FHVVFRPSHQVDWLRQRQILUPZLWKIDPLO\PDQDJHPHQWLQ7KDLODQG,WVKRZVWKDWLQWKHILUPZLWKIDPLO\ PDQDJHPHQWWKHUHLVQRILUPZHDOWKH[SURSULDWLRQWKURXJKH[HFXWLYHFRPSHQVDWLRQ ,QDGGLWLRQWKHUHVXOWVEDVHGRQUHJUHVVLRQDQDO\VLVVKRZWKDWH[HFXWLYHFRPSHQVDWLRQKDVDSRVLWLYHVLJQLILFDQW HIIHFWRQ52$DQG7RELQ¶V47KHVHUHVXOWVDUHDSSURSULDWHZLWKWKHVHFRQGK\SRWKHVLVZKLFKVWDWHVWKDWH[HFXWLYH FRPSHQVDWLRQDIIHFWVILUPSHUIRUPDQFHSRVLWLYHO\7HVWUHVXOWVRIH[HFXWLYHFRPSHQVDWLRQVXSSRUWHGWKHVWXG\RI.DWR .XER 8QLWHHWDO 'RGRQRYD .KRURVKLORY DQG8SQHMD 2]GHPLU ZKRIRXQGD SRVLWLYH UHODWLRQVKLS EHWZHHQ H[HFXWLYH FRPSHQVDWLRQ DQG ILUP SHUIRUPDQFH 2YHUDOO WKH UHVXOW RI WKLV VWXG\ LV DSSURSULDWH ZLWK optimal contracting hypothesis WKDW H[HFXWLYH FRPSHQVDWLRQ VFKHPHV DUH H[SHFWHG WR PD[LPL]H VKDUHKROGHUYDOXH
&RQFOXVLRQDQG/LPLWDWLRQ
7KLVUHVHDUFKVKRZVWKDWIDPLO\PDQDJHPHQWGRHVQRWKDYHHIIHFWVRQ52$+RZHYHUIDPLO\PDQDJHPHQWKDYH QHJDWLYH LQIOXHQFHV RQ 7RELQ¶V 4 7KHVH UHVXOWV LQGLFDWH WKDW IDPLO\ PDQDJHPHQW KDV QHJDWLYH LPSDFW RQ ILUP SHUIRUPDQFH ,W LQGLFDWHV WKDW PRVW RI ,QGRQHVLDQ SXEOLF FRPSDQLHV DUH PDQDJHG E\ IDPLO\ PHPEHUV ZKR DUH LQFRPSHWHQW DQGRSSRUWXQLVWLF LQ WKHILUP PDQDJHPHQW 7KLVUHVHDUFKDOVR VKRZV HYLGHQFH WKDW ILUPV ZLWK IDPLO\ PDQDJHPHQWWHQGWRDYRLGULVNWDNLQJDQGLOOLTXLGLW\VKDUHVRIWKHILUP 7KHH[HFXWLYHFRPSHQVDWLRQKDVDSRVLWLYHVLJQLILFDQWHIIHFWRQILUPSHUIRUPDQFHERWKLQ52$DQG7RELQ¶V4 7KLV UHVHDUFK VKRZV WKDW H[HFXWLYH FRPSHQVDWLRQ VFKHPH LPSURYHV ILUP SHUIRUPDQFH DQG PD[LPL]HV VKDUHKROGHU YDOXH,QDGGLWLRQWKHUHDUHQRH[FHVVSD\PHQWRIFRPSHQVDWLRQLQILUPVZLWKIDPLO\PDQDJHPHQWZKLFKDOVRLQGLFDWHV WKDWWKHUHLVQRSRWHQWLDOH[SURSULDWLRQRIZHDOWKWKURXJKH[HFXWLYHFRPSHQVDWLRQ 7KLVUHVHDUFKFHUWDLQO\VWLOOKDVDOLPLWDWLRQZKLFKLVWKHPHDVXUHPHQWRIIDPLO\PDQDJHPHQW7KLVUHVHDUFKXVHV VLPLODULW\LQIDPLO\QDPHVWRGHWHUPLQHIDPLO\WLHVLQWKHPDQDJHPHQWRIDILUP,Q,QGRQHVLDVRPHRQHZKRKDVWKH VDPHODVWQDPHGRHVQRWQHFHVVDULO\EHORQJWRWKHVDPHIDPLO\ 5HIHUHQFH $OORXFKH-$PDQQ%-DXVVDXG- .XUDVKLQD7 7KH,PSDFWRI)DPLO\&RQWURORQWKH3HUIRUPDQFHDQG)LQDQFLDO&KDUDFWHULVWLFVRI )DPLO\9HUVXV1RQIDPLO\%XVLQHVVHVLQ-DSDQ $0DWFKHG3DLU,QYHVWLJDWLRQFamily Business Review XXI (4) $QGHUVRQ5& 5HHE'0 )RXQGLQJIDPLO\RZQHUVKLSDQGILUPSHUIRUPDQFH HYLGHQFHIURPWKH6 3Journal of Finance 58 (3)± $QRQLP )HEUXDUL 7 Plus 7, Isu yang Mesti Dihadapi Perusahaan Keluarga 5HWULHYHG IURP OLSXWDQFRP KWWS ELVQLVOLSXWDQFRPUHDG SOXVLVX\DQJPHVWLGLKDGDSLSHUXVDKDDQNHOXDUJD %HEFKXN/$ )ULHG-0 ([HFXWLYH&RPSHQVDWLRQDVDQ$JHQF\3UREOHPJournal of Economic Perspectives 17 (3)± &KDUEHO6(OLH% *HRUJHV6 ,PSDFWRIIDPLO\LQYROYHPHQWLQRZQHUVKLSPDQDJHPHQWDQGGLUHFWLRQRQILQDQFLDOSHUIRUPDQFHRIWKH /HEDQHVHILUPVInternational Strategic Review 1 &KHQ+: )DPLO\7LHV%RDUG&RPSHQVDWLRQDQG)LUP3HUIRUPDQFHJournal of Multinational Financial Management 23± &XFFXOHOOLD0 0LFXFFL* )DPLO\VXFFHVVLRQDQGILUPSHUIRUPDQFH (YLGHQFHIURP,WDOLDQIDPLO\ILUPVJournal of Corporate Finance 14 'RGRQRYD$ .KRURVKLORY< &RPSHQVDWLRQDQG3HUIRUPDQFH $Q([SHULPHQWDO6WXG\Economic Letters 'XIIKXHV3 .DELU5 ,V7KH3D\±3HUIRUPDQFH5HODWLRQVKLS$OZD\V3RVLWLYH"(YLGHQFHIURPWKH1HWKHUODQGVJournal of Multinational Financial Management 18 )DPD() -HQVHQ0& 6HSDUDWLRQRI2ZQHUVKLSDQG&RQWUROJournal of Law & Economics 26 (2 )DQ&:7DQ-*XOOHU(*DUFLD% 4XHN$ Asian Family Businesses Report.=XULFK &UHGLW6XLVVH *RQ]DOH] 0 *X]PDQ $ 3RPER & 7UXMLOOR 0$ )DPLO\ )LUPV DQG )LQDQFLDO 3HUIRUPDQFH 7KH &RVW RI *URZLQJEmerging Markets Review 13 -DJJL % /HXQJ 6 *XO ) )DPLO\ FRQWURO ERDUG LQGHSHQGHQFH DQG HDUQLQJV PDQDJHPHQW (YLGHQFH EDVHG RQ +RQJ .RQJ ILUPV Journal Accounting Public 28 -HQVHQ0& 0HFNOLQJ:+ 7KHRU\RIWKH)LUP 0DQDJHULDO%HKDYLRU$JHQF\&RVWVDQG2ZQHUVKLS6WUXFWXUHJournal of Financial Economics 3±
584
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584 .DWR7 .XER. &(2FRPSHQVDWLRQDQGILUPSHUIRUPDQFHLQ-DSDQ HYLGHQFHIURPQHZSDQHOGDWDRQLQGLYLGXDO&(2SD\Journal of Japanese and International Economies 20 .LP< *DR)< 'RHVIDPLO\LQYROYHPHQWLQFUHDVHEXVLQHVVSHUIRUPDQFH")DPLO\ORQJHYLW\JRDOV¶PRGHUDWLQJUROHLQ&KLQHVHIDPLO\ ILUPVJournal of Business Research 66± /HXQJ 6 5LFKDUGVRQ * -DJJL % &RUSRUDWH ERDUGDQG ERDUG FRPPLWWHH LQGHSHQGHQFH ILUP SHUIRUPDQFH DQG IDPLO\RZQHUVKLS FRQFHQWUDWLRQ $QDQDO\VLVEDVHGRQ+RQJ.RQJILUPVJournal of Contemporary Accounting & Economics 10 0LUDOOHV0DUFHOR - / 4XLURV 0 G /LVERD , 7KH ,PSDFW RI )DPLO\ &RQWURO RQ )LUP 3HUIRUPDQFH Journal of Family Business Strategy (5)± 0LUUOHHV-$ 7KH2SWLPDO6WUXFWXUHRI,QFHQWLYHVDQG$XWKRULW\ZLWKLQDQ2UJDQL]DWLRQ1976 6DLWR7 )DPLO\)LUPVDQG)LUP3HUIRUPDQFH (YLGHQFHIURP-DSDQJournal of The Japanese and International Economies 22 6FLDVFLD6 0D]]ROD3 )DPLO\,QYROYHPHQWLQ2ZQHUVKLSDQG0DQDJHPHQW ([SORULQJ1RQOLQHDU(IIHFWVRQ3HUIRUPDQFHFamily Business Review XXI (4) 6FLDVFLD 6 0D]]ROD 3 .HOOHUPDQQV ) : )DPLO\ PDQDJHPHQW DQG SURILWDELOLW\ LQ SULYDWH IDPLO\RZQHG ILUPV ,QWURGXFLQJ JHQHUDWLRQDOVWDJHDQGWKHVRFLRHPRWLRQDOZHDOWKSHUVSHFWLYHJournal of Family Business Strategy 5 6KDR5&KHQ& 0DR; 3URILWVDQGORVVHVIURPFKDQJHVLQIDLUYDOXHH[HFXWLYHFDVKFRPSHQVDWLRQDQGPDQDJHULDOSRZHU (YLGHQFH IURP$VKDUHOLVWHGFRPSDQLHVLQ&KLQDChina Journal of Accounting Research 5 ± 6PLWKHUV$ 6WHSKHQ: Valuing Wall Street: Protecting Wealth in Turbulent Markets.1HZ
ScienceDirect Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
QG*OREDO&RQIHUHQFHRQ%XVLQHVVDQG6RFLDO6FLHQFH*&%666HSWHPEHU %DOL,QGRQHVLD
)DPLO\0DQDJHPHQW([HFXWLYH&RPSHQVDWLRQDQG)LQDQFLDO 3HUIRUPDQFHRI,QGRQHVLDQ/LVWHG&RPSDQLHV ,PDP6XEHNWLD 'HZL.XUQLDZDQ6XPDUJRE a, b
University of Brawijaya, Jalan M.T. Haryono 165 Malang 65145, Indonesia
$EVWUDFW 0RVWRI,QGRQHVLDQOLVWHGFRPSDQLHVDUHPDQDJHGE\IDPLO\7KLVWUDLWLVDQLQWHUHVWLQJWUDLWWREHLQYHVWLJDWHGZLWKUHJDUGVWR ILQDQFLDOSHUIRUPDQFH7KLVVWXG\DLPVWRH[DPLQHWKHHIIHFWVRIIDPLO\PDQDJHPHQWDQGH[HFXWLYHFRPSHQVDWLRQRQILQDQFLDO SHUIRUPDQFH7KHUHVHDUFKVDPSOHLV,QGRQHVLDQOLVWHGFRPSDQLHV7KLVVWXG\ILQGVWKDWIDPLO\PDQDJHPHQWKDVQRHIIHFWRQ 52$EXWKDVDQHJDWLYHHIIHFWRQ7RELQ¶V47KLVILQGLQJLQGLFDWHVWKDWLQYHVWRUVSHUFHLYHWKLVDVXQDGYDQWDJHRXVFRQGLWLRQV7KLV LQGLFDWHV WKDW IDPLO\ PDQDJHPHQW LV KDUPLQJ PLQRULW\ VKDUHKROGHUV $QRWKHU UHVXOW VKRZV WKDW H[HFXWLYH FRPSHQVDWLRQ KDV D SRVLWLYHHIIHFWRQILQDQFLDOSHUIRUPDQFH 7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). 3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKH2UJDQL]LQJ&RPPLWWHHRIWKHQG*&%66 Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015 Keywords:)DPLO\0DQDJHPHQW([HFXWLYH&RPSHQVDWLRQ)LQDQFLDO3HUIRUPDQFH52$DQG7RELQ¶V4
,QWURGXFWLRQ )DPLO\EXVLQHVVLVDQLQWHUHVWLQJSKHQRPHQRQWREHVWXGLHG7KLVLVEHFDXVHIDPLO\EXVLQHVVKDVDQLPSRUWDQWUROH LQWKHHFRQRP\RIDFRXQWU\HVSHFLDOO\LQGHYHORSLQJFRXQWULHVVXFKDV,QGRQHVLDDQGRWKHU$VLDQFRXQWULHV,WKDV EHHQVKRZQWKDWIDPLO\EXVLQHVVRFFXSLHGDSSUR[LPDWHO\RIDOOOLVWHGILUPVDQGRIWRWDOPDUNHWFDSLWDOL]DWLRQ )DQHWDO )DQHWDO DOVRVKRZHGWKDWIDPLO\EXVLQHVVHVRXWSHUIRUPHGOLVWHGILUPVLQ,QGRQHVLD6WRFN ([FKDQJH ,'; DIWHU WKH HFRQRPLF FULVLV ,QGRQHVLDQ IDPLO\ EXVLQHVV¶VWRFN SHUIRUPDQFH LV WKH EHVW IURP WKH FRXQWULHV VWXGLHG E\ WKH LQFUHDVLQJ 3( UDWLR IURP WLPHV WR WLPHV ,QGRQHVLDQ IDPLO\ EXVLQHVV¶ PDUNHW
&RUUHVSRQGLQJDXWKRU7HO E-mail address:VXEHNWL#XEDFLG
1877-0428 © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015 doi:10.1016/j.sbspro.2015.11.076
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
579
FDSLWDOL]DWLRQUHDFKHVRI,QGRQHVLD6WRFN([FKDQJH ,'; PDUNHWFDSLWDOL]DWLRQ 6HYHUDOSUHYLRXVUHVHDUFKHVLQYHVWLJDWLQJWKHUHODWLRQVKLSEHWZHHQIDPLO\PDQDJHPHQWDQGILUPSHUIRUPDQFHZHUH FRQGXFWHGLQZHVWHUQFRXQWULHV+RZHYHUWKHUHVXOWVRIVRPHRIWKHVWXGLHVDUHLQFRQVLVWHQWHVSHFLDOO\ZKHQDVVRFLDWHG ZLWKFRPSDQ\SHUIRUPDFH $QGHUVRQ 5HHE )DPLO\PDQDJHUVWHQGWRVHHNDGGLWLRQDOVNLOOWRLPSURYHKLV RZQDQGWKHFRUSRUDWLRQ¶VZHOIDUHDVZHOODVWRHQKDQFHIDPLO\UHSXWDWLRQ2QWKHFRQWUDU\IDPLO\EXVLQHVVKDVD QHJDWLYHUHODWLRQVKLSZLWKILUPSHUIRUPDQFH $OORXFKHHWDO &XFFXOHOOLD 0LFXFFL 6FLDVFLD 0D]]ROD 0LUDOOHV0DUFHORHWDO 7KLVLVEHFDXVHIDPLOLHVGRQRWDOZD\VDFWIRUWKHEHVWLQWHUHVWRIWKHFRPSDQ\ %ORFNHWDO $QRWKHUUHDVRQLVWKDWWKHDSSRLQWPHQWRILQGHSHQGHQWGLUHFWRUVRQWKHERDUGGRQRWDIIHFWILUP SHUIRUPDQFH /HXQJHWDO .LP *DR 5HVXOWVRIVWXGLHVZKLFKVKRZSRVLWLYHHIIHFWWRFRPSDQ\SHUIRUPDQFHDUHEHFDXVHWKHFRPSDQ\KDVJRRGFRQWURO 7KH FRQWURO RI ERDUG GLUHFWRU LQ IDPLO\ EXVLQHVV FDQ EH GRQH E\ FRQFHQWUDWLQJ LQWHUHVW RU WKH SUHVHQFH RI IDPLO\ PHPEHULQWKHERDUGGLUHFWRU -DJJLHWDO 7KHSUHVHQFHRIDGLUHFWRUZLWKIDPLO\WLHVJLYHVDKXJHEHQHILWIRU WKHILUPV LQ 6 3 WKLV FRXOGEH FDXVHGE\IDPLOLHV WKDWKDYH D EHWWHUXQGHUVWDQGLQJRI WKH ILUP DQG DVVXPHG WKHPVHOYHV DV VWHZDUGV $QGHUVRQ 5HHE ,Q -DSDQ IDPLO\ ILUPV DOUHDG\ RXWSHUIRUPHG QRQIDPLO\ ILUPV 6DLWR 7KH SUHVHQFH RI IDPLO\ PDQDJHPHQW DQG IDPLO\ RZQHUVKLS LQ /HEDQRQ¶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¶ SHUIRUPDQFHKDGDSRVLWLYHUHODWLRQRQERDUGFRPSHQVDWLRQDQGDOVRH[FHVVFRPSHQVDWLRQIRUIDPLO\ILUPV 7KLVUHVHDUFKDWOHDVWFDQFRQWULEXWHLQWZRZD\V)LUVWWKLVUHVHDUFKZLOORIIHUWKHHIIHFWRIIDPLO\PDQDJHPHQWRQ ILUPSHUIRUPDQFH,QDGGLWLRQLWDOVRSURYLGHVWKHHIIHFWRIH[HFXWLYHFRPSHQVDWLRQRQILUPSHUIRUPDQFHLQ,QGRQHVLD /LWHUDWXUH5HYLHZDQG+\SRWKHVLV'HYHORSPHQW 2.1 Agency Theory and Family Management $JHQF\WKHRU\W\SH,LVDWKHRU\EDVHGRQFRQWUDFWEHWZHHQSULQFLSDODQGDJHQWRQWKHILUP -HQVHQ 0HFNOLQJ $JHQF\WKHRU\W\SH,KLJKOLJKWVWKHFRQIOLFWEHWZHHQPDQDJHUVDQGVKDUHKROGHUV%DVHGRQDJHQF\WKHRU\W\SH ,WKHILUPZLWKIDPLO\PDQDJHPHQWLVRQHRIWKHHIILFLHQWRUJDQL]DWLRQIRUPVDQGZLWKOHDVWDJHQF\FRVW )DPD -HQVHQ %HVLGHV WKH XQLTXH VWUXFWXUH RI IDPLO\ EXVLQHVV PRWLYDWHV IDPLO\ PDQDJHUV WR ZRUN DFKLHYHV FRPSDQ\¶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ptimal Contracting Hypothesis and Executive Compensation ([HFXWLYHFRPSHQVDWLRQLVRQHRIWKHSUREOHPVRIIDPLO\EXVLQHVV&RPSHQVDWLRQLVQDWXUDOO\UHODWHGWRWKHILUP SHUIRUPDQFH 6KDRHWDO -HQVHQ 0HFNOLQJ 7KHUHODWLRQVKLSEHWZHHQFRPSHQVDWLRQDQGH[HFXWLYH
580
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
FRPSHQVDWLRQFDQEHH[SODLQHGZLWKRSWLPDOFRQWUDFWLQJK\SRWKHVLV 5HVHDUFKHV UHODWHG WR RSWLPDO FRQWUDFWLQJ K\SRWKHVLV ZDV SLRQHHUHG E\ 0LUUOHHV 2SWLPDO FRQWUDFWLQJ K\SRWKHVLVDSSURDFKZDVGHULYHGIURPDJHQF\WKHRU\2SWLPDOFRQWUDFWLQJK\SRWKHVLVVHHVPDQDJHUFRPSHQVDWLRQ FRQWUDFWDVDUHPHG\RIDJHQF\SUREOHP%DVHGRQRSWLPDOFRQWUDFWLQJK\SRWKHVLVH[HFXWLYHFRPSHQVDWLRQVFKHPHLV H[SHFWHGWRPD[LPL]HWKHVKDUHKROGHUV¶YDOXH %HEFKXN )ULHG ,QRWKHUZRUGVWKHSXUSRVHRIH[HFXWLYH FRPSHQVDWLRQVFKHPHLVWRHQKDQFHILUPSHUIRUPDQFHWKDWZLOODOVRHQKDQFHVKDUHKROGHUYDOXH 7KHWHUPRIH[HFXWLYHFRPSHQVDWLRQLQ:HVWHUQFRXQWULHVOLNH8QLWHG6WDWHVXVXDOO\UHIHUVWRFRPSHQVDWLRQWRZDUGV %RDUGRI'LUHFWRU:KLOHLQ,QGRQHVLDWKHWHUPRIH[HFXWLYHFRPSHQVDWLRQUHIHUVWRFRPSHQVDWLRQWRZDUGV%RDUGRI 'LUHFWRUDQG%RDUGRI&RPPLVVLRQHU7KLVGLIIHUHQFHRFFXUVEHFDXVH8QLWHG6WDWHVXVHVRQHWLHUV\VWHPLQZKLFKWKH IXQFWLRQRIWKH%RDUGRI'LUHFWRULQ8QLWHG6WDWHVUHIHUVWRWKHIXQFWLRQRIWKH%RDUGRI&RPPLVVLRQHULQ,QGRQHVLD :DUGKDQL +RZHYHUEHFDXVH,QGRQHVLDDGRSWVWZRWLHUV\VWHPWKHSUR[\RIH[HFXWLYHFRPSHQVDWLRQLQWKLV UHVHDUFKLVWKHWRWDOFRPSHQVDWLRQWKDWLVUHFHLYHGE\%RDUGRI'LUHFWRUDQG%RDUGRI&RPPLVVLRQHU ,Q DFFRUGDQFH ZLWK RSWLPDO FRQWUDFWLQJ K\SRWKHVLV .DWR .XER 8QLWH HW DO 'RGRQRYD .KRURVKLORY 8SQHMD 2]GHPLU IRXQGDSRVLWLYHSD\IRUSHUIRUPDQFH+RZHYHU'XIIKXHV .DELU IRXQGDQHJDWLYHUHODWLRQVKLSEHWZHHQH[HFXWLYHFRPSHQVDWLRQDQGILUPSHUIRUPDQFH + ([HFXWLYHFRPSHQVDWLRQDIIHFWVILUPSHUIRUPDQFHSRVLWLYHO\ 5HVHDUFK'HVLJQ 3.1 Research Sample and Data 7KHSRSXODWLRQRIWKLVUHVHDUFKLVOLVWHGILUPVLQ,QGRQHVLDQ6WRFN([FKDQJH ,'; IURPWKHSHULRG 6DPSOHVZHUHVHOHFWHGXVLQJSXUSRVLYHVDPSOLQJPHWKRG&ULWHULDVXVHGWRVHOHFWWKHVHVDPSOHVDUH ILUPVWKDW KDYHEHHQOLVWHGLQ,QGRQHVLD6WRFN([FKDQJH ,'; LQRUSUHYLRXV ILUPVWKDWLVVXHGILQDQFLDOVWDWHPHQWVDV RI'HFHPEHUVWDQGZKLFKZHUHSUHVHQWHGLQ5XSLDK ,'5 7KHVDPSOHVREWDLQHGDUHILUPVIURPWKH± RU ILUP\HDUV )RU UHVHDUFK GDWD ILQDQFLDO VWDWHPHQWV ZHUH REWDLQHG IURP ,QGRQHVLDQ &DSLWDO 0DUNHW 'LUHFWRU\DQGDQQXDOUHSRUWVSXEOLVKHGE\HDFKFRPSDQ\ 3.3 Research Variables and Analysis
'HSHQGHQWYDULDEOHVRIWKLVUHVHDUFKDUHILUPILQDQFLDOSHUIRUPDQFHZKLFKLVPHDVXUHGE\5HWXUQRQ$VVHWV 52$ DQG7RELQ¶V452$ZDVREWDLQHGE\GLYLGLQJFRPSUHKHQVLYHLQFRPHZLWKDYHUDJHWRWDODVVHW:KLOH7RELQ¶V4ZDV PHDVXUHGXVLQJDIRUPXODGHYHORSHGE\6PLWKHUV 6WHSKHQ 7KHIRUPXODLVDVIROORZV
(09' 7RELQ¶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¶VWRWDODVVHWVDWWKHHQGRIWKH\HDU/HYHUDJHLVPHDVXUHGE\GLYLGLQJWRWDOOLDELOLWLHVZLWKWRWDODVVHWVRIWKH
581
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
ILUP 7KHUHJUHVVLRQDQDO\VLVLVHPSOR\HGWRWHVWWKHK\SRWKHVLV7KHUHJUHVVLRQPRGHOVDUHDVIROORZV 52$ Įȕ)0ȕ&20ȕ6,=(ȕ/(9ȕ'IDPİ 4 Įȕ)0ȕ&20ȕ6,=(ȕ/(9ȕ'IDPİ :KHUH UHWXUQRQILUPDVVHWV 52$ 4 7RELQ¶V4 RIIDPLO\PHPEHULQWKH%RDUGRI'LUHFWRUVDQG&RPPLVVLRQHUV )0 &20 ORJRIH[HFXWLYHFRPSHQVDWLRQ ORJRIILUP¶VWRWDODVVHWV 6,=( /(9 ILUPOHYHUDJH )DPLO\PDQDJHPHQWZKHQWKHILUPKDVDWOHDVWWZRIDPLOLHVIRURWKHU 'IDP
5HVXOWDQG'LVFXVVLRQ
7KHUHVHDUFKGDWDZKLFKLVXVHGWRWHVWK\SRWKHVLVLVSUHVHQWHGDW7DEOHLVDVIROORZV 7DEOH'HVFULSWLYH6WDWLVWLFV
7RWDO6DPSOH 0HDQ
6XEVDPSOH)DPLO\0DQDJHPHQW
6WDQGDUG
0HDQ
'HYLDWLRQ
6WDQGDUG
6XEVDPSOH1RQIDPLO\0DQDJHPHQW 0HDQ
'HYLDWLRQ
6WDQGDUG 'HYLDWLRQ
52$
7RELQ¶V4
&20
6,=(
/(9
/RJ4
/RJ&20
/RJ6,=(
7DEOHH[SODLQVWKDWWKHDFFRXQWLQJSHUIRUPDQFH 52$ RIILUPVZLWKIDPLO\PDQDJHPHQWLVEHWWHUWKDQWKHILUPV ZLWK QRQIDPLO\ PDQDJHPHQW +RZHYHU DFFRXQWLQJPDUNHW SHUIRUPDQFH 7RELQ¶V 4 RI QRQIDPLO\ PDQDJHPHQW ILUPVLVEHWWHUWKDQIDPLO\PDQDJHPHQWILUPV,QDGGLWLRQH[HFXWLYHFRPSHQVDWLRQILUPVL]HDQGOHYHUDJHRIILUPV ZLWKIDPLO\PDQDJHPHQWDUHVPDOOHUWKDQQRQIDPLO\PDQDJHPHQWILUPV 7KHGDWDHPSOR\HGWRPHDVXUH7RELQ¶V4FRPSHQVDWLRQDQGILUPVL]HLVWUDQVIRUPHGE\XVLQJORJDULWKP ORJ WR REWDLQDQRUPDOO\GLVWULEXWHGGDWD'DWDZKLFKLVGLVWULEXWHGQRUPDOO\FDQSURGXFHXQELDVHGUHJUHVVLRQPRGHODQGIUHH IURPFODVVLFDODVVXPSWLRQVSUREOHPV7KHUHIRUHWKLVVWXG\PDNHVIXUWKHUDQDO\VLVEDVHGRQWKHGDWDWKDWKDVEHHQ WUDQVIRUPHGLQWRORJDULWKP ORJ %DVHGRQWKHGHVFULSWLYHVWDWLVWLFVLWFDQEHIRXQGWKDWWKHDYHUDJHYDOXHRI7RELQ¶V4ILUPVL]HDQGOHYHUDJHRQ ILUP ZLWK IDPLO\ PDQDJHPHQW LV ORZHU WKDQ WKHILUP ZLWKRXWIDPLO\ PDQDJHPHQW 7KH VPDOOHU ILUP VL]H DQG ILUP OHYHUDJHVKRZWKDWILUPZLWKIDPLO\PDQDJHPHQWLQ,QGRQHVLDWHQGWRXVHDFRQVHUYDWLYHVWUDWHJ\WKDWDYRLGVULVNV,Q DGGLWLRQWKHORZYDOXHRI7RELQ¶V4LQGLFDWHVORZPDUNHWYDOXHRIHTXLW\DQGLOOLTXLGLW\VKDUHVRIILUPZLWKIDPLO\ PDQDJHPHQW 7KXV WKLV UHVHDUFK ILQGV WKDW IDPLO\ PDQDJHPHQW ILUP LQ ,QGRQHVLD WHQGV WR DYRLG ULVN WDNLQJ DQG LOOLTXLGLW\ILUPVKDUHV)DPLO\EXVLQHVVKDVVHYHUDOFKDUDFWHULVWLFVVXFKDVFRQVHUYDWLYHVWUDWHJ\E\FRQVLGHULQJULVN
582
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
WDNLQJ LQIRUPDWLRQ DV\PPHWU\ XQEDODQFHG SRZHU EHWZHHQ IDPLOLHV DQG PLQRULW\ VKDUHKROGHUV PLQLPL]DWLRQ RI GLYLGHQGSROLF\DQGLOOLTXLGLW\ILUPVKDUHV 4.1 Regression Analysis Result 7KHUHVXOWRIK\SRWKHVLVWHVWXVLQJUHJUHVVLRQDQDO\VLVLVSUHVHQWHGLQ7DEOHDVIROORZV 7DEOH5HVXOWRI5HJUHVVLRQ$QDO\VLV 7RWDO6DPSOH 6XEVDPSOH)DPLO\ 6XEVDPSOH1RQ)DPLO\ 0DQDJHPHQW 0DQDJHPHQW 0RGHO 0RGHO 0RGHO0RGHO0RGHO0RGHO &RQVWDQW
WYDOXH )0
WYDOXH &20
WYDOXH 6,=(
WYDOXH /(9
WYDOXH 'IDP WYDOXH $GM5
6LJQLILFDQWDWDQGOHYHOV RQHWDLOWHVW :KHUH 0RGHO 52$ Įȕ)0ȕ&20ȕ6,=(ȕ/(9ȕ'IDP 0RGHO 4 Įȕ)0ȕ&20ȕ6,=(ȕ/(9ȕ'IDPİ 52$LVUHWXUQRQDVVHWV 4LVWKHORJRI7RELQ¶V4YDOXH )0LVWKHSHUFHQWDJHRIIDPLO\PHPEHULQ%RDUGRI 'LUHFWRUDQG%RDUGRI&RPPLVVLRQHU &20LVWKHORJRIWRWDOH[HFXWLYHFRPSHQVDWLRQ 6,=(LVWKHORJRIILUP¶VWRWDO DVVHWV /(9LVWKHILUP¶VOHYHUDJHDQG'IDPLVWKHGXPP\YDULDEOHRIIDPLO\PDQDJHPHQWE\WZRIDPLOLHV $FFRUGLQJ WR 7DEOH WKH YDULDEOH RI IDPLO\ PDQDJHPHQW )0 RI 0RGHO 5HJUHVVLRQ VKRZV WKDW WKH IDPLO\ PDQDJHPHQWGRHVQRWDIIHFWILUPSHUIRUPDQFH 52$ :KLOH0RGHO5HJUHVVLRQVKRZVWKDWIDPLO\PDQDJHPHQWKDV QHJDWLYHHIIHFWRQILUPSHUIRUPDQFH 7RELQ¶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
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584
583
4.2 Executive Compensation and Firm performance $FFRUGLQJWR7DEOH GHVFULSWLYHVWDWLVWLFV FRPSHQVDWLRQRIILUPVZKLFKDUHPDQDJHGE\IDPLO\LVQRWGLIIHUHQW IURPILUPVZKLFKDUHQRWPDQDJHGE\IDPLO\7KLVFRQGLWLRQZDVGLIIHUHQWIURP7KHHUDYDQLFK¶V ILQGLQJVWKDW IRXQGDQH[FHVVFRPSHQVDWLRQRQILUPZLWKIDPLO\PDQDJHPHQWLQ7KDLODQG,WVKRZVWKDWLQWKHILUPZLWKIDPLO\ PDQDJHPHQWWKHUHLVQRILUPZHDOWKH[SURSULDWLRQWKURXJKH[HFXWLYHFRPSHQVDWLRQ ,QDGGLWLRQWKHUHVXOWVEDVHGRQUHJUHVVLRQDQDO\VLVVKRZWKDWH[HFXWLYHFRPSHQVDWLRQKDVDSRVLWLYHVLJQLILFDQW HIIHFWRQ52$DQG7RELQ¶V47KHVHUHVXOWVDUHDSSURSULDWHZLWKWKHVHFRQGK\SRWKHVLVZKLFKVWDWHVWKDWH[HFXWLYH FRPSHQVDWLRQDIIHFWVILUPSHUIRUPDQFHSRVLWLYHO\7HVWUHVXOWVRIH[HFXWLYHFRPSHQVDWLRQVXSSRUWHGWKHVWXG\RI.DWR .XER 8QLWHHWDO 'RGRQRYD .KRURVKLORY DQG8SQHMD 2]GHPLU ZKRIRXQGD SRVLWLYH UHODWLRQVKLS EHWZHHQ H[HFXWLYH FRPSHQVDWLRQ DQG ILUP SHUIRUPDQFH 2YHUDOO WKH UHVXOW RI WKLV VWXG\ LV DSSURSULDWH ZLWK optimal contracting hypothesis WKDW H[HFXWLYH FRPSHQVDWLRQ VFKHPHV DUH H[SHFWHG WR PD[LPL]H VKDUHKROGHUYDOXH
&RQFOXVLRQDQG/LPLWDWLRQ
7KLVUHVHDUFKVKRZVWKDWIDPLO\PDQDJHPHQWGRHVQRWKDYHHIIHFWVRQ52$+RZHYHUIDPLO\PDQDJHPHQWKDYH QHJDWLYH LQIOXHQFHV RQ 7RELQ¶V 4 7KHVH UHVXOWV LQGLFDWH WKDW IDPLO\ PDQDJHPHQW KDV QHJDWLYH LPSDFW RQ ILUP SHUIRUPDQFH ,W LQGLFDWHV WKDW PRVW RI ,QGRQHVLDQ SXEOLF FRPSDQLHV DUH PDQDJHG E\ IDPLO\ PHPEHUV ZKR DUH LQFRPSHWHQW DQGRSSRUWXQLVWLF LQ WKHILUP PDQDJHPHQW 7KLVUHVHDUFKDOVR VKRZV HYLGHQFH WKDW ILUPV ZLWK IDPLO\ PDQDJHPHQWWHQGWRDYRLGULVNWDNLQJDQGLOOLTXLGLW\VKDUHVRIWKHILUP 7KHH[HFXWLYHFRPSHQVDWLRQKDVDSRVLWLYHVLJQLILFDQWHIIHFWRQILUPSHUIRUPDQFHERWKLQ52$DQG7RELQ¶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amily Business Review XXI (4) $QGHUVRQ5& 5HHE'0 )RXQGLQJIDPLO\RZQHUVKLSDQGILUPSHUIRUPDQFH HYLGHQFHIURPWKH6 3Journal of Finance 58 (3)± $QRQLP )HEUXDUL 7 Plus 7, Isu yang Mesti Dihadapi Perusahaan Keluarga 5HWULHYHG IURP OLSXWDQFRP KWWS ELVQLVOLSXWDQFRPUHDG SOXVLVX\DQJPHVWLGLKDGDSLSHUXVDKDDQNHOXDUJD %HEFKXN/$ )ULHG-0 ([HFXWLYH&RPSHQVDWLRQDVDQ$JHQF\3UREOHPJournal of Economic Perspectives 17 (3)± &KDUEHO6(OLH% *HRUJHV6 ,PSDFWRIIDPLO\LQYROYHPHQWLQRZQHUVKLSPDQDJHPHQWDQGGLUHFWLRQRQILQDQFLDOSHUIRUPDQFHRIWKH /HEDQHVHILUPVInternational Strategic Review 1 &KHQ+: )DPLO\7LHV%RDUG&RPSHQVDWLRQDQG)LUP3HUIRUPDQFHJournal of Multinational Financial Management 23± &XFFXOHOOLD0 0LFXFFL* )DPLO\VXFFHVVLRQDQGILUPSHUIRUPDQFH (YLGHQFHIURP,WDOLDQIDPLO\ILUPVJournal of Corporate Finance 14 'RGRQRYD$ .KRURVKLORY< &RPSHQVDWLRQDQG3HUIRUPDQFH $Q([SHULPHQWDO6WXG\Economic Letters 'XIIKXHV3 .DELU5 ,V7KH3D\±3HUIRUPDQFH5HODWLRQVKLS$OZD\V3RVLWLYH"(YLGHQFHIURPWKH1HWKHUODQGVJournal of Multinational Financial Management 18 )DPD() -HQVHQ0& 6HSDUDWLRQRI2ZQHUVKLSDQG&RQWUROJournal of Law & Economics 26 (2 )DQ&:7DQ-*XOOHU(*DUFLD% 4XHN$ Asian Family Businesses Report.=XULFK &UHGLW6XLVVH *RQ]DOH] 0 *X]PDQ $ 3RPER & 7UXMLOOR 0$ )DPLO\ )LUPV DQG )LQDQFLDO 3HUIRUPDQFH 7KH &RVW RI *URZLQJEmerging Markets Review 13 -DJJL % /HXQJ 6 *XO ) )DPLO\ FRQWURO ERDUG LQGHSHQGHQFH DQG HDUQLQJV PDQDJHPHQW (YLGHQFH EDVHG RQ +RQJ .RQJ ILUPV Journal Accounting Public 28 -HQVHQ0& 0HFNOLQJ:+ 7KHRU\RIWKH)LUP 0DQDJHULDO%HKDYLRU$JHQF\&RVWVDQG2ZQHUVKLS6WUXFWXUHJournal of Financial Economics 3±
584
Imam Subekti and Dewi Kurniawan Sumargo / Procedia - Social and Behavioral Sciences 211 (2015) 578 – 584 .DWR7 .XER. &(2FRPSHQVDWLRQDQGILUPSHUIRUPDQFHLQ-DSDQ HYLGHQFHIURPQHZSDQHOGDWDRQLQGLYLGXDO&(2SD\Journal of Japanese and International Economies 20 .LP< *DR)< 'RHVIDPLO\LQYROYHPHQWLQFUHDVHEXVLQHVVSHUIRUPDQFH")DPLO\ORQJHYLW\JRDOV¶PRGHUDWLQJUROHLQ&KLQHVHIDPLO\ ILUPVJournal of Business Research 66± /HXQJ 6 5LFKDUGVRQ * -DJJL % &RUSRUDWH ERDUGDQG ERDUG FRPPLWWHH LQGHSHQGHQFH ILUP SHUIRUPDQFH DQG IDPLO\RZQHUVKLS FRQFHQWUDWLRQ $QDQDO\VLVEDVHGRQ+RQJ.RQJILUPVJournal of Contemporary Accounting & Economics 10 0LUDOOHV0DUFHOR - / 4XLURV 0 G /LVERD , 7KH ,PSDFW RI )DPLO\ &RQWURO RQ )LUP 3HUIRUPDQFH Journal of Family Business Strategy (5)± 0LUUOHHV-$ 7KH2SWLPDO6WUXFWXUHRI,QFHQWLYHVDQG$XWKRULW\ZLWKLQDQ2UJDQL]DWLRQ1976 6DLWR7 )DPLO\)LUPVDQG)LUP3HUIRUPDQFH (YLGHQFHIURP-DSDQJournal of The Japanese and International Economies 22 6FLDVFLD6 0D]]ROD3 )DPLO\,QYROYHPHQWLQ2ZQHUVKLSDQG0DQDJHPHQW ([SORULQJ1RQOLQHDU(IIHFWVRQ3HUIRUPDQFHFamily Business Review XXI (4) 6FLDVFLD 6 0D]]ROD 3 .HOOHUPDQQV ) : )DPLO\ PDQDJHPHQW DQG SURILWDELOLW\ LQ SULYDWH IDPLO\RZQHG ILUPV ,QWURGXFLQJ JHQHUDWLRQDOVWDJHDQGWKHVRFLRHPRWLRQDOZHDOWKSHUVSHFWLYHJournal of Family Business Strategy 5 6KDR5&KHQ& 0DR; 3URILWVDQGORVVHVIURPFKDQJHVLQIDLUYDOXHH[HFXWLYHFDVKFRPSHQVDWLRQDQGPDQDJHULDOSRZHU (YLGHQFH IURP$VKDUHOLVWHGFRPSDQLHVLQ&KLQDChina Journal of Accounting Research 5 ± 6PLWKHUV$ 6WHSKHQ: Valuing Wall Street: Protecting Wealth in Turbulent Markets.1HZ