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Tytuł artykułu

Risk preference of founder and descendant of Indonesian family firms

Treść / Zawartość
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Warianty tytułu
PL
Preferencja ryzyka fundatora i pochodzenia indonezyjskich firm rodzinnych
Języki publikacji
EN
Abstrakty
EN
This study aims to investigate the role of CEO succession in family business and the effect on financial risk. Using a Generalized Least Square (GLS) regression analysis and unbalanced panel data of 48 family firms, the stagnation, agency perspectives, and signaling model of their behavior were tested. This study finds that CEO turnover is negatively associated with firm’s financial risk. Furthermore, CEO descendants are more risk averse than CEO founders, and older CEOs are also more risk averse than younger CEOs. In addition, CEOs with higher education are also more risk averse. This implies that the Indonesian family firms are conservative towards financial risk. In relation to the stagnation perspective, the decrease in financial risk of family firms in Indonesia will be premature to be concluded that it will be in a stagnant phase.
PL
W artykule przedstawiono rolę sukcesji dyrektora generalnego w firmie rodzinnej i jej wpływu na ryzyko finansowe. Wykorzystując analizę regresji Uogólnionego Least Square (GLS) i dane niezrównoważonego panelu 48 firm rodzinnych, przetestowano stagnację, perspektywy agencyjne i model sygnalizacyjny ich zachowania. Badanie wykazało, że zmiana prezesa jest negatywnie związana z ryzykiem finansowym firmy. Ponadto potomkowie CEO są bardziej niechętni do ryzyka niż założyciele CEO, a starsi CEO są bardziej niechętni do ryzyka niż młodsi CEO. Ponadto prezesi z wyższym wykształceniem są również bardziej niechętni do podejmowania ryzyka. Oznacza to, że indonezyjskie firmy rodzinne były konserwatywne wobec ryzyka finansowego. W odniesieniu do perspektywy stagnacji zmniejszenie ryzyka finansowego firm rodzinnych w Indonezji będzie zbyt wcześnie, aby stwierdzić, że wystąpi faza stagnacji.
Rocznik
Strony
414--425
Opis fizyczny
Bibliogr. 33 poz., tab.
Twórcy
  • Ernst and Young, Jakarta, Indonesia
  • Department of Management Faculty of Economics and Business, Universitas Indoneisa, Indonesia
Bibliografia
  • 1. Ajzen, I. (1991). The theory of planned behavior, Organizational Behavior and Human Decision Processes, 50, 179-211.
  • 2. Anders Ch. (2008). Large shareholders and firm performance: An empirical examination of founding-family ownership. Journal of Corporate Finance, 14 (4), 431-445.
  • 3. Amran, N. A., and Ahmad, A. C. (2010). Family succession and firm performance among Malaysian companies. International Journal of Business and Social Science, 1(2), 193-203.
  • 4. Beckhard, R., and Dyer, G. (1983). Managing change in the family firm: issues and strategies. Sloan Management Review, 24(3), 59-66.
  • 5. Bertrand, Marianne, and Antoinette Schoar. (2006). "The Role of Family in Family Firms". Journal of Economic Perspectives, 20(2), 73-96.
  • 6. Bodnar, G.M., Consolandi, C., and Gabbi, G. (2013). Risk Management for Italian Non-Financial Firms: Currency and Interest rate Exposure. European Financial Management, 19(5), 887-910.
  • 7. Cannella, B., Finkelstein,S., and Hambrick, Donald, C. (2009). Strategic Leadership. Theory and Research on Executives, Top Management, Teams, and Boards. Retrieved from http://93.174.95.29/_ads/DD3D11AD4B0099A739F0C92F897DF56D
  • 8. Chang, S.-J., and Shim, J. (2015). When does transitioning from family to professional management improve firm performance? Strategic Management Journal, 36(9), 1297-1316.
  • 9. Chen, Y. M. et al. (2016). ‘CEO succession in family firms: Stewardship perspective in the pre-succession context’, Journal of Business Research, 69(11), 5111-5116.
  • 10. Davydov, Yevgeniy. (2014). CEO Education Linked with Management Ability. The 26th Australasian Finance and Banking Conference.
  • 11. Eforis, C. (2018). Corporate Governance, State Ownership and Firm Performance: An Empirical Study of State-Owned Enterprises in Indonesia. Accounting and Finance Review, 3(1), 26-32.
  • 12. Fan, J., Wong, T. J., and Zhang, T. (2012). Founder succession and accounting properties. Contemporary Accounting Research, 29, 283-311.
  • 13. Gomez-Mejia, L. R., Cruz, C., Berrone, P., Castro, J. D. (2011). The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5(1), 653-707.
  • 14. Holmstrom, B. (1999). Managerial incentive problems: a dynamic perspective. Review of Economic Studies, 66, 169-182.
  • 15. Huynh, K. P., & Petrunia, R. J. (2010). Age effects, leverage and firm growth. Journal of Economic Dynamics and Control, 34(5), 1003-1013.
  • 16. Kaye, K., Hamilton, S. (2004). Roles of trust in consulting to financial families, Family Business Review, 17 (2), 151-163.
  • 17. Kim (2016). The Agency Problem of Lehman Brothers’ Board of Directors. Illinois Business Law Journal.
  • 18. MacCrimmon, K. R., and Wehrung, D. A. (1990). Characteristics of risk taking executives. Management Science, 36(4), 422-435.
  • 19. Machek, Ondrej., Hnilica, Jiri. (2015). The Relationship between Capital Structure Family Control: Evidence from the Czech Republic. International Journal of Economics and Statistics, 3, 9-14.
  • 20. Martin, W. L., Lumpkin, G. T. (2004). From entrepreneurial orientation to family orientation: Generational differences in the management of family businesses. In Babson College Entrepreneurship Research Conference, Babson College, Wellesley, MA, USA.
  • 21. Martin, Geoffrey P., Gomez-Mejia, Luis R., and Weisman, Robert M. (2013). Executive stock options and mixed gambles: Revisiting the behavioural agency model. Academy of Management Journal, 56(2), 451-472.
  • 22. Miller, Le Breton-Miller, and Scholnick (2008). Stewardship vs. Stagnation: An Empirical Comparison of Small Family and Non-Family Businesses. Journal of Management Studies, 25, 51-78.
  • 23. Molly, V., Laveren, E., and Deloof, M. (2010). Family business succession and its impact on financial structure and performance. Family Business Review, 23(2), 131-147.
  • 24. Paul, J. J. (1996). Family business survival. Blueprint for Business Success, 16, 1-5.
  • 25. Penning, JME and Garcia, P. (2004). Hedging behaviour in small and medium-sized enterprises: The role of unobserved heterogeneity. Journal of Banking and Finance, 28 (5), 951-978.
  • 26. Prendergast, C., Stole, L., 1996. Impetuous youngsters and jaded old-timers: acquiring a reputation for learning. Journal of Political Economy, 104, 1105-1134.
  • 27. Pricewaterhouse Coopers LLP. (2014). Family Business Survey 2014 Findings for Indonesia, www.pwc.com.
  • 28. Schepkeampion, M C., D J., Kim, Y., Patel, P C., Thatcher, S MB., and Campion, M C. (2017). CEO Succession, strategic change, and post-succession performance: A meta-analysis. The Leadership Quarterly, 28(6), 701-720.
  • 29. Schulze, W., Lubatkin, M., Dino, R. (2003). Exploring the agency consequences of ownership dispersion among the directors of private family firms, Academy of Management Journal, 46(2), 179-194.
  • 30. Reid, R., Dunn, B., Cromie, S., Adams, J. (1999). Family Orientation in family firms: A model and some empirical evidence. Journal of Small Business and Enterprise Development, 6 (1), 55-66.
  • 31. Serfling, M. A. (2014). CEO age and the riskiness of corporate policies, Journal of Corporate Finance, 25, 251-273.
  • 32. Ward, J. L. (1997a). Keeping the family business healthy: How to plan for continuing growth, profitability and family leadership. Business Owner Resources, Marietta, GA.
  • 33. Villalonga, B., and Amit, R. (2006). How do family ownership, control, and management affect firm value? Journal of Financial Economics, 80 (2), 385-418.
Uwagi
Opracowanie rekordu ze środków MNiSW, umowa Nr 461252 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2020).
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-b01cc155-6059-4c1b-ac75-fa1b143d5607
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