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"ABSTRAKPenelitian ini bertujuan untuk menganalisis kepemilikan keluarga pada perusahaan yang melakukan merger dan akuisisi. Penelitian ini menggunakan sampel perusahaan yang terdaftar pada Bursa Efek Indonesia peridoe 2004-2014. Metode analisis yang digunakan adalah binary logistic regression dengan data panel. Hasil penelitian membuktikan bahwa terdapat pengaruh negatif dan signifikan dari kepemilikan keluarga terhadap keputusan merger dan akuisisi perusahaan di Indonesia yang menunjukkan bahwa perusahaan keluarga cenderung memiliki sikap pasif terhadap merger dan akuisisi dibandingkan perusahaan non-keluarga. Berikutnya juga ditemukan pengaruh negatif tetapi tidak signifikan dari jumlah saham yang dimiliki oleh keluarga terhadap keputusan merger dan akuisisi perusahaan di Indonesia.ABSTRACTThis study aims to analyze the effect of family ownership on mergers and acquisition firms. This study is using data of listed firms in Indonesia Stock Exchange for the period 2004-2014. The analytical method used is binary logistic regression with pooled data. This study found that family firms have negative and significant effect to merger and acquisition which explain that family firms have more passive attitude toward mergers and acquisitions than non-family firms are. Furthermore, this study also found that the amount of shares owned by family members have negative effect but not significant to firm?s merger and acquisition in Indonesia."

"This research aims to analyze the effectiveness of the Board of Commissioners, Board of Directors, and Audit Committee, as well as family ownership in minimizing the possibility of fraud in financial statements. This study uses a proxy of the Altman Z-Score Model and high debt structure to determine the companies that have the possibility of financial fraud on non-financial companies listed on the Indonesia Stock Exchange in 2012 and 2013. The results of logit regression model shows that the effectiveness of the Board of Commissioners and Audit Committee does not have a significant impact. However, the effectiveness of Board of Directors and family ownership positively affects the possibility of fraudulent in the financial statements. "

"Abstract. There is an increasing trend among investors to consider Good Corporate Governance (GCG) in determining company incentives are to be invested in. Obviously, investors would prefer to make INVESTMENTS in companies that adopt Good Corporate Governance rather than otherwise. This view has eventually led to a belief that GCG can give added values not only to the adopting company, but also to the stakeholders. This research analyzes the impacts of family ownership and founding CEO/chairperson on a company?s costs of debt. This topic is chosen in consideration that there are still a lot of family-owned companies in Indonesia. The research uses a positivist-quantitative paradigm and the samples are 64 family-owned companies listed at the Indonesia Stock Exchange from 2007 to 2009. The research also uses a random effect model. The results of the research indicate that family ownership has positive but insignificant impacts, while founding CEO/chairperson has no impacts on a company?s costs of debt."

"ABSTRAKPenelitian ini bertujuan untuk menguji secara empiris pengaruh gap kompensasi industri dankepemilikan keluarga terhadap preferensi risiko direksi. Penelitian ini menggunakan 1282observasi dari 299 sampel perusahaan Bursa Efek Indonesia BEI selama tahun 2011-2015.Hasil regresi menunjukkan bahwa gap kompensasi industri dan kepemilikan keluargaberpengaruh negatif terhadap preferensi risiko direksi. Tidak ditemukan bukti empiris bahwakepemilikan keluarga melemahkan pengaruh negatif gap kompensasi industri terhadappreferensi risiko. Penelitian ini berimplikasi pentingnya standarisasi dan pengungkapanbesaran kompensasi direksi berdasarkan tugas dan tanggung jawab yang diberikan. Haltersebut mencegah perilaku opportunistik direksi dalam meningkatkan preferensi risikonya.

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ABSTRACTThe aim of this reseacrh is to provide empirical evidence about the effect of industry rsquo s gap compensationand family firm on risk preferences. This research observe 1282 data from 299 companies sampel fromIndonesia Stock exchange BEI over 2011 2015. The results show that industry rsquo s gap compensation andfamily firm has negative effect on risk preferences. Empirical results not show that family firm weakensnegative relationship between industry rsquo s gap compensation and risk preferences. Implication of thisresearch is the importance of standart amount of compensation to directors based on task andresponsibility that is given to them. It will prevent opportunistic behavior of directors in risk takingpolicies."

"Dewan direksi dan dewan komisaris dipilih atau ditunjuk untuk mengelola dan mengawasi perusahaan. Isu yang paling banyak dipermasalahkan dalam tata kelola perusahaan di seluruh dunia saat ini adalah tentang jumlah posisi direksi dan komisaris yang diperbolehkan pada suatu perusahaan. Penelitian ini menguji bagaimana busy directors dapat mempengaruhi kinerja perusahaan dengan berfokus dan berkontribusi pada dewan komisaris yang diteliti sebagai busy directors dan variabel moderasi yaitu family ownership. Penelitian ini menggunakan 133 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia sebagai sampel penelitian dengan periode observasi 4 tahun dari tahun 2014 hingga 2017. Dengan menggunakan analisis data panel, peneliti menemukan bahwa busy directors tidak memiliki pengaruh terhadap kinerja perusahaan yang diukur menggunakan ROA. Pada family ownership ditemukan memiliki pengaruh positif terhadap kinerja perusahaan. penelitian ini juga menemukan bahwa busy directors memperkuat pengaruh positif family ownership terhadap kinerja perusahaan.

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Board of directors and commissioners are elected to conduct the management and supervision of the company. The most problematic issue in corporate governance around the world is the number of directors and commissioner positions allowed in a company. This paper examines how busy directors can influence the firms performance by focusing on and contributing to the board of commissioners to be researched as busy directors and family ownership as moderation variable. This paper used 133 listed companies on the Indonesia Stock Exchange (IDX) as a sample with 4 years observation period from 2014 to 2017. By using panel data analysis, we find that the busy directors do not correlate with the firms performance as measured by ROA. On the other hand, family ownership as moderated variable reacts positively with firm performance. Furthermore, this paper also shows that busy directors reinforce the family ownership influence of the firms performance."

"ABSTRAK Banyak perusahaan dengan struktur kepemilikan yang terkonsentrasi di Indonesia dikuasai oleh keluarga pendiri. Masalah keagenan pada perusahaan dengan struktur kepemilikan terkonsentrasi terjadi antara controlling shareholders dan non-controlling shareholders. Masalah keagenan ini dapat berdampak terhadap pengambilan keputusan yang tidak efisien dalam perusahaan, termasuk dalam hal keputusan investasi. Penelitian ini menjelaskan pengaruh kehadiran Multiple Large Shareholders (MLS) terhadap hubungan family ownership dan abnormal investment dalam perusahaan. Penelitian berfokus pada perusahaan keluarga, yang tercatat resmi di Bursa Efek Indonesia selama periode penelitian 2011-2017. Hasil dalam penelitian ini menunjukan bukti secara empiris bahwa, cash flow rights yang mengindikasikan adanya alignment effect dapat mengurangi adanya kecenderungan abnormal investment pada perusahaan. Selain itu, hal sebaliknya juga terbukti yaitu adanya entrenchment effect yang diakibatkan dari nilai cash flow leverage. Entrenchment effect ini mencerminkan adanya insentif pemegang saham untuk melakukan ekspropriasi merugikan yang dapat mengakibatkan adanya kecenderungan abnormal investment. Penelitian ini juga membuktikan bahwa pengaruh negatif dari adanya entrenchment effect dapat berkurang ketika perusahaan memiliki lebih dari satu large shareholders, atau disebut juga dengan multiple large shareholders (MLS).

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ABSTRACT

Many firms with concentrated ownership in Indonesia are controlled by families. Agency problem in firms with concentrated ownership occur between controlling shareholders and non controlling shareholders. This agency problem will cause inefficient decision making, such as that related to investment. This research analyzes the effect of Multiple Large Shareholders (MLS) toward relationship between family ownership and abnormal investment. This study focused on family firms which were legally listed in Bursa Efek Indonesia from 2011-2017. This research shows empirically that cash flow rights, which indicate an alignment effect is able to reduce the tendency of abnormal investment. In contrast, there is entrenchment effect which caused by the value of cash flow leverage. This entrenchment effect reflects an insentive of shareholders to do expropriation that can detriment other shareholders. The expropriation activities done by these shareholders may cause the tendency of abnormal investment. This study also proves that the negative influence of entrenchment effect may be reduced when firms have more than one large shareholders, also known as multiple large shareholders (MLS)."

"ABSTRAK

Penelitian ini meneliti pengaruh struktur kepemilikan perusahaan terhadap kebijakan pembayaran dividen di Indonesia selama periode 2009-2012 dari perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia kecuali perusahaan perbankan. Hasil penelitian menunjukkan bahwa terdapat hubungan negatif dan signifikan antara kepemilikan manajemen, kepemilikan keluarga, leverage dengan tingkat pembayaran dividen. Hasil penelitian juga menunjukkan bahwa terdapat hubungan positif dan signifikan antara ukuran perusahaan dengan tingkat pembayaran dividen sedangkan kepemilikan institusional tidak berpengaruh.

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ABSTRACT

The present study investigates the impact of corporate ownership structure on dividend payout policy in Indonesia over the period 2009-2012 of companies listed at Indonesia Stock Exchange except banking companies. The result show that there is negative and significant relation between management ownership, family ownership, leverage with level of dividend payout. The result also show that there is positive and significant relation between company size with level of dividend payout while institusional ownership does not have effect.

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"Penelitian ini membahas faktor-faktor yang memiliki pengaruh pada kebijakan cash holding perusahaan. Faktor-faktor yang akan diteliti adalah Family Ownership, Leverage, Investment Opportunities, Size, Liquidity, Profitability, dan Dividend Payment. Penelitian ini dilakukan dengan menjadikan perusahaan non keuangan pada periode 2010-2014 sebagai sampel dengan menggunakan regresi data panel. Hasil dari penelitian ini menunjukan bahwa Family Ownership dan karakteristik perusahaan lainnya terbukti signifikan memengaruhi kebijakan cash holding pada sebuah perusahaan. Hasil ini secara umum membuktikan teori trade-off, pecking order, dan Free-Cash-Flow sebagai teori yang digunakan untuk mejelaskan perilaku perusahaan dalam menentukan kebijakan cash holding mereka.

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This study discusses the determinant factors of companies cash holding policies. Variables that are used as the factors are Family Ownership, Leverage, Investment Opportunities, Size, Liquidity, Profitability, and Dividend Payment. This study uses non-financial firm in the period of 2010-2014 as the research sample and uses data panel regressions. This study finds that Family Ownership and other firms' charateristics mentioned are proven to significantly affect a firm's cash holding policy. This study also confirms several theories such as Trade-off theory, Pecking Order theory, and Free-cash-Flow theory as a theory that can be used to describe firm?s behavior in making a decision pertaining cash holding policy."

"Corporate governance has impacts on the disclosure of key management compensation in thefinancial statements through the application of the principle of transparancy. This researchaims to analyze the impact of corporate governance structure, such as family ownership,managerial ownership and the effectiveness of the audit committee, as well as audit quality ofkey management compensation disclosures in the financial statements according to PSAK No.7 (Revised 2010). The research using multiple regressions examined non-financial companieslisted on the Indonesia Stock Exchange in 2011. The research found that companies that arecontrolled by family and not part of a business group significantly affect management to complywith the mandatory disclosure related to key management compensation information in thefinancial statements. The research also found that the effectiveness of the audit committeesignificantly affects management to provide better information related to financial disclosures.Furthermore, the audit quality significantly increases the transparency of the compensation ofkey management related to PSAK No. 7 (Revised 2010).AbstrakTeori corporate governance dapat memengaruhi pengungkapan kompensasi manajemen kuncipada laporan keuangan melalui penerapan prinsip transparansi. Penelitian ini bertujuan untukmenganalisis dampak struktur corporate governance, yakni kepemilikan keluarga, kepemilikanmanajerial, dan efektivitas komite audit, serta kualitas audit terhadap pengungkapan kompensasimanajemen kunci pada laporan keuangan berdasarkan PSAK No. 7 (Revisi 2010). Penelitianini menggunakan regresi multivariabel pada perusahaan non keuangan yang terdaftar di BEIpada tahun 2011. Penelitian ini menemukan bahwa perusahaan yang dikontrol oleh keluargadan bukan bagian dari kelompok usaha secara signifikan memengaruhi manajemen untukmematuhi aturan pengungkapan wajib terkait dengan informasi kompensasi manajemen kuncipada laporan keuangan. Penelitian ini juga menemukan bahwa efektivitas komite audit secarasignifikan memengaruhi manajemen untuk menyajikan informasi yang lebih baik terkaitpengungkapan keuangan. Begitu pula dengan kualitas audit yang signifikan meningkatkantransparansi atas kompensasi manajemen kunci terkait PSAK No. 7 (Revisi 2010)"

"ABSTRAKPenelitian ini berisi tentang bagaimana pengaruh pengungkapan family owrnership terhadap dividend pay out ratio dan leverage di Perusahaan Sektor Consumer Goods, Wholesale, dan Restautant yang terdaftar di Bursa Efek Indonesia Periode 2011 ndash; 2015. Family ownership diduga memiliki pengaruh negatif terhadap dividend pay out ratio dan leverage. Penelitian ini menggunakan data panel dengan sampel 61 perusahaan sektor consumer goods, wholesale, dan restaurant yang terdaftar di Bursa Efek Indonesia periode 2011 -2015. Hasil pengujian hipotesis menggunakan metode Pooled LeastSquare menunjukan hasil 1 family ownership berpengaruh negatif terhadap dividend pay out ratio 2 family ownership berpengaruh positif terhadap leverage.

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ABSTRACTThis study discusses about how the influence of family ownership towards Dividen Payout Ratio and Leverage on consumer goods, wholesale, restaurant firms listed in Indonesa Stock Exchange for ther periode 2011 2015. This research uses panel data of 61 company of consumer goods, wholesale, and restaurant firms. Family ownership is estimated reduce dividend pay out ratio and leverage. This study use Pooled Least Square Regression and the result shows 1 Family Ownership have significant negatif impact towards dividend pay out ratio 2 Family Ownership have significant positive effect towards leverage"