The Iniquitous Influence of Family Ownership Structures on Corporate Performance - Diponegoro University | Institutional Repository (UNDIP-IR)

#

,

#

)'

+/

+

$

+
5
&

3
6

4

-

!
-

!
!

$

(
-

.

(
&=KL#
$

)

$
&

&1%
$
G& GL#
&

$
$

$
$

(

&

$

$$

)

$
)

$
$
(

$

$

)

#

B

*++*,

!
"

"

-

$G

#*+++,
"

!

4

!

"

"
"
G
9
= "

"
"

"
5

M 4
G

"

"

!

"
"

"
5

"
M
7

0

A

&

# &&2,

"

* +

)
"

;

6

G

"

"

"
!

P

"

"

"
"

9

"

"
:

"

!

"

3
=

"
B

"
@

&

0 #
"

&CC,
G

H

#-

"
&21, = "

B

*++',

"

#H
"

"

=

"
"
"
;"

B

4

?
"
&&&,

$

#@
-

<

#*++>, 5

"

"
0

9

6

"

-

)
F

:

#*++',

6

!
"
#"

"
G

G
"
G

"

#"

,

5

(

,

#
N

A

"
A

!

#)
6
*++ (

5

G

9
#
&C1( $
.
*++>,

&&2(

*++ , 4

"
5
#

&&2,

5

"
"

"

"

"

$

/
6/
*++C,

(

)

6

9
5

"

A
*+++(

!
5
"

?

"

!
"

"

"
#
%

*+++( !
)

&

*+++( -

"

B
)
B
=
# &&C,
#*++1,
^
#*++2,
?
B
#*++,

*++>,
"
"

.
6
/ "

4
"
A

"
$
6
#*++ ,
%
# &&&,

5
# &C', $
=

4

6

"

=

"

-

"

$G

#*++*,

"
0
9

/

#*++C,

#*++>,

4

"
"

"

(

5

5

"
"
0

9
00
"

"
*++C,

#
5
"

#B

&

(
0

:

<

"
F

6

#+,

%
";1

!

*

'& +'L
"

"
"
* C L
"
!
"
& #*+++,
4
"
"
G
1 2+L
*

<

!
4
'2 '
* +C&
&*>
+ 21+
+ >*C
#9
:;
+ &, !

"

#
"

;
#H
*++', !

&

&21( :

"

"

"
#

9
& #*++',

"

& #*++ ,
#*++*,
/
#*++>,
"
/ "

?
:

A


#

.
+ +'2,
"

+ +++

,

"

<
4

!!

#

!

:

9
<

9

>,

:
;(

"

$
"

";1
"

<

&&C(
%
"

!

6
&
#*++>, 1 $
#
";1 !
G
:

#

"
*++ ( @

>

:

&

:
&&&( )
*++>, !

<

>

#1 '&L,

#2 C&L,
:
# *1L,

<

# + '1L,

!

Table 3: Descriptive statistics – Owner identity
7
5
*
/

)

/

I
)

%

12
>C
! :
1*

! :

I

8

&

*1
2 C&

& 12
+ '

>> 1

1 '&
+ '1

& 2C
& 1'

> 2+<

!

4
"

+ +++ !
0

4

!

!
"

4
"
&CC( B
*++', !

"
&&&( :
5

#
& *++ (

#2 C&L,

"
# *1L, !
=

9

M

"
!0
"
# &&2, 5

"

6

M;

"

3
"

"

)
B

"

0
G

"

"

@
"

"
9
"

+ >*C
.

"
E% '++

5
:

?
"

! )

-

$
&&C !

:

# ,F *<
H ?

"
F +2 *2
@ .

><

"

#

H

&&> !

A
6
*++ *
/ H -

:
6
3

+
; )
F !

21 #*,F>1& >&&

"
8

B /

*++* !

1

%

H

-

"
)

*++' %
)

3
6
!

G

% % %

,F>1' >&'
= %
N
*++ $
5
1
3
"
( & F'< 2C
H % =
! H B
*++* "

4 %
F !

)

1
"

"
*
%

*
:

2 #*+& *>>,
$ @
H H
-

$

9

" %*
$

8

*)

4

. -

> #*,F > *2
@
&C' !
F9
&>F '' 22
: A
*++

6 =
"
3
6 =

#*2 *C ,
B
&&2 $

C&
6/

4 )
1

F>'> >C<
&CC !
)

*
:

4
$

3
$
A
$
$

>
:
.

4

*+ # ,F> 2 > H
4

F H

4

.
%

9

@

,F

$ )

*
) ! "

4
&C1
8

. B A
!

H

?5
7AA= H

6
!

! %

0

!
:

A

1
6$

&&&
*)

"

3

&,F>C' >&C
! *++> !
F
3
1C #>,F>*' >'
H
B
A
R
: " *++1
$8
! *++C
H
3

)

"
3
>F>+' >1+
&&& ;"
1
"
( !

'< #*,F,FC' < 2
&&& = "
F
"
** #*,F 1 C2
H
&CC !
*
"
( F +'
N = *++' $
M
> #*,F> > >*'
H @

*)
C

*F>* ><

Tarmizi Achmad holds a Ph.D. from the University of Western Australia. His thesis was titled, “Corporate Governance of Family Firms and Voluntary Disclosure: The Case of Indonesian Manufacturing
Firms.” He is affiliated to Universitas Diponegoro, Semarang, Indonesia.

Rusmin is affiliated to the Business Department of Curtin University of Technology in Australia. He has
published in many journals, such as African Journal of Business Management, The Journal of Contemporary
Issues in Business and Government, Journal of money laundering control, The Journal of Accounting, Management, and Economics Research, Journal of Contemporary Issues in Business and Government, The international journal of accounting auditing and performance evaluation and others.