Notice of Retraction: A study on the relationship between family ownership, institution share holdings and firm value

We study 288 family firms included in the NSE CNX 500 index of the National Stock Exchange of India. We find an entrenchment-alignment-entrenchment relationship between family ownership and firm value. We show that family CEO has a negative moderating effect on the relationship between family ownership and firm value. When the interaction effect of Family CEO on family ownership is controlled, only family shareholding in the alignment range is found to be statistically significant. The study shows that family firms with family CEO suffer from a decrease in market valuation. This finding is extremely valuable given the fact that India is dominated by family firms and majority of family firms appoint a family member as CEO

Download Full-text

Does family matter? The moderating role of family involvement on the relationship between CSR and firm performance

International Journal of Contemporary Hospitality Management ◽

10.1108/ijchm-03-2021-0315 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Jihwan Yeon ◽

Michael S. Lin ◽

Seoki Lee ◽

Amit Sharma

Keyword(s):

Firm Performance ◽

Family Involvement ◽

Firm Value ◽

Family Ownership ◽

Content Type ◽

Founding Family ◽

The Impact ◽

The Relationship ◽

Moderating Role

Purpose The purpose of this study is to investigate the moderating role of family involvement on the corporate social responsibility (CSR)-firm performance (FP) relationship in the US hospitality industry. Building on agency theory, this study examines how family ownership, management and board control influence the relationship between CSR and FP. Design/methodology/approach To examine the moderating effect of family ownership, family management and family board control, this study adopts the two-way fixed-effects model and performs a panel regression analysis with robust standard errors. The sample period spans 1994–2018 and 565 firm-year observations are included. Findings This study finds that the impact of CSR on FP is positively moderated by the extent of a firm’s family member involvement. In specific, all three aspects of corporate governance (i.e. ownership, management and board control) positively moderate the relationship between CSR and FP. Research limitations/implications Findings of this study yield several recommendations for hospitality managers, including shaping strategic decisions for implementing CSR, by providing a unique perspective that the involvement of founding family members can be helpful in enhancing firm value through CSR activities. Originality/value This study sheds light on the further understanding of the CSR-FP link in the hospitality literature. In addition, this study provides practical guidelines for hospitality firms in the context of CSR by revealing possible advantages of strengthened founding family involvement.

Download Full-text

PENGARUH CSR TERHADAP NILAI PERUSAHAAN: INTEGRASI MANAJEMEN LABA SEBAGAI MEDIASI DAN KEPEMILIKAN KELUARGA SEBAGAI MODERASI

Jurnal Magister Akuntansi Trisakti ◽

10.25105/jmat.v8i1.7971 ◽

2021 ◽

Vol 8 (1) ◽

pp. 1

Author(s):

Stacia Senjaya ◽

Fransiskus Randa ◽

Ferdinandus Sampe

Keyword(s):

Earnings Management ◽

Firm Value ◽

Family Firms ◽

Management Practices ◽

Stock Exchange ◽

Annual Reports ◽

Family Ownership ◽

Financial Reports ◽

The Impact ◽

The Relationship

The purpose of this study is to investigate the role of family ownership integration in moderating and earnings management in mediating the relationship between CSR and firm value. The population used is all companies listed on the Indonesia Stock Exchange (BEI) with the 2015-2018 research period. The number of samples is 67 companies each year, which were selected by purposive sampling method. This study uses documentary data, namely annual reports and financial reports. Path analysis is used to analyze data. The results of this study indicate that CSR has a significant positive effect on earnings management, also earnings management on firm value has a significant positive relationship. The family ownership variable in moderates the relationship between CSR and earnings management is type Pure Moderation, conversely earnings management in mediating the relationship between CSR to the firm's value is type of No Mediation, nor is there any effect of integration of family ownership and earnings management on the relationship of CSR and firm value. The implication of this research, especially for family firms to maintain control of the company's operations, especially in the socio-emotional aspect compared to the financial aspect, because this contributes stakeholder to avoid the impact of earning management practices with the higher the discretionary accrual value is indicated to hide actions that harm firm’s reputation.

Download Full-text

Existence Of Company Size In Control Towards Family Ownership And Debt Policy Value Of Companies

IJBE (Integrated Journal of Business and Economics) ◽

10.33019/ijbe.v4i2.267 ◽

2020 ◽

Vol 4 (2) ◽

pp. 133

Author(s):

Murtiadi Awaluddin ◽

Alim Sholihin ◽

Sumarlin Sumarlin ◽

Rulyanti Susi Wardhani ◽

Andi Sylvana

Keyword(s):

Firm Value ◽

Stock Exchange ◽

Control Variable ◽

Family Ownership ◽

Company Size ◽

Theory Analysis ◽

Analysis Technique ◽

Relationship Of ◽

The Relationship ◽

Debt Policy

This study aims to examine the effect of family ownership, debt policy on firm value with firm size as a control variable. The sample used was a family company listed on the Indonesia Stock Exchange from 2014 to December 2017. The type of this research was quantitative using Agency theory and Signaling Theory. Analysis technique with multiple regression analysis. The results showed that family ownership had a positive and significant effect on firm value, and debt policy had a negative and significant effect on firm value. While company size as a control variable in this study cannot control the relationship of the influence of family ownership and debt policy on firm value, in other words, company size as a control variable does not have a significant effect on the relationship of family ownership and corporate value policy debt.

Download Full-text

PENGARUH FAMILY OWNERSHIP, PERUBAHAN TARIF PAJAK DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN

Jurnal Akuntansi Bisnis ◽

10.30813/jab.v9i2.885 ◽

2017 ◽

Vol 9 (2) ◽

Author(s):

Elfina Astrella Sambuaga

Keyword(s):

Ownership Structure ◽

Tax Reform ◽

Stock Exchange ◽

Family Ownership ◽

Corporate Debt ◽

Tax Rates ◽

Manufacturing Companies ◽

The Impact ◽

The Relationship ◽

Debt Policy

This study aims to provide empirical evidence related to the influence of family ownership, tax reform on corporate debt policy, and further prove the impact on the firm value.This study examined the effect of changes in tax rates in 2009 and 2010 on the relationship between family ownership structure and corporate debt policy. The population of this research is manufacturing companies listed in Indonesia Stock Exchange for 8 consecutive years (2006-2013), with the period of observation for 7 years (2007-2013). A period of 8 years was taken to see a company that is consistently listed on the Stock Exchange prior to the end of the observation period. The result of this study shows that tax reform from progressive tax rates to a flat rate does not affect the relationship between family ownership structure and corporate debt policy. In contrast to the year 2009, changing rate from 28% to 25% in late 2010 was a significant effect on the debt policy with the company of family ownership. Based on the results, it was found that family ownership and debt policy significantly affect the company's enterprise value. It can be concluded, the higher the family ownership, the company's value would be diminished. Instead, the company's value will increase when the company adds to its debt policy.Keywords : debt policy, family ownership, firm value, tax reform.

Download Full-text