PENGARUH PENURUNAN KONSENTRASI KEPEMILIKAN SAHAM KELUARGA TERHADAP KINERJA PERUSAHAAN (Studi Empiris pada Perusahaan Keluarga yang Melaksanakan IPO pada 2000-2009)

Abstract

The purpose of this study was to investigate the influence of change in share ownership due to IPO on board director independence as dependent variable. This study also investigates the effect of composition of board director on family firms’ performance. Buy and Hold Abnormal Return (BHAR) method was used to measure the firms’ performance. In the other hand, board independence was measured by dummy variable based on the existence of independent director on board. Independent variables which were used in this research are change in share ownership due to IPO, number of independent director and family participation in firm’s management. Family participation was measured by F-PEC score. The samples of this study taken from companies listed in Indonesian Stock Exchange which was release IPO during the period of 2000 until 2009. The samples were collected by purposive sampling methods. The samples were selected by Astrachan’s F-PEC scale and three other definitions of family which were used by Zaenal Arifin. Data was analyzed using logistic and multiple regressions. The result shows that change in share ownership does not affect the independence of board director. Else, family firms’ performance was more affected by the number of independent director than family participation in firm’s management. Thus, this result shows that family director does not have superior performance compared to independent director. For that fact, is could be said that agency theory more proper to apply in family firms.