Pengaruh Kepemilikan Keluarga Terhadap Kinerja Keuangan Perusahaan: Efek Moderasi dari Keterlibatan Keluarga


  • Melati Oktafiyani Universitas Dian Nuswantoro
  • Jesica Viranco Intan Miranda Universitas Dian Nuswantoro
  • Nila Tristiarini Universitas Dian Nuswantoro
  • St. Dwiarso Utomo Universitas Dian Nuswantoro



Financial Performance, Family Involvement, Family Business, FPEC-Scale


This study aims to analyze the moderating role of family involvement on the effect between family ownership on financial performance while taking into consideration the characteristic of the company (size). Using time series dataset, this study covers a sample of 32 public companies (288 company-years) listed on the Indonesian Stock Exchange (IDX) over the period 2010-2018. The family business category is defined as FPEC-Scale (Power Dimensions). The finding shows that family ownership positively affects the financial performance. In addition, the other findings indicate that the more the family is involved in the management and corporate governance, the more financial performance appears to be sustained over the long term. On the other hand, the relationship of family ownership and financial performance is moderated by family involvement. It emphasizes the importance of holding CEO positions in the family business by family members, in particular founders, in order to achieve better financial performance.



Download data is not yet available.


Abdullah A. Al-Dubai, S., Nor Izah Ku Ismail, K., & Afza Amran, N. 2014. Family involvement in ownership, management, and firm performance: Moderating and direct-effect models. Asian Social Science, 10(14), 193–205.

Al-Dubai, S., Ku Ismail, K. N. I., & Amran, N. A. 2014. Family involvement in ownership, management, and firm performance: Moderating and direct-effect models. Asian Social Science, 10(14).

Amit, R., & Villalonga, B. 2014. Financial performance of family firms. The Sage Handbook of Family Business, 157–178.

Anderson, R. C., & Reeb, D. M. 2003. Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301–1328.

Ang, J. S., Cole, R. A., & Lin, J. W. 2000. Agency costs and ownership structure. Journal of Finance, 55(1), 81–106.

Astrachan, J. H., Klein, S. B., & Smyrnios, K. X. 2002. The F-PEC scale of family influence: A proposal for solving the family business definition problem1. Family Business Review, 15(1), 45–58.

Astrachan, J. H., & Shanker, M. C. 2003. Family businesses’ contribution to the US economy: A closer look. Family Business Review, 16(3), 211–219.

Barontini, R., & Caprio, L. 2006. The effect of ownership structure and family control on firm value and performance. In Evidence from Continental Europe, European Financial Management. Citeseer.

Bocatto, E., Gispert, C., & Rialp, J. 2010. Family‐owned business succession: the influence of pre‐performance in the nomination of family and nonfamily members: evidence from Spanish firms. Journal of Small Business Management, 48(4), 497–523.

Burkart, M., Gromb, D., & Panunzi, F. 1997. Large shareholders, monitoring, and the value of the firm. The Quarterly Journal of Economics, 112(3), 693–728.

Carney, M. 1998. A management capacity constraint? Obstacles to the development of the overseas Chinese family business. Asia Pacific Journal of Management, 15(2), 137–162.

Chua, J. H., Chrisman, J. J., & Sharma, P. 2003. Succession and nonsuccession concerns of family firms and agency relationship with nonfamily managers. Family Business Review, 16(2), 89–107.

Claessens, S., Djankov, S., & Lang, L. H. P. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1–2), 81–112.

Daily, C. M., & Dollinger, M. J. 1991. Family firms are different. Review of Business, 13(1–2), 3–6.

Daily, C. M., & Dollinger, M. J. 1993. Alternative methodologies for identifying family-versus nonfamily-managed businesses. Journal of Small Business Management, 31(2), 79.

Davis, J. H., Schoorman, F. D., & Donaldson, L. 1997. Toward a stewardship theory of management. Academy of Management Review, 22(1), 20–47.

DeAngelo, H., & DeAngelo, L. 2000. Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company. Journal of Financial Economics, 56(2), 153–207.

Demsetz, H. 1988. A Framework for the Study of Ownership.

Demsetz, H., & Lehn, K. 2009. The structure of corporate ownership: Causes and consequences. Readings in Applied Microeconomics: The Power of the Market, 93(6), 383–401.

Dharmadasa, P. 2014. Family ownership and firm performance: Further evidence from Sri Lanka and Japan. International Journal of Asian Business and Information Management (IJABIM), 5(4), 34–47.

Fama, E. F., & Jensen, M. C. 1983a. Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327–349.

Fama, E. F., & Jensen, M. C. 1983b. Separation of ownership and control. The Journal of Law and Economics, 26(2), 301–325.

Filatotchev, I., Lien, Y.-C., & Piesse, J. 2005. Corporate governance and performance in publicly listed, family-controlled firms: Evidence from Taiwan. Asia Pacific Journal of Management, 22(3), 257–283.

Giovannini, R. 2010. Corporate governance, family ownership and performance. Journal of Management & Governance, 14(2), 145–166.

Gomez-Mejia, L. R., Larraza-Kintana, M., & Makri, M. 2003. The determinants of executive compensation in family-controlled public corporations. Academy of Management Journal, 46(2), 226–237.

Gomez-Mejia, L. R., Nunez-Nickel, M., & Gutierrez, I. 2001. The role of family ties in agency contracts. Academy of Management Journal, 44(1), 81–95.

Hoopes, D. G., & Miller, D. 2006. Ownership preferences, competitive heterogeneity, and family-controlled businesses. Family Business Review, 19(2), 89–101.

Isakov, D., & Weisskopf, J.-P. 2009. Family ownership, multiple blockholders and firm performance. In Paris December 2009 Finance International Meeting AFFI-EUROFIDAI.

Javid, A. Y. 2012. Impact of Family Ownership Concentration on the Firm’s Performance (Evidence from Pakistani Capital Market). Journal of Asian Business Strategy, 2(3), 63.

Jayaraman, N., Khorana, A., Nelling, E., & Covin, J. 2000. CEO founder status and firm financial performance. Strategic Management Journal, 21(12), 1215–1224.

Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

Jiang, Y., & Peng, M. W. 2011. Are family ownership and control in large firms good, bad, or irrelevant? Asia Pacific Journal of Management, 28(1), 15–39.

Kowalewski, O., Talavera, O., & Stetsyuk, I. 2010. Influence of family involvement in management and ownership on firm performance: Evidence from Poland. Family Business Review, 23(1), 45–59.

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. 2000. Investor protection and corporate governance. Journal of Financial Economics, 58(1–2), 3–27.

Lee, J. 2006. Family firm performance: Further evidence. Family Business Review, 19(2), 103–114.

Martin, M. F. 2010. China’s sovereign wealth fund: Developments and policy implications. DIANE Publishing.

Maury, B., & Pajuste, A. 2005. Multiple large shareholders and firm value. Journal of Banking and Finance, 29(7), 1813–1834.

Mazzi, C. 2011. Family business and financial performance: Current state of knowledge and future research challenges. Journal of Family Business Strategy, 2(3), 166–181.

Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella Jr, A. A. 2007. Are family firms really superior performers? Journal of Corporate Finance, 13(5), 829–858.

Mizruchi, M. S. 2004. Berle and Means revisited: The governance and power of large U.S. corporations. Theory and Society, 33(5), 579–617.

Morck, R., Shleifer, A., & Vishny, R. W. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293–315.

Morck, R., & Yeung, B. 2003. Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4), 367–382.

Mustakallio, M. a. 2002. Helsinki University of Technology Institute of Strategy and International Business Doctoral Dissertations 2002 / 2 Espoo 2002. Business.

O’Boyle Jr, E. H., Pollack, J. M., & Rutherford, M. W. 2012. Exploring the relation between family involvement and firms’ financial performance: A meta-analysis of main and moderator effects. Journal of Business Venturing, 27(1), 1–18.

Oktafiyani, M., & Machmuddah, Z. 2018. Perusahaan Keluarga di Indonesia: Managerial Rent Extraction And Firm Performance. Jurnal Penelitan Ekonomi Dan Bisnis, 3(1), 48–60.

Rutherford, M. W., Kuratko, D. F., & Holt, D. T. 2008. Examining the link between “familiness” and performance: Can the F–PEC untangle the family business theory jungle? Entrepreneurship Theory and Practice, 32(6), 1089–1109.

Salvato, C., & Moores, K. 2010. Research on accounting in family firms: Past accomplishments and future challenges. Family Business Review, 23(3), 193–215.

Sciascia, S., & Mazzola, P. 2008. Family Involvement in Ownership and Management: Exploring Nonlinear Effects on Performance. Family Business Review, 21(4), 331–345.

Seifert, B., Gonenc, H., & Wright, J. 2005. The international evidence on performance and equity ownership by insiders, blockholders, and institutions. Journal of Multinational Financial Management, 15(2), 171–191.

Serrasqueiro, Z. S., & Nunes, P. M. 2008. Performance and size: empirical evidence from Portuguese SMEs. Small Business Economics, 31(2), 195–217.

Setiawan, D. 2012. Corporate Governance Practice in Indonesia. Jurnal Akuntansi Dan Bisnis, 7(2).

Shleifer, A., & Vishny, R. W. 1997. A survey of corporate governance. The Journal of Finance, 52(2), 737–783.

Vijayakumar, A., & Tamizhselvan, P. 2010. Corporate size and profitability: An empirical analysis. Journal for Bloomers of Research, 3(1), 44–53.

Villalonga, B., & Amit, R. 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics, 80(2), 385–417.

Westhead, P., & Howorth, C. 2006. Ownership and management issues associated with family firm performance and company objectives. Family Business Review, 19(4), 301–316.

Yang, C.-H., & Chen, K.-H. 2009. Are small firms less efficient? Small Business Economics, 32(4), 375–395.

Zahra, S. A., & Sharma, P. 2004. Family business research: A strategic reflection. Family Business Review, 17(4), 331–346.