Kinerja Perusahaan, Kepemilikan Keluarga, Dan Kompensasi Eksekutif
Abstract
The purpose of this study was to examine the effect of company performance on executive compensation with family ownership as a moderating variable. The sample of this study is non-financial companies listed on the IDX in 2014 - 2018. There are 522 observational data in this study. This study uses multiple linear regression and moderation regression analysis. Executive compensation is the dependent variable and firm performance is the independent variable in this study. Family ownership as the moderating variable. The results of this study confirm the positive effect of firm performance on executive compensation. Family ownership does not moderate the effect of firm performance on executive compensation.
Keywords: Firm Performance, Executive Compensation, Family Ownership, ROA
References
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Balsam, S., Fernando, G. D., & Tripathy, A. (2011). The impact of firm strategy on performance measures used in executive compensation. Journal of Business Research, 64(2), 187-193.
Buachoom, W. (2017). Simultaneous relationship between performance and executive compensation of Thai non-financial firms. Asian Review of Accounting.
Cheng, S., & Firth, M. (2005). Ownership, corporate governance and top management pay in Hong Kong. Corporate Governance: An International Review, 13(2), 291-302.
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Company, P., Jensen, C. & Meckling, H., 1976. Theory of The Firm : Managerial Behavior , Agency Costs and Ownership Structure. Journal of Financial Economics, 3, pp.305–360.
Connelly, T. J., Limpaphayom, P., & Sullivan, M. J. (2018). The effect of family ownership on the relation between executive compensation and performance: evidence from Thailand.
Cucculelli, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance, 14(1), 17-31.
Daft. 2010. Era Baru Manajemen. Jilid 1. Edisi ke Sembilan Salemba Empat. Jakarta
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Frydman, C., & Jenter, D. (2010). CEO compensation. Annu. Rev. Financ. Econ., 2(1), 75-102.
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Isakov, D., & Weisskopf, J. P. (2015). Pay-out policies in founding family firms. Journal of Corporate Finance, 33, 330-344.
Jovanovic, B. (1982). Selection and the Evolution of Industry.,Econometrica Vol. 50, pp. 649–670.
Kato, T., & Long, C. (2006). Executive compensation, firm performance, and corporate governance in China: Evidence from firms listed in the Shanghai and Shenzhen Stock Exchanges. Economic development and Cultural change, 54(4), 945-983.
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M. Kadarisman. 2012. Manajemen Kompensasi. Jakarta: PT Raja Grafindo Persada
Michiels, A., Voordeckers, W., Lybaert, N., & Steijvers, T. (2013). CEO compensation in private family firms: Pay-for-performance and the moderating role of ownership and management. Family Business Review, 26(2), 140-160.
Ndofirepi, T. P. (2015). The relationship between CEO compensation and various performance indicators in South Africa (Doctoral dissertation).
Sakawa, H., & Watanabel, N. (2019). Family control and ownership monitoring in Stakeholder-oriented corporate governance. Management Decision, 57(7), 1712–1728.
Setianto, R. H., & Sari, P. K. (2017). Perusahaan keluarga dan kebijakan dividen di Indonesia. Jurnal Siasat Bisnis, 21(2), 107.
Sheikh, M. F., Shah, S. Z. A., & Akbar, S. (2018). Firm performance, corporate governance and executive compensation in Pakistan. Applied economics, 50(18), 2012-2027.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Smirnova, A. S., Zavertiaeva, M. A. (2017) Which came first, CEO compensation or firm performance? The causality dilemma in European companies. Research in International Business and Finance, 42, 658-673.
Stimpson, P., & Smith, A. (2011). Business and Management for the IB Diploma. Cambridge: Cambridge University Press.
Sudana, I Made. (2015). Manajemen Keuangan Perusahaan Teori dan Praktik. Jakarta: Erlangga.
Zadeh, F. O., & Eskandari, A. (2012). Firm size as company's characteristic and level of risk disclosure: Review on theories and literatures. International Journal of Business and Social Science, 3(17).
Balsam, S., Fernando, G. D., & Tripathy, A. (2011). The impact of firm strategy on performance measures used in executive compensation. Journal of Business Research, 64(2), 187-193.
Buachoom, W. (2017). Simultaneous relationship between performance and executive compensation of Thai non-financial firms. Asian Review of Accounting.
Cheng, S., & Firth, M. (2005). Ownership, corporate governance and top management pay in Hong Kong. Corporate Governance: An International Review, 13(2), 291-302.
Chou, T. K., & Buchdadi, A. D. (2018). Executive’s compensation, good corporate governance, ownership structure, and firm performance: a study of listed banks in Indonesia. Journal of Business and Retail Management Research, 12(3).
Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of financial Economics, 58(1-2), 81-112.
Company, P., Jensen, C. & Meckling, H., 1976. Theory of The Firm : Managerial Behavior , Agency Costs and Ownership Structure. Journal of Financial Economics, 3, pp.305–360.
Connelly, T. J., Limpaphayom, P., & Sullivan, M. J. (2018). The effect of family ownership on the relation between executive compensation and performance: evidence from Thailand.
Cucculelli, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance, 14(1), 17-31.
Daft. 2010. Era Baru Manajemen. Jilid 1. Edisi ke Sembilan Salemba Empat. Jakarta
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of political economy, 93(6), 1155-1177.
Frydman, C., & Jenter, D. (2010). CEO compensation. Annu. Rev. Financ. Econ., 2(1), 75-102.
Frye, M. B. (2004). Equityâ€based compensation for employees: firm performance and determinants. Journal of Financial Research, 27(1), 31-54.
Ghozali, Imam. 2013. Aplikasi Analisis Multivariate dengan Program IBM SPSS 21. Edisi Ketujuh. Semarang : Badan Penerbit Universitas Diponegoro.
Gibb Dyer Jr, W. (2006). Examining the “family effect†on firm performance. Family business review, 19(4), 253-273.
Hariyanto, L. (2014). Pengaruh Family Control, Firm Risk, Firm Size Dan Firm Age Terhadap Profitabilitas Dan Nilai Perusahaan Pada Sektor Keuangan. Business accounting review, 2(1), 141-150.
Isakov, D., & Weisskopf, J. P. (2015). Pay-out policies in founding family firms. Journal of Corporate Finance, 33, 330-344.
Jovanovic, B. (1982). Selection and the Evolution of Industry.,Econometrica Vol. 50, pp. 649–670.
Kato, T., & Long, C. (2006). Executive compensation, firm performance, and corporate governance in China: Evidence from firms listed in the Shanghai and Shenzhen Stock Exchanges. Economic development and Cultural change, 54(4), 945-983.
Kubo, K. (2005). Executive compensation policy and company performance in Japan. Corporate Governance: An International Review, 13(3), 429-436.
M. Kadarisman. 2012. Manajemen Kompensasi. Jakarta: PT Raja Grafindo Persada
Michiels, A., Voordeckers, W., Lybaert, N., & Steijvers, T. (2013). CEO compensation in private family firms: Pay-for-performance and the moderating role of ownership and management. Family Business Review, 26(2), 140-160.
Ndofirepi, T. P. (2015). The relationship between CEO compensation and various performance indicators in South Africa (Doctoral dissertation).
Sakawa, H., & Watanabel, N. (2019). Family control and ownership monitoring in Stakeholder-oriented corporate governance. Management Decision, 57(7), 1712–1728.
Setianto, R. H., & Sari, P. K. (2017). Perusahaan keluarga dan kebijakan dividen di Indonesia. Jurnal Siasat Bisnis, 21(2), 107.
Sheikh, M. F., Shah, S. Z. A., & Akbar, S. (2018). Firm performance, corporate governance and executive compensation in Pakistan. Applied economics, 50(18), 2012-2027.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Smirnova, A. S., Zavertiaeva, M. A. (2017) Which came first, CEO compensation or firm performance? The causality dilemma in European companies. Research in International Business and Finance, 42, 658-673.
Stimpson, P., & Smith, A. (2011). Business and Management for the IB Diploma. Cambridge: Cambridge University Press.
Sudana, I Made. (2015). Manajemen Keuangan Perusahaan Teori dan Praktik. Jakarta: Erlangga.
Zadeh, F. O., & Eskandari, A. (2012). Firm size as company's characteristic and level of risk disclosure: Review on theories and literatures. International Journal of Business and Social Science, 3(17).
Published
2023-02-26
Section
Articles
