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All Journal Jurnal Manajemen Teknologi Jurnal Manajemen Bisnis Jurnal Keuangan dan Perbankan EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis International Research Journal of Business Studies (E-Journal) AFEBI Management and Business Review The Indonesian Journal of Accounting Research Jurnal Scientia Jurnal Akuntansi dan Keuangan Indonesia
Cynthia Afriani Utama, Cynthia Afriani
Faculty Of Economics And Business, University Of Indonesia
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Mathematics Social Sciences Other

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Board of Commissioners in Corporate Governance, Firm Performance, and Ownership Structure Utama*, Cynthia Afriani; Utama**, Sidharta
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 12, No 2 (2019): August - November 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (267.869 KB)

Abstract

The purpose of this study is to investigate: firstly, the two-way causality between firms performance and the size of BOC; secondly, the nonlinear effect of board size on the firms? performance; thirdly, the direct and moderating effects of the ownership structure on the influence of firm performance on board size. Using the ROA as a measure of firm performance, we find that there is a simultaneous relationship between firm performance and the size of BOC: the size of the board has an inverted U-shaped effect on firm performance while firms performance has a negative influence on board size. We find that the size of the board of commissioners increases firm performance up to a certain level, but a very large board reduces firm performance. We find marginal evidence that ownership structure has a moderating effect on the impact of firm performance on board size. We document that the negative effect of performance on board size dissipates as ownership right increases. The negative effect of performance on board size marginally strengthens. Thus, our study contributes to the literature by finding that the negative influence of firm performance and board primarily occurs on firms that are subject to high incentive expropriation by controlling shareholders.Keywords:board size, board of commissioners, corporate governance, firm performance,ownership structure, cash-flow rights, control rights.* Department of Management, Faculty of Economics and Business, Universitas Indonesia, Kampus UI Depok 16424, Indonesia** Department of Accounting, Faculty of Economic and Business, Universitas Indonesia, Kampus UI Depok 16424, Indonesia https://doi.org/10.21632/irjbs.12.2.111-136
Pengaruh Struktur Kepemilikan Keluarga dan Pemerintah Terhadap Kerugian Kredit Bank Utama, Cynthia Afriani; Jatmiko, Wahyu
Jurnal Manajemen Teknologi Vol 14, No 2 (2015)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (9521.767 KB) | DOI: 10.12695/jmt.2015.14.2.1

Abstract

Abstrak. Kerugian kredit, telah berulang kali diidentifikasi sebagai pemicu utama terjadinya kegagalan pada bank. Namun, studi yang menelaah faktor penentu kerugian kredit bank masih sangat jarang. Salah satunya adalah struktur kepemilikan keluarga. Padahal, 70% bank di Indonesia dimiliki oleh keluarga sehingga perbankan di Indonesia sangat rentan oleh eskpropriasi oleh kepemilikan keluarga terhadap pemegang saham minoritas. Oleh karena itu, tujuan utama penelitian ini adalah melihat pengaruh struktur kepemilikan keluarga dan pemerintah terhadap kerugian bank. Faktor penentu lainnya yang diteliti adalah pengaruh non linear ukuran bank terhadap kerugian kredit bank. Penelitian ini menggunakan the generalized method- of-moments (GMM) estimator yang dikembangkan untuk dynamic models of panel data. Dengan menggunakan data perbankan Indonesia dari tahun 2004 sampai dengan tahun 2014, hasil penelitian menunjukkan bahwa bank dengan kepemilikan keluarga memiliki kerugian kredit lebih besar dibandingkan bank lainnya (non keluarga). Tetapi, penelitian ini tidak menemukan pengaruh kepemilikan pemerintah terhadap kerugian kredit. Sementara ukuran bank ditemukan berpengaruh secara linear terhadap kerugian kredit namun tidak berpengaruh secara non linear. Implikasi penelitian ini adalah perbankan di Indonesia sebagai industri teregulasi harus memiliki aturan dan penegakan yang ketat dari Otoritas Jasa Keuangan agar bank dengan kepemilikan keluarga tidak menimbulkan kerugian kredit lebih besar dan merugikan pihak minoritas.Kata kunci: kerugian kredit bank, struktur kepemilikan keluarga, struktur kepemilikan pemerintah, ukuran bank, risiko bank Abstract. Credit losses, has been repeatedly identified as the principal cause of the failure of the bank. However, the extant literatures that examine the determinants of bank credit losses are still very rare. One is the structure of family ownership. In fact, 70% of banks in Indonesia are very concentrated on family ownership thus this condition may cause the entrenchment effect of family ownership on minority shareholders. Hence, the main purpose of this study is to investigate the influence of family ownership and government ownership on credit losses. Other determinant that being investigated is the possibility of non-linear effect of banks size on credit losses. This study used the generalizedmethod-of-moments (GMM) estimator developed for dynamic models of panel data. By using the Indonesian banking data from 2004 to 2014, the results shows that the bank with family ownership has a greater credit losses than other banks (non-family). However, this study fails to find the influence of government ownership on credit losses. While, the relationship between bank size and credit losses is linear and this study fails the non-linear relationship between the bank size and credit losses. The implications of this research are Financial Services Authority should enact and enforce the regulation that mitigate the expropriation of family ownership and consequently, the credit losses of Indonesian bank will be relatively reduced.Keywords: bank credit losses, family ownership, government ownership, bank size, bank risk   
The Indirect Impact of Busy Directors on the Relationship of Family Structure and Cash Flow Sensitivity of Cash (Empirical Research in Indonesia’s Manufacturing Sector 2013-2017) Santoso, Wahyu; Utama, Cynthia Afriani
Jurnal Manajemen Bisnis Vol 12, No 1: March 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v12i1.9344

Abstract

Research aims: This research aimed to determine the impact of family structure on the cash flow sensitivity of cash (CFSC) in the manufacturing sector. It also investigates the indirect impact of busy directors as a moderating effect.Design/Methodology/Approach: Based on a sample of Indonesia’s manufacturing companies from 2013 to 2017, the researcher uses GLS regression models on this panel data calculated with robustness fit test at the firm’s level.Research findings: It indicated that family structure has a impact positively on cash flow sensitivity of cash and statistically significant. Meanwhile, the indirect impact of busy directors  found to have a impact negatively and weakened on the relationship of family structure and CFSC, it also indiciated that quality of busy directors is an tool of corporate governance that is effectively to monitor of every family firm’s decisions.Theoretical contribution: This article enriches previous literature by justifying the impact of busy directors on the relation between every each of family’s firm decision and CFSC. Furthermore, it showed us a metric for agency problems that is the sensitivity of cash to corporate cash flows.Implication policy: Based on POJK regulations, the context of busy directors in this research refers to the roles and duties of the Board of Commissioners (BOC) which concurrently hold positions for other public companies.Research Limitation/Implication: The implications suggest that almost most of Indonesian family corporation are tend to expropriate minority by extracting rents through coporate cash flow sensitivity of cash behavior. 
Family Ownership Structure, Independent Directors, and Independent Commissioners: Effects on Leverage Yolanda, Yoke; Utama, Cynthia Afriani
Jurnal Manajemen Bisnis Vol 12, No 1: March 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mabis.v12i1.9525

Abstract

Research aims: The purpose of this research was to examine the direct relationship between family ownership structure and leverage as well as the indirect impact of independent commissioners and independent directors on the relationship between family ownership structure and leverage.Design/Methodology/Approach: This research applied a purposive sampling technique that resulted in 22 Indonesian manufacturing public firms operating from 2010 to 2018 as the research sample. The panel data were collected from Thomson Reuters, and family ownership data were manually collected from company annual reports. This research employed multiple regression analysis with four models.Research findings: The results indicated that family ownership structure was negatively significant to leverage. The independent director was not proven to strengthen the relationship between family ownership structure and leverage but rather was partially proven to do so yet the independent commissioner could not strengthen the relationship between family ownership structure and leverage.Theoretical contribution/ Originality: This research was contributed to develop the relationship between ownership structure in family companies by involving independent commissioners and independent directors.Practitioner/Policy implication: This research’s result can help companies make financing decisions and mitigate agency problems.Research limitation/Implication: The limitations of this research were the sample only focused on manufacturing public firms and Indonesia Stock Exchange has implemented regulations to eliminate the rule requiring each company to have an independent director, which became effective as of December 28, 2018.
The Indirect Impact of Busy Directors on the Relationship of Family Structure and Cash Flow Sensitivity of Cash (Empirical Research in Indonesia’s Manufacturing Sector 2013-2017) Santoso, Wahyu; Utama, Cynthia Afriani
Jurnal Manajemen Bisnis Vol 12, No 1: March 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v12i1.9344

Abstract

Research aims: This research aimed to determine the impact of family structure on the cash flow sensitivity of cash (CFSC) in the manufacturing sector. It also investigates the indirect impact of busy directors as a moderating effect.Design/Methodology/Approach: Based on a sample of Indonesia’s manufacturing companies from 2013 to 2017, the researcher uses GLS regression models on this panel data calculated with robustness fit test at the firm’s level.Research findings: It indicated that family structure has a impact positively on cash flow sensitivity of cash and statistically significant. Meanwhile, the indirect impact of busy directors  found to have a impact negatively and weakened on the relationship of family structure and CFSC, it also indiciated that quality of busy directors is an tool of corporate governance that is effectively to monitor of every family firm’s decisions.Theoretical contribution: This article enriches previous literature by justifying the impact of busy directors on the relation between every each of family’s firm decision and CFSC. Furthermore, it showed us a metric for agency problems that is the sensitivity of cash to corporate cash flows.Implication policy: Based on POJK regulations, the context of busy directors in this research refers to the roles and duties of the Board of Commissioners (BOC) which concurrently hold positions for other public companies.Research Limitation/Implication: The implications suggest that almost most of Indonesian family corporation are tend to expropriate minority by extracting rents through coporate cash flow sensitivity of cash behavior. 
Family Ownership Structure, Independent Directors, and Independent Commissioners: Effects on Leverage Yolanda, Yoke; Utama, Cynthia Afriani
Jurnal Manajemen Bisnis Vol 12, No 1: March 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mabis.v12i1.9525

Abstract

Research aims: The purpose of this research was to examine the direct relationship between family ownership structure and leverage as well as the indirect impact of independent commissioners and independent directors on the relationship between family ownership structure and leverage.Design/Methodology/Approach: This research applied a purposive sampling technique that resulted in 22 Indonesian manufacturing public firms operating from 2010 to 2018 as the research sample. The panel data were collected from Thomson Reuters, and family ownership data were manually collected from company annual reports. This research employed multiple regression analysis with four models.Research findings: The results indicated that family ownership structure was negatively significant to leverage. The independent director was not proven to strengthen the relationship between family ownership structure and leverage but rather was partially proven to do so yet the independent commissioner could not strengthen the relationship between family ownership structure and leverage.Theoretical contribution/ Originality: This research was contributed to develop the relationship between ownership structure in family companies by involving independent commissioners and independent directors.Practitioner/Policy implication: This research’s result can help companies make financing decisions and mitigate agency problems.Research limitation/Implication: The limitations of this research were the sample only focused on manufacturing public firms and Indonesia Stock Exchange has implemented regulations to eliminate the rule requiring each company to have an independent director, which became effective as of December 28, 2018.
DAMPAK KEPUTUSAN INVESTASI DAN STRUKTUR KEPEMILIKAN KELUARGA TERHADAP KOMPENSASI DIREKSI PERUSAHAAN MANUFAKTUR INDONESIA Surtihati Surtihati; Cynthia Afriani Utama
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (416.93 KB) | DOI: 10.26905/jkdp.v21i1.1223

Abstract

This study examined the influence of family ownership structure and investment decisions on CEO compensation. This study also examined how the family ownership structure and investment decisions jointly affected CEO compensation. This study used 988 observations consisting of 150 manufacturing companies listed in Indonesia Stock Exchange from 2008 to 2014. The method used was fixed effects method (FEM). The results of the study showed that firms owned by a family gave higher compensation than non-family firms to their CEO. The family ownership structure proved the positive relationship between investment decisions and CEO compensation.
The Effect of Family Ownership on the Relationship between Busy Directors and Stock Price Crash Risk for Listed Firms on the Indonesia Stock Exchange Siti Fatimah Zachro; Cynthia Afriani Utama
Jurnal Keuangan dan Perbankan Vol 25, No 1 (2021): January 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i1.4909

Abstract

This study explores the impact of busy directors on the stock price crash risk if an individual holds three or more board positions. Since Indonesia has adopted a two-tier system, directors refer to Commissioners. Most of the literature suggests that the main risk factor for stock price crashes arises from the tendency of management to withhold adverse news from investors regarding compensation contracts and career issues. This research aims to verify whether busy directors help to limit managerial opportunistic behavior. Results show that multiple positions bring no effect on the stock price crashes risk due to cross over interaction which negated the substantial effect on the risk of stock price crashes. As a country with high family ownership concentration, the results illustrate that family firms in Indonesia will strengthen the influence of Commissioners who hold multiple positions in reducing stock price crashes risk. This investigation uses a sample of companies listed in the Indonesia Stock Exchange over the period between 2014 and 2019. The generalized method of moment (GMM estimator) is used as a research method to reduce endogeneity problems.DOI: https://doi.org/10.26905/jkdp.v25i1.4909 
Board of Commissioners in Corporate Governance, Firm Performance, and Ownership Structure Cynthia Afriani Utama; Sidharta Utama
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 12, No 2 (2019): August - November 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The purpose of this study is to investigate: firstly, the two-way causality between firms performance and the size of BOC; secondly, the nonlinear effect of board size on the firms’ performance; thirdly, the direct and moderating effects of the ownership structure on the influence of firm performance on board size. Using the ROA as a measure of firm performance, we find that there is a simultaneous relationship between firm performance and the size of BOC: the size of the board has an inverted U-shaped effect on firm performance while firms performance has a negative influence on board size. We find that the size of the board of commissioners increases firm performance up to a certain level, but a very large board reduces firm performance. We find marginal evidence that ownership structure has a moderating effect on the impact of firm performance on board size. We document that the negative effect of performance on board size dissipates as ownership right increases. The negative effect of performance on board size marginally strengthens. Thus, our study contributes to the literature by finding that the negative influence of firm performance and board primarily occurs on firms that are subject to high incentive expropriation by controlling shareholders.Keywords:board size, board of commissioners, corporate governance, firm performance,ownership structure, cash-flow rights, control rights.* Department of Management, Faculty of Economics and Business, Universitas Indonesia, Kampus UI Depok 16424, Indonesia** Department of Accounting, Faculty of Economic and Business, Universitas Indonesia, Kampus UI Depok 16424, Indonesia https://doi.org/10.21632/irjbs.12.2.111-136
Cash Reserve, CEO Health Risk, The Price Reaction Due to COVID-19 First Announcement on Leisure Industry Muhammad Afif Arsyad; Cynthia Afriani Utama
AFEBI Management and Business Review Vol 7, No 1 (2022)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47312/ambr.v7i01.559

Abstract

This study investigates stock market reaction on leisure industries to first announcement of COVID-19 case which affected Indonesia on 2nd March 2020. The method of this research is event study and supported by multiple linear regression to analyze the relationship between market reaction and independent variables. This paper uses Fama French three-factor models to estimate expected return on firms due to the COVID-19 announcement. Based on a calculation of Cumulative abnormal returns, the stock of tourism industries has a more negative reaction towards a confirmed first case of COVID-19 compared to other industries. We also find that Indonesian firms with greater cash reserves experienced less negative returns while firms with higher leverage ratios were penalized more. Additionally, we don’t find that firms with CEOs who were exposed to significant health risks from COVID-19 experienced worse stock market performances.
Co-Authors Ahja Haziqo Handy Handy Hapsari, Lina Hapsari, Lina Ika Dewi Agustin Lumondang, Astari Lumondang, Astari Muhammad Afif Arsyad Sidharta Utama Siti Fatimah Zachro Surtihati Surtihati Wahyu Jatmiko Wahyu Santoso Windy Bellastrin Agus Yolanda, Yoke