The Effect Family Ownership on Firm Risk: The Role of Professional CEO
Abstract
This study aims to examine whether family ownership impacts firm risk. This argument is due to the uniqueness of the family company in running its business, which prioritizes not only financial aspects but also non-financial aspects. In addition, this study also aims to examine the moderating effect of the professional CEO on the relationship between family ownership and firm risk. The samples used in this study are family firms in manufacturing industry, listed on the Indonesia Stock Exchange from 2015 to 2019. The total 245 observation will be tested with Panel Data regression. The results found that family ownership has a negative effect on firm risk. The result indicates that the company tries to maintain the family's wealth. In addition, professional CEOs are able to act more realistically and independently, thus weakening the relationship between family ownership and firm risk. In practice, the results of this study are expected to help various stakeholders understand how family ownership can affect firm risk.
References
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Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research. Family Business Review, 25(3), 258–279.
Blackwell III, J. L. (2005). Estimation and testing of fixed-effect panel-data systems. Stata Journal.
Briano-Turrent, G. D. C., & Poletti-Hughes, J. (2017). Corporate governance compliance of family and non-family listed firms in emerging markets: Evidence from Latin America. Journal of Family Business Strategy, 8(4), 237–247.
Byun, S. K., & Oh, J. M. (2018). Local corporate social responsibility, media coverage, and shareholder value. Journal of Banking and Finance.
Caldwell, C., Bischoff, S. J., & Karri, R. (2002). The four umpires: A paradigm for ethical leadership. Journal of Business Ethics.
Chakraborty, A., Gao, L., & Sheikh, S. (2019). Corporate governance and risk in cross-listed and Canadian only companies. Management Decision, 57(10), 2740–2757.
Chun, S., & Lee, M. (2017). CORPORATE OWNERSHIP STRUCTURE AND RISK-TAKING : EVIDENCE FROM JAPAN. 6(4), 39–52.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). East Asian corporations. Heroes or villains? In World Bank Discussion Papers (Vol. 58, Issue 409).
Claessens, Stijn, Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics.
D’Aquila, J. M., & Houmes, R. (2014). COSO’s Updated Internal Control and Enterprise Risk Management Frameworks. CPA Journal.
Debicki, B. J., Kellermanns, F. W., Chrisman, J. J., Pearson, A. W., & Spencer, B. A. (2016). Development of a socioemotional wealth importance (SEWi) scale for family firm research. Journal of Family Business Strategy.
Dong, Y., Meng, C., Firth, M., & Hou, W. (2014). Ownership structure and risk-taking: Comparative evidence from private and state-controlled banks in China. International Review of Financial Analysis, 36, 120–130.
Ellouze, D., & Mnasri, K. (2020). Risk-taking behaviour of family firms: Evidence from Tunisia. International Journal of Entrepreneurship and Small Business, 39(1–2), 192–221.
Fontrodona, J., & Sison, A. J. G. (2006). The nature of the firm, agency theory and shareholder theory: A critique from philosophical anthropology. Journal of Business Ethics, 66(1), 33–42.
Frisenna, C., & Rizzotti, D. (2020). Investment decisions in listed family firms: Risk aversion and emotional attachment. In Contributions to Management Science.
Gande, A., & Kalpathy, S. (2017). CEO compensation and risk-taking at financial firms: Evidence from U.S. federal loan assistance. Journal of Corporate Finance.
García-Sánchez, I. M., Martínez-Ferrero, J., & García-Meca, E. (2020). Does family involvement monitor external CEOs’ investment decisions? Review of Managerial Science, 14(1), 159–192.
Gómez-Mejía, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J. L., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137.
Gomez-Mejia, L. R., Neacsu, I., & Martin, G. (2019). CEO Risk-Taking and Socioemotional Wealth: The Behavioral Agency Model, Family Control, and CEO Option Wealth. Journal of Management, 45(4), 1713–1738.
Guenther, D. A., Matsunaga, S. R., & Williams, B. M. (2017). Is tax avoidance related to firm risk? Accounting Review, 92(1), 115–136.
Hamori, M., & Kakarika, M. (2009). External labor market strategy and career success: Ceo careers in Europe and the United States. Human Resource Management.
Huybrechts, J., Voordeckers, W., & Lybaert, N. (2013). Entrepreneurial Risk Taking of Private Family Firms: The Influence of a Nonfamily CEO and the Moderating Effect of CEO Tenure. Family Business Review.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics.
Kang, H. C., & Kim, J. (2016). Why do family firms switch between family CEOs and non-family profesional ceo? Evidence from Korean Chaebols. Review of Accounting and Finance, 15(1), 45–64.
Keay, A. (2017). Stewardship theory: is board accountability necessary? International Journal of Law and Management.
Kelleci, R., Lambrechts, F., Voordeckers, W., & Huybrechts, J. (2019). CEO Personality: A Different Perspective on the Nonfamily Versus Family CEO Debate. Family Business Review.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy.
Lee, E. J., Chae, J., & Lee, Y. K. (2018). Family ownership and risk taking. Finance Research Letters, 25(September), 69–75.
Leotta, A., Rizza, C., & Ruggeri, D. (2020). An overview of family business. profiles, definitions and the main challenges of the business life cycle. In Contributions to Management Science.
Liang, H., & Renneboog, L. (2017). Corporate donations and shareholder value. Oxford Review of Economic Policy.
Lin, S. H., & Hu, S. Y. (2007). A family member or profesional management? the choice of a CEO and its impact on performance. Corporate Governance: An International Review, 15(6), 1348–1362.
Llanos-Contreras, O., Arias, J., & Maquieira, C. (2020). Risk taking behavior in Chilean listed family firms: a socioemotional wealth approach. International Entrepreneurship and Management Journal.
Low, A. (2009). Managerial risk-taking behavior and equity-based compensation. Journal of Financial Economics.
Madison, K., Holt, D. T., Kellermanns, F. W., & Ranft, A. L. (2016). Viewing Family Firm Behavior and Governance Through the Lens of Agency and Stewardship Theories. Family Business Review, 29(1), 65–93.
Martin, G., & Gomez-Mejia, L. (2016). The relationship between socioemotional and financial wealth: Re-visiting family firm decision making. Management Research, 14(3), 215–233.
Martínez-Alonso, R., Martínez-Romero, M. J., & Rojo-Ramírez, A. A. (2019). The impact of technological innovation efficiency on firm growth: The moderating role of family involvement in management. European Journal of Innovation Management, 23(1), 134–155.
Martino, P., Rigolini, A., & D’Onza, G. (2020). The relationships between CEO characteristics and strategic risk-taking in family firms. Journal of Risk Research, 23(1), 95–116.
Mathew, S., Ibrahim, S., & Archbold, S. (2018). Corporate governance and firm risk. Corporate Governance (Bingley), 18(1), 52–67.
Mensching, H., Calabrò, A., Eggers, F., & Kraus, S. (2016). Internationalisation of family and non-family firms: A conjoint experiment among CEOs. European Journal of International Management.
Morck, Randall; Yeung, B. (2003). Agency Problems in Large Family Firms. Entrepreneurship: Theory and Practice, 27(4), 367–382.
Neubaum, D. O., Thomas, C. H., Dibrell, C., & Craig, J. B. (2017). Stewardship Climate Scale: An Assessment of Reliability and Validity. Family Business Review, 30(1), 37–60.
Pathan, S. (2009). Strong boards, CEO power and bank risk-taking. Journal of Banking and Finance.
Pieper, T. M., Klein, S. B., & Jaskiewicz, P. (2008). The impact of goal alignment on board existence and top management team composition: Evidence from family-influenced businesses. Journal of Small Business Management.
Poletti-Hughes, J., & Briano-Turrent, G. C. (2019). Gender diversity on the board of directors and corporate risk: A behavioural agency theory perspective. International Review of Financial Analysis, 62(January), 80–90.
Poletti-Hughes, J., & Williams, J. (2019). The effect of family control on value and risk-taking in Mexico: A socioemotional wealth approach. International Review of Financial Analysis, 63, 369–381.
Rajverma, A. K., Misra, A. K., Mohapatra, S., & Chandra, A. (2019). Impact of ownership structure and dividend on firm performance and firm risk. Managerial Finance, 45(8), 1041–1061.
Revilla, A. J., Pérez-Luño, A., & Nieto, M. J. (2016). Does Family Involvement in Management Reduce the Risk of Business Failure? The Moderating Role of Entrepreneurial Orientation. Family Business Review, 29(4), 365–379.
Sassen, R., Hinze, A. K., & Hardeck, I. (2016). Impact of ESG factors on firm risk in Europe. Journal of Business Economics, 86(8), 867–904.
Sataloff, R. T., Johns, M. M., & Kost, K. M. (2010). What is the Purpose of the Firm?: Shareholder and Stakeholder Theories.
Sensoy, A. (2017). Firm size, ownership structure, and systematic liquidity risk: The case of an emerging market. Journal of Financial Stability.
Sheikh, S. (2019). CEO power and corporate risk: The impact of market competition and corporate governance. Corporate Governance: An International Review, 27(5), 358–377.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance.
Sila, V., Gonzalez, A., & Hagendorff, J. (2016). Women on board: Does boardroom gender diversity affect firm risk? Journal of Corporate Finance.
Singapurwoko, A. (2015). The Impact of Ownership Structure on Family Firm Performance: Evidence from The Indonesia Stock Exchange. 1–5.
Su, W., & Lee, C. Y. (2013). Effects of corporate governance on risk taking in Taiwanese family firms during institutional reform. Asia Pacific Journal of Management.
Sun, X., Lee, S. H., & Phan, P. H. (2019). Family firm R&D investments in the 2007–2009 Great Recession. Journal of Family Business Strategy, 10(4), 1–9.
Tang, Y., Li, J., & Liu, Y. (2016). Does Founder CEO Status Affect Firm Risk Taking? Journal of Leadership and Organizational Studies, 23(3), 322–334.
Tse, T. (2011). Shareholder and stakeholder theory: after the financial crisis. Qualitative Research in Financial Markets, 3(1), 51–63.
Widyawati, N., Trinugroho, I., & Untoro, W. (2018). Family Ownership, Women in Top Management and Risk Taking: Evidence from Indonesia. Jurnal Keuangan Dan Perbankan, 22(4), 606–613.
Williams, R. I., Pieper, T. M., Kellermanns, F. W., & Astrachan, J. H. (2018). Family Firm Goals and their Effects on Strategy, Family and Organization Behavior: A Review and Research Agenda. International Journal of Management Reviews, 20, S63–S82.
Xu, D., Chen, C., & Wu, X. (2019). Ownership structure and the use of non-family executives in family-dominated Chinese listed firms: An institutional logics perspective. Asia Pacific Journal of Management, 36(3), 797–820.
Yang, X., Li, J., Stanley, L. J., Kellermanns, F. W., & Li, X. (2020). How family firm characteristics affect internationalization of Chinese family SMEs. Asia Pacific Journal of Management, 37(2), 417–448.
Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family Business Review.
Zahra, S. A. (2018). Entrepreneurial Risk Taking in Family Firms: The Wellspring of the Regenerative Capability. Family Business Review, 31(2), 216–226.
Abrokwah, S., Hanig, J., & Schaffer, M. (2018). Executive compensation and firm risk: an examination across industries. Review of Accounting and Finance, 17(3), 359–382.
Alessandri, T. M., Mammen, J., & Eddleston, K. (2018). Managerial incentives, myopic loss aversion, and firm risk: A comparison of family and non-family firms. Journal of Business Research, 91(March 2017), 19–27.
Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research. Family Business Review, 25(3), 258–279.
Blackwell III, J. L. (2005). Estimation and testing of fixed-effect panel-data systems. Stata Journal.
Briano-Turrent, G. D. C., & Poletti-Hughes, J. (2017). Corporate governance compliance of family and non-family listed firms in emerging markets: Evidence from Latin America. Journal of Family Business Strategy, 8(4), 237–247.
Byun, S. K., & Oh, J. M. (2018). Local corporate social responsibility, media coverage, and shareholder value. Journal of Banking and Finance.
Caldwell, C., Bischoff, S. J., & Karri, R. (2002). The four umpires: A paradigm for ethical leadership. Journal of Business Ethics.
Chakraborty, A., Gao, L., & Sheikh, S. (2019). Corporate governance and risk in cross-listed and Canadian only companies. Management Decision, 57(10), 2740–2757.
Chun, S., & Lee, M. (2017). CORPORATE OWNERSHIP STRUCTURE AND RISK-TAKING : EVIDENCE FROM JAPAN. 6(4), 39–52.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). East Asian corporations. Heroes or villains? In World Bank Discussion Papers (Vol. 58, Issue 409).
Claessens, Stijn, Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics.
D’Aquila, J. M., & Houmes, R. (2014). COSO’s Updated Internal Control and Enterprise Risk Management Frameworks. CPA Journal.
Debicki, B. J., Kellermanns, F. W., Chrisman, J. J., Pearson, A. W., & Spencer, B. A. (2016). Development of a socioemotional wealth importance (SEWi) scale for family firm research. Journal of Family Business Strategy.
Dong, Y., Meng, C., Firth, M., & Hou, W. (2014). Ownership structure and risk-taking: Comparative evidence from private and state-controlled banks in China. International Review of Financial Analysis, 36, 120–130.
Ellouze, D., & Mnasri, K. (2020). Risk-taking behaviour of family firms: Evidence from Tunisia. International Journal of Entrepreneurship and Small Business, 39(1–2), 192–221.
Fontrodona, J., & Sison, A. J. G. (2006). The nature of the firm, agency theory and shareholder theory: A critique from philosophical anthropology. Journal of Business Ethics, 66(1), 33–42.
Frisenna, C., & Rizzotti, D. (2020). Investment decisions in listed family firms: Risk aversion and emotional attachment. In Contributions to Management Science.
Gande, A., & Kalpathy, S. (2017). CEO compensation and risk-taking at financial firms: Evidence from U.S. federal loan assistance. Journal of Corporate Finance.
García-Sánchez, I. M., Martínez-Ferrero, J., & García-Meca, E. (2020). Does family involvement monitor external CEOs’ investment decisions? Review of Managerial Science, 14(1), 159–192.
Gómez-Mejía, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J. L., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137.
Gomez-Mejia, L. R., Neacsu, I., & Martin, G. (2019). CEO Risk-Taking and Socioemotional Wealth: The Behavioral Agency Model, Family Control, and CEO Option Wealth. Journal of Management, 45(4), 1713–1738.
Guenther, D. A., Matsunaga, S. R., & Williams, B. M. (2017). Is tax avoidance related to firm risk? Accounting Review, 92(1), 115–136.
Hamori, M., & Kakarika, M. (2009). External labor market strategy and career success: Ceo careers in Europe and the United States. Human Resource Management.
Huybrechts, J., Voordeckers, W., & Lybaert, N. (2013). Entrepreneurial Risk Taking of Private Family Firms: The Influence of a Nonfamily CEO and the Moderating Effect of CEO Tenure. Family Business Review.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics.
Kang, H. C., & Kim, J. (2016). Why do family firms switch between family CEOs and non-family profesional ceo? Evidence from Korean Chaebols. Review of Accounting and Finance, 15(1), 45–64.
Keay, A. (2017). Stewardship theory: is board accountability necessary? International Journal of Law and Management.
Kelleci, R., Lambrechts, F., Voordeckers, W., & Huybrechts, J. (2019). CEO Personality: A Different Perspective on the Nonfamily Versus Family CEO Debate. Family Business Review.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy.
Lee, E. J., Chae, J., & Lee, Y. K. (2018). Family ownership and risk taking. Finance Research Letters, 25(September), 69–75.
Leotta, A., Rizza, C., & Ruggeri, D. (2020). An overview of family business. profiles, definitions and the main challenges of the business life cycle. In Contributions to Management Science.
Liang, H., & Renneboog, L. (2017). Corporate donations and shareholder value. Oxford Review of Economic Policy.
Lin, S. H., & Hu, S. Y. (2007). A family member or profesional management? the choice of a CEO and its impact on performance. Corporate Governance: An International Review, 15(6), 1348–1362.
Llanos-Contreras, O., Arias, J., & Maquieira, C. (2020). Risk taking behavior in Chilean listed family firms: a socioemotional wealth approach. International Entrepreneurship and Management Journal.
Low, A. (2009). Managerial risk-taking behavior and equity-based compensation. Journal of Financial Economics.
Madison, K., Holt, D. T., Kellermanns, F. W., & Ranft, A. L. (2016). Viewing Family Firm Behavior and Governance Through the Lens of Agency and Stewardship Theories. Family Business Review, 29(1), 65–93.
Martin, G., & Gomez-Mejia, L. (2016). The relationship between socioemotional and financial wealth: Re-visiting family firm decision making. Management Research, 14(3), 215–233.
Martínez-Alonso, R., Martínez-Romero, M. J., & Rojo-Ramírez, A. A. (2019). The impact of technological innovation efficiency on firm growth: The moderating role of family involvement in management. European Journal of Innovation Management, 23(1), 134–155.
Martino, P., Rigolini, A., & D’Onza, G. (2020). The relationships between CEO characteristics and strategic risk-taking in family firms. Journal of Risk Research, 23(1), 95–116.
Mathew, S., Ibrahim, S., & Archbold, S. (2018). Corporate governance and firm risk. Corporate Governance (Bingley), 18(1), 52–67.
Mensching, H., Calabrò, A., Eggers, F., & Kraus, S. (2016). Internationalisation of family and non-family firms: A conjoint experiment among CEOs. European Journal of International Management.
Morck, Randall; Yeung, B. (2003). Agency Problems in Large Family Firms. Entrepreneurship: Theory and Practice, 27(4), 367–382.
Neubaum, D. O., Thomas, C. H., Dibrell, C., & Craig, J. B. (2017). Stewardship Climate Scale: An Assessment of Reliability and Validity. Family Business Review, 30(1), 37–60.
Pathan, S. (2009). Strong boards, CEO power and bank risk-taking. Journal of Banking and Finance.
Pieper, T. M., Klein, S. B., & Jaskiewicz, P. (2008). The impact of goal alignment on board existence and top management team composition: Evidence from family-influenced businesses. Journal of Small Business Management.
Poletti-Hughes, J., & Briano-Turrent, G. C. (2019). Gender diversity on the board of directors and corporate risk: A behavioural agency theory perspective. International Review of Financial Analysis, 62(January), 80–90.
Poletti-Hughes, J., & Williams, J. (2019). The effect of family control on value and risk-taking in Mexico: A socioemotional wealth approach. International Review of Financial Analysis, 63, 369–381.
Rajverma, A. K., Misra, A. K., Mohapatra, S., & Chandra, A. (2019). Impact of ownership structure and dividend on firm performance and firm risk. Managerial Finance, 45(8), 1041–1061.
Revilla, A. J., Pérez-Luño, A., & Nieto, M. J. (2016). Does Family Involvement in Management Reduce the Risk of Business Failure? The Moderating Role of Entrepreneurial Orientation. Family Business Review, 29(4), 365–379.
Sassen, R., Hinze, A. K., & Hardeck, I. (2016). Impact of ESG factors on firm risk in Europe. Journal of Business Economics, 86(8), 867–904.
Sataloff, R. T., Johns, M. M., & Kost, K. M. (2010). What is the Purpose of the Firm?: Shareholder and Stakeholder Theories.
Sensoy, A. (2017). Firm size, ownership structure, and systematic liquidity risk: The case of an emerging market. Journal of Financial Stability.
Sheikh, S. (2019). CEO power and corporate risk: The impact of market competition and corporate governance. Corporate Governance: An International Review, 27(5), 358–377.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance.
Sila, V., Gonzalez, A., & Hagendorff, J. (2016). Women on board: Does boardroom gender diversity affect firm risk? Journal of Corporate Finance.
Singapurwoko, A. (2015). The Impact of Ownership Structure on Family Firm Performance: Evidence from The Indonesia Stock Exchange. 1–5.
Su, W., & Lee, C. Y. (2013). Effects of corporate governance on risk taking in Taiwanese family firms during institutional reform. Asia Pacific Journal of Management.
Sun, X., Lee, S. H., & Phan, P. H. (2019). Family firm R&D investments in the 2007–2009 Great Recession. Journal of Family Business Strategy, 10(4), 1–9.
Tang, Y., Li, J., & Liu, Y. (2016). Does Founder CEO Status Affect Firm Risk Taking? Journal of Leadership and Organizational Studies, 23(3), 322–334.
Tse, T. (2011). Shareholder and stakeholder theory: after the financial crisis. Qualitative Research in Financial Markets, 3(1), 51–63.
Widyawati, N., Trinugroho, I., & Untoro, W. (2018). Family Ownership, Women in Top Management and Risk Taking: Evidence from Indonesia. Jurnal Keuangan Dan Perbankan, 22(4), 606–613.
Williams, R. I., Pieper, T. M., Kellermanns, F. W., & Astrachan, J. H. (2018). Family Firm Goals and their Effects on Strategy, Family and Organization Behavior: A Review and Research Agenda. International Journal of Management Reviews, 20, S63–S82.
Xu, D., Chen, C., & Wu, X. (2019). Ownership structure and the use of non-family executives in family-dominated Chinese listed firms: An institutional logics perspective. Asia Pacific Journal of Management, 36(3), 797–820.
Yang, X., Li, J., Stanley, L. J., Kellermanns, F. W., & Li, X. (2020). How family firm characteristics affect internationalization of Chinese family SMEs. Asia Pacific Journal of Management, 37(2), 417–448.
Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family Business Review.
Zahra, S. A. (2018). Entrepreneurial Risk Taking in Family Firms: The Wellspring of the Regenerative Capability. Family Business Review, 31(2), 216–226.
Published
2023-06-21
How to Cite
ANDRIANI, Wery; HERMAWAN, Ancella Anitawati.
The Effect Family Ownership on Firm Risk: The Role of Professional CEO.
SAR (Soedirman Accounting Review) : Journal of Accounting and Business, [S.l.], v. 8, n. 1, p. 43 - 58, june 2023.
ISSN 2598-0718.
Available at: <https://jos.unsoed.ac.id/index.php/sar/article/view/8883>. Date accessed: 21 mar. 2025.
doi: https://doi.org/10.32424/1.sar.2023.8.1.8883.
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Articles
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