학술논문
Family Ownership’s Predisposition to the Related Party Transaction and Its Influence on a Stock Price Crash: Evidence from Indonesia
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- 영문명
- 발행기관
- 한국유통과학회
- 저자명
- Sumiyana SUMIYANA Servatia Mayang SETYOWATI
- 간행물 정보
- 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.8, 103~115쪽, 전체 13쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2021.08.30
무료
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국문 초록
영문 초록
This study investigates the relationship between family ownership and the stock price crash risk. It believes that this relationship would never be in direct connection. The authors design and then find that family ownership is predisposed, in the first place, to the related party transaction, then the related party transaction causes the future stock price crash. This study infers that employing the power of family ownership creates the Type I agency problem, although this is not relevant for the Type II problem. From the perspective of the hoarding theory, family ownerships produce opaque accounts by blurring financial information. The blurred information is probably hidden in the related party transactions. This study, therefore, splits these transactions into accounts receivable, other accounts receivable and other receivables. Finally, this research concludes that the family ownership affects related party transactions. These then are used as an instrument to influence the leaded related party transaction. The latest, leaded related party transactions influence the future stock price crash. This study infers that related party transactions are abusive practices, especially on the types of receivables. It implies corporate governance’s revitalisation.
목차
1. Introduction
2. Literature Review and Hypotheses Development
3. Research Method
4. Results
5. Discussion
6. Conclusion and Limitations
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