@article{oai:nagoya.repo.nii.ac.jp:00028021,
 author = {TANJUNG, Miranda},
 issue = {4},
 journal = {国際開発研究フォーラム, Forum of International Development Studies},
 month = {Mar},
 note = {The article observes the relationships among families concentrated ownership, control and firm-level performance during the periods before and after 2008 financial crisis in Indonesia, where the structures of business entities are different from those in the developed market. Employing various econometric analyses, including a more robust model of the GMM estimator, results of the test are mixed for the two observation periods. This study reveals that family firm, ownership and founding family control positively affect firm performance before the financial crisis. However, these positive influences battered in the post-crisis period, hence, signifying the poor performance of family-controlled firms during the after crisis years. Family generations, represented by the second and third generations of the firms’ founders, also are part of the reasons for the underperformances, since higher agency costs are borne by the firms. This study also confirms previous research which finds a negative impact of family ownership on performance after financial crisis time. These findings can be seen as an empirical example of the principal-principal problem (agency conflict II) when the firm’s largest shareholders deteriorate the wealth of minority shareowners in a weak corporate governance and legal environment.},
 pages = {1--18},
 title = {Analysis of the Impact of Family Ownership and Family Control on Firm Performance during the Periods Before and After the 2008 Crisis : Evidence from Indonesia},
 volume = {49},
 year = {2019}
}