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THE EFFECT OF GOOD CORPORATE GOVERNANCE IMPLEMENTATION IN DIVERSIFICATION STRATEGY OF FAMILY COMPANY AND ITS EFFECT ON FIRM VALUE
Corresponding Author(s) : Nurdiono Nurdiono
Humanities & Social Sciences Reviews,
Vol. 7 No. 6 (2019): November
Abstract
Purpose: This study aims to analyze the relation of GCG implementation and diversification strategy in the family company and its effect on the corporate value that is proxied with returns of corporate share (cumulative abnormal return - CAR).
Methodology: This study used control variables which were size, age, and growth of the company. The hypothesis test was done by using multiple regression and an average T-test. The samples of this study were companies listed in Indonesian Stock Exchange that have fulfilled the characteristics of concentrated share ownership by one family. This formulated two-equation models i.e. Dependent variable for equation model I was diversification strategy and for equation model II was corporate value.
Results: The result of this study shows that management compensation, independent commissioners, and managerial ownership positively affect, while the number of the audit committee and leverage ratio do not affect diversification strategy. The next testing result was a diversification strategy applied by the family company that positively affects corporate value.
Implications: In order to conduct a controlling function, a company must plan the existence of good corporate governance (GCG) that organizes the relation and responsibility between many parties involved in the company, that a number of regulations, policies, and procedures. The implementation of GCG is expected able to guarantee the action of management in line with the interest of shareholders.
Keywords
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- Anderson, R.C. & Reeb, D.M. (2003). Founding-family ownership, corporate diversification, and firm leverage. Journal of Law and Economics, Vol. 46 (2): 653-684. https://doi.org/10.1086/377115 DOI: https://doi.org/10.1086/377115
- Argyris. (1952). The impact of budgeting on people. Controllership Foundation.
- Black, B. S., H. Jang,& W. Kim (2006). Does corporate governance predict firms' market values? Evidence from Korea.Journal of Law, Economics, and Organization, Vol. 22(2): 366-413. https://doi.org/10.1093/jleo/ewj018 DOI: https://doi.org/10.1093/jleo/ewj018
- Beaver, William, Paul Kettler, & Myron Scholes, (1970). The association between market determined and accounting determined risk measure. Accounting Review. Vol. 45: 654-682.
- Berger, P., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of FinancialEconomics. Vol. 37: 39–65. https://doi.org/10.1016/0304-405X(94)00798-6 DOI: https://doi.org/10.1016/0304-405X(94)00798-6
- Cadbury, S. A. (2000). The corporate governance agenda. Corporate Governance: An International Review. 8: 7-15. https://doi.org/10.1111/1467-8683.00175 DOI: https://doi.org/10.1111/1467-8683.00175
- Chakrabarti, A., Singh, K. & Mahmood, I. (2007), Diversification and performance: evidence from East Asian firms. Strategic Management Journal. Vol. 28: 101-120. https://doi.org/10.1002/smj.572 DOI: https://doi.org/10.1002/smj.572
- Chen, T., Gu, Z., Kubota, K., & Takehara, H. (2015). Accrual-based and real activities based earnings management behavior of family firms in Japan. The Japanese Accounting Revie, Vol.5: 21-47. https://doi.org/10.11640/tjar.5.2015.02 DOI: https://doi.org/10.11640/tjar.5.2015.02
- Coles, J. W., V. B. McWilliams, & N. Sen (2001). An examination of the relationship of governance mechanisms to performance.Journal of Management, Vol.27(1): 23-50. https://doi.org/10.1 177/014920630102700102 DOI: https://doi.org/10.1177/014920630102700102
- Fama, Eugene F. & French, Kenneth R., (1996). Multifactor explanation of asset pricing anomalies. The Journal of Finance Vol; LL (3): 55-84. https://doi.org/10.1111/j.1540-6261.1996.tb05202.x DOI: https://doi.org/10.1111/j.1540-6261.1996.tb05202.x
- Farichah, Farichah. (2017). Management Compensation and Auditor Reputation on Earnings Management and Share Return of Finance. Comparative Study on Consumer Protection in Indonesia Through Mechanism of Product Liability Insurance, XX (3A). pp. 196-208. ISSN 11082976. DOI: https://doi.org/10.35808/ersj/704
- Fundeanu, C.,&S. Badele. (2014). The impact of regional innovative: Clusters on competitiveness.Procedia - Social and Behavioral. Sciences. Vol.124 (March): 405-414, https://doi.org/10.1016/j.sbspro.2014.02.502 DOI: https://doi.org/10.1016/j.sbspro.2014.02.502
- Gary, M. (2005). Implementation strategy and performance outcomes in related diversification. Strategic Management Journal. Vol. 26: 643-664. https://doi.org/10.1002/smj.468 DOI: https://doi.org/10.1002/smj.468
- Gillan, Stuart, & Laura T Starks. (1998). A survey of shareholder activism: Motivation and empirical evidence." Contemporary Finance Digest. Vol.2(3): 10-34. https://doi.org/10.2139/ssrn.663523 DOI: https://doi.org/10.2139/ssrn.663523
- Gómez-MejÃa, L.R., Makri, M. & Larraza-Kintana, M. (2010). Diversification decisions in family-controlled firms.Journal of Management Studies, Vol. 48 (2): 223-252. https://doi.org/10.1111/j.1467-6486.2009.00889.x DOI: https://doi.org/10.1111/j.1467-6486.2009.00889.x
- Grant. R.M., Jammine A.P.,& Thomas, H. (1988). Diversity, diversification, and profitability among British manufacturing companies,1972-1984.The Academy of Management Journal, Vol. 31(4): 771-801. https://doi.org/10.5465/256338 DOI: https://doi.org/10.5465/256338
- Griffin, R. (2004). Manajemen, Edisi 7Buku 1. Jakarta: Erlangga.
- Gujarati, Domodar. N., & Dawn C., Porter. (2009). Basic Econometrics. McGraw-Hill International Edition, 5th Edd., Boston.
- Hartono, Jogiyanto. (2013). Teori Portofolio dan Analisis Investasi Edisi Kedelapan.Yogyakarta: BPFE.
- Hernández-Trasobares, A., & Galve-Górriz, C. (2017). Diversification and family control as determinants of performance: A study of listed business groups. European Research on Management and Business Economics, Vol.23(1): 46–54. https://doi.org/10.1016/j.iedeen.2016.04.001 DOI: https://doi.org/10.1016/j.iedeen.2016.04.001
- Hoechle, D., Schmid, M., Walter, I., & Yermack, D. (2012). How much of the diversification discount can be explained by poor corporate governance? Journal of Financial Economics. Vol.103(1): 41–60. https://doi.org/10.1016/j.jfineco.2011.03.025 DOI: https://doi.org/10.1016/j.jfineco.2011.03.025
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior,agency costs, and ownership structure. Journal of Financial Economics, Vol. 3: 305–360. https://doi.org/10.1016/0304-405X(76)90026-X DOI: https://doi.org/10.1016/0304-405X(76)90026-X
- Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers.American Economic Review. Vol. 76: 323–329.
- Jensen, M., & Murphy, K. (1990). Performance pay and top management incentives.Journal of Political Economy. Vol. 98: 225–263. https://doi.org/10.1086/261677 DOI: https://doi.org/10.1086/261677
- Jensen, M.C., (1993). The modern industrial revolution, exit, and the failure of internal control systems. TheJournal of Finance. Vol. 48: 831-880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x DOI: https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
- Jiraporn, P., & DeDalt, P. (2009). Does the founding family control affect earnings management? Applied Economics Letters. Vol. 16(2):113-119. https://doi.org/10.1080/17446540701720592 DOI: https://doi.org/10.1080/17446540701720592
- Kuppuswamy, V., & Villalonga, B. (2016). Does diversification create value in the presence of external financing constraints? Evidence from the 2007–2009 financial crisis. Management of Science. Vol. 62(4): 905–923. https://doi.org/10.1287/mnsc.2015.2165 DOI: https://doi.org/10.1287/mnsc.2015.2165
- Larcker, D., Richardson, S., & Tuna, I.(2007). Corporate governance, accounting outcomes, and organizational performance. The Accounting Review. Vol. 82: 963–1008. https://doi.org/10.2308/accr.2007.82.4.963 DOI: https://doi.org/10.2308/accr.2007.82.4.963
- Lewellen, W. (1971). A pure financial rationale for the conglomerate merger activity. Journal of Finance. Vol. 26(2): 521–537. https://doi.org/10.1111/j.1540-6261.1971.tb00912.x DOI: https://doi.org/10.1111/j.1540-6261.1971.tb00912.x
- Liebenberg, A. P., & Sommer, D. W. (2008). Effects of corporate diversification: Evidence from the property-liability insurance industry. The Journal of Risk and Insurance, Vol.75: 893–919. https://doi.org/10.1111/j.1539-6975.2008.00290.x DOI: https://doi.org/10.1111/j.1539-6975.2008.00290.x
- Lins, K.V. & Servaes, H, (2002). Is corporate diversification beneficial in an emerging market?Financial Management. Vol. 31: 5-31. https://doi.org/10.2307/3666220 DOI: https://doi.org/10.2307/3666220
- Markides, C. C., & Williamson, P. J. (1994). Related diversification, core competences and corporate performance. Strategic Management Journal, Vol.15(S2): 149–165. https://doi.org/10.1002/smj.4250151010 DOI: https://doi.org/10.1002/smj.4250151010
- Meyer, K. E., Estrin, S., Bhaumik, S., & Peng, M. W. (2009). Institutions, resources,and entry strategies in emerging economies. Strategic Management Journal, Vol.30: 61–80. https://doi.org/10.1002/smj.720 DOI: https://doi.org/10.1002/smj.720
- Miller, D., Breton-Miller, L. & Scholnick, B. (2008). Stewardship vs stagnation: an empirical comparison of small family and non-Family businesses. Journal of Management Studies, Vol. 45(1): 51-78.
- Montgomery, C.A, (1985). Product-market diversification and market power. Academy of Management Journal. Vol. 28: 789-798. https://doi.org/10.2307/256237 DOI: https://doi.org/10.2307/256237
- Nam, S.W. & I. C. Nam (2004). Corporate governance in Asia: recent evidence from Indonesia, Republic of Korea, Malaysia, and Thailand, Asian Development Bank Institute.
- Nurdiono Nurdiono, et al (2019). CSR disclosure impact on corporate market performance of Indonesia listed Companies (ID) in trade sectors. Academy of Accounting and Financial Studies Journal Volume 23, Special Issue 1, 2019 1 1528-2635-23-SI-1-354
- Oman, C., Fries, S., Buiter, W. (2004). Corporate Governance in Developing, Transition and Emerging–Market Economies, Policy Brief, no. 23, 2003, OECD.
- Palich, L., Cardinal, L., & Miller, C. (2000). Curvilinearity in the diversification-performance linkage: An examination over three decades of research. Strategic Management Journal, Vol. 21(2): 155–174. https://doi.org/10.1002/(SICI)1097-0266(200002)21:2<155::AID-SMJ82>3.0.CO;2-2 DOI: https://doi.org/10.1002/(SICI)1097-0266(200002)21:2<155::AID-SMJ82>3.0.CO;2-2
- Piscitello L. (2004). Corporate diversification, coherence and economic performance. Industrial and Corporate Change, Vol.13 (5): 757-787. https://doi.org/10.1093/icc/dth030 DOI: https://doi.org/10.1093/icc/dth030
- Rahmawati, Rahmawati et.al (2018). Solo Creative City Network: Development of Household Waste Creative Industry as Market Engine of Tourism Industry. Indonesian Journal of
- Corporate Social Responsibility and Environmental Management http://ijcsrem.org/index.php/ijcsrem Vol. 1, No. 1, pp. 16–28.
- Shleifer, Andrei, & Robert W. Vishny. (1986). Large Shareholders and Corporate Control. Journal of Political Economy 94 (3): 461-488. https://doi.org/10.1086/261385 DOI: https://doi.org/10.1086/261385
- Scott, William R. 2009. Financial Accounting Theory. New Jersey: Prentice-Hall, Inc.
- Seth, A. (1990). Value creation in acquisitions: A re-examination of performance issues. Strategic Journal Management, Vol. 11(2): 99–115. https://doi.org/10.1002/smj.4250110203 DOI: https://doi.org/10.1002/smj.4250110203
- Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. The Journal of Political Economy. Vol. 94: 461-488. https://doi.org/10.1086/261385 DOI: https://doi.org/10.1086/261385
- Valentinovna, Nosova Olga (2018).Corporate Social Responsibility Practices and their Application. Indonesian Journal of Corporate Social Responsibility and Environmental Management. http://ijcsrem.org/index.php/ijcsrem Vol. 1, No. 1, pp. 51–58, 2018
- Villalonga, Belen & Raphael Amit. (2006).How Do Family Ownership, Control and Management Affect Firm Value. Journal of Financial Economics Vol. 80, Issue 2. https://doi.org/10.1016/j.jfineco.2004.12.005 DOI: https://doi.org/10.1016/j.jfineco.2004.12.005
- Villalonga, Belen. (2004b) Does Diversification Cause the “Diversification Discount�. Journal Financial Management, 33(2004), pp, 5-27.
- Young, Michael N. (2008).Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective. Journal of Management Studies 45(1):196-220. https://doi.org/10.1111/j.1467-6486.2007.00752.x DOI: https://doi.org/10.1111/j.1467-6486.2007.00752.x
References
Anderson, R.C. & Reeb, D.M. (2003). Founding-family ownership, corporate diversification, and firm leverage. Journal of Law and Economics, Vol. 46 (2): 653-684. https://doi.org/10.1086/377115 DOI: https://doi.org/10.1086/377115
Argyris. (1952). The impact of budgeting on people. Controllership Foundation.
Black, B. S., H. Jang,& W. Kim (2006). Does corporate governance predict firms' market values? Evidence from Korea.Journal of Law, Economics, and Organization, Vol. 22(2): 366-413. https://doi.org/10.1093/jleo/ewj018 DOI: https://doi.org/10.1093/jleo/ewj018
Beaver, William, Paul Kettler, & Myron Scholes, (1970). The association between market determined and accounting determined risk measure. Accounting Review. Vol. 45: 654-682.
Berger, P., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of FinancialEconomics. Vol. 37: 39–65. https://doi.org/10.1016/0304-405X(94)00798-6 DOI: https://doi.org/10.1016/0304-405X(94)00798-6
Cadbury, S. A. (2000). The corporate governance agenda. Corporate Governance: An International Review. 8: 7-15. https://doi.org/10.1111/1467-8683.00175 DOI: https://doi.org/10.1111/1467-8683.00175
Chakrabarti, A., Singh, K. & Mahmood, I. (2007), Diversification and performance: evidence from East Asian firms. Strategic Management Journal. Vol. 28: 101-120. https://doi.org/10.1002/smj.572 DOI: https://doi.org/10.1002/smj.572
Chen, T., Gu, Z., Kubota, K., & Takehara, H. (2015). Accrual-based and real activities based earnings management behavior of family firms in Japan. The Japanese Accounting Revie, Vol.5: 21-47. https://doi.org/10.11640/tjar.5.2015.02 DOI: https://doi.org/10.11640/tjar.5.2015.02
Coles, J. W., V. B. McWilliams, & N. Sen (2001). An examination of the relationship of governance mechanisms to performance.Journal of Management, Vol.27(1): 23-50. https://doi.org/10.1 177/014920630102700102 DOI: https://doi.org/10.1177/014920630102700102
Fama, Eugene F. & French, Kenneth R., (1996). Multifactor explanation of asset pricing anomalies. The Journal of Finance Vol; LL (3): 55-84. https://doi.org/10.1111/j.1540-6261.1996.tb05202.x DOI: https://doi.org/10.1111/j.1540-6261.1996.tb05202.x
Farichah, Farichah. (2017). Management Compensation and Auditor Reputation on Earnings Management and Share Return of Finance. Comparative Study on Consumer Protection in Indonesia Through Mechanism of Product Liability Insurance, XX (3A). pp. 196-208. ISSN 11082976. DOI: https://doi.org/10.35808/ersj/704
Fundeanu, C.,&S. Badele. (2014). The impact of regional innovative: Clusters on competitiveness.Procedia - Social and Behavioral. Sciences. Vol.124 (March): 405-414, https://doi.org/10.1016/j.sbspro.2014.02.502 DOI: https://doi.org/10.1016/j.sbspro.2014.02.502
Gary, M. (2005). Implementation strategy and performance outcomes in related diversification. Strategic Management Journal. Vol. 26: 643-664. https://doi.org/10.1002/smj.468 DOI: https://doi.org/10.1002/smj.468
Gillan, Stuart, & Laura T Starks. (1998). A survey of shareholder activism: Motivation and empirical evidence." Contemporary Finance Digest. Vol.2(3): 10-34. https://doi.org/10.2139/ssrn.663523 DOI: https://doi.org/10.2139/ssrn.663523
Gómez-MejÃa, L.R., Makri, M. & Larraza-Kintana, M. (2010). Diversification decisions in family-controlled firms.Journal of Management Studies, Vol. 48 (2): 223-252. https://doi.org/10.1111/j.1467-6486.2009.00889.x DOI: https://doi.org/10.1111/j.1467-6486.2009.00889.x
Grant. R.M., Jammine A.P.,& Thomas, H. (1988). Diversity, diversification, and profitability among British manufacturing companies,1972-1984.The Academy of Management Journal, Vol. 31(4): 771-801. https://doi.org/10.5465/256338 DOI: https://doi.org/10.5465/256338
Griffin, R. (2004). Manajemen, Edisi 7Buku 1. Jakarta: Erlangga.
Gujarati, Domodar. N., & Dawn C., Porter. (2009). Basic Econometrics. McGraw-Hill International Edition, 5th Edd., Boston.
Hartono, Jogiyanto. (2013). Teori Portofolio dan Analisis Investasi Edisi Kedelapan.Yogyakarta: BPFE.
Hernández-Trasobares, A., & Galve-Górriz, C. (2017). Diversification and family control as determinants of performance: A study of listed business groups. European Research on Management and Business Economics, Vol.23(1): 46–54. https://doi.org/10.1016/j.iedeen.2016.04.001 DOI: https://doi.org/10.1016/j.iedeen.2016.04.001
Hoechle, D., Schmid, M., Walter, I., & Yermack, D. (2012). How much of the diversification discount can be explained by poor corporate governance? Journal of Financial Economics. Vol.103(1): 41–60. https://doi.org/10.1016/j.jfineco.2011.03.025 DOI: https://doi.org/10.1016/j.jfineco.2011.03.025
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior,agency costs, and ownership structure. Journal of Financial Economics, Vol. 3: 305–360. https://doi.org/10.1016/0304-405X(76)90026-X DOI: https://doi.org/10.1016/0304-405X(76)90026-X
Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers.American Economic Review. Vol. 76: 323–329.
Jensen, M., & Murphy, K. (1990). Performance pay and top management incentives.Journal of Political Economy. Vol. 98: 225–263. https://doi.org/10.1086/261677 DOI: https://doi.org/10.1086/261677
Jensen, M.C., (1993). The modern industrial revolution, exit, and the failure of internal control systems. TheJournal of Finance. Vol. 48: 831-880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x DOI: https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jiraporn, P., & DeDalt, P. (2009). Does the founding family control affect earnings management? Applied Economics Letters. Vol. 16(2):113-119. https://doi.org/10.1080/17446540701720592 DOI: https://doi.org/10.1080/17446540701720592
Kuppuswamy, V., & Villalonga, B. (2016). Does diversification create value in the presence of external financing constraints? Evidence from the 2007–2009 financial crisis. Management of Science. Vol. 62(4): 905–923. https://doi.org/10.1287/mnsc.2015.2165 DOI: https://doi.org/10.1287/mnsc.2015.2165
Larcker, D., Richardson, S., & Tuna, I.(2007). Corporate governance, accounting outcomes, and organizational performance. The Accounting Review. Vol. 82: 963–1008. https://doi.org/10.2308/accr.2007.82.4.963 DOI: https://doi.org/10.2308/accr.2007.82.4.963
Lewellen, W. (1971). A pure financial rationale for the conglomerate merger activity. Journal of Finance. Vol. 26(2): 521–537. https://doi.org/10.1111/j.1540-6261.1971.tb00912.x DOI: https://doi.org/10.1111/j.1540-6261.1971.tb00912.x
Liebenberg, A. P., & Sommer, D. W. (2008). Effects of corporate diversification: Evidence from the property-liability insurance industry. The Journal of Risk and Insurance, Vol.75: 893–919. https://doi.org/10.1111/j.1539-6975.2008.00290.x DOI: https://doi.org/10.1111/j.1539-6975.2008.00290.x
Lins, K.V. & Servaes, H, (2002). Is corporate diversification beneficial in an emerging market?Financial Management. Vol. 31: 5-31. https://doi.org/10.2307/3666220 DOI: https://doi.org/10.2307/3666220
Markides, C. C., & Williamson, P. J. (1994). Related diversification, core competences and corporate performance. Strategic Management Journal, Vol.15(S2): 149–165. https://doi.org/10.1002/smj.4250151010 DOI: https://doi.org/10.1002/smj.4250151010
Meyer, K. E., Estrin, S., Bhaumik, S., & Peng, M. W. (2009). Institutions, resources,and entry strategies in emerging economies. Strategic Management Journal, Vol.30: 61–80. https://doi.org/10.1002/smj.720 DOI: https://doi.org/10.1002/smj.720
Miller, D., Breton-Miller, L. & Scholnick, B. (2008). Stewardship vs stagnation: an empirical comparison of small family and non-Family businesses. Journal of Management Studies, Vol. 45(1): 51-78.
Montgomery, C.A, (1985). Product-market diversification and market power. Academy of Management Journal. Vol. 28: 789-798. https://doi.org/10.2307/256237 DOI: https://doi.org/10.2307/256237
Nam, S.W. & I. C. Nam (2004). Corporate governance in Asia: recent evidence from Indonesia, Republic of Korea, Malaysia, and Thailand, Asian Development Bank Institute.
Nurdiono Nurdiono, et al (2019). CSR disclosure impact on corporate market performance of Indonesia listed Companies (ID) in trade sectors. Academy of Accounting and Financial Studies Journal Volume 23, Special Issue 1, 2019 1 1528-2635-23-SI-1-354
Oman, C., Fries, S., Buiter, W. (2004). Corporate Governance in Developing, Transition and Emerging–Market Economies, Policy Brief, no. 23, 2003, OECD.
Palich, L., Cardinal, L., & Miller, C. (2000). Curvilinearity in the diversification-performance linkage: An examination over three decades of research. Strategic Management Journal, Vol. 21(2): 155–174. https://doi.org/10.1002/(SICI)1097-0266(200002)21:2<155::AID-SMJ82>3.0.CO;2-2 DOI: https://doi.org/10.1002/(SICI)1097-0266(200002)21:2<155::AID-SMJ82>3.0.CO;2-2
Piscitello L. (2004). Corporate diversification, coherence and economic performance. Industrial and Corporate Change, Vol.13 (5): 757-787. https://doi.org/10.1093/icc/dth030 DOI: https://doi.org/10.1093/icc/dth030
Rahmawati, Rahmawati et.al (2018). Solo Creative City Network: Development of Household Waste Creative Industry as Market Engine of Tourism Industry. Indonesian Journal of
Corporate Social Responsibility and Environmental Management http://ijcsrem.org/index.php/ijcsrem Vol. 1, No. 1, pp. 16–28.
Shleifer, Andrei, & Robert W. Vishny. (1986). Large Shareholders and Corporate Control. Journal of Political Economy 94 (3): 461-488. https://doi.org/10.1086/261385 DOI: https://doi.org/10.1086/261385
Scott, William R. 2009. Financial Accounting Theory. New Jersey: Prentice-Hall, Inc.
Seth, A. (1990). Value creation in acquisitions: A re-examination of performance issues. Strategic Journal Management, Vol. 11(2): 99–115. https://doi.org/10.1002/smj.4250110203 DOI: https://doi.org/10.1002/smj.4250110203
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. The Journal of Political Economy. Vol. 94: 461-488. https://doi.org/10.1086/261385 DOI: https://doi.org/10.1086/261385
Valentinovna, Nosova Olga (2018).Corporate Social Responsibility Practices and their Application. Indonesian Journal of Corporate Social Responsibility and Environmental Management. http://ijcsrem.org/index.php/ijcsrem Vol. 1, No. 1, pp. 51–58, 2018
Villalonga, Belen & Raphael Amit. (2006).How Do Family Ownership, Control and Management Affect Firm Value. Journal of Financial Economics Vol. 80, Issue 2. https://doi.org/10.1016/j.jfineco.2004.12.005 DOI: https://doi.org/10.1016/j.jfineco.2004.12.005
Villalonga, Belen. (2004b) Does Diversification Cause the “Diversification Discount�. Journal Financial Management, 33(2004), pp, 5-27.
Young, Michael N. (2008).Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective. Journal of Management Studies 45(1):196-220. https://doi.org/10.1111/j.1467-6486.2007.00752.x DOI: https://doi.org/10.1111/j.1467-6486.2007.00752.x