• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.159-167
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• 2021

The objective of this study is to examine the effect of family ownership and family CEO on the dividend policy of family firms by using the demographic characteristics of the CEO as a moderator. Dividend policy is a decision taken by the firm in determining whether the profits earned by the firm will be distributed to shareholders in the form of dividends or will be reinvested in the company as retained earnings for future internal resources. Using samples from non-financial family firms listed on the Indonesian Stock Exchange in 2013-2017, 93 firms were selected based on adequate data. We also used logit regressions to provide robustness. The results show that family ownership and family CEO have a positive effect on the dividend payout ratio. This finding supports the family income hypothesis. Among CEO demographic characters, CEO age significantly strengthens the positive effect of family CEO on dividend payout ratio. While CEO tenure does not significantly strengthen the positive effect of family CEOs on dividend payout ratios. Meanwhile, leverage, ROA, and firm size significantly affect the dividend payout ratio, but firm age does not significantly affect the dividend payout ratio.

• Journal of Wellbeing Management and Applied Psychology
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• v.3 no.1
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• pp.1-10
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• 2020

The purpose of this study was to examine the moderating effect of board education diversity on the relationship between ownership concentration and environmental accounting disclosure. The study was driven by stakeholder's theory. The longitudinal research design was adopted in the study. The study targeted 27 listed firms from 2008 to 2017. Panel regression analysis results indicated ownership concentration (β = -.131, ρ<.05) had a negative and significant effect on environmental disclosure in Kenyan firms. However, Board education diversity positively moderated the relationship between ownership concentration (β=.138, ρ<.05) and environmental accounting disclosure. Thus, board education diversity is an enhancing moderator in the relationship between ownership concentration and environmental accounting disclosure. The findings validate stakeholder theory's proposition. The study recommends that firms listed in the NSE ought to diffuse ownership concentration, and their boards should be well educated and experienced to enhance environmental accounting disclosure.

• Journal of Distribution Science
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• v.16 no.3
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• pp.5-12
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• 2018

Purpose - The third place plays an important role in complex society. The more customers participate in the third place, the higher they have loyalty. It is necessary to identify the mediator between customer participation and loyalty. Thus, the purpose of the study is to analyze the relationship between customer participation and loyalty and a mediating role of psychological ownership. Research design, data, and methodology - A structural equation model representing the relationships between customer participation, psychological ownership, and customer loyalty was proposed and four hypotheses were tested using data collected from visitors of Starbucks as the third place. Results - Three hypotheses regarding relationships between customer participation, psychological ownership, and customer loyalty were supported at the significance level of 0.001. The hypothesis regarding a mediating role of psychological ownership between customer participation and customer loyalty was supported by Sobel test. Conclusions - Customer participation positively affects psychological ownership and customer loyalty. Psychological ownership positively affects customer loyalty. Psychological ownership plays a mediating role in the relationship between customer ownership and loyalty. This study contributes to finding the missing link between customer participation and customer loyalty. The research model can be applied to various retail services. Some implications for academics and practitioners were suggested.

• Journal of Distribution Science
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• v.13 no.11
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• pp.23-30
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• 2015

Purpose - Small- and medium-sized enterprises often rely on the owner's personal characteristics. This study aims to verify the impact of the awareness of such a business leader's sincerity and the sincerity of their leader-member exchange (LMX) on employee psychological ownership and organizational commitment. The findings offer clues to how small- and medium-sized company leaders should engage with employees. Research design, data, and methodology - A total of 289 valid questionnaires were examined using frequency, descriptive statistics, and correlation analyses and structured equation modeling. Results - Authentic leadership and LMX were both found to have a positive impact on each trust factor, each trust factor had a positive impact on psychological ownership and organizational commitment, and psychological ownership had a positive impact on organizational commitment. Conclusion - These results suggest that small- and medium-size company leaders should use self-awareness and self-regulation to encourage the recognition of their sincerity, and strive to achieve a positive relationship with employees. It also suggests that leaders should improve trust between employees and establish various strategies to enable employee psychological ownership.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.863-873
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• 2021

The purpose of this research is to examine the effect of family share ownership on the value of family companies and differences in the value of the firm - a family firm managed by family members and a family firm managed by non-family members. This research is also related to agency problems, namely share ownership and professional management can increase company value. This research uses the firm value as the dependent variable that is measured using Tobin's Q. Meanwhile the independent variable in this research is family ownership, and firm size is the control variable. The purposive sampling method was used to determine the sample for this research. The object of this research is 78 family companies listing on the Indonesian Stock Exchange in 2017. The hypothesis is tested by using multiple linear regression analysis which meets the analysis requirements test or classic assumption test. The results show that majority family ownership does not affect the value of the firm and there is no difference in the firm value of family firm led by family members and the firm value of family firm managed by non-family members.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.205-224
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• 2020

Purpose - This study aimed to identify the effects of ownership structures on agency costs in internationally diversified firms listed on the KOSDAQ market. Design/methodology/approach - A total of 5,824 samples were finally selected and empirically analyzed for a total of nine years from 2011 to 2019, during which the International Accounting Standards had been mandatory for firms listed on the KOSDAQ market. Findings - The results of this study showed that the effects of ownership structures on the ratio of asset turnover are positive for the major share and foreign equity ratios of international diversified firms. Moreover, by selecting the ratio of entertainment expenses as a proxy for agency expenses, this study confirmed that the effects of the ownership structure of an international diversified entity on entertainment expenditure were determined to show a significantly negative relation to entertainment expenditure, thus indicating that the higher the ratio of major shareholders, the more appropriately control the expenditure of entertainment expenses through arbitrary private deviations of the management.Furthermore, considering the effect of the ownership structure on the expenditure of sales and administrative expenses as a proxy variable for agency costs, this study verified that the majority share ratio of international diversified firms was negative to the expenditure of sales and administrative expenses, confirming that the higher the share of major shareholders, the lower the selling and administrative costs, but insignificant.Finally, as a result of determining whether the ownership structure of an international diversified firm affects the holding of free cash, the majority share of this firm shows a significantly negative relation to the ratio of the holding of surplus cash, indicating that the higher the proportion of major shareholders, the more appropriately control the holding of the entity's free cash through arbitrary private deviance by the manager. Research implications or Originality - Major shareholders of an internationally diversified firm listed on the KOSDAQ market play a positive role in the firm's performance by properly controlling agency costs that may be incurred by the management.

• Journal of Digital Convergence
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• v.15 no.9
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• pp.111-123
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• 2017

This study examines the effects of personality characteristics and self-leadership on job engagement and turnover intention, focusing on the mediating role of psychological ownership in the fourth industrial revolution and convergence environment. While personality characteristics had a significant positive effect on job engagement, there was indirect effect on turnover intention through mediation of psychological ownership. Self-leadership has a direct and indirect effect on job engagement, and it has a direct positive effect on turnover intention and negatively influences through mediation of psychological ownership. And the effect of psychological ownership was confirmed increasing job engagement and reducing turnover intention. The results of this study have implications for human resource development and organizational management.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.409-418
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• 2020

The human and capital resources from foreign investors are important sources of finance for developing countries. Foreign ownership can help the firm to raise funds for operations and the foreign management can help the firm expand the market and improve management. However, does this really happen to Vietnamese firm? To find the answer to that question, this paper examines the impact of foreign ownership and management on the financial performance of listed firms on Vietnam's stock market. The data collected include 427 listed firms in all fields over five years, from 2014 to 2018. The financial performance is measured by Tobin's Q, ROA and ROE. The study carried out testing of each model by the least squares method of Pool OLS, assessing random effects (REM) and evaluating fixed effects (FEM). The most effective model is the FEM model. The results show that the foreign ownership ratio and the size of the firm have a positive impact on the financial performance. The foreign management, the age of the firms, the liquidity and financial leverage have a negative impact on the financial performance. Based on the research results, the study proposes some recommendations to improve the financial performance of listed firms in Vietnam.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.89-120
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• 2010

In this paper, we analyse empirically the relations between ownership structure and cash holdings of firms listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Cash holdings increase as large shareholder's equity holdings increase. Cash holdings increase as the difference between first largest shareholder's and second largest shareholder's equity holdings increase, and cash holdings increase as the ownership concentration increase. Managerial ownership exert a non-linear effects on cash holdings. So to speak, at lower level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders, but at higher level of managerial ownership, the interests of managers and shareholders are aligned, and also at highest level of managerial ownership, managers hold more cash to pursue their own interests at the expense of minority shareholders. Cash holdings increase larger in owner-controlled firm than in management-controlled firm. These results support the expropriation of minority shareholders hypothesis that large shareholders can extract private benefits from corporate resources under their control at the expense of minority shareholders. This paper contributes to defining information value of large shareholder's equity holdings on cash holdings for a firms' other stakeholders such as investors and creditors, and to strengthening a legal and institutional safeguard for external minority shareholders. Ownership concentration might have negatively affected the evolution of the legal and institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future policy reform.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.601-611
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• 2020

The study aims to investigate the impact of ownership structure on corporate voluntary disclosure in the listed companies of Bangladesh. While many studies on the impact of ownership structure on voluntary disclosure have looked at developed and developing countries, few studies have been carried out in a transition economy. Using a three-step relative voluntary disclosure index, the study applies a multivariate analysis on the cross-sectional data for the year 2018. The findings indicate that the quality of voluntary disclosure in transition economy is still below average but has improved compared to findings from the previous literature. We found a significant inverse relationship between corporate voluntary disclosure and public ownership, while no significant relationships between voluntary disclosure and institutional ownership, director ownership, and foreign ownership have been found. The empirical findings of the study will provide evidence to promote the voluntary disclosure characterized by the ownership structures. The findings have important implications for both local and foreign investors as they make their investment decisions especially related to a transition economy. Besides, the findings will assist, not only the corporate executives in rearranging their reporting paradigm, but also the regulators and governments in similar transition economy in adopting and formulating their corporate policies and strategies.