• 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.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.69-79
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• 2021

Good Corporate Governance (GCG) has been implemented by companies, especially companies that have gone public. However, many local companies still have not applied the principles of GCG. This study examines the implementation of the CG concept which is not fully implemented in family businesses in Indonesia. Besides, this research also aims to find out the role of the Internal Audit function in enhancing GCG practices. This research is a qualitative study that uses in-depth interviews, observation, and data triangulation, to gather evidence from exploratory case studies conducted in three family business firms. The results of this study found that CG is essential for the successful run of family businesses. After analyzing the data, we developed a new theory called Islamic Integrity Governance. The Internal Auditor plays a key role in improving GCG and a vibrant and agile internal audit function can be an indispensable resource supporting sound corporate governance. The internal auditor provides objective assurance and insight on the effectiveness and efficiency of risk management, internal control, and governance processes. Therefore, the Internal Auditor is an important pillar for effective and efficient GCG implementation. This theory concludes several concepts such as THTCL (Trustworthy, Honest, Transparent, Creative, Loyal). Internal auditors are needed because the concept of control is useful for improving GCG in business.

• Korean small business review
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• v.42 no.2
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• pp.69-92
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• 2020

This study is aimed at the growth and development of family businesses that greatly contribute to Korea's economic development, but the specific research purpose is to firstly examine the research trends and current status of Korean family businesses and compare them with those of developed countries such as the United States. Second, I would like to look at the future research for revitalizing Korean family business research. In addition, we intend to contribute to increasing the interest in this field and the number of researchers involved. The research target of this paper is 212 papers published in professional academic journals for 13 years from 2006 to 2018 when family businesses began to be fully researched in Korea, 112 master's and doctoral dissertations (graduate schools), and 324 totals. As a result of empirical analysis, the number of published papers is increasing more than the initial ones, but it has been on the decline recently. In addition, 57.5% of the journals are papers that do not have specific definitions or simply list the claims of several scholars by analyzing content. Thesis was 33.9%. As for the type of research, qualitative research, which is a conceptual research, is a small number, and empirical research occupies most of the research topics. Research topics and academic dissertations also have a large proportion of management, management strategy, succession, financial accounting, and business performance. In other words, it can be said that the research on family business in Korea corresponds to the early childhood of the United States. First of all, in the future, we need to put more effort into increasing the qualitative research, starting with the definition of a family business, which is an essential problem, in addition to the theory building of family business. Second, as an analysis level of research, we should make family an important level of analysis for existing individuals, groups, and organizations. Third, the research subject and research area should be expanded. It is desperately necessary to study large companies including chaebols, mainly from small and medium-sized companies, which are the existing research areas of family business. In addition, it is considered that it is necessary to appropriately introduce various theories suitable for the interdisciplinary study, which is the characteristic of the family business, for example, theories of family science, psychology, and sociology. Fourth, it should build the research infrastructure.

• The KIPS Transactions:PartD
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• v.15D no.5
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• pp.621-628
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• 2008

Many of today's businesses need IT system's flexibility for on-demand business which can be rapidly adapted to environment changes. Service oriented architecture (SOA) provides the infrastructure which makes business flexibility possible under the on-demand operating environment. Therefore, to satisfy these requirements, new approach for assuring business flexibility and enhancing reuse is needed. In this paper, we propose an approach for developing a business process family model (BPFM) in which the variabilities in business process family can be explicitly represented by using the variability analysis method of software product line. In addition, we describe the supporting tool for this approach. It can model the BPFM and generate automatically BPMs through decision and pruning process from BPFM. By using our approach, the business and its IT system can correspond to business environment changes rapidly and efficiently.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.169-178
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• 2021

This research aims to test, firstly, how the disclosure of corporate social responsibility (CSR) helps to moderate the effect of family ownership on investment efficiency; secondly, how CSR disclosures mediate the effect of corporate governance on investment efficiency. STATA was used to analyze archival data collected from a total sample of 210 manufacturing companies listed on the Indonesian Stock Exchange (IDX), which were in the family businesses category for the period of 2016-2018. The first finding is that CSR moderates the effect of family ownership on investment efficiency. This implies that family businesses are very careful about investing. They will avoid risky decisions that may increase the economic wealth, but reduce the socio-emotional wealth. To maintain socio-emotional wealth, they tend to choose an underinvestment strategy and are more concerned with the prestige and good reputation of their families and dynasties than with economic wealth. Thus, CSR disclosures can reduce the underinvestment strategy of family businesses listed on the IDX. The second finding is that CSR disclosures are able to mediate the effect of corporate governance on investment efficiency. CSR activities play a major role in decision-making, and through CSR disclosures, corporate governance has a greater effect on investment efficiency.

• Journal of the Korea Society of Computer and Information
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• v.22 no.12
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• pp.171-178
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• 2017

Investigations into family-friendly company culture have been carried out for various companies and conglomerates. But there has never been such investigation for police organization, so this investigation is intended to see the effect on organizational commitment and job performance of the organization culture that makes use of family-friendly program for the police organization. To this end, how the internal factors of family-friendly organization culture affects organization commitment and job performance is empirically analyzed with structural equation modeling. And it is found that family-friendly program has significant effect on organizational life and welfare, and the welfare, in return, is found to have significant effect on job performance.

• Journal of Families and Better Life
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• v.33 no.4
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• pp.19-32
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• 2015

The purpose of this study is to examine the influence of the organizational characteristic and workers characteristics of Family Business Organization on its Business Performance. The subjects of this study were workers of healthy family support centers and multicultural family support centers. A survey was conducted from July 30th to September 30th. A total 372 materials were used for analysis of final data and SPSS(Statistical Package for the Social Sciences) WIN 18.0 program was employed in analyzing the collected data. As the result of analysing the effect of organizational characteristics and culture and characteristics of workers on business performance through hierarchical regression analysis, higher performance was achieved when the agency's organizational culture has the characteristics of a developed culture, and when the operating body is a school principal corporation rather than a non-profit corporation, and in the city rather than farming town, having enough information and external resources at the center, and when the job satisfaction of workers are high, and when organizational culture is more hierarchical. There were difference in the result of analysing the effect of organizational characteristic and culture and characteristic of workers on business performance. The level of service and business value of Family Service Organization was higher when the agency's organizational culture has the characteristics of a developed culture, hierarchical culture and agreement culture, and when operating body is a school principal corporation rather than a non-profit corporation, having enough information and external resources at the center, and the administrative skills of workers are higher. Business volume is increased when the operating body is a school principal corporation rather than a non-profit corporation, and in the city rather than farming town, and when the agency's organizational culture has the characteristics of hierarchical culture and agreement culture, having enough external resources at the center, and the practicing ability of workers are higher. When it comes to business efficiency, it is increased when the agency's organizational culture has the characteristics of developed culture and the job satisfaction of workers are high, having enough external and financial resources at the center. Therefore we will need to enhance business performance through improved management and job satisfaction of employees in organizational culture.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.679-688
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• 2021

This study aims to verify family ownership's effect on earnings management by using corporate governance as the moderation variable. This study uses data panel regression with the period of 2011-2017. Corporate governance consisted of three dimensions, namely the board of commissioners, share ownership and transparency, and disclosure and auditing. Discretionary accruals measure earnings management with a model that controls company performance. Samples are manufacturing companies listed on Indonesia Stock Exchange. Observations were conducted on 198 firms throughout the year. The results indicated that corporate governance significantly affected earnings management. However, it declined the significance of family ownership toward earnings management. Hence, corporate governance can reduce earnings management. Furthermore, of the three components of corporate governance: the board of commissioners, shareholding, and transparency, the term shareholding precisely encouraged managers to conduct earnings management. Besides, the three core bodies of corporate governance lowered the significance of shareholding toward earnings management. This study's findings suggest that in family firms in Indonesia, earnings management is becoming more intensive than in non-family firms. Additional tests show that there is an entrenchment effect on family firms in Indonesia. Furthermore, corporate governance leads to earnings management.

• The Journal of the Korea Contents Association
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• v.18 no.9
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• pp.375-389
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• 2018

A successful succession of family businesses is a very important issue that greatly affects the sustainability of the business. Among the factors affecting successful succession, the successors of the family business were identified on the entrepreneurship held by small business owners and on the management performance of the business. This study was analyzed empirically by the managers who currently run the actual business through completion of or process of succession. Successive factors were established as a place for education and succession of heirs, and entrepreneurship was divided into innovativeness, risk-taking and pro-activeness, and management performance was divided into financial and non-financial achievements. The analysis shows that the education and training of successors among succession factors have significant implications for both managerial performance and entrepreneurship, and that the success of successors has no significant impact on non-financial performance, innovativeness and pro-activeness. In addition, while the risk-taking nature of entrepreneurship was concerned with the performance of management, innovativeness and pro-activeness were not all significant. According to this study, the education and training of successors and the determination of successors in succession family businesses have a significant impact on management performance and entrepreneurship.

• The Journal of Industrial Distribution & Business
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• v.8 no.5
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• pp.35-42
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• 2017

Purpose - This study investigated small business members' cognition of happiness in accordance with changes of employment environment at the nation's industrialization. The study verified effects of labor workers' psychological wellbeing conditions upon life satisfaction as well as the effects of job burden and family burden of employment instability. Research design, data, and methodology - The subjects were small business workers in Seoul and Metropolitan areas. The author collected 150 copies of effective questionnaires. Regression analysis, hierarchical analysis and 3-stage mediation regression analysis were done. Results - The findings of this research was that psychological wellbeing factors alleviated job burden and family burden to increase satisfaction with life. Employment instability moderated between job burden and satisfaction with life, job burden between environmental control and satisfaction with life, and family burden between goal and satisfaction of life. Members needed sub factors of psychological wellbeing, especially reflection for self-acceptance. Conclusions - This study inspected effects of small business workers' psychological wellbeing upon life satisfaction at changes of management environment as well as labor environment to verify effects of job burden, family burden and employment instability and to find out conditions of human resources management from point of view of small business and workers.