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Jurnal Ekonomi & Bisnis Indonesia


corporate governance reform, controlling shareholders, firm performance, Indonesia


  1. Harijono
  2. George Tanewski




      The studies examines the impact
      of corporate governance reforms by analysing the relation between firms’
      operating performance and key ownership structure and corporate governance
      variables on a sample of firms listed on the Jakarta Stock Exchange between the
      periods 1993 to 2007. Contrary to widespread believe that reforms in Indonesia
      have failed, this paper provides empirical evidence in support of the positive
      impact of the corporate governance reforms. While the impact of family control,
      the firms’ business group affiliation, divergence between cash flow and control
      rights and political connection are all negatively associated with firms’
      operating performance (ROA) for the pre-reform period (i.e., 1993-1999), these
      negative effects disappear during the post-reform period (i.e., 2001-2007),
      except for family control. More importantly, the relationship between family
      control and operating performance is negative only when the family’s control
      right exceeds their cash flow right. The study provides some empirical evidence
      and insights to both regulator and development assistance agencies on the
      affectiveness of Indonesian corporate governance reforms.


      Vol 27, Nomor 01, Tahun 2012


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