Artikel Ilmiah : C1L008013 a.n. DHEA CHRISTIANTI YEHUDA
| NIM | C1L008013 |
|---|---|
| Namamhs | DHEA CHRISTIANTI YEHUDA |
| Judul Artikel | EXPROPRIATION OF MINORITY SHAREHOLDER IN ULTIMATE OWNERSHIP STRUCTURE ( STUDY ON GO PUBLIC FAMILY COMPANIES LISTED ON INDONESIAN STOCK EXCHANGE IN THE YEAR 2009-2011) |
| Abstrak (Bhs. Indonesia) | This research entitled “Expropriation of Minority Shareholder in Ultimate Ownership Structure (Study on Go Public Family Companies Listed on Indonesian Stock Exchange in the Year 2009-2011)". Indonesian has concentrate ownership structure which caused controlling shareholder can control company from cash flow rights and control rights. The higher control rights would decrease firm value. With higher control rights, controlling shareholder of the company have posibility to do expropriation action. Expropriation is the process of using the control to maximize their own welfare with the distribution of wealth from another party (Claessens et al., 2000b. The research used family companies during period of 2009-2011.Using purposive sampling criteria, from 411 companies, 18 are used as samples. The purpose of this study to find out the phenomenon of separation between cash flow rights and control rights over the posibility of expropriation by controlling shareholder. Controling shareholder involved in management and the existence of second controoling shareholder as moderating variable. Type of data collected are secondary data. This research method classical assumption test for multiple regression anlysis. Based on the results this study, cash flow rights has positive influence and control rights has negative infuluence on firm value. It also found cash flow rights leverage of controlling shareholdrs have negative ifluence on firm value strenghthened by controlling shareholder involved in management and weakened if there is second controling shareholders in company. |
| Abtrak (Bhs. Inggris) | This research entitled “Expropriation of Minority Shareholder in Ultimate Ownership Structure (Study on Go Public Family Companies Listed on Indonesian Stock Exchange in the Year 2009-2011)". Indonesian has concentrate ownership structure which caused controlling shareholder can control company from cash flow rights and control rights. The higher control rights would decrease firm value. With higher control rights, controlling shareholder of the company have posibility to do expropriation action. Expropriation is the process of using the control to maximize their own welfare with the distribution of wealth from another party (Claessens et al., 2000b. The research used family companies during period of 2009-2011.Using purposive sampling criteria, from 411 companies, 18 are used as samples. The purpose of this study to find out the phenomenon of separation between cash flow rights and control rights over the posibility of expropriation by controlling shareholder. Controling shareholder involved in management and the existence of second controoling shareholder as moderating variable. Type of data collected are secondary data. This research method classical assumption test for multiple regression anlysis. Based on the results this study, cash flow rights has positive influence and control rights has negative infuluence on firm value. It also found cash flow rights leverage of controlling shareholdrs have negative ifluence on firm value strenghthened by controlling shareholder involved in management and weakened if there is second controling shareholders in company. |
| Kata kunci | Expropriation,Cash Flow Rights, Control Rights, Cash Flow Rights Leverage. |
| Pembimbing 1 | Dr. Oman Rusmana, M.Si., Ak. |
| Pembimbing 2 | Krisnhoe Rachmi Fitrijati, SE., M.Si., Ak. |
| Pembimbing 3 | |
| Tahun | 2013 |
| Jumlah Halaman | 32 |
| Tgl. Entri | (belum diset) |