FAMILY CONTROL DAN FINANCIAL CONSTRAINTS

Rahmat Setiawan; Dendy Suarista Suryanegara; Arka Prabaswara

Authors

Rahmat Setiawan Fakultas Ekonomi dan Bisnis, Universitas Airlangga
Dendy Suarista Suryanegara Fakultas Ekonomi dan Bisnis, Universitas Airlangga
Arka Prabaswara Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Keywords:

cash flow, investasi, family CEO,, financial constraints, family control

Abstract

Isu-isu yang berkaitan dengan financial constraints telah menjadi subjek penelitian yang menarik. Pemegang saham dengan kepemilikan besar dan karakteristik yang khas seperti family firm juga dianggap dapat mengurangi sensitivitas investasi terhadap arus kas. Penempatan anggota keluarga sebagai CEO perusahaan juga dianggap dapat mengurangi sensitivitas investasi terhadap arus kas. Studi ini menyelidiki pengaruh family firm dan family CEO terhadap sensitivitas investasi terhadap arus kas. Sampel yang digunakan oleh penulis adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Hasil analisis regresi menunjukkan bahwa arus kas perusahaan berpengaruh positif terhadap investasi. Hasil lainnya juga menunjukkan bahwa pengaruh positif arus kas terhadap investasi lebih lemah pada perusahaan dengan status family firm dan pada perusahaan yang memiliki family CEO. Hal ini berarti bahwa family firm dan family CEO dapat memperlemah sensitivitas investasi terhadap arus kas perusahaan yang mengalami financial contraints.

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