Accounting and Finance in Family Firms

I will forever be beholden to my research respondents for the time they took filling my questionnaires and their willingness to give me the vital information that was necessary for the study given their busy schedules. Lastly and most importantly, I wish to thank the almighty God for giving me health, wisdom and knowledge that enabled me do this work and for the continuous support where I couldn't handle. Lastly I also acknowledge the efforts of Dr. Nabeta Nkote Isaac towards perfecting my final dissertation as earlier proposed by the committee. vi TABLE OF CONTENTS APPROVAL .

This research aims to study the influence of entrepreneurial orientation (EO), knowledge management (KM), and small and medium-sized enterprises (SMEs) performance and seeks to identify the moderation effect of organizational trust (OT) on these relationships. The study empirically examines the conceptual model using a sample of 210 SMEs, using a close-ended self-administered questionnaire. The result indicates a positive direct relationship between EO, KM, and performance. Moreover, OT moderates the relationship between EO, KM, and SME performance. This study has provided some empirical evidence for the importance EO practices (innovativeness, proactiveness, and risk-taking) and KM (knowledge sharing, acquisition, and application) to improve SMEs performance and create a competitive advantage (Abdelwahed & Alshaikhmubarak, 2023; Giampaoli et al., 2017). Furthermore, this study affords insights for SME owners/managers to support initiatives and innovation practices. Policymakers, on...

This article is about the construction of time series on the stock of public and private capital and Public Private Partnerships (PPPs) in Mozambique, from 1960 to 2017, in local currency (meticais), at constant 2009 prices. The construction of these series was based on the IMF methodology, using data on investment and on the depreciation of the capital stock, based on a geometric depreciation model. For investment, data from the National Institute of Statistics (INE) gross fixed capital formation (GFCF), from 1991 to 2017, were considered. For the periods previous to 1991, INE investment data were extended regressively, from 1990 to 1960, considering the proportions of investment in real GDP, by sectors: public, private and PPPs. For this purpose, the proportions of total investment implicit in the IMF data from 1960 to 2013 were used. These proportions were applied to INE GDP data) to obtain the investment data in metical's at 2009 constant prices, from 1960 to 1990. The result of the capital stock series shows an increasing trend of the total capital stock from 1960 to 2017. From the beginning of the 90's until roughly 2014, the public capital stock exceeded the stock of private capital. The share of the public capital stock in the total capital stock is, in general, greater than the share of the private capital stock. These data shows that despite Mozambique embarked on capitalism, the private sector development remained weak, with a low investment capacity in fixed capital to increase its capital stock.

Drawing on social capital and agency theories and using a multi-study research design, this study examined how perceived risk and return interacts with familism to influence individuals' investment strategies in new venture financing, both capital seeking and capital providing behavior. We found that individuals high in familism are more likely to seek capital from and provide capital to family members than non-family members for new ventures. However, such relationships are more complex than prior research suggests because when individuals' risk and return

Objective: In the context of globalization and its economic impacts, along with the ability of family businesses to generate socioemotional value internationally, this study aims to develop a comprehensive theoretical framework to explore the key concepts related to family business internationalization. Methods: A mixed-methods approach was used to review 1,727 articles from the Web of Science database over the past decade. Fortytwo relevant theories were systematically examined, followed by a narrative review focused on family business internationalization. The theories were classified from two perspectives: first, a multidisciplinary approach including public management, internationalization, and family business frameworks; second, an interdisciplinary approach, organizing the theories according to their evolutionary stages, from theory construction to development and testing. This classification system clarifies relationships between theories and traces their evolution. Results: A major contribution of this study is identifying the core assumptions of each theory regarding family business internationalization. Additionally, by extracting key concepts based on content correlations, a conceptual model is provided that enhances theoretical understanding and highlights gaps in theory development. Conclusions: This study enhances both theoretical and practical knowledge of family business internationalization. The findings offer valuable insights for policymakers, managers, and researchers, aiding them in identifying opportunities, challenges, and future directions in this field. It also provides a foundation for future research and knowledge expansion.

There is evidence that foreign direct investment promotes growth in developing economies. At the same time, economic development attracts FDI. Further, FDI inflows may induce investment by national investors. To analyse the effect of FDI inflows on economic growth and domestic investment in developing countries, this paper has applied the vector autoregressive model for five Asian countries – India, Malaysia, Pakistan, Sri Lanka, and Thailand – for the period 1980-2020. In the VAR framework, the relationship between GDP, FDI, exports, infrastructure, and population growth are estimated endogenously by taking two-period lags of each of these variables. The estimated VAR results show that there is a positive impact of FDI on growth in these economies, except Pakistan, and the infrastructure facility is an important factor for attracting FDI. The impact of FDI inflows on domestic investment in India is significantly positive, with a more-than-twofold increase in investment by the national investors.

This study explores the relationship between diversity in board composition and the degree of a firm's international activity. Specifically, we posit that board resource variety has a positive relationship with the international activity of the firm and that the strength of board faultlines moderates this relationship. Using data collected from Spanish public companies over the period 2005 to 2010, our analysis shows strong support for our hypotheses. Our work contributes to the literature on board's diversity by demonstrating that board resource variety should be captured by considering "the director profile" rather than any single attribute and that this type of variety can engender subgroups that weakens its benefits. Therefore, our results have implications for the strategic management challenge international firms face when they put together their boards. A corporate board needs to structure itself in such a way as to benefit from the wealth of the variety of its resources, but without succumbing to the risks posed by conflicts between subgroups arising from the presence of faultlines.

Total factor productivity (TFP) growth is described as the unexplained part of economic growth which captures the effects of economies of scale, foreign direct investment, education expenditures, technological growth, and so on. Three methods are commonly used to measure TFP growth: growth accounting, index number and econometric method. The objectives of this study is to measure and compare the trends of TFP growth estimated through the above mentioned three methods in South Asia for the sample period 1990-2013. The results indicate that the trends of TFP growth during the sample period in the selected panel remained cyclical but the overall average growth rate of TFP remained positive. Moreover, the econometric method produced consistent trends of TFP growth relative to those produced through growth accounting and index number methods.

We present a theoretical framework of family ownership as a driver of the heterogeneity (between‐firm differences) and variability (within‐firm differences over time) of absorptive capacity (AC). Building on our analysis of the multiple dimensions of family ownership influence on firm behavior and the mechanisms that can shape the firm willingness and ability to acquire, assimilate, transform, and exploit external knowledge, we introduce the concepts of motivation gap and implementation gap to explain why, paradoxically, family ownership can cause both upward and downward divergences in AC. Our contingency framework identifies conditions under which the positive and negative effects of family ownership on AC are likely to prevail and adds a temporal perspective suggesting that AC varies depending on the duration of family ownership and ownership succession.

Purpose-This paper aims to explore how territory impacts on entrepreneurial families' (EFs) embeddedness to unveil the role that territories play on the continuity and development of EFs. Design/methodology/approach-To study complex contexts where subjective realities are analyzed, a constructivist qualitative approach is recommended. Given that, this paper develops a qualitative methodology in which 25 semi-structured interviews were carried out and analyzed based upon the use of ATLAS.ti, following an open-coding approach. Findings-This paper found out that the territory can condition EFs' embeddedness in different ways. First, through the cultural embeddedness, the shared territorial understanding of values and norms inherited by the history of the territory. Second, by the political embeddedness, i.e. the power exercised by territorial economic actors and non-market institutions. Third, through the structural embeddedness generated by the territorial social networks and the generation of close relationships and finally, through the so-called cognitive embeddedness, the territorial actors' representations, interpretations and meanings. These four modes of territorial embeddedness are unfolded in a set of 16 territorial factors that impact on EFs' embeddedness. Most of the identified factors, 14 out of the 16, are acting mainly over one of the embeddedness modes studied (cultural, political, structural and cognitive), while two of them, because they are operating simultaneously on various modes of embeddedness, have been considered transversal factors. Originality/value-EFs have, to a great extent, been recognized as major generators of positive externalities in the territories in which they are located, and to date, the literature has focused on the impact that firms and family firms have on regional development. However, how the territory conditions the embeddedness of these families, especially how it impacts on the EFs' territorial embeddedness, remains unexplored. This paper proposes a framework of 16 factors that help to understand the embeddedness dynamics between EFs and territories, serving as a starting point for future research avenues. Additionally, regional policy makers may use it as a guidance to build policy mix that considers these territorial factors to boost EFs' embeddedness.

The purpose of this study is to investigate the relationship between family ownership and investment decision makings of the companies. In Pakistan, fifty nine percent of the public companies are family firms. The major sector constituting most family firms listed on KSE is Food Producers so we took our sample data from this sector. We presumed that the greatest ownership in a company significantly impacts the investment decisions. We also proposed that the family ownership has a significant impact on the investment decision making. We categorized companies into 2 classifications according to 25 percent and 50 percent family ownership companies. The independent variable is change in net fixed assets and independent variable is family ownership and greatest ownership. The regression results concluded that the greatest ownership in the firms has a significant impact on the investment decisions of the firms. On the other hand, we found positive insignificant impact of family ownership on the investment decisions.

The successful internationalization process of Chinese firms which enhances the sustainability of the Chinese economy receives massive research attention. Studies emphasize that firm’s motives and institutional voids play a pivotal role in getting benefits from the internationalization process, but the factors that initiated this process have been overlooked. The objective of this study is to explore the impact of those institutional factors which initiated the internationalization process. This study reveals that institutional factors of cross listing and increased financial availability induced the internationalization process of Chinese firms. Using the financial data of non-financial firms for the period of 2005–2015, we demonstrate that the domestic financial reforms initiated the internationalization process that helps Chinese economies to achieve sustainable economic development. The study also finds that state-ownership helped firms to gain more from increased financial avai...

The principal method of raising public funds by a private firm is Initial Public Offerings (IPOs). This area has attracted researcher’s attention (40,559 publications) because when private firms go public, they have different decision-making processes, goals, attitudes, performance and corporate governance. We examined the publication trend in the field of family firm IPOs with the help of bibliometric data extracted from Scopus because familyownership is a prominent feature of firms worldwide. The search string used includes “Family Firm” and a wildcard “IPO”, which yielded only 64 peerreviewed articles written in English Language. Thus, family firm IPOs is an under-researched area but have been growing rapidly. The paper has done bibliometric analysis using VOS viewer software and systematic literature review to objectively identify influential authors, seminal works, emerging topics and directions for future research.The study has identified a significant scope for future researc...

We use meta-analysis techniques to review the literature on the relation between family ownership concentration and performance for listed corporations in emerging markets. We find underlying positive relations between family ownership and performance that vary over time and across countries. Our tests highlight the importance of institutions in explaining differences across countries. We also find that a significant amount of the differences in relations across studies is influenced by researchers' choices of regression methods for accounting for endogeneity. Generally, our results are consistent with the view that family ownership concentration can enhance monitoring of managers or better align majority and minority shareholder interests to improve corporate performance in emerging markets.

This paper presents significant empirical evidence on the relationship between Advanced Manufacturing Technology (AMT) practices and sustainable environmental initiatives with the manufacturing capabilities of automotive SMEs in Malaysia. A cross-sectional survey is adopted in this study, which involves 83 Malaysian automotive SMEs. Two hypotheses are proposed in this study, i.e. Hypothesis 1: There are positive effects of AMT practices on the manufacturing capabilities of SMEs and Hypothesis 2: There are positive effects of sustainable environmental initiatives on the manufacturing capabilities of SMEs. The results obtained from the pairwise correlation analysis indicate that both AMT practices and sustainable environmental initiatives have positive effects on manufacturing capabilities, which support both hypotheses. In addition, it is found that 50% of the SMEs implement AMT for flexibility and cost reduction in the past five years. It is also found that more than 80% sustainable practices are adopted in most of the SMEs with the exception of Life Cycle Assessment. Based on the findings, there is a need to move forward into the hybrid approach, which will consider both AMT practices and environmental initiatives to ensure that SMEs remain competitive and become the world player in the automotive industry.

AUTHORS Bambang Dwi Suseno Christantius Dwiatmadja ARTICLE INFO Bambang Dwi Suseno and Christantius Dwiatmadja (2016). Technology transfer motive of managers in Eastern Asia: empirical results from manufacture industry in Banten province, Indonesia. Problems and Perspectives in Management, 14(2), 36-45.

Kegiatan pengabdian masyarakat ini bertujuan untuk mengatasi berbagai permasalahan yang sering terjadi dalam pengelolaan masjid guna meningkatkan wawasan dan pemahaman tentang pengelolaan manajemen masjid yang baik dan berkualitas dalam mengelola masjid secara profesional. Rancangan kegiatan ini dilakukan oleh Tim Dosen Fakultas Ekonomi Dan Bisnis Universitas Muhammadiyah Makassar dalam rangka memenuhi salah satu bagian dari kegiatan Tridharma Perguruan Tinggi melalui pengabdian masyarakat. Pengabdian masyakat ini dilakukan melalui pelatihan dalam meningkatkan pemahaman pengurus masjid dalam melakukan pencatatan dan penyusunan laporan keuangan secara efektif dan efisien sekaligus memberikan pemahaman terkait pengelolaan manajemen keuangan masjid secara profesional sehingga dapat memakmurkan masjid kedepannya.

Based on the contentions of prospect theory that ownership endows possessions with a value premium, this study provides evidence that socioemotional value in family firms influences the financial value attached to the firm by family owners. While previous work suggests an imputed link between socioemotional value and family firm behavior, the ability to measure the concept is a critical step toward establishing its direct linkage with behavior. The results from two different samples show that the perceived financial value attached to family firms by owner-CEOs increases with their intention for transgenerational sustainability, a distinctive socioemotional attribute of family firm ownership.

Purpose-This paper takes a structured literature review (SLR) approach to identify gaps in the literature and suggest future research opportunities. It focuses on corporate governance (CG) performed outside the formal board of directors' structure and examines research of alternative CG of small and medium-sized entities (SMEs). Design/methodology/approach-The authors use the SLR method to search the Scopus database, extracting and synthesising findings relating specifically to SMEs' CG. These are tabulated and described using bibliometric software. Findings-The authors highlight an absence of tailored theoretical approaches to understanding CG in SMEs, which differs from the governance of larger entities. They also find evidence of alternative governance structures in SME CG. Research limitations/implications-Further research should embrace management and other theoretical perspectives and expanded methodologies, nuances in understanding offered in contextualised settings and awareness of practical implications to better understand the specific setting of CG in SMEs. Practical implications-SMEs seek to access the scarce resources and skills external to their formal CG structures. Regulators and resource providers should mobilise facilitation and training for this expansion. Originality/value-The authors synthesise a large body of literature to extract findings specific to SMEs. A unique contribution is our focus on alternative forms of CG in SMEs. Evidence of alternative boards points to resolutions for human capital shortages in SMEs.

This article examines the mediating effect of economic motivations on the relationship between family involvement and the growth-oriented made decisions. Besides, it analyses the moderating effect of internationalisation in this relationship as one strategic alternative to achieve that business growth. Family businesses possess features that set them apart from other types of businesses and influence on the establishment of objectives, in the selection of strategies and the decision-making process. Therefore, their desire to achieve long-term growth and/or survival could be motivated by reasons that differ from those of non-family businesses. Internationalisation is a possible strategy for achieving these long-term objectives. The developed empirical study is quantitative research based on the Partial Least Squares (PLS) methodology. The study population comprises Small Spanish wine and olive oil producers companies. Study results show that economic motivations affect the relationship between family involvement in the business and achievement of business growth. Likewise, we find that, depending on their international propensity as moderating variable, the mediation effect of the underlying business economic motivations is total for non-international firms, whereas that effect is a partial one if the firms have become international. Additionally, there is a moderation of internationalisation, with a total mediation of economic motivations in Spanish wineries, not occurring in the case of olive oil mills, where there is a partial mediation. In the decision-making process of high family involvement business, the economic motivations should be taken into account to achieve business growth from the development of the internationalisation strategy. These economic motivations could be as relevant as other non-economic motivations to guarantee the continuity of the family nature of the business, especially when the firms belong to the Spanish wine sector.

We explore the process through which trust within family firm leadership contributes to firm level performance. Specifically, we develop a model describing the underlying process through which trust influences commitment and in turn organizational performance. The effect of trust on the performance of family businesses is further understood by addressing the role of family member status and generation in moderating the relationship between trust and commitment. We test this model using longitudinal responses from top managers in family businesses. Results indicate that the effect of trust on performance takes place through commitment with family member status moderating the relationship.

This study examined the influence of Corporate Governance Attributes (CGA) on the Financial Performance (FP) of listed Consumer Goods Companies (CGCs) in Nigeria. The objectives were to provide empirical evidence of the influence of Corporate Governance Attributes, proxied by Board Size (BS), Board Independence (BI), and Gender Diversity (GD) on the Dependent variable, Financial Performance (FP), proxied by Return on Assets (ROA), which is widely accepted to show the actual result of profitability in many firms. The study employed a longitudinal research design. A sample of five (5) companies was randomly selected from the population of thirty-five (35) listed CGCs in Nigeria as of 2020. Data was collected from the audited annual accounts and reports of the sampled firms. The study further employed multiple regression techniques to explain and test the data elicited. The statistical result for the variables shows weak FP among the sampled firms, implying that the selected firms reported a low return on assets during the period under consideration. Specifically, BI exerts a significant influence, while GD exerts a negative significant influence on ROA. However, BS reveals a negative and insignificant influence on the ROA of the CGCs in Nigeria. Deducing from the statistics, it can be observed that CEOs of CGCs in Nigeria are carefree with corporate attributes. There is a need for the CEOs and equity owners of the companies to review the fundamental demographic features of the CGCs to improve the quality of decision-making. Specifically, including the number of female directors in their board membership.

Purpose: The purpose of this paper is to review and systematize previous studies on boards of directors in Brazil and propose an agenda to guide future studies. Originality/value: A conceptual model is developed to provide an integrated view for research on the board of directors, incorporating variables from different levels that connect governance mechanisms, best practices, board dynamics and company performance; we identified gaps for the research agenda. Design/methodology/approach: This review analyzed 95 articles on boards of directors in Brazil between 2000 and 2019. The review was conducted in three major steps: 1. planning; 2. conducting; and 3. organizing the data and reporting the findings. Findings: There is a growing interest in studying boards of directors in Brazil, with a wide range of topics. The most studied are board composition, best practices, diversity and gender. Despite the diversity, the previous studies are homogeneous in theoretical and methodological ter...

El objetivo del presente estudio es aportar una nueva perspectiva acerca de la valoración de empresas, aportando por ello, una revisión de la bibliografía existente acerca de los métodos más utilizados y sus ventajas y limitaciones, haciendo hincapié en el método de descuento de flujos de efectivo y en la técnica de múltiplos. Para dicho estudio se ha realizado un modelo de regresión basado en datos económico-financieros de empresas privadas en España durante el periodo de 2010 a 2016. Además, dicho estudio pretende abordar tres objetivos que son: 1) determinar si la técnica de múltiplos incide en el valor de la empresa calculado mediante el MDFT, 2) comprobar si el carácter familiar de las firmas influye en el valor de las mismas calculado a través del método de descuento de flujos de efectivo, y, 3) explorar la heterogeneidad entre los diferentes tipos de empresas familiares en relación con el valor de la empresa. El estudio está en consonancia con el marco teórico de valoración por el MDFT, así como con la valoración por múltiplos.

There has been interest in understanding how technology has affected business organizations since the mid-1950s when information technology (IT) was first applied to the business process (Markus & Robey, 1988). However, the phenomenal growth of e-commerce and the growing application of e-commerce to business processes has changed the nature of business transactions, and the way in which a business derives its value, making e-commerce initiatives increasingly important from a strategic point of view (Chang, Jackson, & Grover, 2002). Early scholars mostly considered e-commerce as a way of selling a company's products over the internet (Herbig & Hale, 1997) by utilizing their websites for advertising, public relations, and customer service access (Griffith & Krampf, 1998). Later, it has been observed that e-commerce influences all sectors and all markets and is related to the total strategy and operations of enterprise, by connecting these operations with networks that exceed the limits of enterprise (Haig, 2001) to share business information, maintain business relationships, and conduct business transactions by means of telecommunications networks (Lagrosen, 2005).

La valoración de empresas es una actividad cada vez más importante en un contexto globalizado, con empresas más dinámicas e internacionalizadas en busca de la creación de valor. La internacionalización afecta cada vez más a los países en desarrollo que se ven impelidos a tratar con operaciones de compra-venta internacionales y demandas de sus partners cada vez más especializadas, como es el caso de Colombia. Normalmente el método utilizado en la valoración es el descuento de los flujos de efectivo, lo que precisa el uso de tasas de actualización ad-hoc. Este trabajo tiene como objetivo principal analizar la aplicación de la tasa de descuento en la actividad de valoración de empresas en Colombia. Para ello se lleva a cabo un estudio exploratorio de carácter empírico, sobre una encuesta realizada a 32 expertos colombianos en valoración de empresas. Nuestras principales conclusiones revelan que los valoradores colombianos siguen pautas comunes a los valoradores internacionales, aunque ...

The empirical evidence of family business phenomenon in terms of employment outcomes is contradictory highlighting the micro-macro gap in the existing research. To address this contradiction, our study disentangles the role of context in family firms' employment outcomes. To do so, we conduct a systematic literature review of 67 articles focusing on three employment-related outcomes-namely, growth, downsizing, and quality of labour-published in peer-reviewed journals from 1980 to 2020. Based on a two-by-two framework to classify this extant research, we unpack what we know about family firms and employment outcomes and where we can go from here. We highlight three main findings. First, current research is context-less since has mainly focused on the firm level in one context (i.e., region or country) and there is a lack of studies comparing family firms' employment outcomes in different contexts and explicitly measuring the effects of contextual dimensions on family firms' employment outcomes. This context-less approach could explain the conflicting results and lack of theoretical predictability about the family effect on employment across contexts. Second, the lack of understanding of the context in which family firms dwell highlights the need for future research to focus on context by theorizing about employment outcomes-that is, measuring context and its interactions with family-and job-related variables. Third, there is a need to further explore, analyse, and theorize on the aggregate effect of family firms on employment outcomes at different level of analysis (e.g., local, regional, and national).

Pondok Pesantren Nurus Sunah yang  terletak di Jalan Bulusan Utara Raya No. 12 Semarang memiliki motto "Cerdas, Mandiri, dan Berkarakter" telah menyusun program- programnya  sesuai  harapan  dan tujuan yang ingin dicapai.  Dengan  "Cerdas"  lulusan  PPNS bertujuan agar memiliki  kompetensi  untuk dapat melanjutkan  pendidikan  yang lebih tinggi. Dengan "Mandiri" mereka memiliki life skill agar dapat memiliki usaha dan kemandirian dalam hidupnya, dan dengan "Berkarakter" memiliki prilaku dan sikap jujur, ulet, bertanggungjawab, berintegritas, disiplin, berkebangsaan, dan sebagainya. Santriwati di Pondok pesantren sudah dibekali life skill untuk mandiri dengan kemampuan berwirausaha. Selama ini mereka tidak dibekali untuk mengatur manajemen keuangan dan memasarkan barang. Tujuan dari Pengabdian kepada masyarakat ini adalah untuk memberi pelatihan dan pendampingan mengelola keuangan dan memasarkan barang dengan metode yang dilakukan adalah pelati...

This article offers a theoretical framework to explain how Global Wealth Chains (GWCs) are created, maintained, and governed. We draw upon different strands of literature, including scholarship in International Political Economy and Economic Geography on Global Value Chains, literature on finance and law in Institutional Economics, and work from Economic Sociology on network dynamics within markets. This scholarship assists us in highlighting three variables in how GWCs are articulated and change according to: (1) the complexity of transactions, (2) regulatory liability, and (3) innovation capacities among suppliers of products used in wealth chains. We then differentiate five types of GWC governance-Market, Modular, Relational, Captive, and Hierarchy-which range from simple 'off shelf' products shielded from regulators by advantageous international tax laws to highly complex and flexible innovative financial products produced by large financial institutions and corporations. This article highlights how GWCs intersect with value chains, and provides brief case examples of wealth chains and how they interact.

Mitra yang dalam hal ini guru – guru SMA IPIEMS Surabaya, tingkat literasi akan pasar modal dan investasi pada saham masih tergolong “rendah”. Literasi pasar modal awal mengenai manfaat investasi dan produk investasi di pasar modal telah dilaksanakan pada tanggal 17 Pebruari 2023. Literasi ini perlu dilanjutkan dengan pemahaman tentang Rekening Efek (manfaat dan cara pembukaan Rekening Efek), karena dengan memiliki Rekening Efek merupakan tanda bukti telah menjadi pemodal di pasar modal (BEI, 2019). Komunitas guru di SMA IPIEMS Surabaya berkeinginan mengembangkan dana yang ada untuk investasi bagi keperluan di masa depan sebagai persiapan di hari tua setelah mereka pensiun sebagai guru, sehingga diperlukan memiliki Rekening Efek. Diharapkan setelah komunitas guru melakukan pembukaan Rekening Efek (Opening Account), maka mereka dapat meramaikan pasar modal ke depannya, di samping memberikan keuntungan (return) secara individu sebagai pemilik saham 

Nowadays, the philosophy of organizational management with the client at the center of managerial policies and operations, has been mastered not only by profitable organizations but also non-profit ones. Central and local government bodies, mainly in developed countries, have successfully applied, consumer-oriented management philosophy. Quality management is one of the disciplines, equipped with all the theoretical and practical arsenal for the successful implementation of this orientation. It is being used as a productive and innovative tool, to achieve the objectives of profit and non-profit organizations. Providing quality services by local units means increasing the satisfaction of service beneficiaries (individual or organization), creating trust through transparent processes, accountability and democratic dialogue. The aim of this study is to assess the level of implementation of "soft" elements of Total Quality Management [TQM] according to the perception of employ...

The purpose of the study was to examine how nancial Management Practices affect pro tability amongst small scale enterprises. The study adopted descriptive and correlational research designs. The study used a multi regression analysis that determined the linear effect of nancial management practices on pro tability. A multi regression model also provided a basis for hypothesis testing. The ndings established a signi cant in uence of nancial management practices on pro tability. Evidence showed that working capital and cash management practices had strong associations with pro tability. This study also established a triad-factor that limits pro tability, characterizing operational costs, microeconomic, and personal characteristics. This study provided empirical evidence on the contribution of the innovation theory and managerial e ciency theory of pro ts to management of operational and production costs in business. The study recommends that Small business rms should ensure sound nancial management practices in order to experience positive changes in their pro tability levels. Small scale enterprise owners must pay a lot of attention to their working capital dynamics, cash management which highly affect their pro tability levels. Small scale entrepreneurs should hire professionals and experts in nancial management.

Panti Asuhan Budi Mulya, dibawah naungan Yayasan Budi Mulya Palangkaraya belum memiliki website yang semestinya berfungsi sebagai media informasi kegiatan yang ada di Yayasan Budi Mulya Palangkaraya. Salah satu tujuan dari pembangunan website ini adalah untuk memuat profil maupun untuk menampilakn aktivitas yang dilakukan oleh para peghuni panti, termasuk juga warga sekolah yang berada di Yayasan yang sama, dan sebagai sarana promosi Yayasan Budi Mulya kepada para orang tua calon santri, donator, mitra, pemerintah, maupun organisasi lain. Tim pelaksana dan mitra telah melakukan diskusi untuk menangani masalah yang dihadapi tersebut. Yang pertama, tim dosen Universitas Muhammadiyah Palangkaraya akan membangun sebuah website dengan masukan dan hasil diskusi dengan pengelola Panti Asuhan Budi Mulya Palangkaraya, sehingga terbangun website dasar yang dihosting secara cloud computing (komputasi awan). Tahap selanjutnya adalah pengadministrasian hak akses terhadap website yang telah diban...

The purpose of this study is to advance the understanding of boards of directors in family firms. Building on generational changes in family attributes, we argue that firms in a different generational phase have different governance needs and characteristics. With regard to board task needs, the empirical results indicate a convex generational evolution in the need for board advice, and a rise over the generations in the need for board control. With regard to board composition, we find that the likelihood of having an outside director on the board has a convex generational trend. This relationship seems to be fully mediated by the firm's board task needs. Furthermore, the number of family directors seems to increase over the generations. This study demonstrates that it is important to consider the generational phase of the family firm in order to understand its governance system.

This paper reviews the main literature of ownership concentration and earnings management research, comments the views development of this eare research from the large shareholders equity concentration, the identity of owner shareholder and institutional investors holding ratio according to the conclusion of literature and the logical relationships of the literatures respectively. It also discusses the research development of earnings management theory in equity structure. Expect to provide a reference for the future research of ownership structure and earnings management.

We investigate the impact of family control on corporate social responsibility (CSR) performance. Using newly collected data on the ultimate ownership structure of publicly traded firms in nine East Asian economies, we find that family control is associated with lower CSR performance, consistent with the expropriation hypothesis of family control. The negative relationship between family control and CSR is robust to alternative CSR measures, alternative estimation methods, and a different definition of family firms, as well as to endogeneity tests, subsample tests, comparisons with other large shareholders, and comparisons with family firms from other countries. In additional analyses, we find that CSR underperformance is more pronounced in family firms with greater agency problems and in countries with weaker institutions. These findings contribute to understanding the determinants of CSR and highlight the importance of corporate governance and the institutional environment in improving CSR performance of family-controlled firms.

This paper investigates the real effect of short-term financial constraints on small and mediumsized enterprises (SMEs). Under the working capital channel, cash credit constraints force entrepreneurs to forgo investment opportunities in order to finance their working capital needs. Building on survey data, I find that short-term credit constraints are as important as long-term ones in SMEs' investment decisions. Besides, the detrimental effect of cash credit constraints on corporate investment is stronger for SMEs with higher increase in working capital needs but lower for liquid ones that are able to adjust their accounts receivable and inventories. My results suggest that short-term finance is a major issue for SMEs. Plain English Summary Short-term credit constraints turn out to be as important as long-term ones in SMEs' investment decisions. Building on survey data, this paper investigates the real effects of shortterm financial constraints on small businesses through an under-explored transmission mechanism. While the bulk of research on the effects of financial constraints focuses on long-term liabilities, I stress the importance of short-term finance. Owing to the competition between working and fixed capital in cash-flow uses, cash credit constraints force entrepreneurs to

ABSTRAK Pengabdian  ini berjudul Jelajah Kampung : Menggali  Manajemen Kebun Kopi, Gua Basma, Dan Curug Menjadi Agrowisata Bernilai Ekonomis Di Desa Cilumping Kecamatan Dayeuhluhur Kabupaten Cilacap Provinsi Jawa TengahTujuan umum dari kegiatan pengabdian kepada masyarakat ini adalah membantu para petani kopi dalam mengatasi berbagai persoalan yang dihadapi saat ini dalam meningkatkan kesejahtraannya.Metode pelaksanaan pengabdian ini dilakukan dalam beberapa kegiatan yaitu Program pengabdian ini disusun berdasarkan hasil survey pendahuluan oleh TIM PKM ke lokasi desa Cilumping serta wawancara kepada  para petani kopi dan perangkat desa di desa Cilumping. Tim pelaksana kegiatan pengabdian pada masyarakat adalah dosen Fakultas Ekonomi jurusan manajemen sebanyak 6 orang. Tim pengabdian memberikan materi tentang kegiatan penyuluhan dan pelatihan, pendampingan pemasaran kepada para petani yang ada di desa Ciwalen yang dikemas dengan nama kegiatan. “Jelajah Kampung: Menggali Manajemen keb...

This chapter analyzes the relationship between ownership structure and sustainability performance adopting the socioemotional wealth approach. This work extends previous literature on the topic by considering the three dimensions of sustainability performance: economic, social, and environmental. Analysis with the matching technique revealed that being a family firm has a positive effect on economic profitability, growth sales, employees training and commitment, investment in R&D, environmental commitment, and cooperation agreements with external partners. The authors use a sample of Spanish firms operating in the tourism industry.

This is an accepted manuscript of a book chapter published by Edward Elgar in Innovation, Growth, and Succession in Asian Family Enterprises in March 2021, available online: https://www.e-elgar.com/shop/gbp/innovation-growth-and-succession-in-asian-family-enterprises-9781839104329.html The accepted version of the publication may differ from the final published version. The material cannot be used for any other purpose without further permission of the publisher, and is for private use only

One of the most important segments in the developed countries of socio-economic policy is social pro-family policy. In Poland for many years the relatively low incomes have been achieved by families with many children. Similar relationships exist in the area of housing and household appliances in durable goods. The main current objective of the Family Plus 500 program launched in April 2016 is to significantly reduce the scale of this socially and economically disadvantageous relationship, ie, the lowest-income families in the long-term. This program, in addition to current income, mainly income, improve the financial situation of families, also has a long-term objective, also called a prospective or strategic goal. This long-term strategic goal of the Family 500 Plus program is to change the demographic structure of society in Poland towards increasing the fertility, ie the rejuvenation of society. Taking into account the public financial system of the state, this is a particularly important goal of socio-economic policy limiting the demographic scale of the process of becoming a society, ie limiting the potential for publication in the perspective of the next few decades of insolvency conducted by the Social Insurance Institution of the participatory pension system. In addition, this program should likewise positively influence the domestic economy, contributing to the reduction of income disparities and to economic growth.

Despite several calls for the further study of entrepreneurial orientation in family firms, we still have a fragmented understanding of this topic, whose full potential has yet to be reached. To shed new light on this issue, this article first maps the family business field by carrying out a systematic review and content analysis of the 78 articles identified at the confluence of entrepreneurial orientation and family firms. Our study describes and critically assesses previous research as well as the conclusions reached. Second, this article identifies the main research gaps and provides a path for future investigations.

The study addresses the signs of earnings management in unlisted companies, comparing the situation in family firms and non-family firms. We adopt arguments from agency theory, and stewardship theory, which are supplemented with the assumptions of socioemotional wealth literature, to justify our research model. The sample is composed of 263 audited Spanish companies with a turnover of more than 200 million euros, which were analysed in the period from 2011 to 2015. Results indicate that family firms are less prone to the practices of earnings management than non-family firms, and that the association between family firm status and earnings management is moderated by the firm generation. This work contributes to the literature on the quality of financial information in both family firms and unlisted companies, exploring new areas of research.

This study examines how five key entrepreneurial orientation (EO) dimensions-risk taking, innovativeness, proactiveness, competitive aggressiveness, and autonomy-impact family business performance, as well as the moderating effect of socioemotional wealth (SEW) on these relationships. The findings, based on a sample of 609 Spanish and Portuguese family firms, reveal that not all EO dimensions are equally important for performance, as only proactiveness, competitive aggressiveness, and autonomy were significant. However, we also find that the EO-performance relationship is affected by concern for SEW preservation, as our SEW measure moderates risk taking positively and innovativeness negatively.