SOCIOEMOTIONAL WEALTH: ALTRUISME, RESIPROKAL, DAN TRUST DALAM MEM- BANGUN MASYARAKAT KRITIS BONUM COMMUNE

EJorts to democracy without thinking about the common interest are like a recipe for anger and deadlock, and everything starts from a critical attitude and heretical democratic rhetoric. Therefore, it is necessary to explore a participatory model that does not only begin and end with voting, but a system that involves trust and reciprocal altruistic behavior as a driving force for the critical attitude of society in realizing common interests. A system that educates people about hu- man behavior and how to collaborate in today’s sharing world. This system also needs to equip people with the ability to imagine well, so that in the end a critical attitude is directed to the ability to solve problems that involve long-term common interests based on community socio-emotional wealth, not only focusing on short- term gains.

Family Firms and Capital Structure Decisions: Empirical Evidence from Indonesian Listed Firms

The study’s aim is to provide new evidence on the role of a family firm’s specific characteristics, enshrined in the concept of socio-emotional wealth (SEW), in firms’ capital structure decisions with reference to agency and stewardship theories. Family firms in Indonesia rely mostly on banks and short-term debt as a source of funding to meet long-term financing requirements. This situation collectively calls for an investigation into the factors affecting capital structure decision. The study provides new empirical evidence on the determinants of capital structure during the period 2011-2015, covering 160 family firms listed on the Indonesia Stock Exchange. The general results indicate that SEW dimensions can explain capital structure decisions of family firms in Indonesia. A family’s influence on a firm’s decisions represents the members’ long-term commitment to maintain the sustainability of the company across generations through control and influence. The desire to pass the business to the next generation encourages the families to apply risk reduction strategies to financing decisions by avoiding exposing the business to risk in order to preserve SEW. However, once the control over the firm passes from the founder to the next generation of family members, the desire to maintain the firm within the family has no significant effect on capital structure decisions. This study contributes to knowledge by examining the determinants of the capital structure specific to family firms in South-East Asia. The financing decisions taken in situations when different generations of the controlling family are in charge as a new approach that distinguishes this study from previous studies. It reveals that financing decisions, apart from being the product of a firm’s general characteristics such as age, size, etc., also reflect family goals focused on preserving the firm’s SEW, resulting in relatively low long-term debt levels sustained protracted period of time and across generations

MERAMALKAN FINANCIAL DISTRESS USAHA MIKRO, KECIL, DAN MENENGAH DI INDONESIA

This research briefly draws firm characteristics as a predictor of financial distress of small medium entreprises (SMEs) with flow based insolvency approach. Control variables such as ownership structure, location, and industry sectors are conducted in this research. Using 2013 data, logistic regresion is employed taking into account that firm characteristics could be a predictor of SMEs financial condition. The results provide robust evidence for flow based insolvency which is EBITDA to predict financial distress. Moreover, location and industry sector option make clear this relationship. Financial access which is refer to SMEs location and complexcity of industry also become a consideration of SMEs to run their business , respectively. Keywords: credit risk, forecast, financial distress, SMEs

PENGARUH TATA KELOLA PERUSAHAAN TERHADAP INVESTASI PENELITIAN & PENGEMBANGAN (R&D) PADA PERUSAHAAN PUBLIK DI INDONESIA

Penelitian ini bertujuan untuk menguji pengaruh tata kelola perusahaan pada investasi research development di Indonesia. Model ekonometrik berupa data panel (fixed effect model) dari perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2016-2020, digunakan untuk mengevaluasi pengaruh tata Kelola perusahaan (diukur dengan ukuran dewan komisaris, keragaman gender, konsentrasi kepemilikan), bersama dengan beberapa karakteristik bisnis (diukur melalui ukuran perusahaan, umur perusahaan, dan growth opportunities). Hasil penelitian menunjukkan bahwa keragaman gender di dewan komisaris, konsentrasi kepemilikan, dan umur perusahaan berpengaruh signifikan terhadap keputusan investasi research development. Sedangkan, ukuran dewan komisaris, ukuran perusahaan dan growth opportunities tidak mempengaruhi keputusan tersebut secara signifikan

ANALYSIS OF THE INTERNATIONALIZATION STRATEGY OF THE ENGAGEMENT AND OWNERSHIP OF FAMILY IN EAST JAVA WITH VARIABLE CONTROL OF INNOVATION, SALES, AND ASSETS : REVIEW OF AGENCY THEORY

This paper analysis the relationship between the internationalization strategies of SME’s and type of family ownership. The hypothesis of the study draws that the international involvement of SMEs is negatively related to the type of family ownership. The population used in this study is the SMEs located in East Java, which is listed in the Department of Cooperatives and Micro, Small, and Middle East Java province in 2009 and involved in international trade. As a result, internationalization is negatively related to family ownership and it is support the hyphothesis, respectively

ANALYSIS OF THE INTERNATIONALIZATION STRATEGY OF THE ENGAGEMENT AND OWNERSHIP OF FAMILY IN EAST JAVA WITH VARIABLE CONTROL OF INNOVATION, SALES, AND ASSETS : REVIEW OF AGENCY THEORY

This paper analysis the relationship between the internationalization strategies of SME’s and type of family ownership. The hypothesis of the study draws that the international involvement of SMEs is negatively related to the type of family ownership. The population used in this study is the SMEs located in East Java, which is listed in the Department of Cooperatives and Micro, Small, and Middle East Java province in 2009 and involved in international trade. As a result, internationalization is negatively related to family ownership and it is support the hyphothesis, respectively

Family Ownership Concentration and Debt in Dividends Policies

This study aims to examine whether or not family control benefiting the internal and external governance mechanism to mitigate to agency problems affecting dividends in a capital market environment to improve investor protection such as Indonesia. The quantitative analysis model was used to test the hypotheses based on the panel data analysis of 58 family firms listed from 2012 to 2019, and the random effect technique (pooled EGLS). The findings indicate that internal governance mechanism (family ownership and family board representation) are irrelevant to the dividend policy. However, external governance mechanism (debt) negatively affects dividends. This means that debt plays a significant role in influencing dividend policies. In addition, it provides the issue from institutional setting, when legal protection for minority shareholders is improving, the governance role of families become less effective to monitor the firms.   </p

Penguatan Kelembagaan Credit Union Melalui Perencanaan Keuangan

Financial planning is an important part in improving Credit Union (CU) institutions, especially for management. CU as an institution engaged in community empowerment must understand and develop its management with good financial planning. So that it can carry out the empowerment of members properly and correctly. The implementation of ABDIMAS has a positive impact on the management. Hopefully the impact of this training does not stop at the management but extends to members and the wider communit

Internasionalisasi Usaha Mikro, Kecil, Dan Menengah (Umkm) Ditinjau Dari Tipe Kepemilikan: Studi Empiris Di Jawa Timur

In the internationalization process, scales do not become an obstacle among small medium SMEs. However, the capacity to get market access is the most important consideration based the type of SMEs ownership. This reach draws the impact of ownership types to invoice internationalization. The model analysis used in this research are: (1) model 1 used to determine whether or not SMEs to export, and (2) model 2 used to determine the intensity of SMEs in exports that control by innovation (R&D expenditure), employment (SIZE) and sector choices. As a result, there is no significant impact of ownership type to the internationalization strategy. The decision mostly influenced by control variable which is sector choices, respectively