Gestão & Produção
Gestão & Produção
Original Article

Family control and corporate performance: the role of independent commissioners in reducing agency problems

Controle familiar e desempenho corporativo: o papel dos comissários independentes na redução de problemas de agência

Rosmiati Jafar; Basuki Basuki; Windijarto Windijarto; Rahmat Setiawan

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Abstract: This study examines the influence of family control on firm performance, taking into consideration the moderating variable of the proportion of independent commissioners. The sample for this research consists of manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2012-2018, with 477 observations. Ordinary Least Squares (OLS) regression analysis and Moderated Regression Analysis (MRA) techniques were employed to test the hypotheses. The findings of this research indicate that family control has a significant negative impact on firm performance. Additionally, it was found that the proportion of independent commissioners significantly weakens the negative influence of family control on firm performance.


Family control, Corporate performance, Independent commissioners, Agency problems, Corporate governance, Family business


Resumo: Esta pesquisa analisa o efeito do controle familiar no desempenho corporativo tendo a proporção de conselheiros independentes como variável moderadora. A amostra desta pesquisa são empresas do setor manufatureiro listadas na Bolsa de Valores da Indonésia para o período 2012-2018, com 477 observações. Este estudo utiliza técnicas de mínimos quadrados ordinários (OLS) e análise de regressão moderada (MRA) para chegar aos resultados. Esta pesquisa descobriu que o controle familiar tem um efeito negativo significativo no desempenho corporativo. O outro resultado concluiu que a proporção de comissários independentes enfraquece significativamente o efeito negativo do controle familiar no desempenho empresarial.


Controle familiar, Desempenho corporativo, Comissários independentes, Problemas de agência, Governança corporativa, Empresa familiar


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