The Importance of Gender and Family Manager Education Background To CEO Founder's Moderated Company Values
DOI:
https://doi.org/10.22219/jep.v19i02.18319Keywords:
Tobin`'s Q, Family Firm, Family Manager, Gender, Family Ownership, Corporate Governance, Firm ValueAbstract
Family companies are heterogeneous. The heterogeneity of family firms results in reduced predictability of corporate behavior and inconsistent results regarding research on the behavior of family firms. This study aims to examine the influence of the gender of the family manager, the level of education of the family manager on the family firm's value as moderated by the founder of the CEO. The top management team variables as the independent variables are family manager, female family manager, education level, and family ownership. The value of a family company is measured using Tobin's q. This study examines 133 samples from all family companies listed on the Indonesia Stock Exchange (IDX) with annual reports from 2016-2020. Panel regression research (a combination of cross-sectional and time-series data) using PLS version 3.0 application software to facilitate data testing. The test results show that the education level of family managers has a positive effect on a company. While family managers moderated by CEOs, female family managers and family ownership explain no significant impact on Tobin's q measurement
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