DETERMINAN RESIKO EKSPROPRIASI
ABSTRACT: Ownership
concentration is a typical feature of firms in emerging countries. Expropriation
of minority shareholders has been a concern in corporate governance.
Concentrated ownership makes the expropriation of small shareholders likely.
Major control gives controlling shareholder a considerable power over the main
firm decisions. This study uses the data from listed public companies in
Indonesia to obtain evidence on the determinants of the expropriation risk. It
is found that pyramiding is a source of the expropriation risk. Higher
ownership level and more ownership channel are associated with higher expropriation
risk. The influence of largest’s participation in management and the existence
of single controlling shareholder also increase the risk of expropriation.
Key words: expropriation,
ultimate ownership, controlling shareholder, cash flow right, control right.
Penulis: Baldric Siregar
Kode Jurnal: jpmanajemendd060050
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