Preferencja ryzyka fundatora i pochodzenia indonezyjskich firm rodzinnych

Translated title of the contribution: Risk preference of founder and descendant of indonesian family firms

Aulia Citra Putri, Viverita Viverita

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)


This study aims to investigate the role of CEO succession in family business and the effect on financial risk. Using a Generalized Least Square (GLS) regression analysis and unbalanced panel data of 48 family firms, the stagnation, agency perspectives, and signaling model of their behavior were tested. This study finds that CEO turnover is negatively associated with firm’s financial risk. Furthermore, CEO descendants are more risk averse than CEO founders, and older CEOs are also more risk averse than younger CEOs. In addition, CEOs with higher education are also more risk averse. This implies that the Indonesian family firms are conservative towards financial risk. In relation to the stagnation perspective, the decrease in financial risk of family firms in Indonesia will be premature to be concluded that it will be in a stagnant phase.

Translated title of the contributionRisk preference of founder and descendant of indonesian family firms
Original languageUndefined/Unknown
Pages (from-to)414-425
Number of pages12
JournalPolish Journal of Management Studies
Issue number2
Publication statusPublished - 2019


  • Descendant
  • Family firms
  • Founder
  • Risk preference
  • Succession


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