KETERLIBATAN KELUARGA DALAM KEPEMIMPINAN DAN KINERJA PERUSAHAAN: PERAN MODERASI PENDIDIKAN CEO DI PERUSAHAAN PUBLIK DI INDONESIA

Sukiantono Tang; Budi Harsono; Sheila Septiany; Serly Serly; Safarisa Rahmatia Putri

doi:10.35906/equili.v15i1.2692

KETERLIBATAN KELUARGA DALAM KEPEMIMPINAN DAN KINERJA PERUSAHAAN: PERAN MODERASI PENDIDIKAN CEO DI PERUSAHAAN PUBLIK DI INDONESIA

Sukiantono Tang, Budi Harsono, Sheila Septiany, Serly Serly, Safarisa Rahmatia Putri

Abstract

ABSTRAK

Perusahaan keluarga mendominasi struktur ekonomi Indonesia, namun keterlibatan keluarga yang tinggi dalam kepemimpinan sering kali memunculkan dilema antara pelestarian nilai keluarga dan tuntutan profesionalisme manajerial. Temuan empiris sebelumnya menunjukkan hasil yang beragam mengenai dampak kepemimpinan keluarga terhadap kinerja perusahaan, khususnya di negara berkembang, sehingga masih menyisakan kesenjangan penelitian. Penelitian ini mengkaji pengaruh keterlibatan keluarga dalam kepemimpinan terhadap kinerja perusahaan dengan pendidikan CEO sebagai variabel moderasi. Sampel terdiri dari 1.030 pengamatan firma-tahun pada perusahaan keluarga non-keuangan yang terdaftar di Bursa Efek Indonesia selama periode 2019–2023. Analisis dilakukan menggunakan regresi moderasi berganda dengan robust standard errors yang dikluster berdasarkan perusahaan serta efek tetap tahun. Hasil penelitian menunjukkan bahwa keberadaan CEO keluarga tidak berpengaruh signifikan terhadap ROA maupun ROS, sementara proporsi anggota keluarga dalam tim manajemen puncak menunjukkan hubungan berbentuk inverted U-shape dengan ROA. Pendidikan CEO berpengaruh positif terhadap ROA, namun tidak memoderasi hubungan antara kepemimpinan keluarga dan kinerja perusahaan. Temuan ini mengindikasikan bahwa keterlibatan keluarga dapat meningkatkan kinerja hanya hingga tingkat tertentu, setelah itu dominasi yang berlebihan justru menurunkan manfaatnya, sehingga menekankan pentingnya keseimbangan antara nilai keluarga dan profesionalisme eksekutif dalam perusahaan publik Indonesia.

ABSTRACT

Family businesses dominate Indonesia's economic structure, but high family involvement in leadership often creates a dilemma between preserving family values and the demands of managerial professionalism. Previous empirical findings show mixed results regarding the impact of family leadership on company performance, particularly in developing countries, leaving a research gap. This study examines the effect of family involvement in leadership on company performance with CEO education as a moderating variable. The sample consists of 1,030 firm-year observations of non-financial family companies listed on the Indonesia Stock Exchange during the period 2019–2023. The analysis was conducted using multiple moderation regression with robust standard errors clustered by company and fixed year effects. The results show that the presence of a family CEO does not significantly affect ROA or ROS, while the proportion of family members in top management shows an inverted U-shape relationship with ROA. The CEO's education has a positive effect on ROA, but does not moderate the relationship between family leadership and company performance. These findings indicate that family involvement can improve performance only up to a certain level, after which excessive dominance actually reduces its benefits, emphasizing the importance of balancing family values and executive professionalism in Indonesian public companies.

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