55

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59

APPENDIX A
LIST OF INDONESIAN LISTED FAMILY OWNED BUSINESS WHICH
HAVE CONDUCTED SUCCESSION EVENT DURING 2006-2015.

Year

CEO
Succ
e
ssion

Averag
e
ROE

Family
Director
s

Family
Commi
s
sioners

SFE

Firm
Age

Leve
rage

Fir
m
Size

No

Family Owned Business Companies

ABM INVESTAMA, TBK

2012

8.85

0.25

0.66

2.77

3.02

0.52

20.81

ADI SARANA ARMADA, TBK

2014

7.59

0.20

0.33

2.48

2.90

0.64

19.00

AKBAR INDO MAKMUR STIMEC,TBK

2013

2.47

0.00

0.50

1.61

2.84

0.00

15.37

ALAM SUTERA REALTY, TBK

2015

16.84

0.00

0.16

1.61

2.97

0.62

21.03

ANCORA INDONESIA, TBK

2015

-11.25

0.00

0.00

0.69

2.95

0.24

19.30

AUSTINDO NUSANTARA JAYA, TBK

2012

7.10

0.00

0.29

0.69

2.94

0.00

20.63

BAKRIELAND DEVELOPMENT,TBK

2012

1.00

0.00

0.00

2.30

2.96

0.26

21.39

BEKASI FAJAR INDUSTRIAL ESTATE, TBK

2015

21.87

0.00

0.20

1.61

2.89

0.30

19.50

BETONJAYA MANUNGGAL, TBK

2014

20.27

0.33

0.50

2.77

2.78

0.00

16.48

10

BISI INTERNATIONAL, TBK

2009

34.98

0.00

0.33

1.79

2.93

0.01

18.68

11

BUMI RESOURCES MINERAL, TBK

2015

-12.84

0.00

0.00

2.20

2.81

0.00

21.35

12

BUKIT DARMO PROPERTY, TBK

2009

0.29

0.50

0.50

0.69

2.81

0.48

18.10

13

BUMI TEKNOKULTURA UNGGUL, TBK

2012

-5.67

0.50

0.67

2.20

2.69

0.06

16.06

14

CENTRAL OMEGA RESOURCES, TBK

2011

-833.65

0.25

0.00

0.69

2.67

0.98

14.92

15

CENTRAL PROTEINA PRIMA, TBK

2011

-9.77

0.00

0.00

1.61

3.02

0.04

20.66

16

CHAMPION PACIFIC INDONESIA, TBK

2011

12.67

0.00

0.67

0.69

2.88

0.00

17.47

17

COLORPAK INDONESIA, TBK

2010

22.84

0.20

0.30

2.20

2.87

0.00

16.96

18

2013

5.42

0.00

0.20

1.61

2.93

0.00

19.73

19

DANAYASA ARTHATAMA, TBK

DHARMA SAMUDERA FISHING INDUSTRIES,
TBK

2010

-335.20

0.50

0.50

2.20

2.81

0.00

16.51

20

DIAN SWASTATIKA SENTOSA,TBK

2014

-0.03

0.20

0.40

1.10

3.01

0.31

20.91

21

DUTA PERTIWI NUSANTARA, TBK

2011

9.41

0.50

0.00

2.30

2.78

0.13

16.79

22

DUTA PERTIWI, TBK

2013

10.75

0.29

0.33

1.10

2.94

0.03

20.34

23

ELANG MAHKOTA TEKNOLOGI, TBK

2012

14.49

0.25

0.25

0.69

2.99

0.27

20.48

24

ERATEX DJAJA, TBK

2013

7.13

0.25

0.25

0.00

2.87

0.46

17.62

25

EXPLOITASI ENERGI INDONESIA, TBK

2015

-0.25

0.00

0.33

1.95

2.90

0.05

19.91

26

FAJAR SURYA WISESA, TBK

2014

-7.85

0.20

0.17

2.94

2.99

0.59

19.96

27

GOLDEN ENERGY MINES, TBK

2012

7.71

0.20

0.00

1.10

2.97

0.00

19.72

28

GOZCO PLANTATIONS, TBK

2010

12.66

0.40

0.25

2.30

2.87

0.71

19.17

29

GRAHAMAS CITRAWISATA, TBK

2014

9.52

0.22

0.00

1.95

2.66

0.05

14.34

30

HANSON INTERNATIONAL, TBK

2014

2.61

0.25

0.00

2.30

2.80

0.21

19.90

31

HARUM ENERGY, TBK

2012

41.95

0.00

0.25

1.61

3.02

0.00

20.05

32

HOTEL SAHID JAYA INTERNASIONAL,TBK

2007

4.29

0.50

0.57

2.56

2.78

0.40

17.83

33

HUMPUSS INTERMODA TRANSPORTASI

2012

-82.07

0.00

0.00

2.89

2.87

0.40

18.91

34

IMPACK PRATAMA INDUSTRY, TBK

2014

18.37

0.16

0.5

3.04

2.91

0.095

18.72

35

INDAH KIAT PULP&PAPER CORPORATION

2013

1.59

0.22

0.11

1.39

3.06

0.735

22.62

60

36

INDO KORDSA, TBK

INDONESIA TRANSPORT AND
INFRASTRUCTURE, TBK

2013

8.1

0.14

0.29

0.69

2.94

0.185

19.25

2009

-15.63

0.25

2.83

0.26

17.67

2013

3.58

0.33

0.33

1.1

2.65

14.37

39

INDORITEL MAKMUR INTERNASIONAL, TBK

INDUSTRI JAMU DAN FARMASI SIDO
MUNCUL

2013

22.58

0.75

0.33

3.04

2.96

19.22

40

INTANWIJAYA INTERNASIONAL,TBK

2012

-15.71

0.33

0.33

1.61

2.74

16.44

41

INTERMEDIA CAPITAL, TBK

2013

12.55

0.5

0.33

1.95

2.89

0.502

18.59

42

INTILAND DEVELOPMENT, TBK

2011

6.01

0.25

2.48

2.91

0.098

20.05

43

INTRACO PENTA, TBK

2010

8.73

0.5

0.67

2.64

2.92

0.244

18.52

44

J RESOURCES ASIA PASIFIK, TBK

2011

0.15

0.14

0.29

0.69

2.66

14.29

45

JASUINDO TIGA PERKASA, TBK

2013

21.48

0.5

0.33

2.89

2.87

0.139

17.65

46

KABELINDO MURNI TBK

2010

1.28

0.5

0.5

1.61

2.85

0.055

17.45

47

LAMICITRA NUSANTARA, TBK

2008

1.19

0.43

0.33

2.3

2.78

0.083

18.03

48

LIPPO CIKARANG, TBK

2007

0.79

0.13

0.69

2.8

0.716

18.67

49

LOGINDO SAMUDERA MAKMUR, TBK

2013

13.39

0.29

0.33

2.3

2.85

0.614

18.82

50

MATAHARI DEPARTMENT STORE, TBK

2009

18.91

1.61

2.62

0.498

15.35

51

MAYORA INDAH, TBK

2011

23.92

0.6

0.4

1.95

3.02

0.473

20.01

52

METRO REALTY TBK

2014

1.1

0.67

0.33

2.3

2.71

15.9

53

METRODATA ELECTRONICS, TBK

2010

6.3

0.33

1.39

2.98

0.114

18.54

54

MIDI UTAMA INDONESIA, TBK

2010

2.71

0.2

0.16

1.79

2.94

0.299

18.63

55

MITRA PINASTHIKA MUSTIKA, TBK

2013

22.35

0.16

3.04

0.449

20.66

56

MITRABAHTERA SEGARA SEJATI, TBK

2012

16.09

1.79

2.93

0.534

19.66

57

MNC KAPITAL INDONESIA, TBK

2008

34.36

0.33

2.3

2.84

16.13

58

MNC LAND, TBK

2013

3.74

0.29

0.33

2.08

2.87

0.597

19.46

59

MULIA INDUSTRINDO, TBK

2012

16.05

0.33

0.2

3.14

2.99

0.724

20.33

60

MODERNLAND REALTY, TBK

2013

9.73

0.25

0.2

2.2

2.92

0.393

19.98

61

MUSTIKA RATU, TBK

2011

6.94

0.5

0.33

0.69

2.86

0.012

17.58

62

NIPRESS, TBK

2012

9.65

0.6

0.5

1.79

2.89

0.063

17.71

63

NUSA KONSTRUKSI ENJINIRING, TBK

2012

4.05

0.33

1.61

2.92

0.105

18.91

64

NUSA RAYA CIPTA, TBK

2014

31

0.16

0.25

2.48

2.96

0.23

18.71

65

PABRIK KERTAS TJIWI KIMIA, TBK

2014

3.94

0.14

0.22

2.3

3.04

0.666

21.68

66

PANASIA INDO RESOURCES, TBK

2008

0.07

0.5

0.69

2.91

0.36

18.7

67

PANORAMA SENTRAWISATA, TBK

PELAYARAN NASIONAL BINA BUANA RAYA,
TBK

2009

4.12

0.33

0.67

0.69

2.93

0.117

17.54

2013

11.97

0.5

0.4

1.95

2.85

0.573

18.76

2011

17.55

0.33

1.61

2.8

0.095

17.13

70

PELAYARAN NELLY DWI PUTRI TBK

PEMBANGUNAN GRAHA LESTARI INDAH,
TBK

2013

0.88

0.25

0.75

1.79

2.66

0.369

15.36

71

PERDANA BANGUN PUSAKA, TBK

2014

3.83

0.33

0.33

1.95

2.77

15.99

72

PETROSEA, TBK

2014

17.5

1.61

2.98

0.536

20.05

73

PIKKO LAND DEVELOPMENT, TBK

2011

12.65

0.6

0.33

2.08

0.889

18.8

74

PROVIDENT AGRO, TBK

2014

-18.57

0.5

1.61

2.88

0.668

19.61

75

PT ALKINDO NARATAMA, TBK

2013

9.59

0.67

0.33

2.4

2.84

0.032

16.77

76

PT ARGO PANTES TBK

2014

-32.57

0.2

0.69

2.91

0.07

18.96

37
38

68
69

61

77

PT ARPENI PRATAMA OCEAN LINE, TBK

2015

-23.45

0.2

0.33

1.61

2.89

0.647

18.82

78

PT BAKRIE TELECOM, TBK

2011

-8.86

0.14

1.95

2.97

0.703

21.04

79

PT BAKRIE SUMATERA PLANTATION TBK

2013

-1.83

0.14

2.08

2.96

0.724

21.4

80

PT BARITO PACIFIC, TBK

2013

5.51

0.33

0.33

2.71

3.07

0.437

21.47

81

PT BERLIAN LAJU TANKER, TBK

2014

34.89

0.25

0.33

1.61

2.98

0.875

20.51

82

PT BERLINA, TBK

2010

11.36

0.33

1.61

2.88

0.317

17.8

83

PT BUMI RESOURCES, TBK

2012

33.57

2.4

3.1

0.597

22.73

84

PT BUMI SERPONG DAMAI, TBK

2013

14.31

0.22

0.14

2.3

2.98

0.127

21.28

85

PT CHANDRA ASRI PETROCHEMICAL, TBK

2011

-2.72

0.14

0.14

1.95

3.06

0.319

21.2

86

PT CHAROEN PHOKPHAND INDONESIA

2013

35.53

0.29

0.33

2.77

3.07

0.39

20.97

87

PT DUTA ANGGADA REALTY, TBK

2007

50.94

0.2

0.25

2.48

2.87

18.93

88

PT ENERGI MEGA PERKASA, TBK

2009

-50.13

0.25

0.69

2.93

0.722

20.71

89

PT ENSEVAL PUTERA MEGATRADING, TBK

2015

14.83

0.33

0.4

2.2

3.05

20.03

90

PT FIRST MEDIA, TBK

2013

-4.44

0.1

1.1

2.93

0.381

19.92

91

PT GUDANG GARAM, TBK

2009

11.17

0.14

0.17

2.94

3.03

21.35

92

PT INDIKA ENERGY TBK

2013

12.94

0.16

1.79

3.02

0.433

21.58

93

PT INDOMOBIL MULTI JASA, TBK

2013

7.47

1.1

2.93

20.19

94

PT INDORAMA SYNTHETICS, TBK

2013

2.01

0.6

1.61

3.02

0.252

20.35

95

PT KALBE FARMA, TBK

2014

23.05

0.6

0.13

2.08

3.04

20.65

96

PT MAHAKA MEDIA, TBK

2010

0.84

0.17

2.81

0.09

17.01

97

PT MULTIPOLAR TECHNOLOGY, TBK

2014

14.18

0.17

0.11

1.79

2.92

0.123

18.44

98

2010

0.33

2.56

2.94

0.085

18.28

99

PT PAN BROTHERS, TBK

PT PIONEERINDO GOURMET
INTERNATIONAL, TBK

2011

76.63

1.61

2.83

0.31

16.31

100

PT PURADELTA LESTARI, TBK

2014

12.67

0.25

0.33

1.79

2.94

0.427

20.26

101

PT SARANA MENARA NUSANTARA, TBK

2015

11.32

0.69

2.94

0.747

20.53

102

2012

0.91

0.67

1.39

2.82

0.768

18.37

2012

36.75

1.39

2.93

0.546

18.62

104

PT SEJAHTERARAYA ANUGRAHJAYA, TBK

PT SILOAM INTERNASIONAL HOSPITALS,
TBK
PT SINAR MAS AGRO RESOURCES AND
TECHNOLOGY, TBK

2008

26.19

0.14

0.2

1.79

3.02

0.45

20.57

105

PT SURYA TOTO INDONESIA, TBK

2013

27.48

0.1

0.25

1.39

2.94

0.002

18.88

106

TIGARAKSA SATRIA, TBK

2008

13.05

0.3

0.3

1.1

2.98

0.091

18.78

107

TOWER BERSAMA INFRASTRUCTURE, TBK

2012

17.04

0.2

0.69

2.92

0.754

20.45

108

TUNAS RIDEAN, TBK

2010

27.48

0.16

0.2

1.39

0.176

19.05

109

UNGGUL INDAH CAHAYA, TBK

2006

2.56

0.33

0.14

2.4

2.97

0.433

19.43

110

PT WICAKSANA OVERSEAS

2007

-11.99

3.09

2.89

0.42

17.25

111

PUDJIADI PRESTIGE, TBK

2007

0.93

0.5

0.25

1.95

2.73

0.013

17.17

112

RADIANT UTAMA INTERINSCO, TBK

2008

19.2

0.33

0.33

1.95

2.91

0.473

17.69

113

RATU PRABU ENERGI, TBK

2008

84.39

0.43

0.33

1.95

2.55

15.96

114

RAMAYANA LESTARI SENTOSA, TBK

2012

13.39

0.25

2.3

19.84

115

RED PLANET INDONESIA, TBK

2014

-3.59

0.25

1.39

2.7

14.74

116

RELIANCE SECURITIES, TBK

2010

20.97

0.33

0.5

2.2

2.78

17.92

117

RICKY PUTRA GLOBALINDO

2010

0.91

0.25

0.33

2.4

2.88

0.092

17.97

118

RIMAU MULTI PUTRA PRATAMA, TBK

2012

19.87

0.33

0.5

2.08

2.63

0.604

15.65

103

62

119

RISTIA BINTANG MAHKOTASEJATI, TBK

2010

0.5

0.5

0.67

1.1

2.64

16.36

120

RODA VIVATEX, TBK

2013

13.44

0.6

0.3

2.48

2.85

18.65

121

SALIM IVOMAS, TBK

2012

12.82

0.33

1.1

3.05

0.331

21.76

122

SAMPOERNA AGRO, TBK

2008

21.46

0.25

2.94

0.352

19.22

123

SAMUDERA INDONESIA, TBK

2010

3.59

0.29

0.67

2.3

2.99

0.485

20.24

124

SARANA CENTRAL BAJATAMA, TBK

2011

5.59

0.5

0.33

1.79

2.9

0.041

17.88

125

SARASWATI GRIYA LESTARI, TBK

2014

4.35

0.5

0.5

0.69

2.79

0.732

18.2

126

SARATOGA INVESTAMA SEDAYA, TBK

2013

14.94

0.25

0.4

0.69

2.96

0.842

21.02

127

SAWIT SUMBERMAS SARANA, TBK

2013

69.95

0.33

2.4

2.95

0.641

19.21

128

SENTUL CITY, TBK

2014

6.88

0.33

1.1

2.9

0.341

20.59

129

SIANTAR TOP, TBK

2012

9.12

0.33

0.33

2.3

2.92

0.227

18.45

130

SIDOMULYO SELARAS, TBK

2012

26.02

0.2

1.95

2.79

0.058

16.9

131

SKYBEE, TBK

2012

13.17

0.33

1.61

2.94

0.077

18.36

132

SIGMAGOLD INTI PERKASA, TBK

2008

1.44

0.25

0.69

2.87

0.001

18.13

133

SMARTFREN TELECOM, TBK

2011

-82.25

0.69

2.87

0.535

20.03

134

SMR UTAMA, TBK

2013

-15.17

0.5

1.1

2.73

0.198

17.28

135

SONA TOPAS TOURISM INDUSTRY, TBK

2007

4.72

0.33

0.29

2.08

2.85

0.548

17.62

136

SRI REJEKI ISMAN, TBK

2014

17.94

0.38

0.67

3.04

2.98

0.272

19.94

137

SURYA CITRA MEDIA, TBK

2013

51.22

0.17

1.61

2.96

0.354

19.52

138

SURYA EKA PERKASA, TBK

2013

45.07

0.2

0.4

0.69

2.86

0.552

18.21

139

TIPHONE MOBILE INDONESIA TBK

2011

20.02

0.6

3.01

0.005

18.38

140

TIRA AUSTENITE, TBK

2008

6.04

0.33

1.61

2.83

0.169

17.05

141

TIRTA MAHAKAM RESOURCES, TBK

2013

-13.79

0.6

1.1

2.89

18.07

142

TOBA BARA SEJAHTERA, TBK

2011

1.35

2.97

0.082

18.79

143

TOTAL BANGUN PERSADA, TBK

2009

7.89

0.11

0.33

2.08

2.93

0.002

18.46

144

TRADA MARITIME, TBK

2012

-7.7

1.39

2.88

0.092

19.63

145

TRIWIRA INSANLESTARI, TBK

2012

-1.94

0.17

1.79

2.79

0.536

17.12

146

VISI MEDIA ASIA, TBK

2014

4.75

0.29

1.39

2.93

0.857

19.89

147

WINTERMAR OFFSHORE MARINES, TBK

2012

10.61

0.25

0.33

1.1

2.92

0.546

19.39

148

WISMILAK INTI MAKMUR, TBK

2014

14.34

0.17

0.33

1.39

2.9

0.026

18.43

APPENDIX B

63

T-Test
Group Statistics
CEO
Succession
Average ROE

Family Directors

Family
Commissioners
SFE

FIRM AGE

LEVERAGE

FIRM SIZE

Mean

Std. Deviation

Std. Error Mean

NonFamily
CEO

81

-8.71679

102.886292

11.431810

Family CEO

67

12.83881

15.325104

1.872259

Nonfamily
CEO

81

.09580

.141376

.015708

Family CEO

67

.35328

.164200

.020060

Nonfamily
CEO

80

.21363

.181305

.020271

Family CEO

67

.32642

.194506

.023763

Nonfamily
CEO

81

1.49728

.745533

.082837

Family CEO

67

1.91582

.701056

.085648

Nonfamily
CEO

81

2.87543

.337254

.037473

Family CEO

67

2.87299

.113951

.013921

Nonfamily
CEO

81

.30553

.268192

.029799

Family CEO

67

.26897

.273698

.033437

Nonfamily
CEO

81

19.07494

1.819301

.202145

Family CEO

67

18.43224

1.674502

.204573

64

Independent Samples Test

Levene's Test for
Equality of Variances

t-test for Equality of Means

95% Confidence
Interval of the
Difference

F
Average
ROE

Equal variances
assumed

Sig.
4.563

.034

Equal variances
not assumed
Family
Directors

Equal variances
assumed

1.688

.196

Equal variances
not assumed
Family
Commis
Sioners

Equal variances
assumed

SFE

Equal variances
assumed

.226

.635

Equal variances
not assumed
.063

.803

Equal variances
not assumed
FIRM
AGE

Equal variances
assumed

.478

.491

Equal variances
not assumed
LEVERAG Equal variances
E
assumed

.177

.675

Equal variances
not assumed
FIRM
SIZE

Equal variances
assumed
Equal variances
not assumed

.555

.458

df

Sig. (2tailed)

-1.698

146

-1.861

84.276

-10.250

146

.000

-10.106 131.092

Mean
Difference

Std. Error
Difference

Lower

Upper

.092 -21.555596 12.691582

- 3.52735
46.638549
6

.066 -21.555596

11.584112

- 1.47957
44.590771
9

-.257481

.025121

-.307128 -.207834

.000

-.257481

.025479

-.307884 -.207078

145

.000

-.112793

.031039

-.174141 -.051445

-3.611 136.581

.000

-.112793

.031234

-.174558 -.051028

-3.492

146

.001

-.418537

.119852

-.655407 -.181667

-3.513 143.579

.001

-.418537

.119153

-.654058 -.183016

146

.955

.002447

.043124

-.082781 .087675

.061 101.269

.951

.002447

.039975

-.076850 .081744

.818

146

.415

.036561

.044702

-.051787 .124908

.816 139.745

.416

.036561

.044789

-.051991 .125112

146

.028

.642699

.289873

.069810 1.21558
9

2.235 144.306

.027

.642699

.287598

.074251 1.211148

-3.634

.057

2.217

65

ROE
Nonfamily CEO

Total N

Family CEO

BOD
57

57

Mean

-16.25474

.10754

Std.

57

SFE

LEVERAG

FIRM

AGE

SIZE

57

57

.20333 1.54368

2.86298

.30558 19.19298

120.87546 .146327 .175319 .725157

.398470

.279211 1.922621

Deviation

57

57

Total N

43

43

.33372 2.06628

2.87977

.25302 18.47395

13.296723 .170511 .193834 .686187

.110701

.251234 1.854816

Mean
Std.

BOC

FIRM

43

43

11.80070

.36698

43

43

43

Deviation
Total

100

100

.25940 1.76840

2.87020

.28298 18.88380

92.382983 .202754 .193739 .751546

.308355

.267505 1.917934

Mean
Std.

100

100

-4.19090

.21910

Deviation

Descriptives
Descriptive Statistics
N

Mean

Std. Deviation

Average ROE

148

1.04149

77.344789

Family Directors

148

.21236

.198797

Family

147

.26503

.195106

SFE

148

1.68676

.752893

FIRM AGE

148

2.87432

.260251

LEVERAGE

148

.28898

.270390

FIRM SIZE

148

18.78399

1.778550

Valid N (listwise)

147

Commissioners

100

100

100

66

Famiy
Family Commi
CEO
Averge Directo ssioner
Succession ROE
rs
s
CEO
Pearson
SUCCESSI Correlation
ON
Sig. (2-tailed)

AVERAGE
ROE

148

Pearson
Correlation

.139

Sig. (2-tailed)

.092

N
FAMILY
Pearson
COMMISSI Correlation
ONERS
Sig. (2-tailed)
N
SFE

FIRM AGE

FIRM AGE LEVERAGE

FAMILY
Pearson
DIRECTOR Correlation
S
Sig. (2-tailed)

SFE

148

148

.647**

-.040

.000

.629

148

148

148

.289**

.087

.282**

.000

.295

.001

147

147

147

147

**

.114

**

.085

Sig. (2-tailed)

.001

.168

.000

.305

148

148

148

147

148

-.005

.069

**

-.082

-.014

Sig. (2-tailed)

.955

.402

.003

.321

.870

148

148

148

147

148

148

-.068

-.172

-.043

-.139

-.045

-.100

.415

.037

.605

.094

.590

.228

Pearson
Correlation

Pearson
Correlation

LEVERAGE Pearson
Correlation
Sig. (2-tailed)
N

.278

.327

-.244

148

148

148

147

148

148

148

-.180*

.188*

-.249**

-.234**

.068

.340**

.335**

Sig. (2-tailed)

.028

.022

.002

.004

.413

.000

.000

148

148

148

147

148

148

148

FIRM SIZE Pearson

Correlation

**. Correlation is significant at the 0.01 level (2-tailed).

*. Correlation is significant at the 0.05 level (2-tailed).

FIRM S

67

Logistic Regression
Case Processing Summary
Unweighted Casesa
Selected Cases

N
Included in Analysis
Missing Cases
Total

Unselected Cases
Total

Percent
147

99.3

.7

148
0
148

100.0
.0
100.0

a. If weight is in effect, see classification table for the total number of

cases.

Dependent Variable
Encoding
Original
Value

Internal Value

0
1

0
1

Block 0: Beginning Block

Iteration Historya,b,c
Coefficients
Iteration
Step 0

-2 Log likelihood

Constant

202.634

-.177

202.634

-.177

a. Constant is included in the model.

b. Initial -2 Log Likelihood: 202.634
c. Estimation terminated at iteration number 2 because
parameter estimates changed by less than .001.

68

Predicted
Sukseksi
Observed
Step 0

Nonfamily
CEO
Family CEO

Percentage
Correct

80

100.0

67

.0

Overall Percentage

54.4

a. Constant is included in the model.

b. The cut value is .500

Variables in the Equation

B
Step 0

Constant

S.E.
-.177

Wald

.166

df

1.147

Sig.
1

Exp(B)
.284

Variables not in the Equation

Score
Step 0

Variables

AVERAGE ROE

df

Sig.

2.822

.093

FAMILY DIRECTORS

61.077

.000

FAMILY
COMMISSIONERS

12.270

.000

SFE

12.667

.000

Firm.Age

.003

.958

Leverage

.616

.432

Firm.Size

5.132

.023

72.509

.000

Overall Statistics

.838

69

Block 1: Method = Enter

Iteration Historya,b,c,d
Coefficients
-2 Log
likelihood

Iteration
Step 1 1

Constant

121.088

ROE

BOD

BOC

SFE

Sales

Firm.Ag Leverag Firm.Siz

e
e
e

-6.367

.004

6.218

.984

.185

-.225

3.029

.423

-.026

107.438 -10.377

.013

9.450

1.475

.245

-.378

4.815

.249

.013

104.062 -13.649

.021

11.438

1.927

.251

-.517

6.251

-.092

.075

103.212 -15.654

.030

12.102

2.018

.217

-.619

7.201

-.189

.125

103.064 -16.695

.036

12.337

2.020

.192

-.677

7.677

-.230

.159

103.063 -16.797

.036

12.368

2.024

.190

-.682

7.722

-.237

.162

103.063 -16.798

.036

12.369

2.024

.190

-.682

7.722

-.237

.162

a. Method: Enter
b. Constant is included in the model.
c. Initial -2 Log Likelihood: 202.634
d. Estimation terminated at iteration number 7 because parameter estimates changed by less than .001.

Omnibus Tests of Model Coefficients

Chi-square
Step 1

df

Sig.

Step

99.571

.000

Block

99.571

.000

Model

99.571

.000

Model Summary
Step
1

-2 Log likelihood

Cox & Snell R

Square

103.063a

Nagelkerke R
Square

.492

.658

a. Estimation terminated at iteration number 7 because parameter

estimates changed by less than .001.

Hosmer and Lemeshow Test

Step
1

Chi-square
13.696

df

Sig.
8

.090

70

Contingency Table for Hosmer and Lemeshow Test

Nonfamily CEO = 0
Observed
Step 1

Expected

Family CEO = 1
Observed

Expected

15

14.739

15

14.287

15

13.969

14

Total

.261

15

.713

15

1.031

15

12.661

2.339

15

10.287

4.713

15

6.789

11

8.211

15

4.280

10.720

15

2.462

11

12.538

15

.450

14

14.550

15

10

.076

12

11.924

12

Classification Tablea
Predicted
CEO Succession
Nonfamily
CEO

Observed
Step 1

CEO
Succession

Percentage
Correct

Nonfamily CEO

67

13

83.8

Family CEO

12

55

82.1

Overall Percentage
a. The cut value is .500

Family
CEO

83.0

71

Variables in the Equation

95% C.I.for EXP(B)
B
Step 1

S.E.

Wald

df

Sig.

Exp(B)

Lower

ROE

.036

.016

4.944

.026

1.037

1.004

1.070

BOD

12.369

2.235

30.619

.000

235298.784

2944.156

1.881E7

BOC

2.024

1.405

2.077

.150

7.572

.483

118.831

SFE

.190

.369

.266

.606

1.210

.587

2.492

Firm.Age

7.722

7.064

1.195

.274

2257.697

.002

2.325E9

Leverage

-.237

1.091

.047

.828

.789

.093

6.697

.636

2.174

Firm.Size

.162

.313

.268

.605

1.176

Constant

-16.798

13.370

1.578

.209

.000

a. Variable(s) entered on step 1: ROE, BOD, BOC, SFE, Firm.Age, Leverage, Firm.Size.

Correlation Matrix
Constant
Step 1

Upper

ROE

BOD

BOC

SFE

Sales

Firm.Age

Leverage

Firm.Size

Constant

1.000

-.143

-.135

-.106

.002

.842

-.974

.123

-.393

ROE

-.143

1.000

.352

.045

-.188

-.229

.117

-.132

.299

BOD

-.135

.352

1.000

-.020

-.244

-.088

.082

-.130

.130

BOC

-.106

.045

-.020

1.000

-.004

-.126

.071

-.093

.169

SFE

.002

-.188

-.244

-.004

1.000

.016

-.001

.085

-.117

Firm.Age

-.974

.117

.082

.071

-.001

-.878

1.000

-.060

.315

Leverage

.123

-.132

-.130

-.093

.085

.171

-.060

1.000

-.423

Firm.Size

-.393

.299

.130

.169

-.117

-.661

.315

-.423

1.000

72

Step number: 1
Observed Groups and Predicted Probabilities
+
|
|
F
|
R
+
E
|
Q
|
U
1|
E
1+
N
1|
C
111|
Y
111|
111+

16 +
|
|
|
12 +
|
|

8 +

0 0

0 00

0 00

|0

0000

4 +00

0000

|00000000
1
1111|
|000000000 0
0 10
1 1
1 1
1 1
1
1 0
1 11110
11 1111|
|000000000 0000 000 001 100100
1 0 0 0
011 1 11
101101 01 1000 1101111100 0
1011111|
Predicted ---------+---------+---------+---------+--------+---------+---------+---------+---------+---------Prob:
0
.1
.2
.3
.4
.5
.6
.7
.8
.9
1
Group:
000000000000000000000000000000000000000000000000001111111111111111
1111111111111111111111111111111111
11

Predicted Probability is
The Cut Value is .50
Symbols: Nonfamily CEO
Family CEO
Each Symbol Represents 1

of Membership for 1
- 0
- 1
Case.

73

Casewise Listb
Observed

Temporary Variable

CEO
Case

Selected Status

Succession

Predicted

Predicted Group

Resid

ZResid

87

0**

.839

-.839

-2.286

116

0**

.946

-.946

-4.182

a. S = Selected, U = Unselected cases, and ** = Misclassified cases.

b. Cases with studentized residuals greater than 2.000 are listed.

74