IDEAS home Printed from https://ideas.repec.org/a/ids/gbusec/v35y2026i1p69-100.html

Does internationalisation increase the value of family firms? Using CEO attributes as moderators and empirical evidence from Indonesia

Author

Listed:
  • Muhammad Madyan
  • Wulan Rahmadani Setiawan
  • Maryam Bin Abdullah Al Hadar

Abstract

This study examines the relationship between internationalisation and family firm values. From 2015-2023, regression tests were conducted on 1,417 observations of Indonesian-listed family firms from all industries except the financial sector. Consistent with the hypothesis development, the results show a positive relationship between internationalisation and firm value as measured by Tobin's Q. We also show that family CEOs and CEO attributes such as education level, international experience, and gender moderate the relationship between internationalisation and firm value. These findings support the upper-echelon theory that CEO attributes play an important role in making critical decisions that affect firm value. Robust tests yield similar results when the independent and dependent variables are separated by three years. Moreover, additional findings suggest that internationalisation is positively associated with short-term firm performance, proxied by ROA. This study contributes to the literature on family firm internationalisation and the effect of CEO attributes on firm value.

Suggested Citation

  • Muhammad Madyan & Wulan Rahmadani Setiawan & Maryam Bin Abdullah Al Hadar, 2026. "Does internationalisation increase the value of family firms? Using CEO attributes as moderators and empirical evidence from Indonesia," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 35(1), pages 69-100.
    • Handle: RePEc:ids:gbusec:v:35:y:2026:i:1:p:69-100
    as

    Download full text from publisher

    File URL: https://www.inderscience.com/link.php?id=154889
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ids:gbusec:v:35:y:2026:i:1:p:69-100. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sarah Parker (email available below). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=168 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.