@article{MAKHILLIBM201711627239,
    title = {The Effect of Management of Founder, Sibling Partnership and
Cousin Consortium on Profitability and Leverage},
    journal = {International Business Management},
    volume = {11},
    number = {6},
    pages = {1307-1315},
    year = {2017},
    issn = {1993-5250},
    doi = {ibm.2017.1307.1315},
    url = {https://makhillpublications.co/view-article.php?issn=1993-5250&doi=ibm.2017.1307.1315},
    author = {Arif},
    keywords = {sibling partnership,founder,leverage,Profitability,,cousin,consortium},
    abstract = {This study examines profitability and leverage of family firms among the leadership of the first
(founder) second (sibling partnership) and third generation (cousin consortium). This study is conducted to
prove the results of previous studies which show that the number of family firms will decrease when the third
generation leads the company. The decrease of family firms is caused by many factors such as family conflict,
founder’s distrust to successor, successor’s unwillingness to continue founder’s leading and different
competence in managing company between founder and successor. By assuming that family firms have no
problem with the three first factors, many family firms cannot continue the leadership from founder to successor
because of two financial factors including profitability and leverage. First, family firms have no enough
profitability to sustain. Second, family firms can go bankrupt because of running up huge debt. The population
of this study was all three-generation family firms at Indonesia stock exchange whereas the samples were
selected based on purposive sampling technique. To analyze panel data, this study collected data from
1982-2014. The findings of this study show that the mean value of family firm’s profitability led by sibling
partnership is the highest. Furthermore, the mean value of leverage increases from founder to cousin
consortium, yet the debt growth of family firms led by cousin consortium is the highest. It is concluded that
the results of statistic tests of this study show several differences of profitability and leverage among founder,
sibling partnership and cousin consortium.}
    }