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Boosting ESG Performance: Overcoming Collusion Among Entrepreneurial Family and Institutional Shareholders

Aptisi Transactions on Technopreneurship (ATT) · Vol. 7 No. 1 (2025) · hlm. 48–60

DOI
10.34306/att.v7i1.452
ISSN
2656-8888, 2655-8807
Terbit
2025-02-17
Penerbit
Pandawan
Bahasa
en
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

This study addresses the debate on the role of Multiple Large Shareholders (MLS) in influencing Environmental, Social, and Governance (ESG) performance in family-controlled firms across ASEAN. It explores whether MLS identity creates a collusion effect or monitoring effect on ESG outcomes. Using unbalanced panel regression with 672 firm-year observations from publicly listed firms in ASEAN-6 (2015-2022), this study evaluates the impact of MLS identity on ESG performance. The findings indicate that MLS mainly exert a collusion effect, prioritizing private gains over stakeholder interests. Institutional investors as second-largest shareholders often misuse private ESG information rather than ensuring accountability, amplifying the collusion effect. These results contrast with prior studies highlighting MLS monitoring role in other regions. This study emphasizes the need for stronger governance in ASEAN to address MLS collusion and improve ESG performance. Global investors and policymakers must advocate for sustainable practices and transparency in family-controlled firms. The insights advance discussions on ownership structures and their implications for corporate sustainability in emerging markets.

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  • Universitas Raharja
  • Satya Wacana Christian University
  • Universitas Catur Insan Cendekia Cirebon
  • Indonesia Open University
  • Universitas Banten Jaya
  • Universitas Komputer Indonesia
  • Politeknik Keselamatan Transportasi Jalan
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Rekan penulisOrganisasiArtikel bersama
Qurotul AiniUniversitas Raharja20
Ninda LutfianiUniversitas Raharja12
Danny ManonggaSatya Wacana Christian University7
Irwan SembiringSatya Wacana Christian University7
Alfiah KhoirunisaUniversitas Raharja4
Nuke Puji Lestari SantosoUniversitas Raharja4
Po Abas SunaryaUniversitas Raharja4
Fitra Putri OgandaUniversitas Raharja3
Dwi ApriliasariUniversitas Raharja3
Sutarto WijonoSatya Wacana Christian University3
Shofiyul MillahUniversitas Raharja3
Mohamad RakhmansyahUniversitas Raharja3
Chandra LukitaUniversitas Catur Insan Cendekia Cirebon2
Eka Purnama HarahapUniversitas Raharja2
Sudaryono SudaryonoUniversitas Banten Jaya2
Desy AprianiUniversitas Raharja2
Nur AzizahUniversitas Raharja2
Ihsan Nuril HikamUniversitas Raharja2
Agung RizkyUniversitas Raharja2
Adam FaturahmanUniversitas Raharja2
Natasya Aprila YusufUniversitas Raharja2
Umi NarimawatiUniversitas Komputer Indonesia2
Joko SiswantoPoliteknik Keselamatan Transportasi Jalan2
Hindriyanto Dwi PurnomoSatya Wacana Christian University2
Indri HandayaniUniversitas Raharja1
Sudaryono SudaryonoUniversitas Gadjah Mada1
Firman HanafiUniversitas Raharja1
Suwandi SuwandiUniversitas Catur Insan Cendekia Cirebon1
Chairun NasUniversitas Catur Insan Cendekia Cirebon1
Rochmawati RochmawatiUniversitas Raharja1
Eko SediyonoSatya Wacana Christian University1
Sri Yulianto Joko PrasetyoSatya Wacana Christian University1
Iwan SetyawanSatya Wacana Christian University1
Adi SetiawanSatya Wacana Christian University1
Sulistio SulistioUniversitas Raharja1
Alexander WilliamsThe University of Queensland1
Sella AvionitaUniversitas Raharja1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://att.aptisi.or.id/index.php/att/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Boosting ESG Performance: Overcoming Collusion Among Entrepreneurial Family and Institutional Shareholders</dc:title>
	<dc:creator xml:lang="en">Geraldina, Ira</dc:creator>
	<dc:creator xml:lang="en">Muktiyanto, Ali</dc:creator>
	<dc:creator xml:lang="en">Rahardja, Untung</dc:creator>
	<dc:subject xml:lang="en">ESG</dc:subject>
	<dc:subject xml:lang="en">Multiple Large Shareholders</dc:subject>
	<dc:subject xml:lang="en">Entrepreneurial Family Shareholders</dc:subject>
	<dc:subject xml:lang="en">Institutional Shareholders</dc:subject>
	<dc:description xml:lang="en">This study addresses the debate on the role of Multiple Large Shareholders (MLS) in influencing Environmental, Social, and Governance (ESG) performance in family-controlled firms across ASEAN. It explores whether MLS identity creates a collusion effect or monitoring effect on ESG outcomes. Using unbalanced panel regression with 672 firm-year observations from publicly listed firms in ASEAN-6 (2015-2022), this study evaluates the impact of MLS identity on ESG performance. The findings indicate that MLS mainly exert a collusion effect, prioritizing private gains over stakeholder interests. Institutional investors as second-largest shareholders often misuse private ESG information rather than ensuring accountability, amplifying the collusion effect. These results contrast with prior studies highlighting MLS monitoring role in other regions. This study emphasizes the need for stronger governance in ASEAN to address MLS collusion and improve ESG performance. Global investors and policymakers must advocate for sustainable practices and transparency in family-controlled firms. The insights advance discussions on ownership structures and their implications for corporate sustainability in emerging markets.</dc:description>
	<dc:publisher xml:lang="en">Pandawan</dc:publisher>
	<dc:date>2025-02-17</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://att.aptisi.or.id/index.php/att/article/view/452</dc:identifier>
	<dc:identifier>10.34306/att.v7i1.452</dc:identifier>
	<dc:source xml:lang="en">Aptisi Transactions on Technopreneurship (ATT); Vol. 7 No. 1 (2025): March; 48–60</dc:source>
	<dc:source xml:lang="id">Aptisi Transactions On Technopreneurship (ATT); Vol 7 No 1 (2025): March; 48–60</dc:source>
	<dc:source>2656-8888</dc:source>
	<dc:source>2655-8807</dc:source>
	<dc:source>10.34306/att.v7i1</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://att.aptisi.or.id/index.php/att/article/view/452/307</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Ira Geraldina, Ali Muktiyanto, Untung Rahardja</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>