Cash holdings of minority family businesses in Indonesia

Heyvon Herdhayinta, James Lau and Carl Hsin-han Shen

Emerging Markets Review, 2023, vol. 55, issue C

Abstract: Market-dominant minorities (MDM) is a phenomenon widespread in emerging countries. Drawing on the socioemotional wealth perspective, we investigate the cash holdings of minority family businesses owned by the Chinese diaspora, as MDM in Indonesia. Our findings suggest that they hold a relatively high level of cash. However, there is heterogeneity among these MDM firms, whereby those with family management hold a lower level of cash. Furthermore, by analyzing the effect of the 2016 Jakarta protests, we find that MDM businesses may change their cash policies after an ethnic conflict. This study advances our understanding of MDM family firms.

Keywords: Minority family business; Ethnic minority business; Market-dominant minorities; Cash holdings; Socioemotional wealth (SEW) (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:55:y:2023:i:c:s1566014122000851

DOI: 10.1016/j.ememar.2022.100968

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