<![CDATA[This study explores the narrative construction employed by minority shareholders as they navigate experiences of betrayal and loyalty concerning dividend policies within Indonesian family-owned enterprises. Utilizing a qualitative approach with an instrumental case study design focused on three family firms listed on the Indonesia Stock Exchange (IDX), the research involved in-depth interviews with 17 minority shareholders (both individual and institutional) whose ownership periods spanned 2 to 20 years. Thematic analysis, following the framework proposed by Braun & Clarke (2006), yielded four principal themes: (1) narratives of exclusion and powerlessness, (2) narratives of ambiguity oscillating between trust and suspicion, (3) narratives of resignation as a coping mechanism, and (4) narratives of conditional loyalty. The findings indicate that minority shareholders construct the meaning of betrayal as a violation of the psychological contract within the dimensions of both distributive and procedural justice. Conversely, loyalty is interpreted as a calculative commitment contingent upon the firm’s performance and the availability of alternative investment opportunities. This research contributes theoretically by enriching agency theory and signaling theory through the integration of a narrative perspective, while also identifying psychological coping mechanisms previously underexplored in the finance literature. Policy implications for capital market regulators and family-controlled companies are discussed.]]>
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