pengaruh employee stock ownership plan (esop) terhadap kinerja keuangan perusahaan (studi empiris pada perusahaan yang terdaftar di bursa efek indonesia)
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Institusion
Sekolah Tinggi Ilmu Ekonomi Bank Bpd Jawa Tengah
Author
Rini, Dewi Setya
Subject
H Social Sciences (General)
Datestamp
2024-02-05 04:49:32
Abstract :
Assessment of financial performance is very important because it is become the basic assessment for overall company performance. Good or bad of company's financial performance is a measure of consideration for investors to make investments. But there are many obstacles in realizing the good company's performance, such as a conflict of interest (agency problems). Conflict of interest is that it can often occur between the owner (Principal) and management (Agent). Conflicts of interest may affect the performance of a company. One way to reduce conflicts of interest is the practice of Employee Stock Ownership Plan (ESOP). This study aims to prove empirically that the Employee Stock Ownership Plan (ESOP) has a positive effect on corporate financial performance. Independent variable used in this study is the Employee Stock Ownership Plan (ESOP) as measured using the percentage of the number of ESOP shares than the total number of issued shares of the company. Dependent variables of this study is the financial performance that measured with Return on Assets (ROA) and Return on Equity (ROE). In this study also added control variables such as Leverage, Capital Intensity and Sales Growth. Object of this research is the companies listed in Indonesia Stock Exchange from 2006 until 2010. Data collected by purposive sampling method. The samples used 56 companies during the five years. This study uses multiple linear regression for data analysis. From the results of statistical tests show that the ESOP has positive and significant impact on ROA and ROE. Adjusted R square values obtained for the first research model (ROA) is 36.2% and the second research model (ROE) is 61.2%.
Assessment of financial performance is very important because it is become the basic assessment for overall company performance. Good or bad of company's financial performance is a measure of consideration for investors to make investments. But there are many obstacles in realizing the good company's performance, such as a conflict of interest (agency problems). Conflict of interest is that it can often occur between the owner (Principal) and management (Agent). Conflicts of interest may affect the performance of a company. One way to reduce conflicts of interest is the practice of Employee Stock Ownership Plan (ESOP). This study aims to prove empirically that the Employee Stock Ownership Plan (ESOP) has a positive effect on corporate financial performance. Independent variable used in this study is the Employee Stock Ownership Plan (ESOP) as measured using the percentage of the number of ESOP shares than the total number of issued shares of the company. Dependent variables of this study is the financial performance that measured with Return on Assets (ROA) and Return on Equity (ROE). In this study also added control variables such as Leverage, Capital Intensity and Sales Growth. Object of this research is the companies listed in Indonesia Stock Exchange from 2006 until 2010. Data collected by purposive sampling method. The samples used 56 companies during the five years. This study uses multiple linear regression for data analysis. From the results of statistical tests show that the ESOP has positive and significant impact on ROA and ROE. Adjusted R square values obtained for the first research model (ROA) is 36.2% and the second research model (ROE) is 61.2%.
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