Abstract
Limited liability company (Ltd) based on a contract cooperative relationship which is the basis of agency theory with the risk of conflict. The solution to minimize is the employee stock ownership program with the Employee Stock Option Plan (ESOP) strategy. The purpose of this study is to obtain empirical evidence of the relationship of stock options granted’s number to the firm value through firm performance. This research was conducted at companies listed in the BEI and conducted ESOP grants in 2014-2018. Samples obtained using purposive sampling were 48 observations. Data analysis technique used is path analysis. The results showed that the number of stock options granted had a positive effect on firm performance, firm performance had a positive effect on firm value, the number of shares options granted had a positive effect on firm value, and firm performance mediated the relationship between the number of shares options granted and firm value.
 Keywords: Employee Stock Option Plan; Firm Performance; Firm Value.
Highlights
PENDAHULUAN Perusahaan yang berbentuk perseroan terbatas (PT) di dalamnya terjalin hubungan kerja sama antara pemilik dan pengelola perusahaan yang diatur dalam suatu kontrak
on a contract cooperative relationship which is the basis of agency theory with the risk
This research was conducted at companies listed in the
Summary
Pengujian statistik deskriptif digunakan untuk menganalisis data dengan memberikan gambaran atau deskripsi mengenai karakteristik variabel penelitian, yaitu penjelasan mengenai nilai maksimum, nilai minimum, nilai rata-rata (mean) dan nilai standar deviasi. Hasil dari pengujian statistik deskriptif dalam penelitian ini disajikan pada Tabel 1 sebagai berikut
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