Abstract
This research was conducted to see the effect of the implementation of the Employee Stock Ownership Program on average abnormal returns of banking companies before and after applying ESOP and trading volume. The aim is to find out the difference in average abnormal return before and after applying the ESOP. The variable used in this study is average abnormal return. The period of this research event is 20 days, 10 days, 5 days and 1 day which are divided before and days after the date of application. This study examines banking companies that apply the Employee Stock Ownership Program listed on the Indonesia Stock Exchange so that data is obtained from trading in the company's stock price. The sampling criteria used a purposive sampling method in order to obtain 9 samples. The hypothesis method used in the normally distributed data is Paired Samples T-test. The result is that all average abnormal return periods both on the first and the last date of the ESOP application have a significant value >0.05, which means that the entire event period of the variable is proven to have no significant difference both before and after the banking company applies the Employee Stock Ownership Program.
Highlights
Employee Stock Option Program memberikan peluang bagi karyawan untuk memiliki sebagian saham perusahaan ditempat mereka bekerja pada periode tertentu dimasa mendatang dengan harga yang telah disetujui saat program employee stock ownership program (ESOP) diberikan (Triana, 2013)
This study examines banking companies that apply the Employee Stock Ownership Program listed on the Indonesia Stock Exchange so that data is obtained from trading in the company's stock price
Analisis Pengaruh employee stock ownership program (ESOP) (Employee Stock Ownership Program) terhadap Kinerja Perusahaan di Bursa Efek Indonesia, 7
Summary
Employee Stock Option Program memberikan peluang bagi karyawan untuk memiliki sebagian saham perusahaan ditempat mereka bekerja pada periode tertentu dimasa mendatang dengan harga yang telah disetujui saat program ESOP diberikan (Triana, 2013). Employee Stock Option Program sangat bermanfaat bagi para karyawan, dimana para karyawan akan termotivasi untuk meningkatkan porsi saham yang dimilikinya dengan meningkatkan kompetensi dan kinerja untuk jangka waktu yang panjang (Fidhayanti, S.K., & Dewi, 2012). Penerapan Employee Stock Option Program (ESOP) diharapkan menjadi salah satu cara yang digunakan oleh perusahaan untuk menarik minat karyawan, sebab seluruh karyawan memiliki kesempatan dan berhak untuk mempunyai saham perusahaan ditempat mereka bekerja. Employee Stock Ownership Program yang diterapkan oleh perusahaan diharapkan memiliki karyawan yang kinerjanya lebih efektif dan efesien, sehingga mampu menghasilkan kinerja keuangan yang lebih baik dengan tingkat laba yang tinggi. Penelitian ini bertujuan untuk mengetahui bagaimana nilai mean pada average abnormal return (AAR) pada tanggal pembukaan penerapan dan tanggal penutupan perusahaan sektor perbankan yang menerapkan ESOP yang listing di BEI periode 2003-2018 terhadap volume perdagangan dan apakah terdapat perbedaan signifikan average abnormal return sebelum dan sesudah pelaksanaan ESOP pada perusahaan sektor perbankan yang listing di BEI periode 2003-2018
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