PENGARUH HARGA EKSEKUSI DAN EMPLOYEE STOCK OWNERSHIP PROGRAM (ESOP) TERHADAP NILAI PERUSAHAAN YANG DIMODERASI OLEH KEPEMILIKAN MANAJERIAL

Abstract

This research aimed to find out the effect of execution price and ESOP (Employee Stock Ownership Program) on firm value, with managerial ownership as a moderating variable. Moreover, the data collection technique used purposive sampling, in which the sample was based on criteria given, i.e. go public companies which were listed on IDX during 2015-2019 and implemented ESOP during 2015 2019. Meanwhile, there were 22 companies who implemented ESOP during 2015 2019. In line with, there 50 samples of companies. Furthermore, the data analysis technique used Moderate Regression Analysis (MRA) with SPSS 25. The research result concluded that execution price did not affect firm value. On the other hand, ESOP (Employee Stock Ownership Program) had a positive effect on firm value. In contrast, managerial ownership had a negative effect on firm value. Likewise, price execution had a negative effect on firm value, which was intervened by managerial ownership. While, ESOP did not affect firm value, which was intervened by managerial ownership.
Keywords: excussion price, ESOP, firm value, managerial ownership