PENGARUH ESOP TERHADAP KINERJA KEUANGAN DAN KINERJA PASAR PERUSAHAAN MANUFAKTUR TERDAFTAR DI BEI

Abstract

This research examined the effect of employee stock option programs (ESOP) on financial and company market performance. Financial performance was measured by ROA and ROE. Moreover, market performance was measured by the PER and PBV. The research was quantitative. Furthermore, the data were secondary which in the form of complete companies' annual financial reports. While the population was manufacturing companies that implemented ESOP and listed on IDX. Additionally, the data collection technique used purposive sampling. In line with that, there were 21 Manufacturing companies as the sample. Meanwhile, the data were taken for 5 years (2018-2022). In total, there were 105 data collected. In addition, the data analysis technique used simple linear regression with SPSS 26. The result showed that ESOP did not affect the financial ratio (ROA and ROE). Likewise, ESOP did not affect market performance (PER and PBV). It happened because the stock number of ESOP was below average (0.0191%). It caused a decline in employees’ motivation and belonging in the companies they worked for. As a consequence, the financial performance profit productivity, and firm value on company market performance could not increase.