Kinerja Perusahaan sebagai Pemediasi Pengaruh Penerapan Employee Stock Option Plan (ESOP) pada Nilai Perusahaan
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.
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References
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Watts, R. L., & J. L., Zimmerman. (1986). Positive Accounting Theory. New Jersey: Prentice-Hall International Inc.
Zhu, Z., Hoffmire, J., Hoffmire, J., & Wang, F. (2013). Employee Stock Ownership Plans and Their Effect on Productivity: The Case of Huawei. International Journal of Business and Management Invention, 2(8), 17–22.
Aribawa, D. (2016). Analisis Nilai Perusahaan pada Implementasi Program Kepemilikan Saham pada Karyawan/Manajemen. Jurnal Ekonomi Dan Bisnis, 19(3), 341–353.
Astika, I. B. P. (2012). Harga Referensi dan Return Expectation dalam Employee Stock of Option Plan. Jurnal Keuangan Dan Perbankan, 14(1), 89–99.\
Bacha, O. I., Raihan, S., Rasid, M., & Mohd, A. (2009). Granting Employee Stock Options (ESOs), Market Reaction and Financial Performance. Asian Academy of Management Journal of Accounting and Finance, 5(1), 117– 138.
Bapepam. (2002). Studi tentang Penerapan ESOP Perusahaan Publik di Pasar Modal Indonesia. Departemen Keuangan Republik Indonesia.
Blasi, J., Freeman, R., & Kruse, D. (2016). Do Broad-based Employee Ownership , Profit Sharing and Stock Options Help the Best Firms Do Even Better ? British Journal OfIndustrial Relations, 54(1), 55–82. https://doi.org/10.1111/bjir.12135
Dharmala, N. W. D. (2019). Pengaruh Pemberian Employee Stock Option Plan (ESOP) pada Kinerja Perusahaan dan Implikasinya Terhadap Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 26(3), 1796–1825.
Fama, E. F. (1978). The Effect of a Firm Investment and Financing Decisison on the Welfare of its Security Holders. American Economic Review, 68, 271–282.
Fang, Honghyan, John R. Nofsinger, and Juan Quan. (2014). The Effects of Employee Stock Option Plans on Operating Performance in Chinese Firms. Journal of Banking & Finance, 1–56.
Han, T. S., & Shen, C. H. (2007). The effects of bonus systems on firm performance in Taiwan’s high-tech sector. Journal of Comparative Economics, 35(1), 235–249.
Haqqi, L. A. H. Q. Al, Cholifah, & Istanti, E. (2017). Analisis Pengaruh ROA, ROE, NPM Terhadap Nilai Perusahaan Pada PT. Garuda Indonesia (PERSERO) Tbk. E-Jurnal Ekonomi Bisnis Universitas Bhayangkara Surabaya, 3(2), 11–23.
Herdinata, C. (2012). Reaksi Pasar terhadap Pengumuman Employee Stock Ownership Program. Jurnal Keuangan Dan Perbankan, 16(1), 77–85.
Hutnaleontina, P. N. (2016). Pengaruh Penerapan Employee Stock Optional Plan pada Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening. E-Jurnal Akuntansi Universitas Udayana, 5(6), 1757–1784.
Iqbal, Z., & Hamid, S. A. (2000). Stock Price and Operating Performance of ESOP Firms: A Time-Series Analysis. Quarterly Journal of Business and Economics, 39(3), 25–47.
Jensen, M., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
Kalra, N., & Bagga, R. (2017). A Review of Employee Stock Option Plans : Panacea or Pandora ’s Box for Firm Performance. International Journal of Management Excellence, 10(1), 1201–1207.
Letlora, S. C. (2012). Pengaruh Pengumuman Employee Stock Option Program Terhadap Reaksi Pasar dan Kinerja Perusahaan Pada Perusahaan Publik yang Terdaftar di Bursa Efek Indonesia. Journal of Business and Banking, 2(2), 227–240.
Mardiantari, N. P. E. (2015). Kinerja Keuangan Perusahaan di Sekitar Peristiwa Pengumuman Esop dan Pengaruhnya pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 13(2), 532–548.
Murhadi, W. R. (2009). Analisis Saham Pendekatan Fundamental. Jakarta: PT Indeks.
Ngambi, M. T., & Oloume, F. (2013). Employee Share Ownership and Firm Performance: Evidance From A Sample of Cameroonian Firms. International Journal of Research in Social Sciences, 2(3), 48–55.
Poornima, D. ., Kala, K. N., & Kala, D. . V. (2015). Impact of Employee Stock Options on Corporate Performance with Special Reference to Selected Financial Services Companies in India. Journal of Research in Management, Social Sciences and Technology, 9(9), 1–5.
Pugh, W. N., Oswald, S. L., & Jahera, J. S. (2000). The effect of ESOP adoptions on corporate performance: are there really performance changes? Journal of Managerial and Decision Economics, 21(5), 167–180.
Qureyta, H. D. (2016). Pengaruh Kebijakan Employee Stock Ownership Program terhadap Perkembangan Kinerja Keuangan dan Kinerja Pasar Perusahaan yang Terdaftar di Bursa Efek Indonesia. STIE Perbanas Surabaya, 1–17.
Rathore, M. R., & Shukla, R. K. (2015). Do ESOP Enhance Productivity Performance in Pharmaceutical Sector ? : A Study of selected Pharmaceutical Companies. IFRSA Business Review, 5(1), 14–22.
Ricci, T. N. (2018). Pengaruh Employee Stock Option Plan pada Kinerja Perusahaan dan Implikasinya pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 22(2), 831–855.
Scott, B., & Brigham, E. F. (2008). Essential of Managerial Finance (14th ed). Ontario: Prentice Hall Canada Inc.
Setiawan, N. H. (2017). Perbedaan Kinerja Keuangan dan Kinerja Pasar Sebelum dan Setelah Penerapan ESOP pada Perusahaan yang Tercatat di BEI. STIE Perbanas Surabaya, 1–13.
Wahyu, D. D., & Mahfud, M. K. (2018). Analisis Pengaruh Net Profit Margin, Return On Assets, Total Assets Turnover, Earning Per Share, dan Debt To Equity Ratio Terhadap Nilai Perusahaan (Studi Pada : Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2010-2016). Diponegoro Journal Of Management, 7(2), 1–11.
Watts, R. L., & J. L., Zimmerman. (1986). Positive Accounting Theory. New Jersey: Prentice-Hall International Inc.
Zhu, Z., Hoffmire, J., Hoffmire, J., & Wang, F. (2013). Employee Stock Ownership Plans and Their Effect on Productivity: The Case of Huawei. International Journal of Business and Management Invention, 2(8), 17–22.
Published
2020-04-23
How to Cite
AYU WISMA DEWI, Ni; PUTRA ASTIKA, Ida Bagus.
Kinerja Perusahaan sebagai Pemediasi Pengaruh Penerapan Employee Stock Option Plan (ESOP) pada Nilai Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 4, p. 993 - 1005, apr. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/55975>. Date accessed: 26 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i04.p16.
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