ABSTRAKEmployee Stock Option Plan (ESOP) merupakan surat kontrak dimana perusahaan akan memberikan hak kepada karyawannya untuk dapat membeli saham perusahaan dengan harga dan waktu tertentu. Program ini merupakan bentuk kompensasi yang dapat memotivasi serta menyelaraskan tujuan yang dinginkan oleh pihak prinsipal dan agen. Adanya kesamaan tujuan utama yang ingin dicapai akan memudahkan perusahaan dalam upaya peningkatan kinerja pasar perusahaan. Hubungan pengaruh antara ESOP dan kinerja pasar dapat dimediasi oleh variabel kinerja perusahaan yang diukur dengan return on asset dan return on equity. Kinerja perusahaan dapat menjadi sebuah jembatan dalam menunjukkan adanya pengaruh ESOP terhadap kinerja pasar.Penelitian ini bersifat kuantitatif dengan menggunakan data sekunder yakni laporan tahunan, dalam menguji dan menganalisis pengaruh ESOP terhadap kinerja pasar dengan kinerja perusahaan sebagai variabel mediasi. Penelitian ini menggunakan keseluruhan perusahaan yang menerapkan ESOP dari semua sektor yang terdaftar di Bursa Efek Indonesia tahun 2010-2017. Sampel penelitian berjumlah 64 data sampel yang dipilih dengan teknik purposive sampling. Teknik analisis data menggunakan analisis jalur.Hasil penelitian ini menunjukkan bahwa ESOP tidak memiliki pengaruh terhadap kinerja pasar perusahaan. ESOP tidak mempengaruhi kinerja perusahaan dengan pengukuran ROA namun memberikan pengaruh positif terhadap ROE. Dalam penelitian ini , kinerja perusahaan tidak mampu memediasi hubungan antara ESOP dan kinerja pasar.According to Putra (2018), the enhancement of wages and the health insurance is not wrong, however it is not enough yet, the employees and companies need to consider the existence of employee stock option plan (ESOP). ESOP program is a contract that give the employee a chance to buy their own company's share with an amount and price that have been decided after or at expected date (Subramanyam, 2013:371). ESOP can play intermediary role in agency conflict. This conflict happened when the principal (owner, shareholders) and the agent (manager, employee ) in a company has different objective. By applying ESOP, the employees that given this opportunity will have the same objective with the principal, which is trying to get a dividend, as for that, the employees will attempt to increase the firm performance. The aligned objective will increase the employees' motivation because of they will feel more like a part of the company. The effect that will happen after the increasing motivation is that the increasing of firm performance because the firm performance is one of the tool to measure the employees' performance.This research is focused on the effect of ESOP on firm performance (ROA and ROE) and market performance with two main model, direct effect and indirect effect with firm performance as intervening variable between ESOP and market performance. ESOP can be expected to increase the feeling of employees as a part of a company and also having the aligned objective with the principal such as increasing profit. The ...
Sometimes, a manager (agent) must make difficult decisions like to decide whether to PENDAHULUANSalah satu keputusan manajemen yang sulit dilakukan adalah menentukan diteruskan atau tidaknya (escalate or not) suatu proyek investasi yang memiliki tingkat risiko dan ketidakpastian yang tinggi. Dari sudut pandang teori keagenan, eskalasi komitmen merupakan akibat tindakan mementingkan diri manajer sendiri, yang disebut masalah adverse selection (Khan et al. 2000). Masalah adverse selection ini muncul dengan terpenuhinya dua kondisi berikut: (1) adanya informasi asimetri, yaitu saat prinsipal mempunyai lebih sedikit informasi dibanding agen, sehingga prinsipal tidak mampu memonitor secara dekat keputusan agen (manajer); dan (2) tindakan manajer berbeda dengan kepentingan perusahaan. Jika eskalasi keputusan sesuai dengan dua kondisi diatas, maka manajer secara rasional akan mengeskalasi keputusan sesuai dengan kepentingannya.
This study aims to test and analyze the influence of environmental performance and corporate social responsibility on the company's financial performance with corporate governance as moderation. Environmental performance is measured using PROPER ratings, financial performance is measured using return on equity, and return on sales, as well as corporate governance that is proxies with managerial ownership and independent commissioners. The research object used is a mining company registered in the Indonesia stock exchange period 2015-2019. Purposive sampling techniques and multiple linear data analysis techniques were used to obtain samples as well as to test hypotheses in this study. The results of this study showed that environmental performance has a significant positive effect on financial performance, while corporate social responsibility has no effect on financial performance, managerial ownership is not able to moderate the relationship of environmental performance to financial performance and independent commissioners are able to moderate the relationship of environmental performance and corporate social responsibility to financial performance.
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