The Effect of Employee Stock Option Plan on Market Performance With Firm Performance as Intervening Variable

Abstract

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 ...

The Optimization Of Employee Stock Option Plan In Achieving Financial Performance

“…Regarding the compensation program as a form of company reward to management, this study proved that this program co u l d increase employees' teamwork in the organizational structure to improve company performance (Laudya & Handoko, 2019).…”

“…Ramchandani & Pandya (2019) shows that the success of ESOP companies in countries such as the United States, Japan and the UK supports improving company performance and employee productivity. However, research conducted by Laudya & Handoko (2019) showed contradictory results because the ESOP program did not support the company's financial performance. The novelty of this research is based on the main challenge of this research, namely developing more comprehensive, objective, and reliable research by considering the moderating variable is the implementation of long-term stock-based compensation especially employee stock options which will be able to support the influence of intellectual capital on company performance.…”

“…It is hoped that this ownership will unite the interests of management and investors. The Employee Stock Option Plan (ESOP) is an incentive given to executive employees to appreciate the company's long-term performance, which is an effective strategy to narrow and reduce the agency and agency cost problems through the alignment of interests of the executives with the shareholders (Laudya & Handoko, 2019). The ESOP program is predicted to be able to improve the company's performance, which will be reflected in the company's accounting profit.…”

Peranan Employee Stock Ownership Program Memoderasi Hubungan Intellectual Capital Terhadap Kinerja Perusahaan

“…Sesuai dengan fenomena yang terjadi, dilansir dari liputan6.com bahwa karyawan bank BCA menuntut adanya kenaikan gaji (Praditya, 2014). Salah satu solusi untuk meningkatkan kinerja karyawan dalam mencapai tujuan perusahaan dengan memberikan reward (Laudya & Handoko, 2019). Reward berupa pemberian saham melalui employee stock ownership program diyakini mampu meningkatkan loyalitas karyawan, karena seolah karyawan mendapatkan bagian tersendiri dalam kepemilikan saham (Sukmawijaya, 2018).…”