ANALISIS PERBEDAAN KINERJA PERUSAHAAN DAN NILAI PERUSAHAAN SEBELUM DAN SESUDAH PENERAPAN EMPLOYEE STOCK OPTION PLAN (ESOP) PADA PERUSAHAAN YANG TERDAFTAR DI BEI PERIODE 2015-2017

Abstract

Abstract
This research was conducted with the aim to determine the differences in company
performance and company value before and after the implementation of employee
stock option plan (ESOP) in companies listed on the Indonesia stock exchange for the
period 2015-2017. This type of research is an event study. The population in this
study were all companies listed on the Indonesian stock exchange, the sample
technique used was purposive sampling. Based on the specified criteria, the sample
obtained in this study amounted to 6 companies. The data analysis method used in
this study was a non-parametric test, the Wilcoxon signed rank test. The conclusion
of this study shows that (1) there is no difference in company performance as
measured by abnormal returns before and after the application of the employee stock
option plan. (2) there are differences in company values measured by PBV before and
after the application of the employee stock option plan.
Keywords: employee stock option plan, company performance (abnormal return),
company value (PBV).