Studi Akuntansi dan Keuangan Indonesia (SAKI)
Vol 2 No 1 (2019): Studi Akuntansi dan Keuangan Indonesia (SAKI)

Pengaruh Program Kepemilikan Saham Karyawan terhadap Kinerja Keuangan Perusahaan Publik di Indonesia

Violia Elsha Melinda (Unknown)
Madeline Lestari (Sekolah Bisnis dan Ekonomi, Universitas Prasetiya Mulya)
Sammy Kristamuljana (Unknown)
Rathria Arrina Rachman (Unknown)



Article Info

Publish Date
18 Jul 2019

Abstract

Based on the Agency Theory, management (agent) is a party that is trusted by shareholders (principals) to manage the company and maximize shareholders’ value (Jensen and Meckling, 1976). In practice, conflicts between shareholders and managers are unavaidable because of differences in interests and information asymmetry called Agency Problem. One way to minimize agency problem is by applying Employee Stock Ownership Program (ESOP) which gives rights to company’s employees to own company’s share. Through ESOP, employees are expected to improve the performance and value of the company due to their stock ownership. The purpose of this study was to analyze the effect of the implementation of the ESOP program on company financial performance especially profitability as measured by ROE (Return on Equity) and ROA (Return on Assets). This study analyzes 62 listed companies in Indonesia adopting ESOP for the first time over 2009-2016. By using panel data regression method, the results of the study show that ESOP program has a significant negative effect on the profitability of the company.

Copyrights © 2019






Journal Info

Abbrev

saki

Publisher

Subject

Economics, Econometrics & Finance

Description

SAKI aims to publish articles in the field of accounting and finance that provide a significant contribution to the development of accounting practices and the accounting profession in Indonesia and the Asian region. SAKI provides insights into the field of accounting and finance for academics, ...