ANALISIS PERBANDINGAN KINERJA PERUSAHAAN SEBELUM DAN SESUDAH PELAKSANAAN EMPLOYEE STOCK OPTION PROGRAM (ESOP) (STUDI KASUS PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008-2011)

Abstract

This research aims to analyze the comparison of company’s performance before (t-3) and after (t+3) the implementation of Employee Stock Option Program in non-financial companies listed on Indonesia Stock Exchange within a period of 2008-2011. Companies’ performance is measured by profitability  ratio (ROA), activity ratio (TATO), liquidity ratio (Current Ratio), and solvability ratio (DER). Sample of the research consists of 7 non-financial companies that implemented ESOP, which are selected through purposive sampling technique. Data collected is secondary data based on library research. Technique of data analysis used is statistical descriptive analysis and hypothesis tested by implementing paired sample t-test (test for coupled samples). The hypothesis tested by implementation and percentage of ESOP in each company are different; ESOP is conducted by vesting (provide the right to have options, yet, it is noncompulsory for the employee). Paired sample t-test indicates that profitability ratio (ROA), activity rato (TATO), liquidity ratio (Current Ratio), and Solvability ratio (DER) show no significant difference on the company’s performance before (t-3) and after (t+3) the implementation of ESOP. This means that ESOP has not contributed to companies’ performance advancement.