ANALISIS PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH MENGADOPSI ESOP PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2017

Abstract

This study aims to determine differences in the company's financial performance before and after the company adopted ESOP. ESOP is a program that gives employees option to own a portion of the company's shares. Moreover, ESOP also aims to minimize agency problems that occur between managers and shareholders. The method used in this study is paired samples t-test by comparing company ROA, ROE, DAR, and NPM one year before and one year after the company adopts ESOP. The results of this study were that there were no differences in ROA, DAR, and NPM before and after the company adopted ESOP. However, there are differences in ROE before and after companies adopt ESOP. It can be concluded that after the company adopts ESOP, companies can reduce remuneration to employees and minimize agency problems between managers and company owners.