Institutional Ownership as Moderation of Execution Price Relationship and Employee Stock Ownership Program (ESOP)

A Company Performance Evaluation

  • Yohanes Cores Seralurin Fakultas Ekonomi dan Bisnis, Universitas Cenderawasih, Papua, Indonesia
  • Rudiawie Larasati Fakultas Ekonomi dan Bisnis Universitas Cenderawasih, Indonesia
  • Victor Pattiasina Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis Universitas Yapis Papua, Indonesia
Keywords: Institutional ownership, Execution Price, Employee stock ownership, Managerial Ownership, Company performance

Abstract

The purpose of this study was to determine the effect of the execution price and the Employee Stock Ownership Program (ESOP) on company performance as moderated by institutional ownership. The sample selection was carried out using a purposive sampling method on go public companies registered in Indonesia. Stock Exchange (IDX) with selected criteria, namely go public companies that have financial reports for the 2015-2019 period, go public companies that have conducted ESOP during the 2015-2019 period. Based on the research method, eight companies that went public were selected as samples. Data analysis was performed using the SPSS version 26 statistical test instrument. The results showed that the Employee Stock Ownership Program (ESOP) did not affect company performance and the ESOP had a negative effect on company performance moderated by institutional ownership. While the execution price has no significant effect on firm performance and the execution price does not have a significant effect on company performance which is moderated by managerial ownership.

References

Agung, K., & Indah, A. (2015). Pengaruh Harga Eksekusi Dan Jumlah Opsi Saham Karyawan ( Esop ) Pada Kinerja Perusahaan Fakultas Ekonomi Dan Bisnis Universitas Udayana ( Unud ), Bali , Indonesia Kebijakan Tersebut Adalah Program Kepemilikan Saham Karyawan Atau Yang Sering Disebut Dengan. E-Jurnal Akuntansi Universitas Udayana, 3, 698–712.

Annisa, Rahmawati, Isye, S. A. (2019). Pengaruh Employee Stock Ownersip Program Dan Harga Eksekusi Terhadap Kinerja Perusahaan (Studi Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia 2012-2016). E-Jurnal Akuntansi Universitas Udayana.

Anthony, R. D. (2013). Pengaruh Family Control Terhadap Kinerja Perusahaan ( Studi Pada Perusahaan Perbankan Di Indonesia Periode 2009-2012 ). Jurnal Bisnis Dan Ekonomi, 4(2), 122–136.

Astika, I. bagus putra. (2014). Pengaruh Jumlah Opsi Saham Dan Harga Eksekusi Pada Kinerja Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 2, 356–372.

Budiman, A., & Wahidahwati. (2017). Pengaruh Harga Eksekusi Dan ESOP Terhadap Kinerja Perusahaan Dengan Moderasi Kepemilikan Manajerial. Jurnal Ilmu & Riset Akuntansi, Vol. 6.

Consultant, D. B. (n.d.). Cara Tepat Mengukur Kinerja Perusahaan. https://www.dconsulting.id/blog/cara-tepat-mengukur-kinerja-perusahaan/

Fadillah, H. S., Indrianasari, N. T., & Yatminiwati, M. (2019). Pengaruh Profitabilitas dan Kinerja Lingkungan terhadap Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indinesia. Jurnal Riset Finansial Bisnis, 2(1), 21–30. https://doi.org/10.5281/zenodo.1066320

Hakim, L., & Sugiyanto, E. (2018). Manajemen Perubahan Organisasi Sebagai Upaya Peningkatan Kinerja Perusahaan di Industri Batik Laweyan Surakarta. Benefit: Jurnal Manajemen Dan Bisnis, 3(1), 49. https://doi.org/10.23917/benefit.v3i1.6562

Ikhsan, A., Noch, Y., Lesmana, S., & Ritonga, P. (2016). Teori Akuntansi. Graha Ilmu.

Isbanah, Y. (2015). Pengaruh Esop, Leverage, and Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Di Bursa Efek Indonesia. Jurnal Riset Ekonomi Dan Manajemen, 15(1), 28. https://doi.org/10.17970/jrem.15.150103.id

Lamba, R. A., Seralurin, Y. C., Lamba, A., & Pattiasina, V. (2020). The Effect of Auditor Independence and Ethics on Auditor Professional Scepticism: Its Implications for Audit Quality in Indonesia. International Journal of Innovation, Creativity and Change, 12(8), 383-396

Noch, Y., & Rasyid, A. (2015). Metodologi Penelitian. Perdana Publishing. http://elibrary.uniyap.ac.id/index.php?p=show_detail&id=37

Noch, M. Y., Pattiasina, V., Seralurin, Y. C., & Ratag, F. E. (2019). NON-ETHICAL BEHAVIOR MEDIATES RELATIONSHIP OF RULES OBEDIENCE, MANAGEMENT MORALITY, AND EFFECTIVENESS OF INTERNAL MONITORING SYSTEM TOWARDS ACCOUNTING FRAUD TENDENCY. DLSU Business & Economics Review, 28(3), 129-139.

Nugroho, R. M., & Widiasmara, A. (2019). Pengaruh Dewan Direksi Berdasarkan Gender, Kepemilikan Manajerial, Kepemilikan Institusional dan Profitabilitas Terhadap Kinerja Perusahaan Perbankan Periode 2015-2017. Seminar Inovasi Manajemen, Bisnis Dan Akuntansi I, 356–371.

Pualam, N. N. (2015). Pengaruh Struktur Kepemilikan Dalam Corporate Governance Terhadap Keputusan Pendanaan Dan Earnings Management.

Rumasukun, M. R., Yamin Noch, M., Pattiasina, V., Ikhsan, A., & Wenand Batilmurik, R. (2020). Talent Development & Excellence Structural Model of Company Stock Return in Basic and Chemical Industries: Impact of Profitability, Market Value, Liquidity and Leverage. 12(2s), 3118–3129. http://www.iratde.com

Seralurin, Y. C., & Yendra, -. (2019). The intensity of stock selection: A case of young Papuan investors. International Journal of Social Sciences and Humanities, 3(1), 171–178. https://doi.org/10.29332/ijssh.v3n1.262

Silfina, S., & Unawan, H. (2019). Pengaruh Manajemen Modal Kerja. Jurnal Ekonomika Dan Manajemen Bisnis, 7(1), 94–104.

Sunarsih, N. M., & Dewi, N. P. S. (2018). Pengaruh Penerapan Employee Stock Option Plan (ESOP) pada Kinerja Keuangan dan Nilai Perusahaan. Jurnal Ekonomi Dan Pariwisata, 13(2), 111–118.

Sunyoto, D. (2015). Analisis Data ekonomi dengan SPSS (Vol. 2). Indeks.

Sutherland, W. J., Bellingan, L., Bellingham, J. R., Blackstock, J. J., Robert, M., Bravo, M., Cadman, V. M., Cleevely, D. D., Clements, A., Anthony, S., Cope, D. R., Daemmrich, A. A., Devecchi, C., & Anadon, L. D. (2012). A Collaboratively-Derived Science-Policy Research Agenda. 3.

Syeli, I. (2018). Pengaruh Strategi Diversifikasi Dan Kepemilikan Manajerial Terhadap Kinerja Perusahaan Yang Dimoderasi Oleh Struktur Modal. Jurnal Akuntansi Kontemporer (JAKO), 10(2).

T, Wiratma, RS, K. (2010). Analisis Pengaruh ESOP (Employee Stock Ownership Program) terhadap kinerja perusahaan di Bursa Efek Indonesia. Prestasi, 3, 24–45.

Tammubua, M. H., & Pattiasina, V. (2019). Quality academic services antecedent towards the level of students satisfaction in distance learning program unit Universitas Terbuka Jayapura. The International Journal of Social Sciences World (TIJOSSW), 1(01), 21-35.

Tamaela, E. Y., Pattiasina, V., Dasinapa, M. B., Marani, Y., & Duri, J. A. (2020). Regional Financial Monitoring Models With Community Participation And Public Policy Transparency As Moderators. International Journal of Psychosocial Rehabilitation, 24(2).

Published
2020-10-03
How to Cite
Seralurin, Y. C., Larasati, R., & Pattiasina, V. (2020). Institutional Ownership as Moderation of Execution Price Relationship and Employee Stock Ownership Program (ESOP). The International Journal of Social Sciences World (TIJOSSW), 2(2), 85-99. Retrieved from https://www.growingscholar.org/journal/index.php/TIJOSSW/article/view/65