Published: 2023-10-20

Dampak Employee Stock Option (ESO) Terhadap Abnormal Return pada Perusahaan Terdaftar di Bursa Efek Indonesia: Analisis Peran Corporate Governance sebagai Pemoderasi

DOI: 10.35870/emt.v7i4.1702

Ahmad Rizani, Loso Judijanto, Sandi Setiadi, Juni Iswanto
  • Ahmad Rizani: University of Palangka Raya ROR
  • Loso Judijanto: Public Policy Research, IPOSS Jakarta ,
  • Sandi Setiadi: Universitas Linggabuana PGRI Sukabumi ,
  • Juni Iswanto: IAI Pangeran Diponegoro Nganjuk ,
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Abstract

The purpose of this study is to examine how employee stock options (ESOs) affect abnormal returns while controlling corporate governance. Institutional ownership, management ownership, and independent commissioners are the corporate governance proxy variables that are employed. Using a purposive sample technique, the research sample was made up of businesses that were listed between 2015 and 2020 on the Indonesia Stock Exchange. Data from the 20 sample companies were analyzed using moderated regression analysis (MRA). The findings of the study indicate that employee stock options (ESOs) have a major impact on abnormal returns, and that corporate governance plays a crucial moderating role in controlling the relationship between ESOs and abnormal returns. These findings provide a better understanding of the dynamics between ESOs, corporate governance, and corporate financial performance in the Indonesian capital market.

Keywords

Abnormal Returns; Employee Stock Options (ES0s); Corporate governance

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How to Cite

Rizani, A., Judijanto, L., Setiadi, S., & Iswanto, J. (2023). Dampak Employee Stock Option (ESO) Terhadap Abnormal Return pada Perusahaan Terdaftar di Bursa Efek Indonesia: Analisis Peran Corporate Governance sebagai Pemoderasi. Jurnal EMT KITA, 7(4), 1305-1316. https://doi.org/10.35870/emt.v7i4.1702
Article Information

This article has been peer-reviewed and published in the Jurnal EMT KITA. The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 7 No. 4 (2023)

  • Section: Articles

  • Published: 2023-10-20

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Author Biographies
Ahmad Rizani, University of Palangka Raya
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Program Studi Ekonomi Pembangunan, Fakultas Ekonomi dan Bisnis, Universitas Palangka Raya, Kota Palangka Raya, Provinsi Kalimantan Tengah, Indonesia

Loso Judijanto, Public Policy Research, IPOSS Jakarta,
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Public Policy Research, IPOSS Jakarta, Indonesia

Sandi Setiadi, Universitas Linggabuana PGRI Sukabumi,
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Program Studi Manajemen, Fakultas Sosial Ekonomi, Universitas Linggabuana PGRI Sukabumi, Kota Sukabumi, Provinsi Jawa Barat, Indonesia

Juni Iswanto, IAI Pangeran Diponegoro Nganjuk,
Google Scholar ResearchGate ORCID

Program Studi Ekonomi Syariah, IAI Pangeran Diponegoro Nganjuk, Kabupaten Nganjuk, Provinsi Jawa Timur, Indonesia

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