PENGARUH KEBIJAKAN EMPLOYEE STOCK OWNERSHIP PROGRAM (ESOP) PADA KINERJA KEUANGAN PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

The purpose of this study is finding the empirical evidence of different the company financial performance between period before adoption of Employee Stock Ownership Programe (ESOP) and period after adoption of Employee Stock Ownership Programe (ESOP). Financial performance of the company in this research is grouping on two, the operational financial performance (CR, QR, ITR, FATR, TATO, DR, DER, ROA, ROE, OPM and EPS) and market financial performance (PER and PBV). The sample of this research is the company who adopt ESOP in 2004 -2008 and these research datas were analyzed using paired sample test. This study give empirical evidence that CR, QR, ITR, FATR, TATO, ROA, ROE, OPM and EPS have no difference between period before ESOP and after ESOP, and DR and DER have a difference after ESOP. The market financial performance (PER and PBV) have no difference between period before ESOP and after ESOP. Key word : ESOP, company financial performance