PENGARUH KEBIJAKAN EMPLOYEE STOCK OWNERSHIP PROGRAM TERHADAP PERKEMBANGAN KINERJA KEUANGAN DAN KINERJA PASAR PERUSAHAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

This research was conducted to prove that the program of employee stock ownership program (ESOP) can improve the company's financial performance and market performance before and after implementation of the ESOP. In this research, the samples used non-financial companies amounted to 10 companies with the samples periods between 2008 and 2012. While the entire study periods were used between 2006 and 2014. The analysis technique used in this research using paired sample t-test and the wilcoxon signed rank test by SPSS 20. the results of this research proves that the ESOP can not improve the company's financial performance and the market performance of the companies. Keywords: ESOP, Financial Performance, Market Performance