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The Effect of Employee Stock Option (ESOs) on Abnormal Returns in Companies Listed Indonesia Stock Exchange: Corporate Governance as Moderating

  • 1* Akademi Keuangan Perbankan Nusantara
  • 2 Politeknik Kutaraja
  • 3 Universitas Muhammadiyah Aceh

* Corresponding Author: Syamsul RIZAL

Open Access
DOI
https://doi.org/10.35870/ijer.v1i2.48
Published
Pages
73-83

Issue

Vol. 1 No. 2 (2021)

Indonesian Journal Economic Review (IJER)
August

Abstract

This study aims to determine the effect of Employee Stock Options (ESOs) on Abnormal Returns with Corporate Governance as a moderating variable. Corporate Governance proxies are independent commissioners, managerial ownership, and institutional ownership. The population in this study were companies listed on the Indonesia Stock Exchange. Based on the purposive sampling method, 20 samples were obtained and the regression method used was Moderate Regression Analysis (MRA). The results of this study indicate that Employee Stock Options (F-SOs) have a significant effect on Abnormal Returns and Corporate Governance is a moderating variable in the relationship between employee stock options (ESOs) and abnormal returns.

Keywords

Abnormal Returns Employee Stock Options (ES0s) Corporate Governance

How to Cite

RIZAL, S. ., ISMAIL, & BADARUDDIN. (2021). The Effect of Employee Stock Option (ESOs) on Abnormal Returns in Companies Listed Indonesia Stock Exchange: Corporate Governance as Moderating. Indonesian Journal Economic Review (IJER), 1(2), 73-83. https://doi.org/10.35870/ijer.v1i2.48

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Author Biographies

  • Syamsul RIZAL, Akademi Keuangan Perbankan Nusantara

    Finance and Banking Study Program, Faculty of Economics, Akademi Keuangan Perbankan Nusantara, Medan Banda Aceh-Idi Street, East Aceh Regency, Aceh Province, Indonesia

  • ISMAIL, Politeknik Kutaraja

    Office Administration Study Program, Faculty of Economics, Politeknik Kutaraja, Syiah Kuala Street No.10, Bandar Baru, Kuta Alam, Banda Aceh City, Aceh Province 24415, Indonesia

  • BADARUDDIN, Universitas Muhammadiyah Aceh

    Management Study Program, Faculty of Economics, Universitas Muhammadiyah Aceh, Muhammadiyah Street No.91, Banda Aceh City, Aceh Province 23123, Indonesia

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