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

Authors

  • Syamsul RIZAL Akademi Keuangan Perbankan Nusantara
  • ISMAIL Politeknik Kutaraja
  • BADARUDDIN Universitas Muhammadiyah Aceh

DOI:

https://doi.org/10.35870/ijer.v1i2.48

Keywords:

Abnormal Returns, Employee Stock Options (ES0s), Corporate Governance

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.

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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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Published

2021-12-30

Issue

Vol. 1 No. 2 (2021): August

Section

Articles

License

Copyright (c) 2021 International Journal Economic Review (IJER)

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

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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