REAKSI PASAR TERHADAP PENGUMUMAN EMPLOYEE STOCK OWNERSHIP PROGRAM
Fakultas Ekonomi Jurusan International Business Management
Universitas Ciputra Surabaya
Jl. Waterpark, Boulevard Citra Land, Surabaya, 60216.
Korespondensi dengan Penulis:
Christian Herdinata: Telp. + 62 31 745 1699, Faks. +62 31 745 1699
In Indonesia, the increasing of Employee Stock Ownership Program (ESOP) was relative known new, so it needed any evidence for the market reaction in Indonesia stock exchange. From the latest problem, the purpose of this research was to know how the market reaction for the announcement of ESOP in Indonesia Stock Exchange. Samples on this research were the companies which were listed in BEI that had announced ESOP for period January 1st, 2000 – December 31st, 2010. Analysis technique on hypotesis test related with market reaction for ESOP announcement was done by event study to calculate abnormal return. Research result showed that market tended to ignore ESOP announcement. And it meant that ESOP announcement was not considered as a signaling, which gave a good information for the investor in Indonesia to achieve profit.
Key words: ESOP (Employee Stock Ownership Program), marker reaction, signaling hypothesis, event study.