Prilianti, Devlina and Dr. Siti Aisjah, SE, MS, CSRS, CFP, and Dr. Nur Khusniyah Indrawati, SE., M.Si., CSRS., CFP, SE., M.Si., CSRS., CFP (2023) Pengaruh ESOP terhadap Cost of Equity dimediasi oleh Labor Investment Efficiency (Studi Pada Perusahaan Sektor Non Keuangan yang Terdaftar di Bursa Efek Indonesia). Magister thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh ESOP terhadap Cost of Equity; pengaruh ESOP terhadap Labor Investment Efficiency; pengaruh dari Labor Investment Efficiency terhadap Cost of Equity; serta menganalisis pengaruh ESOP terhadap Cost of Equity dimediasi oleh Labor Investment Efficiency. Penelitian ini menggunakan sampel perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia yang melaksanakan ESOP pada periode penelitian, 2017-2021. Data dianalisis menggunakan analisis deskriptif dan path analysis dengan menggunakan aplikasi SPSS. Pada penelitian ini ditemukan bahwa perusahaan dengan persentase kepemilikan saham oleh karyawan yang meningkat dapat menurunkan biaya ekuitas. Kedua, persentase kepemilikan saham oleh karyawan dapat menyebabkan inefisiensi investasi pada tenaga kerja. Ketiga, semakin tingginya inefisiensi pada investasi tenaga kerja dapat menurunkan profitabilitas dan nilai saham sehingga menyebabkan penurunan pada biaya ekuitas perusahaan. Keempat, semakin tinggi persentase kepemilikan saham oleh karyawan menyebabkan adanya over-investment pada investasi tenaga kerja yang dilakukan oleh manajer sehingga biaya ekuitas perusahaan juga akan menurun.
English Abstract
The objective of this research is to analyze the effects of ESOP on cost of equity and labor investment efficiency, the effects of labor investment efficiency on cost of equity, and the effects of ESOP on cost of equity with the mediation of labor investment efficiency. The research samples are non-financial companies listed on the Indonesia Stock Exchange during the 2017-2021 period that implement ESOP. The data was examined using descriptive analysis and path analysis in SPSS. This study finds that, first, companies whose shares are increasingly owned by their employees can lower their cost of equity. Second, the stock ownership by employees reduces the companies’ labor investment efficiency. Third, the higher the inefficiency of the labor investment, the lower the profitability and the stock price, decreasing the companies’ cost of equity. Fourth, the higher the percentage of shares owned by employees, the higher the likeliness of overinvestment in labor by managers, and the lower the companies’ cost of equity.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | 0423020022 |
| Uncontrolled Keywords: | ESOP, Cost of Equity, Labor Investment Efficiency, Path Analysis |
| Subjects: | 600 Technology (Applied sciences) > 658 General management |
| Divisions: | Fakultas Ekonomi dan Bisnis > Manajemen |
| Depositing User: | Unnamed user with username nova |
| Date Deposited: | 30 Nov 2023 03:15 |
| Last Modified: | 30 Nov 2023 03:15 |
| URI: | http://repository.ub.ac.id/id/eprint/204853 |
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