Reaksi Pasar Terhadap Pengumuman Employee Stock Ownership Program

Abstract

In indonesia, the increasing of ESOP is relative knowing new, so it need any evidence for the market reaction in Indonesia stock exchange. From the latest problem, so purpose of this research knowing how the market reaction for the announcement of ESOP in Indonesia Stock Exchange. Sample on this research are the companies which have list in BEI that have announced ESOP for period 1 January 2000 – 31 December 2010. Analysis technically on hypotesis test related with market reaction for ESOP announcement did by event study to calculate abnormal return. Research result showing that market belong to ignore ESOP announcement. And it means that ESOP announcement didn’t consider as a signaling, which give a good information for the investor in Indonesia to achieve profit.