ESOP, Kepemilikan Institusional, Komite Audit, Komisaris Independen dan Dampaknya Pada Nilai Perusahaan Non-keuangan Indonesia
##plugins.themes.academic_pro.article.sidebar##
Published
May 3, 2025
Download
Statistic
Downloads
Download data is not yet available.
##plugins.themes.academic_pro.article.main##
Abstract
This study aims to prove again the significance of the influence of the internal mechanisms of Good Corporate Governance: the employee stock option plan (ESOP), institutional ownership (KI), audit committee (KA), and independent board of commissioners (PDKI) on firm value as measured by price to book value (PBV). The object of research is non-financial companies listed on the IDX for the period 2020–2022, with as many as 556 company samples using the purposive sampling technique. The results showed that the Employee Stock Option Plan (ESOP) and institutional ownership variables had a significant positive effect on firm value, the audit committee had no effect on firm value, and the independent board of commissioners had a significant negative effect on firm value.
##plugins.themes.academic_pro.article.details##
LPPM Politeknik Piksi Ganesha Indonesia
How to Cite
Chrissyani, Y. B., Sukoco, Y. djoko, & Ariyani, V. (2025). ESOP, Kepemilikan Institusional, Komite Audit, Komisaris Independen dan Dampaknya Pada Nilai Perusahaan Non-keuangan Indonesia . Jurnal E-Bis, 9(1), 22-35. https://doi.org/10.37339/e-bis.v9i1.2044
References
Amaliyah, F., & Herwiyanti. (2019). Pengaruh Kepemilikan Institusional, Ukuran perusahaan, dewan komisaris dan Profitabilitas. Jurnal Akuntansi, 9(2019), 187–200.
Anugraini, M., & Khusnul, H. (2020). View of employee stock ownership program (esop) dan nilai perusahaan dengan profitabilitas sebagai veriabel intervening. Accounting and Management Journal. https://doi.org/10.33086/amj.v4i2.1820
Asnawi, Ibrahim, R., & Saputra, M. (2019). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Hutang Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Perspektif Ekonomi Darussalam, 5(1), 72–85. https://doi.org/10.24815/jped.v5i1.14089
Bakhtiar, H. A., Nurlaela, S., & Hendra, K. (2021). Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, Komite Audit, dan Nilai Perusahaan. AFRE (Accounting and Financial Review), 3(2), 136–142. https://doi.org/10.26905/afr.v3i2.3927
Candradewi, M. R. (2019). Good Corporate Governance Mechanism. Jurnal Ekonomi Kuantitatif Terapan, 12(2), 175–185. https://doi.org/10.24843/JEKT.2019.v12.i02.p06
Chakraborty, I. (2023). Uncovering heterogeneity in the relationship between competition, corporate governance and firm performance using quantile regression on Indian data. Asia and the Global Economy, 3(2), 100066. https://doi.org/10.1016/j.aglobe.2023.100066
Fadhilah, E., Syaiful, S., & Afiqoh, N. W. (2017). Influence of Profitability , Tax Aggressiveness , and Institutional Ownership of Corporate Value. Innovation Research Journal, 1(1), 65–74. https://doi.org/http://dx.doi.org/10.30587/innovation.v1i1.1445
Febrianti, D. (2023). Pengaruh employee stock option plan, profitabilitas dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 12(3), 1–17.
Federo, R., & Parente, T. C. (2023). Understanding board designs in Latin American firms: Insights from Brazil. Journal of Business Research, 166(June), 114102. https://doi.org/10.1016/j.jbusres.2023.114102
Franita, R. (2018). Mekanisme Good Corporate Governance dan Nilai Perusahaan: Studi untuk Perus... - Google Books. Google Book, 31. https://books.google.com/books?hl=en&lr=&id=fxeZDwAAQBAJ&oi=fnd&pg=PA9&dq=good+corporate+governance&ots=zWQ9mIjO5I&sig=NPoMC7r1nTEg0Drrdf8JOvszIp4
Gunawan, R. M. (2021). GRC (Good Governance, Risk Management, And Compliance) - Rajawali Pers - Robertus M Bambang Gunawan - Google Buku. https://books.google.co.id/books?id=NNgaEAAAQBAJ&newbks=0&printsec=frontcover&dq=tata+kelola+perusahaan&hl=id&source=newbks_fb&redir_esc=y#v=onepage&q=tata kelola perusahaan&f=false
Hammond, P., & Opoku, M. O. (2023). The mediating effect of going concern and corporate reporting in the relationship between corporate governance and investor confidence in financial institutions. Heliyon, 9(10), e20447. https://doi.org/10.1016/j.heliyon.2023.e20447
Hertina, D., Erizal, R., & Khairunnisa, A. (2021). Corporate Value Impact of Managerial Ownership , Institutional Ownership and Audit Committee. Psychology and Education Journal, 58(3), 14–22. https://doi.org/https://doi.org/10.17762/pae.v58i3.2467
Hutnaleontina, P. N., Gede, I. D., & Suputra, D. (2016). ISSN : 2337-3067 E-Jurnal Ekonomi dan Bisnis Universitas Udayana 5 . 6 ( 2016 ): 1757-1784 Pengaruh penerapan employee stock option plan pada nilai perusahaan dengan kinerja keuangan sebagai variabel intervening. Jurnal Ekonomi Dan Bisnis, 6, 1757–1784.
Indriani, S. (2019). Nilai Perusahaan Melalui Kualitas Laba (Good Governance dan Kebijakan Perusahaan). In Scopindo Media Pustaka.
Jara, M., López-Iturriaga, F., San-Martín, P., & Saona, P. (2019). Corporate governance in Latin American firms: Contestability of control and firm value. BRQ Business Research Quarterly, 22(4), 257–274. https://doi.org/10.1016/j.brq.2018.10.005
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate Governance: Values, Ethics and Leadership, 77–132. https://doi.org/10.4159/9780674274051-006
Kong, D., Liu, J., Wang, Y., & Zhu, L. (2023). Employee Stock Ownership Plans and Corporate Environmental Engagement. Journal of Business Ethics. https://doi.org/10.1007/s10551-023-05334-y
Lestari, W., & Triyani, Y. (2017). Lestari, W., dan Triyani, Y. (2017). Pengaruh Investment Opportunity Set dan Komponen Corporate Governance terhadap Nilai Perusahaan.pdf. Jurnal Akuntansi Manajemen, 6(1), 1–17.
Mardiantari, N. P. E., & Astika, I. B. P. (2015). Kinerja Keuangan Perusahaan Di Sekitar Peristiwa Pengumuman Esop Dan Pengaruhnya Pada Nilai Perusahaan. E-Jurnal Akuntansi, 13(2), 532–548.
Nuryono, M., Wijayanti, A., & Samrotun, Y. C. (2019). Pengaruh kepemilikan manajerial, kepemilikan institusional, komisaris independen, komite audit, serta kulitas audit pada nilai perusahaan. Edunomika, 03(01), 199–212. https://doi.org/10.29040/jie.v3i01.457
Pratiwi, N. A., & Wahidahwati. (2021). Pengaruh Harga Eksekusi dan Employee Stock Ownership Program (ESOP) terhadap Nilai Perusahaan yang Dimoderasi oleh Kepemilikan Manajerial. Jurnal Ilmu Dan Riset Akuntansi, 10(3).
Puspitaningrum, D., & Atmini, S. (2012). Corporate Governance Mechanism and the Level of Internet Financial Reporting: Evidence from Indonesian Companies. Procedia Economics and Finance, 2(Af), 157–166. https://doi.org/10.1016/s2212-5671(12)00075-5
Putra, B. R., & Gunawan, I. R. (2022). Pengaruh Penerapan Employee Stock Option Plan (Esop) Terhadap Kinerja Perusahaan Dan Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Jurnal Bisnisman : Riset Bisnis Dan Manajemen, 4(2), 10–20. https://doi.org/10.52005/bisnisman.v4i2.104
Rodrick, S. (1994). An Introduction to ESOPs How an employee stock ownership plan (ESOP) can benefit your company, its owners, and its employee. National center for employee ownership. https://doi.org/10.30737/jimek.v7i02
Sondokan, N. V, Koleangan, R., & Karuntu, M. M. (2019). Audit Terhadap Nilai Perusahaan Yang Terdaftar Dibursa Efek Indonesia Periode 2014-2017. EMBA, 7(4), 5821–5830. https://doi.org/10.35794/emba.v7i4.26517
Sukoco, Y. D., & Ariyani, V. (2020). Penerapan Good Corporate Governance di Perusahan Keuangan dan Pengaruhnya Terhadap Nilai Perusahaan Menggunakan Kinerja Keuangan Sebagai Variabel Perantara (Studi Empiris pada Perusahaan Keuangan Periode 2017-2018). Jurnal Ilmiah Mahasiswa Ekonomi, 03(02), 232–246. https://doi.org/10.30737/jimek.v7i02
Sunarsih, N. M., & Dewi, S. N. P. (2018). Pengaruh penerapan employee stock option plan ( esop ) pada kinerja keuangan dan nilai perusahaan. Jurnal Ekonomi Dan Pariwisata, 13(2), 111–118. https://doi.org/https://doi.org/10.36002/jep.v13i2.386
Torondek, O. C., & Remista, S. (2022). View of Kepemilikan manajerial, kepemilikan institusional dan komite audit terhadap nilai perusahaan pada perusahaan pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di bursa efek indonesia tahun 2018-2021. Jurnal Mahasiswa, 4(4), 1–10. https://doi.org/10.51903/jurnalmahasiswa.v4i1.469
Anugraini, M., & Khusnul, H. (2020). View of employee stock ownership program (esop) dan nilai perusahaan dengan profitabilitas sebagai veriabel intervening. Accounting and Management Journal. https://doi.org/10.33086/amj.v4i2.1820
Asnawi, Ibrahim, R., & Saputra, M. (2019). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Hutang Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Perspektif Ekonomi Darussalam, 5(1), 72–85. https://doi.org/10.24815/jped.v5i1.14089
Bakhtiar, H. A., Nurlaela, S., & Hendra, K. (2021). Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, Komite Audit, dan Nilai Perusahaan. AFRE (Accounting and Financial Review), 3(2), 136–142. https://doi.org/10.26905/afr.v3i2.3927
Candradewi, M. R. (2019). Good Corporate Governance Mechanism. Jurnal Ekonomi Kuantitatif Terapan, 12(2), 175–185. https://doi.org/10.24843/JEKT.2019.v12.i02.p06
Chakraborty, I. (2023). Uncovering heterogeneity in the relationship between competition, corporate governance and firm performance using quantile regression on Indian data. Asia and the Global Economy, 3(2), 100066. https://doi.org/10.1016/j.aglobe.2023.100066
Fadhilah, E., Syaiful, S., & Afiqoh, N. W. (2017). Influence of Profitability , Tax Aggressiveness , and Institutional Ownership of Corporate Value. Innovation Research Journal, 1(1), 65–74. https://doi.org/http://dx.doi.org/10.30587/innovation.v1i1.1445
Febrianti, D. (2023). Pengaruh employee stock option plan, profitabilitas dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 12(3), 1–17.
Federo, R., & Parente, T. C. (2023). Understanding board designs in Latin American firms: Insights from Brazil. Journal of Business Research, 166(June), 114102. https://doi.org/10.1016/j.jbusres.2023.114102
Franita, R. (2018). Mekanisme Good Corporate Governance dan Nilai Perusahaan: Studi untuk Perus... - Google Books. Google Book, 31. https://books.google.com/books?hl=en&lr=&id=fxeZDwAAQBAJ&oi=fnd&pg=PA9&dq=good+corporate+governance&ots=zWQ9mIjO5I&sig=NPoMC7r1nTEg0Drrdf8JOvszIp4
Gunawan, R. M. (2021). GRC (Good Governance, Risk Management, And Compliance) - Rajawali Pers - Robertus M Bambang Gunawan - Google Buku. https://books.google.co.id/books?id=NNgaEAAAQBAJ&newbks=0&printsec=frontcover&dq=tata+kelola+perusahaan&hl=id&source=newbks_fb&redir_esc=y#v=onepage&q=tata kelola perusahaan&f=false
Hammond, P., & Opoku, M. O. (2023). The mediating effect of going concern and corporate reporting in the relationship between corporate governance and investor confidence in financial institutions. Heliyon, 9(10), e20447. https://doi.org/10.1016/j.heliyon.2023.e20447
Hertina, D., Erizal, R., & Khairunnisa, A. (2021). Corporate Value Impact of Managerial Ownership , Institutional Ownership and Audit Committee. Psychology and Education Journal, 58(3), 14–22. https://doi.org/https://doi.org/10.17762/pae.v58i3.2467
Hutnaleontina, P. N., Gede, I. D., & Suputra, D. (2016). ISSN : 2337-3067 E-Jurnal Ekonomi dan Bisnis Universitas Udayana 5 . 6 ( 2016 ): 1757-1784 Pengaruh penerapan employee stock option plan pada nilai perusahaan dengan kinerja keuangan sebagai variabel intervening. Jurnal Ekonomi Dan Bisnis, 6, 1757–1784.
Indriani, S. (2019). Nilai Perusahaan Melalui Kualitas Laba (Good Governance dan Kebijakan Perusahaan). In Scopindo Media Pustaka.
Jara, M., López-Iturriaga, F., San-Martín, P., & Saona, P. (2019). Corporate governance in Latin American firms: Contestability of control and firm value. BRQ Business Research Quarterly, 22(4), 257–274. https://doi.org/10.1016/j.brq.2018.10.005
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate Governance: Values, Ethics and Leadership, 77–132. https://doi.org/10.4159/9780674274051-006
Kong, D., Liu, J., Wang, Y., & Zhu, L. (2023). Employee Stock Ownership Plans and Corporate Environmental Engagement. Journal of Business Ethics. https://doi.org/10.1007/s10551-023-05334-y
Lestari, W., & Triyani, Y. (2017). Lestari, W., dan Triyani, Y. (2017). Pengaruh Investment Opportunity Set dan Komponen Corporate Governance terhadap Nilai Perusahaan.pdf. Jurnal Akuntansi Manajemen, 6(1), 1–17.
Mardiantari, N. P. E., & Astika, I. B. P. (2015). Kinerja Keuangan Perusahaan Di Sekitar Peristiwa Pengumuman Esop Dan Pengaruhnya Pada Nilai Perusahaan. E-Jurnal Akuntansi, 13(2), 532–548.
Nuryono, M., Wijayanti, A., & Samrotun, Y. C. (2019). Pengaruh kepemilikan manajerial, kepemilikan institusional, komisaris independen, komite audit, serta kulitas audit pada nilai perusahaan. Edunomika, 03(01), 199–212. https://doi.org/10.29040/jie.v3i01.457
Pratiwi, N. A., & Wahidahwati. (2021). Pengaruh Harga Eksekusi dan Employee Stock Ownership Program (ESOP) terhadap Nilai Perusahaan yang Dimoderasi oleh Kepemilikan Manajerial. Jurnal Ilmu Dan Riset Akuntansi, 10(3).
Puspitaningrum, D., & Atmini, S. (2012). Corporate Governance Mechanism and the Level of Internet Financial Reporting: Evidence from Indonesian Companies. Procedia Economics and Finance, 2(Af), 157–166. https://doi.org/10.1016/s2212-5671(12)00075-5
Putra, B. R., & Gunawan, I. R. (2022). Pengaruh Penerapan Employee Stock Option Plan (Esop) Terhadap Kinerja Perusahaan Dan Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Jurnal Bisnisman : Riset Bisnis Dan Manajemen, 4(2), 10–20. https://doi.org/10.52005/bisnisman.v4i2.104
Rodrick, S. (1994). An Introduction to ESOPs How an employee stock ownership plan (ESOP) can benefit your company, its owners, and its employee. National center for employee ownership. https://doi.org/10.30737/jimek.v7i02
Sondokan, N. V, Koleangan, R., & Karuntu, M. M. (2019). Audit Terhadap Nilai Perusahaan Yang Terdaftar Dibursa Efek Indonesia Periode 2014-2017. EMBA, 7(4), 5821–5830. https://doi.org/10.35794/emba.v7i4.26517
Sukoco, Y. D., & Ariyani, V. (2020). Penerapan Good Corporate Governance di Perusahan Keuangan dan Pengaruhnya Terhadap Nilai Perusahaan Menggunakan Kinerja Keuangan Sebagai Variabel Perantara (Studi Empiris pada Perusahaan Keuangan Periode 2017-2018). Jurnal Ilmiah Mahasiswa Ekonomi, 03(02), 232–246. https://doi.org/10.30737/jimek.v7i02
Sunarsih, N. M., & Dewi, S. N. P. (2018). Pengaruh penerapan employee stock option plan ( esop ) pada kinerja keuangan dan nilai perusahaan. Jurnal Ekonomi Dan Pariwisata, 13(2), 111–118. https://doi.org/https://doi.org/10.36002/jep.v13i2.386
Torondek, O. C., & Remista, S. (2022). View of Kepemilikan manajerial, kepemilikan institusional dan komite audit terhadap nilai perusahaan pada perusahaan pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di bursa efek indonesia tahun 2018-2021. Jurnal Mahasiswa, 4(4), 1–10. https://doi.org/10.51903/jurnalmahasiswa.v4i1.469