Navigating Governance: ESOP, Regulations, and Corporate Governance Quality
Menavigasi Tata Kelola: ESOP, Peraturan, dan Kualitas Tata Kelola Perusahaan
Abstract
This study investigates the impact of Employee Stock Ownership Program (ESOP) and regulatory factors on the quality of corporate governance implementation within Indonesian public companies. Utilizing quantitative methods and primary data, the research focuses on a sample of 55 observations from 11 companies over five periods, chosen through purposive sampling from a population of 156 companies ranked by the Indonesian Institute for Corporate Governance (IICG) during 2013-2017. Employing multiple linear regression, t-tests, F-tests, and coefficient of determination analysis through SPSS software, the findings reveal that while ESOP does not exert a partial influence, regulatory factors significantly affect the quality of corporate governance implementation. Furthermore, both ESOP and regulatory factors collectively demonstrate an influencing role in shaping the quality of corporate governance implementation. These results contribute to enhancing the understanding of the interplay between ownership programs and regulatory influences on corporate governance practices, bearing implications for governance policies and strategic decision-making.
Highlight:
-
ESOP's Limited Influence: The study finds that Employee Stock Ownership Program (ESOP) doesn't partially impact corporate governance quality, shedding light on the complexities of ownership incentives.
-
Regulatory Impact: Regulatory factors emerge as a significant driver of corporate governance quality, underscoring the importance of legal frameworks in shaping governance practices.
-
Collective Influence: Both ESOP and regulatory factors collectively play a crucial role in shaping corporate governance quality, highlighting the need for a comprehensive approach to governance enhancement.
Keyword: ESOP, Regulatory Factors, Corporate Governance, Quantitative Analysis, Ownership Programs.
References
[2] D. Martani, S. V. Nps, R. Wardhani, and E. Tanudjaya, “AKUNTANSI KEUANGAN MENENGAH BERBASIS PSAK,” in 1, 2016.
[3] M. K. Pengaruh Corporate Governance Preception Index (CGPI), Struktur Kepemilikan, dan Ukuran Perusahaan Terhadap Kinerja KeuanganIndarti and L. Extaliyus, “Pengaruh Corporate Governance Preception Index (CGPI), Struktur Kepemilikan, dan Ukuran Perusahaan Terhadap Kinerja Keuangan,” Jurnal Bisnis dan Ekonomi, vol. 20, no. 2. pp. 171–183, 2013.
[4] A. N. Setyaningrum, “Pengaruh Employee Stock Option Ownership Program (ESOP) terhadap Kualitas Implementasi Corporate Governance dan Kinerja Perusahaan,” Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya, vol. 1, no. 1. 2012.
[5] PER — 01 /MBU/2011, “Penerapan Tata Kelola Perusahaan Yang Baik (Good Corporate Governance) Pada Badan Usaha Milik Negara,” pp. 1–19, 2011.
[6] Sugiyono., “Metode Penelitian Kuantitatif Kualitatif dan R&D . Bandung: Alfabeta.,” Jurnal, 2012.
[7] I. Ghozali, “Aplikasi Analisis Multivariat dengan Program IBM SPSS 20 (Edisi keenam). Semarang: Universitas Diponegoro. Sugiyono.(2008),” Metod. Penelit. Bisnis, 2012.
[8] S. Santoso, Buku Latihan SPSS Statistik Parametik. 2012.
Copyright (c) 2023 Sarwenda Biduri, Anik Maulidiya, Wiwit Hariyanto
This work is licensed under a Creative Commons Attribution 4.0 International License.