Analisis Perbandingan Kinerja Perusahaan Yang Mengadakan Employee Stock Ownership Program (ESOP) Dengan Perusahaan Yang Tidak Mengadakan ESOP (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI)

This study aims to analyze the comparative performance of manufacturing companies which held and not held the ESOP that listed on the Indonesia Stock Exchange.The design of the study is a comparison of two research design average of the two populations. The total number of the population in this study are 152 manufacturing companies listed on the Indonesia Stock Exchange in the period 2008-2010 and the sample of this study are 16 companies. Purposive sampling method is used for the sample selection. The type of data in this study is secondary data obtained from the IDX website www.idx.co.id and from Indonesia Capital Market Directory (ICMD). The data collection method is documentation. Variables used in this study are ROA, ROE, NPM, DAR, Current Ratio and TATO. This study uses a comparative analysis of independent sample t-test for statistical analysis and hypothesis test.The result indicate that ROA, ROE, NPM, DAR, Current Ratio and TATO differ significantly between the manufacturing company which held and not held the ESOP, only Current Ratio that is showed no significant difference between manufacturing companies which held and not held the ESOP. Overall, it can be concluded that there are significant differences between manufacturing companies which held and not held the ESOP.