Does the Employee Stock Ownership Plan Affect a Company’s Financial Performance?

Sari’atul Aslamiyah and Nurika Restuningdiah ()
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Sari’atul Aslamiyah: Universitas Negeri Malang
Nurika Restuningdiah: Universitas Negeri Malang

A chapter in Proceedings of the 8th International Research Conference on Economic and Business (IRCEB 2024), 2025, pp 36-47 from Springer

Abstract: Abstract This study investigates the influence of the Employee Stock Ownership Plan (ESOP) on corporate financial performance. ESOP refers to a program that allocates company shares to employees, aiming to enhance their motivation and productivity by fostering a sense of ownership. This research focuses on food and beverage manufacturing companies listed on Southeast Asian stock exchanges during 2020–2022. Eleven companies were chosen through purposive sampling, with 33 data. Data analysis was performed through simple linear regression with a one-tailed t-test. According to the findings, implementing an ESOP does not significantly impact the financial performance of the companies studied.

Keywords: Employee stock ownership plan; financial performance; agency theory (search for similar items in EconPapers)
Date: 2025
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DOI: 10.2991/978-94-6463-722-9_5

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