Pengaruh kompensasiopsi saham karyawan pada pembelian kembali saham perusahaan

ALFIANA, Yeni, Prof. Dr. Zaki Baridwan, M.Sc

2008 | Tesis | S2 Magister Akuntansi

Penelitian ini menyajikan faktor- faktor signifikan yang mempengaruhi pembelian kembali saham dan reaksi pasar terhadap pengumuman pembelian kembali. Hasil empiris menunjukkan bahwa free cash flow dan market to book asset tidak mempunyai pengaruh signifikan pada pembelian kembali. lebih jauh penelitian ini menguji apakah opsi saham karyawan mempunyai hubungan positif dengan pembelian kembali, hasil studi berbeda dengan the option-funding hypothesis dan the option-substitution hypothesis yang menyatakan bahwa perusahaan membeli kembali saham untuk mendanai opsi dan meningkatkan kesejahteraan manajer. Disisi lain, dividen tunai secara statistik signifikan mempengaruhi pembelian kembali, meskipun beberapa sampel menunjukkan bahwa masih ada perusahaan yang menaikkan dividen dan membeli kembali saham, hal ini diduga karena dividen mewakili “ongoing commitment” dan digunakan untuk mendistribusikan aliran kas “permanent,” sedangkan pembelian kembali menggunakan aliran kas “potentially temporary.”

This research presented the significant factors that influenced the repurchasing of the stock and the market reaction towards the announcement of repurchasing. The empirical result indicated that the free cash flow and market to book asset did not have significant influences in the repurchasing. Further, this research examined whether the employees’ stock option had a positive relationship with the repurchasing. The result of different studies with the option-funding hypothesis and the option-substitution hypothesis indicated that the companies repurchased the stock to fund the option and raise the manager’s prosperity. In other hand, statistically, the cash dividend significantly influenced the repurchasing, although some samples indicated that there were still companies which increased the dividend and repurchased the stock. This was probably because the dividend represented “the ongoing commitment” and was used to distribute the permanent cash flow, while the repurchasing used the potentially temporary cash flow.

Kata Kunci : Pembelian kembali saham,Opsi saham karyawan,The option,funding hypothesis,the option,substitution hypothesis,the repurchasing of the stock, the employees’ stock option, the option- funding hypothesis, the option-substitution hypothesis