Akademik Veri Yönetim Sistemi
REVIEW OF ECONOMICS AND FINANCE, cilt.21, ss.1871-1877, 2023 (Scopus)
In Indonesia, the Employee Stock Option Plan (ESOP) program has existed since 1998. At that time, the
ESOP program was a warrants. Until now the ESOP program is only conducted by 24% of listed companies in the
LQ 45 index. The ESOP program is not yet a popular program because the rules on ESOP were issued by the Capital
Market Supervisory Agency in 2004. This ESOP program can motivate employees to achieve high performance because with this program employees can become owners of the company. Employees are expected to work as quickly
as possible. This study aims to determine differences in the level of efficiency between companies that implement
ESOP and those that do not. The sample of this study is companies included in the LQ 45 index, which consists of
11 companies that apply ESOP and 34 companies that do not apply ESOP. The level of efficiency was calculated using the Data Envelopment Analysis (DEA) model and to analyse the level of efficiency differences, the independent
t test was used. The results showed that there were no differences in the level of efficiency between companies that
implemented ESOP and those that did not apply it. ESOP cannot increase employee motivation because Indonesian
employees are more short-term oriented, while ESOP is an additional income to be received in the future. In addition, the ESOP program provides the same additional income opportunities between employees who are performing
well and those who are performing poorly.