Analisis Employee Stock Option Program (ESOP) dengan Dividen yang Dibayarkan

The Employee Stock Option Plan (ESOP) is a bonus program given by the company to its employees who are suspected of having an impact on dividend distribution. Research on the relationship between ESOP and dividends will only be in Brazil in 2021, while in Indonesia it has not yet been found. This is the novelty of this research. This study uses 2 research models, namely using Tobit regression and mann-whitney-test. Based on the research results found a contribution of the first empirical contribution in Indonesia that ESOP has a negative effect on dividends paid. It was also found that companies that have an ESOP program will pay out smaller dividends than companies that do not have an ESOP. The effect of falling stock prices due to dividends being distributed is beneficial for agents (company managers) and detrimental to the shareholder side. To overcome this agency conflict, companies must distribute smaller dividends so that ESOP shareholders do not experience losses.