Pengaruh Employee Stock Ownership Program dan Intellectual Capital Terhadap Nilai Intrinsik Saham dengan Profitabilitas Sebagai Variabel Intervening pada Perusahaan Perbankan di Indonesia

Abstract

Pesatnya investasi pada saham mengharuskan para investor saham untuk mampu melakukan penilaian saham sebelum berinvestasi. Nilai Intrinsik saham suatu perusahan dipengaruhi oleh banyak hal, baik dari dalam maupun dari luar perusahaan tersebut. Penelitian ini bertujuan untuk menguji pengaruh employee stock ownership program dan intellectual capital terhadap nilai intrinsik saham perusahaan melalui profitabilitas keuangan sebagai intervening variabel. Populasi adalah perusahaan-perusahaan perbankan yang terdaftar di Bursa Efek Indonesia tahun 2017 yaitu sebanyak 43 perusahaan. Metode statistik yang digunakan adalah analisis jalur. Hasil penelitian ini menunjukkan bahwa employee stock ownership program berpengaruh positif dan tidak signifikan terhadap profitabilitas, intellectual capital berpengaruh positif dan signifikan terhadap Profitabilitas dan pengaruh positif namun tidak signifikan intellectual capital dan profitabilitas terhadap nilai intrinsik saham; dan employee stock ownership program berpengaruh negarif namun tidak signifikan terhadap nilai intrinsik saham; profitabilitas dapat memediasi hubungan antara employee stock ownership program dan intellectual capital terhadap nilai intrinsik saham pada alpha 5%.

The rapid investment in stocks requires stock investors to be able to do stock validation before investing. Intrinsic value of a company's shares is influenced by many things, both from within and from outside the company. The purpose of this study was to test the influence of employee stock ownership program and intellectual capital on the intrinsic value of stocks through profitability as the intervening variable. The population of this study wa the banking companies registered at the Indonesia Stock Exchange in 2017 which are 43 companie. The data for this study were analyzed through path analysis. The result of the analysis showed that employee stock ownership program has a positif and insignificant influence on profitability, intellectual capital has a positive and significant influence on profitability; and the intellectual capital and the profitability had positive and insignificant influence on the intrinsic value of stocks; and employee stock ownership program had negative but insignificant on the intrinsic value of stocks; the profitability could mediate the correlation of employee stock ownership program and intellectual capital with intrinsic value of stocks at alpha 5%.