Institutional Ownership as Moderation of Execution Price Relationship and Employee Stock Ownership Program (ESOP)

The purpose of this study was to determine the effect of the execution price and the Employee Stock Ownership Program (ESOP) on company performance as moderated by institutional ownership. The sample selection was carried out using a purposive sampling method on go public companies registered in Indonesia. Stock Exchange (IDX) with selected criteria, namely go public companies that have financial reports for the 2015-2019 period, go public companies that have conducted ESOP during the 2015-2019 period. Based on the research method, eight companies that went public were selected as samples. Data analysis was performed using the SPSS version 26 statistical test instrument. The results showed that the Employee Stock Ownership Program (ESOP) did not affect company performance and the ESOP had a negative effect on company performance moderated by institutional ownership. While the execution price has no significant effect on firm performance and the execution price does not have a significant effect on company performance which is moderated by managerial ownership.