ANALISIS DISKRIMINAN : FUNGSI RASIO KEUANGAN SEBAGAI MODEL PREDIKSI PADA PERUSAHAAN PERBANKAN EMPLOYEE STOCK OWNERSHIP PROGRAM (ESOP) & (NON - ESOP) DI BURSA EFEK INDONESIA PERIODE 2010 - 2012

Abstract

Employee Stock Ownership Plan ( ESOP ) is a stock ownership program for employees who are giving or selling company shares to employees with a limited number which aims to improve the performance of the company . One manifestation of the company's performance is the stock return is profit gains from stock holdings of investors on the investment made . This study aims to examine the factors of financial variables ( EPS , ROA , ROE , PBV , PER ) which affects the stock return variable and find out which one can distinguish the category in the group Bank ESOP and non - ESOP period 2010-2012. The data used is the data bank as much as 29 banks of 36 banks , comprising 10 banks ESOP and non- ESOP 29 banks listed on the Indonesia Stock Exchange ( IDX ) 2010-2012 . The variables used in this study is the Earning per Share ( EPS ) , Price Earning Ratio ( PER ) , Price Book Value ( PBV), Return on Assets ( ROA ) and Return on Equity (ROE ) . The method used in the study using the normality test , descriptive statistics , equal covariance test , non - outlier test , test multicollinearity between variables and discriminant analysis . The results obtained by discriminant analysis stated that not all significant independent variables exist to distinguish between the two groups of banks where there are only three variables are significantly differentiate ie EPS , ROA and ROE . While most discriminant variables between the two groups of banks is variable EPS , evidenced by the standardization of the largest coefficient . Known overall classification accuracy of discriminant model in this study was 65% . It could be said that the discriminant model in this study has a high accuracy in predicting the category of banks with bank stock return in the ESOP and non – ESOP.