%A NIM.: 16830065 Tri Muryani %O Pembimbing : Dr. H. Darmawan, M.AB %T PENGUMUMAN EMPLOYEE STOCK OWNERSHIP PROGRAM TERHADAP REAKSI PASAR DAN KINERJA PERUSAHAAN (STUDI KASUS DAFTAR EFEK SYARIAH 2012-2018) %X This amis of study to examine and analyze market reactions around ESOP announcements and company performance before and after ESOP announcements on companies listed on the 2012-2018 sharia securities list. Testing the market reaction hypothesis is done by event study, using the average abnormal return value with one sample t-test and testing to measure differences in company performance before and after ESOP using the current ratio variable, DER, TATO, and ROE with paired sample t-test. The results showed that the market reacted negatively to the implementation of ESOP policies around the ESOP announcement and there was no difference between the company's performance before the ESOP announcement and the performance after the ESOP announcement. %K ESOP, Average Abnormal Return, dan Kinerja Perusahaan %D 2019 %I UIN SUNAN KALIJAGA YOGYAKARTA %L digilib47596