The effect of employee stock ownership plans on enhancing corporate innovation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-03-18 DOI:10.1016/j.frl.2025.107233

Xiaohan Sun , Yongyu Lu , Shan Tian

引用次数: 0

Abstract

This study investigates the impact of employee stock ownership plans (ESOPs) on corporate innovation performance in China using a sample of A-share listed companies that implemented ESOPs from 2015 to 2022. The findings indicate that ESOPs significantly enhance corporate innovation performance. This positive effect is due to reduced agency costs and narrowed pay gaps. The study proposes and tests three hypotheses to explore the mechanisms underlying the relationship between ESOPs and innovation performance. The empirical results confirm that ESOPs foster shared ownership, align interests with corporate goals, and promote collaboration and innovation.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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