The effect of employee stock ownership plans on enhancing corporate innovation

被引：1

作者：

Sun, Xiaohan ^{[1
]}

Lu, Yongyu ^{[2
]}

Tian, Shan ^{[3
]}

机构：

[1] Dalian Univ Technol, Sch Econ & Management, Dalian 116024, Liaoning, Peoples R China

[2] Natl Univ Malaysia, Univ Kebangsaan Malaysia, Fac Econ & Management, Ukm Bangi 43600, Selangor, Malaysia

[3] Zhengzhou Technol & Business Univ, Grammar Sch, Zhengzhou 451400, Henan, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2025年 / 79卷

关键词：

Employee stock ownership plan; Corporate innovation; Agency cost; Pay gap;

D O I：

10.1016/j.frl.2025.107233

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页数：7

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