Can employee stock ownership plans reduce corporate financialization? Evidence from China

doi:10.1016/j.eap.2021.11.002

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	Can employee stock ownership plans reduce corporate financialization? Evidence from China
	Feng, Yumei 1; Yu, Qiang 1; Nan, Xingheng2 ; Cai, Yongbin 2
	2022
发表期刊	ECONOMIC ANALYSIS AND POLICY
卷号	73 页码:140-151
摘要	Using a sample of China's A-share listed companies from 2012 to 2019, this paper studies the impact of employee stock ownership plans (ESOPs) on corporate financialization. We find that the implementation of ESOPs has a significant inhibitory effect on corporate financialization, and a series of robustness checks indicate that the conclusion is valid. The mechanism tests show that ESOPs decrease corporate financialization by reducing management agency costs and improving internal control. Heterogeneity analyses indicate that ESOPs in firms with higher financing constraints, a lower external audit quality, and higher proportions of executive shareholdings and self-funded employee equity have a much stronger decreasing effect on corporate financialization. (C) 2021 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.
关键词	Employee stock ownership plan Corporate financialization Agency costs Internal control
DOI	10.1016/j.eap.2021.11.002
收录类别	SSCI
ISSN	0313-5926
语种	英语
WOS研究方向	Business & Economics
WOS类目	Economics
WOS记录号	WOS:000814970200002
出版者	ELSEVIER
原始文献类型	Article
引用统计	被引频次：26[WOS] [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/32855
专题	会计学院
作者单位	1.Shandong Univ Finance & Econ, Coll Finance, 40 Shungeng Rd, Jinan 250014, Peoples R China; 2.Lanzhou Univ Finance & Econ, Sch Accounting, 4 Weile Ave, Lanzhou 730101, Peoples R China
推荐引用方式 GB/T 7714	Feng, Yumei,Yu, Qiang,Nan, Xingheng,et al. Can employee stock ownership plans reduce corporate financialization? Evidence from China[J]. ECONOMIC ANALYSIS AND POLICY,2022,73:140-151.
APA	Feng, Yumei,Yu, Qiang,Nan, Xingheng,&Cai, Yongbin.(2022).Can employee stock ownership plans reduce corporate financialization? Evidence from China.ECONOMIC ANALYSIS AND POLICY,73,140-151.
MLA	Feng, Yumei,et al."Can employee stock ownership plans reduce corporate financialization? Evidence from China".ECONOMIC ANALYSIS AND POLICY 73(2022):140-151.