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Academic Journal of Business & Management, 2020, 2(8); doi: 10.25236/AJBM.2020.020810.

Employee Stock Ownership Plan and Corporate Innovation


Juxiang Dan

Corresponding Author:
Juxiang Dan

College of Management, Shanghai University, Shanghai 201800, China


Using the data of all A-share non-financial listed companies during the period from 2014 to 2018, this paper examines the relationship between the implementation of employee stock ownership plan (ESOP) and corporate innovation. The empirical study found that companies that implement ESOP have higher corporate innovation investment than companies that do not implement ESOP. Further research found that, compared with state-owned enterprises, the implementation of employee stock ownership plan in non-state-owned enterprises can promote corporate innovation. This study contributes to the research of ESOP and corporate innovation, enriches the factors influencing of corporate innovation, and provides empirical evidence for further design and improvement of the ESOP institutions.


employee stock ownership plan, corporate innovation, property right

Cite This Paper

Juxiang Dan. Employee Stock Ownership Plan and Corporate Innovation. Academic Journal of Business & Management (2020) Vol. 2, Issue 8: 73-81. https://doi.org/10.25236/AJBM.2020.020810.


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