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
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.
 Chang X, Fu K, Low A, et al (2015). Non-executive employee stock options and corporate innovation [J]. Journal of Financial Economics, vol.115, no.1, p.168-188.
 He J, Tian X (2018). Finance and corporate innovation: A survey [J]. Asia-Pacific Journal of Financial Studies, vol. 47, no.2, p.165-212.
 Cao Yushan, & Chen Liwei (2019). Employee stock ownership plan, talent speciality and corporate effective Innovation. Contemporary Finance & Economics, , no.05, p.84-95. (in chinese)
 Song Fangxiu, & Liu Lin (2018). The motivation, scheme design and the corresponding influencing factors of the employee stock ownership plan of listed companies in china. Reform, , no.11, p.88-98. (in chinese)
 Yin Zhiping (2019). The incentive Effect of Employee Stock Ownership Plan and Policy Improvement. Money China(Academic), no.5, p.29-30. (in chinese)
 Chen Dapeng, Shi Xinzheng, Lu Yao, & Li Zhuo (2019). Employee stock ownership plan and accounting information quality. Nankai Business Review, vol.22, no.1, p.166-180. (in chinese)
 Nakano M,Nguyen P (2012). Board size and corporate risk taking: further evidence from Japan [J]. Corporate Governance: An International Review, vol.20, no.4, p.369-387.
 Zhou Donghua, Huang Jia, & Zhao Yujie (2019). Employee stock ownership plan and corporate innovation. Accounting Research, no.3, p.63-70. (in chinese)
 Huang S Y, Chiu A A, Lin C C, et al (2016). The relationship between corporate innovation and performance [J]. Total Quality Management & Business Excellence, p.1-12.
 Huang Pingping, Jiao Yuehua, & Zhang Dongxu (2019). Employee stock ownership plan and corporate innovation. East China Economic Management, vol.33, no.5, p.141-149. (in chinese)