Employee Stock Ownership and Intra-Enterprise Income Gap in the Context of Common Prosperity
Since its implementation,the employee stock ownership plan has attracted much attention,and it has had an important im-pact on the efficiency of employees and enterprises.From the perspective of fairness,this paper uses the large sample data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 to examine the impact of employee stock ownership plans on the income gap within enterprises.The results show that the implementation of the employee stock ownership plan reduces the income gap within the enterprise by strengthening internal supervision,enhancing external social attention,and increasing the bargaining power of employ-ees.After a series of robustness tests,the conclusion still holds.The heterogeneity test shows that the implementation of the employee stock ownership plan can reduce the income gap when the management has great power,the employee subscription ratio is high,the lock-up period is long,the capital is self-contributed,and the stock comes from the secondary market,but with the increase of the number of participants,the incentive effect of the employee stock ownership plan decreases,and the"free rider"effect appears,which is not conducive to the narrowing of the income gap.This paper provides useful insights for companies to establish an effective incentive and restraint system and also provides theoretical and empirical support for the management to establish more reasonable policies and measures.
common prosperityemployee stock ownershipincome gapincentive effectmarket value management
万方数据
维普
