Research on the"double-edged sword"effect of employee stock ownership plan in listed companies:From the perspective of corporate misconduct
Employee stock ownership plans help companies retain core technological talents,stimulate corporate innovation,and are of great significance for promoting new industrialization.Based on the panel data of A-shares of Chinese listed companies from 2014 to 2023,this paper empirically examines the relationship between employee stock ownership plans and corporate misconducts.Results of the study indicate that listed companies that implement employee stock ownership plans have a higher propensity to violate regulations.One of the reasons for this phenomenon is that employee stock ownership plans may have been turned into a performance-based incentive tool by executives,and second,the employees play the role of collusion and concealment out of their own interests.Further research finds that employee stock ownership plans with shorter durations,managed by financial institutions,leveraged financing and a smaller range of number of incentives have a more significant positive correlation with corporate misconducts.The"double-edged sword"effect similar to executive performance-based incentives also exists in employee incentives,especially in short-term and speculative employee incentives.Based on this,we finally put forward targeted suggestions to implement strong supervision of listed companies to ensure better policy effects and improve the quality of listed companies.
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