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Do ESOPs enhance firm performance? Evidence from China’s reform experiment |
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| Authors: | Rujing Meng Hongquan Zhu |
| Institution: | a School of Economics and Finance, University of Hong Kong, Hong Kong b School of Economics and Management, Tsinghua University, Beijing, China c School of Economics and Management, Southwest Jiaotong University, Chengdu, China |
| Abstract: | China introduced employee stock ownership plans (ESOPs) in 1992 purely as an employee incentive scheme. The government initiated the policy experiment on ESOPs as part of China’s reform of its state-owned enterprises, and it was abruptly terminated 2 years after initiation. This policy experiment resulted in an exogenous sample of ESOPs that allows us to provide the first evidence from Chinese firms on the performance-ESOP relation. After examining a variety of performance measures, including ROA, ROE, Tobin’s q, and productivity, we find little difference in performance between ESOP firms and non-ESOP firms. |
| Keywords: | G32 J32 |
| 本文献已被 ScienceDirect 等数据库收录！ | |