Employee Stock Ownership Plans and Corporate Innovation

Abstract

Based on the sample of A-share listed companies that implemented ESOPs from 2014 to 2021, this paper empirically studies the impact of ESOPs on corporate innovation output. The results show that ESOPs can promote corporate innovation output. The research in this paper reveals the important role of employees in corporate innovation, which enriches and expands the research on the influencing factors of corporate innovation with employees as the main body. The research conclusions have some implications for the implementation of ESOPs in listed companies.