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Research on the Impact of Employee Stock Ownership Plans on Corporate Digital Technology Innovation

Author

Listed:
  • Liu Huizheng
  • Xv Qiyang
  • Yin Hang
  • Yuan Lilin
  • Kou Zixuan

Abstract

Promoting enterprise digital technology innovation is important for facilitating the deep integration of the digital economy and the real economy. Using data from listed companies in the A-share market and the Global Patent Database from 2014 to 2020, this study found that the implementation of employee stock ownership plans by enterprises significantly promotes digital technological innovation by enhancing the stability of hired employees, strengthening the level of risk-taking, and improving financing constraints. Further analysis reveals that the implementation of an employee stock ownership plan has a more significant effect on the digital technology innovation of private enterprises, enterprises with higher annual turnover rates and enterprises with more negative news coverage. Based on these findings, we propose accelerating institutional innovation, improving the financing support system, and implementing differentiated policies to help enterprises better adapt to the development needs of the digital economy and to provide a reference for the formation of new types of production relations, the development of new quality productive forces, and the promotion of high-quality economic development. Â JEL classification numbers: G34.

Suggested Citation

  • Liu Huizheng & Xv Qiyang & Yin Hang & Yuan Lilin & Kou Zixuan, 2024. "Research on the Impact of Employee Stock Ownership Plans on Corporate Digital Technology Innovation," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 14(6), pages 1-14.
    • Handle: RePEc:spt:admaec:v:14:y:2024:i:6:f:14_6_14
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Employee stock ownership plan; Digital technology innovation; Risk taking; Financing constraints.;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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