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Article: Do ESOPs enhance firm performance? Evidence from China's reform experiment

TitleDo ESOPs enhance firm performance? Evidence from China's reform experiment
Authors
KeywordsEmployee ownership
Firm performance
Incentives
Issue Date2011
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbf
Citation
Journal Of Banking And Finance, 2011, v. 35 n. 6, p. 1541-1551 How to Cite?
AbstractChina 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. © 2010 Elsevier B.V.
Persistent Identifierhttp://hdl.handle.net/10722/139806
ISSN
2015 Impact Factor: 1.485
2015 SCImago Journal Rankings: 1.264
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorMeng, Ren_HK
dc.contributor.authorNing, Xen_HK
dc.contributor.authorZhou, Xen_HK
dc.contributor.authorZhu, Hen_HK
dc.date.accessioned2011-09-23T05:56:32Z-
dc.date.available2011-09-23T05:56:32Z-
dc.date.issued2011en_HK
dc.identifier.citationJournal Of Banking And Finance, 2011, v. 35 n. 6, p. 1541-1551en_HK
dc.identifier.issn0378-4266en_HK
dc.identifier.urihttp://hdl.handle.net/10722/139806-
dc.description.abstractChina 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. © 2010 Elsevier B.V.en_HK
dc.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbfen_HK
dc.relation.ispartofJournal of Banking and Financeen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in Journal of Banking & Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Banking & Finance, 2011, v. 35 n. 6, p. 1541-1551. DOI: 10.1016/j.jbankfin.2010.11.004-
dc.subjectEmployee ownershipen_HK
dc.subjectFirm performanceen_HK
dc.subjectIncentivesen_HK
dc.titleDo ESOPs enhance firm performance? Evidence from China's reform experimenten_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-4266&volume=35&issue=6&spage=1541&epage=1551&date=2011&atitle=Do+ESOPs+enhance+firm+performance?+Evidence+from+China%27s+reform+experiment-
dc.identifier.emailMeng, R: meng@hku.hken_HK
dc.identifier.emailZhou, X: xianzhou@hkucc.hku.hken_HK
dc.identifier.authorityMeng, R=rp01086en_HK
dc.identifier.authorityZhou, X=rp01129en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.jbankfin.2010.11.004en_HK
dc.identifier.scopuseid_2-s2.0-79955654256en_HK
dc.identifier.hkuros192661en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-79955654256&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume35en_HK
dc.identifier.issue6en_HK
dc.identifier.spage1541en_HK
dc.identifier.epage1551en_HK
dc.identifier.eissn1872-6372-
dc.identifier.isiWOS:000290423500017-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridMeng, R=23978604800en_HK
dc.identifier.scopusauthoridNing, X=36638006300en_HK
dc.identifier.scopusauthoridZhou, X=8217375200en_HK
dc.identifier.scopusauthoridZhu, H=7404663948en_HK
dc.identifier.citeulike8217024-

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