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Employee stock ownership plan and stock price crash risk

机译:员工持股计划和股价崩盘风险

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机译:This paper examines whether the announcement of an employee stock ownership plan(ESOP)affects stock price crash risk and the mechanism by which the ESOP may influence crash risk,using a sample of Chinese A-share firms from the period 2014 to 2017.We provide evidenee that an ESOP announcement is significantly and negatively related to a firm''s stock price crash risk.An ESOP announcement sends positive signals to the market that insiders are optimistic about a firmzs future value,which helps enhance investor confidence,resist the pressure for a fire sale caused by negative information disclosure,and reduce stock price crash risk.Further research shows that larger-scale,lower-priced and non-leveraged ESOPs are more helpful in reducing crash risk.This paper sheds lights on the impact of ESOPs in a volatile market environ merit.It also contributes to firms'' implementatio n of ESOPs and the development of the legal system in capital markets.

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