气候变化领域集成服务门户(CCPortal): Employee Stock Ownership Plans and Corporate Environmental Engagement

CCPortal

DOI	10.1007/s10551-023-05334-y
	Employee Stock Ownership Plans and Corporate Environmental Engagement
	Kong, Dongmin; Liu, Jia; Wang, Yanan; Zhu, Ling
发表日期	2023
ISSN	0167-4544
EISSN	1573-0697
英文摘要	This study examines the impact of non-executive employee stock ownership plans (ESOP) on corporate environmental engagement. We show that granting ESOPs to non-executive employees promotes greater corporate ecological engagement from the perspectives of environmental protection expenditures, environmental information disclosure quality, and environmental, social, and governance (ESG) ratings. ESOPs unite members in a common interest, empowering them to put pressure on management to reduce carbon emissions, which benefits their physical wellbeing and increases their residual interest in long-term corporate wealth. Further, our analysis reveals that companies investing in environmental protection forgo short-term profit as a consequence of high initial costs, while increasing long-term firm value. These positive effects are attributable to ESOP schemes with higher employee subscription rates, those granted to a larger number of non-executive employees, and those with longer validity periods of ownership, whose incentive effect is sufficiently powerful to offset the free-rider problem. In addition, the impact of ESOPs is more pronounced in companies with greater media exposure, those confronting intense labor market competition, and those in heavily polluting industries. Fundamentally, our study provides novel evidence of the incentive effect of ESOPs on corporate environmental engagement and of stakeholder dynamics driving the implementation of carbon reduction strategies.
英文关键词	Employee incentives; Employee stock ownership plans; Corporate environmental engagement; Stakeholder theory; Agency theory; Climate change ethics
语种	英语
WOS研究方向	Business ; Ethics
WOS类目	Social Science Citation Index (SSCI)
WOS记录号	WOS:000924694900001
来源期刊	JOURNAL OF BUSINESS ETHICS
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/281470
作者单位	Huazhong University of Science & Technology; University of Portsmouth; Zhongnan University of Economics & Law
推荐引用方式 GB/T 7714	Kong, Dongmin,Liu, Jia,Wang, Yanan,et al. Employee Stock Ownership Plans and Corporate Environmental Engagement[J],2023.
APA	Kong, Dongmin,Liu, Jia,Wang, Yanan,&Zhu, Ling.(2023).Employee Stock Ownership Plans and Corporate Environmental Engagement.JOURNAL OF BUSINESS ETHICS.
MLA	Kong, Dongmin,et al."Employee Stock Ownership Plans and Corporate Environmental Engagement".JOURNAL OF BUSINESS ETHICS (2023).