Employee Stock Ownership Plans and Financing Constraints: Mediation Effect Analysis Based on Internal Control Quality

HUA Bing; QIAO Xiao-long

Volume 36 Issue 1

Apr. 2021

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HUA Bing, QIAO Xiao-long. Employee Stock Ownership Plans and Financing Constraints: Mediation Effect Analysis Based on Internal Control Quality[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(1): 98-112.

Citation:

HUA Bing, QIAO Xiao-long. Employee Stock Ownership Plans and Financing Constraints: Mediation Effect Analysis Based on Internal Control Quality[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(1): 98-112.

Citation:

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Employee Stock Ownership Plans and Financing Constraints: Mediation Effect Analysis Based on Internal Control Quality

Business School, Nanjing University, Nanjing 210093, China

Received Date: 2020-10-07
Available Online: 2021-04-15
Publish Date: 2021-01-28

Abstract

Abstract

As a collective incentive policy within enterprises, ESOP not only optimizes the allocation of corporate property rights, but also has an important impact on the financing ability of enterprises. Based on the sample of A-share listed companies from 2011 to 2018, this paper explores the impact and mechanism of ESOP on corporate financing constraints. It is found that the ESOP alleviates the financing constraints of enterprises by reducing external financing costs, which is more significant for enterprises in eastern China and private enterprises; the employee stock ownership plan improves the quality of enterprise internal control by enhancing employee identity and alleviating agency problems at the employee level; the quality of internal control plays a partial intermediary role between the employee stock ownership plan and financing constraints; due to the "supervision effect" among employees and the "announcement effect" of ESOP, ESOP has no "free rider" behavior in improving the quality of internal control and "1/N" effect in easing financing constraints. The results of this study provide guidance for further reform of employee stock ownership plan and enhancing internal competitiveness in the new era.
- employee stock ownership plan,
- internal control,
- financing constraints,
- "free-rider" behavior,
- regional heterogeneity,
- heterogeneity of property rights,
- internal control quality

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References(38)

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