基地研究员王亚男副教授的合作论文“Employee Stock Ownership Plans and Corporate Environmental Engagement”在国际权威期刊Journal of Business Ethics 在线发表，预计2024年189卷正式刊发。

Journal of Business Ethics（JBE）是商业伦理领域的国际高水平学术期刊，被列入英国《金融时报》认定的50本全球经管类权威期刊之一(FT50期刊)，同时也是JCR一区期刊。

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.

链接：https://dtf.zuel.edu.cn/upload/20240117/202401171636539458.pdf

作者简介

王亚男，中南财经政法大学金融学院副教授。复旦大学经济学院金融学博士，德国WHU-Otto Beisheim School of Management联合培养博士生。主要研究领域为公司金融、合约理论以及行为金融。目前主持国家自然科学基金青年项目一项，并参与多项国家自然科学基金和国家社会科学基金项目。研究成果发表于《经济研究》、《金融研究》等国内重要期刊，以及Journal of Corporate Finance, China Economic Review, Energy Economics, Journal of Business Finance & Accounting, Economic Modelling, Pacific-Basin Finance Journal, Finance Research Letters等SSCI期刊。