Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown?

We examine whether the ESOP (employee stock ownership program) has a significant effect on a company’s stock volatility during the Covid-19 lockdown. We find that although banks’ stock prices were more volatile in response to the rise of covid-19 confirmed cases, banks with ESOP showed significantly...

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Autor principal: Tran, Phan Huy Hieu
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier B.V. 2021
Materias:
Full Length Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8428963/
https://www.ncbi.nlm.nih.gov/pubmed/34522621
http://dx.doi.org/10.1016/j.jbef.2021.100558
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author Tran, Phan Huy Hieu
author_facet Tran, Phan Huy Hieu
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description We examine whether the ESOP (employee stock ownership program) has a significant effect on a company’s stock volatility during the Covid-19 lockdown. We find that although banks’ stock prices were more volatile in response to the rise of covid-19 confirmed cases, banks with ESOP showed significantly lower volatility than banks without ESOP. To identify the causal effect of the ESOP implementation, we use the ESOP-culture-index of each country as an instrumental variable.
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spelling pubmed-84289632021-09-10 Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown? Tran, Phan Huy Hieu J Behav Exp Finance Full Length Article We examine whether the ESOP (employee stock ownership program) has a significant effect on a company’s stock volatility during the Covid-19 lockdown. We find that although banks’ stock prices were more volatile in response to the rise of covid-19 confirmed cases, banks with ESOP showed significantly lower volatility than banks without ESOP. To identify the causal effect of the ESOP implementation, we use the ESOP-culture-index of each country as an instrumental variable. Elsevier B.V. 2021-12 2021-09-01 /pmc/articles/PMC8428963/ /pubmed/34522621 http://dx.doi.org/10.1016/j.jbef.2021.100558 Text en © 2021 Elsevier B.V. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Full Length Article
Tran, Phan Huy Hieu
Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown?
title Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown?
title_full Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown?
title_fullStr Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown?
title_full_unstemmed Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown?
title_short Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown?
title_sort does employee stock ownership program reduce a company’s stock volatility during the covid-19 lockdown?
topic Full Length Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8428963/
https://www.ncbi.nlm.nih.gov/pubmed/34522621
http://dx.doi.org/10.1016/j.jbef.2021.100558
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