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

Phan Huy Hieu Tran
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Phan Huy Hieu Tran: UNILIM - Université de Limoges, LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges

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Abstract: 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.

Date: 2021-12
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Published in Journal of Behavioral and Experimental Finance, 2021, 32, pp.100558. ⟨10.1016/j.jbef.2021.100558⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04881081

DOI: 10.1016/j.jbef.2021.100558

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