Zhou Hui
International Business and Management Research Center, Beijing Normal University, Zhuhai, China.
Heliyon. 2023 Mar 15;9(3):e14602. doi: 10.1016/j.heliyon.2023.e14602. eCollection 2023 Mar.
Based on a sample of Employee Stock Ownership Plans announced by Chinese listed companies, this paper explores whether managers learn from the market in the decision relating to the termination of the Employee Stock Ownership Plan. Results show that: Managers listen to the market and terminate Employee Stock Ownership Plans following market expectations. The more negative the market reaction to the initial announcement, the more likely management is to terminate it, and this effect is more pronounced for firms with non-overconfident managers and in lower market share rank. Moreover, the initial announcement return is reversed by the termination announcement return. When managers follow market expectations to terminate the Employee Stock Ownership Plan with a negative market reaction to the initial announcement, the market reaction to the termination is more positive. Further research finds that compared with the terminations of Employee Stock Ownership Plans that are not consistent with market expectations, the terminations that follow market expectations improve business performance more significantly.
基于中国上市公司公布的员工持股计划样本，本文探讨了管理者在员工持股计划终止决策中是否向市场学习。结果表明：管理者会听取市场意见，并按照市场预期终止员工持股计划。市场对初始公告的反应越负面，管理层就越有可能终止该计划，这种效应在管理者不过度自信的公司以及市场份额排名较低的公司中更为明显。此外，初始公告回报会被终止公告回报所逆转。当管理者按照市场预期在初始公告市场反应为负面时终止员工持股计划，市场对终止的反应会更积极。进一步研究发现，与不符合市场预期的员工持股计划终止情况相比，符合市场预期的终止情况能更显著地提升企业绩效。
