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

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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)

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.

Suggested Citation

  • Phan Huy Hieu Tran, 2021. "Does employee stock ownership program reduce a company’s stock volatility during the Covid-19 lockdown?," Post-Print hal-04881081, HAL.
    • Handle: RePEc:hal:journl:hal-04881081
    DOI: 10.1016/j.jbef.2021.100558
    Note: View the original document on HAL open archive server: https://hal.science/hal-04881081v1
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