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Happiness or trouble? Employee stock ownership plans and employee well-being in new ventures

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Abstract

There is a much lively debate about whether new ventures should adopt employee stock ownership plans (ESOPs). The inconsistent findings may be due to the neglect of employees’ life quality. This paper analyzed the relationship between ESOPs and employee workplace-psychology-life well-being and the moderating effect of opportunity-enhancing human resource practices (OHRPs). It adopted a survey that was completed by 262 employees of new ventures in the Greater Bay Area of China. The results show that ESOPs had a positive effect on the workplace and psychological well-being, but a negative effect on life well-being, and that this effect was mediated by psychological ownership. OHRPs moderated the mediating effect of ESOPs on workplace and life well-being via psychological ownership. The results reveal a particular correlation pattern between new venture ESOPs and employee well-being, which helps address the debate about the effects of ESOPs by providing an explanation from the life aspect. These findings highlight the importance of considering employee life well-being in understanding new venture ESOPs.

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Data availability

The datasets generated during the current study are available in the Open Science Framework repository, https://osf.io/5mja4/?view_only=a27c906a39fc4beaa43b8e75d3a8607e.

Notes

  1. In October 2008, the State-owned Assets Supervision and Administration Commission (SASAC) issued The Opinions of the State Council on Standardizing Employee Stock Ownership Investment in State-owned Enterprises, proposing to standardize employee stock ownership as part of state-owned enterprises’ restructuring and to support employees of state-owned small and medium-sized enterprises to participate in restructuring. At the same time, the regulation that ESOPs should not be in a controlling position aimed to encourage the positive role of ESOPs and promote the development of state-owned enterprises, rather than just being a welfare plan. In 2014 and early 2015, to address the issue that ESOPs might lead to the loss of state assets and other issues, The Decision of the CPC Central Committee on Some Major Issues Concerning Comprehensively Deepening the Reform, the Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market, The Guidance on the Pilot Implementation of ESOPs by Listed Companies, and other policies promoted the further development of ESOPs in China. At that time, the number of listed companies with ESOPs was close to 100, and the number was increasing rapidly.

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Acknowledgements

This research was supported by grants from the Natural Science Foundation of Guangdong Province, China (Grant/Award Numbers: 2022A1515011036).

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  1. School of Marxism, Sun Yat-Sen University, Guangzhou, China

    Qi Zhou & Renhong Zhu

  2. School of Business, Sun Yat-Sen University, Guangzhou, China

    Sihan He

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Zhou, Q., He, S. & Zhu, R. Happiness or trouble? Employee stock ownership plans and employee well-being in new ventures. Curr Psychol 43, 14470–14484 (2024). https://doi.org/10.1007/s12144-023-05437-9

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