Abstract We investigate the effectiveness of the national supportive policy suggested by the European Commission to promote employee share ownership programs (ESOP) in European banks. We find that supportive measures are effective to promote ESOP in widely-held banks, independently of their degree of opacity and the level of shareholder protection. However, supportive measures are only effective to promote ESOP in closely-held banks if they are more transparent or located in countries with higher levels of shareholder protection. Our findings indicate that European countries not only need to implement supportive measures but also to enhance transparency and shareholder protection to promote ESOP. To identify the causal effect between the national supportive policy and ESOP adoption, we use the number of labor-support-parties in parliament as the instrumental variable for the supportive measures.

中文翻译：

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促进银行员工持股计划的政策措施的有效性

摘要我们研究了欧盟委员会建议的国家支持政策在欧洲银行中促进员工持股计划（ESOP）的有效性。我们发现，支持措施可有效地促进广泛持有的银行的ESOP，而与银行的不透明程度和股东保护水平无关。但是，支持措施只有在透明度更高或位于股东保护水平较高的国家/地区中时，才有效地在持股银行中促进ESOP。我们的发现表明，欧洲国家不仅需要实施支持性措施，而且还需要提高透明度和股东保护以促进ESOP。为了确定国家支持政策与采用ESOP之间的因果关系，