Employee ownership is an important governance tool used to encourage employee participation and enhance employee productivity, but we know little about what encourages employee ownership. This study investigates the influence of chief executive officer (CEO) positive framing in public speeches on employee ownership. We propose that CEO positive framing can increase employee ownership when employees internalize CEOs' positive beliefs about firms' accomplishments and prospects. Using a sample of 664 U.S. listed firms from 2002 to 2018, we find that CEO positive framing increases employee ownership. In addition, the stock purchasing behaviors of top executives, analyst recommendations, and positive media coverage strengthen the effectiveness of CEOs' positive framing on employee ownership. Findings from this study advance employee ownership research by highlighting the vital role of CEOs' public language use in promoting employee ownership.

中文翻译：

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首席执行官的积极框架和员工所有权

员工所有权是用于鼓励员工参与和提高员工生产力的重要治理工具，但我们对鼓励员工所有权的因素知之甚少。本研究调查了首席执行官 (CEO) 在公开演讲中的积极框架对员工所有权的影响。我们认为，当员工内化 CEO 对公司成就和前景的积极信念时，CEO 积极框架可以增加员工所有权。使用 2002 年至 2018 年 664 家美国上市公司的样本，我们发现 CEO 积极框架增加了员工所有权。此外，高管的股票购买行为、分析师的推荐和积极的媒体报道增强了 CEO 对员工所有权的积极框架的有效性。