This study investigates the relationship between the level of employee stock ownership (ESO) and stock liquidity. Using Korean ESO data, we find that ESO is positively associated with various liquidity measures. Stock-owning employees tend to mitigate information asymmetry to increase their benefits from the transparent market. We also find stronger effects when the firm is not an affiliate of a chaebol family group, and is less monitored by financial analysts, foreign investors, and outside directors. Furthermore, we employ various robustness tests to mitigate potential endogeneity concerns.

中文翻译：

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员工持股对股票流动性的影响：韩国市场的证据

这项研究调查了员工持股水平（ESO）与股票流动性之间的关系。使用韩国的ESO数据，我们发现ESO与各种流动性衡量指标呈正相关。拥有股票的员工倾向于减轻信息不对称，从而增加他们从透明市场中获得的收益。如果公司不是财阀家族集团的分支机构，并且不受金融分析师，外国投资者和外部董事的监督，我们也会发现更强的影响。此外，我们采用了各种鲁棒性测试来减轻潜在的内生性问题。