孙昌玲、 Zilan Bi、Rui Dong、 Artem M. Joukov，“Talent Motivation in the Digital Age: Corporate Digitalization and Employee Stock Ownership Plans”，Journal of Business Finance & Accounting（ABS 3）,First published: 05 June 2026, https://doi.org/10.1111/jbfa.70077

    ABSTRACT:Using data from a sample of Chinese listed companies spanning 2014 to 2023, we construct an evaluation index of corporate digitalization using textual analysis and test the impact of digitalization on firms’ employee stock ownership plans (“ESOPs”). We find that firm digitalization predicts ESOP adoption. Mechanism tests show that the probability of implementing an ESOP increases in digital corporations that emphasize intellectual capital. In additional tests, we find that firms in the process of digitalization with lower salary levels have a higher probability of implementing ESOPs, and ESOPs lead to higher firm value and levels of innovation. This study highlights the role of employee motivation in the digital economy, providing insights into how firms strategically utilize ESOPs to manage intellectual capital and increase firm value.