Abstract：Based on the samples of A-share listed companies in Shanghai and Shenzhen from 2014 to 2022, this study investigates the impact of ESOP on the stability of corporate customers. The results show that companies with ESOP have better customer stability. Mechanism testing reveals that ESOP enhances customer stability mainly through improving labor productivity, reducing operational risks, and transmitting positive signals. Further research finds that the characteristics of grassroots employees’ shareholding, high employee participation, and the number of employees’ subscription with their own funds positively moderate the relationship between ESOP and customer stability. From the perspective of supply chain, as the proportion of customers with government backgrounds and the risk of enterprise technology supply interruption increases, ESOP has a stronger promotion effect on customer stability, while supply chain trust weakens this promotion effect.
李旭思，马晨，陈怡欣. 员工持股计划对客户稳定性的影响研究[J]. 管理学报, 2025, 22(5): 958-.
LI Xusi，MA Chen，CHEN Yixin. Research on the Impact of Employee Stock Ownership Plans on Customer Stability. Chinese Journal of Management, 2025, 22(5): 958-.
