Employee stock ownership plan and stock price crash risk

Frontiers of Business Research in China

Table 1 Semiannual ESOP adoptions and observations

Semiannual	ESOP adoptions	ESOP firm-semiannual observations
2014–2	49	98
2015–1	146	390
2015–2	208	666
2016–1	103	808
2016–2	70	896
2017–1	103	1032
2017–2	104	942
Total	783	4832

Notes. This table reports the number of ESOP adoptions and the number of firm-semiannual observations identified through PSM from the second half of 2014 (2014–2) to the second half of 2017 (2017–2)