“…This statement is also consistent with reciprocity theory. CPOIB 20,2 (Akerlof, 1982;Bryson and Freeman, 2019) (b) Intrinsic, instrumental, and extrinsic motivation and corporate performance (Klein, 1987;Pierce et al, 1991;Caramelli, 2011 ;Kaarsemaker, 2006 (f) Binary economics and shared capitalism (Kelso and Adler, 1958;Blasi et al, 2015;Dudley and Rouen, 2021;Weissbourd et al, 2021) (g) Factors undermining ESPP participation (g1) liquidity constraint (g2) imperfect knowledge of the plan (g3) asset choice (g4) transaction costs (Engelhardt and Madrian, 2004;Rapp and Aubert, 2011) (h) Diversification risk (Meulbroek, 2003;Benartzi et al, 2007;Markowitz et g2), ( g3), (g4) (f), ( g2), ( g3), (g4) Not applicable…”