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Correlates of Employee Satisfaction with Stock Ownership: Who Likes an ESOP Most? 

by: Klein, Katherine, J.; Hall, Rosalie J.
Source: Journal of Applied Psychology 

This study examines the correlates of individual employee satisfaction with stock ownership in a sample of 37 employee stock ownership plan (ESOP) companies. The results indicated that ESOP satisfaction is a function of five factors: (a) characteristics of the company ESOP, (b) employee status within the ESOP, (c) employee values, (d) interactions between employee and ESOP characteristics, and (e) employees' general attitude toward the organization as a whole (organizational commitment). Together, these five factors accounted for 58% of the variance in ESOP satisfaction. The results both support and extend previous employee stock ownership research and theory.