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Stock Price and Operating Performance of ESOP firms: A Time-Series Analysis 

Shaikh Abdul Hamid, Zahid Iqbal | January, 2000

Prior literature suggests that the impact of employee ownership on employee behavior may depend on the financial rewards associated with ownership. As the financial value of ownership accounts increases, employee attitudes become more positive, which, in turn, improves organizational performance. In this paper, we explore this financial perspective of employee ownership by examining the relationship between stock price and operating performance of ESOP firms. 

Cooperative Firms in Theory and Practice 

Henry Hansmann | January, 1999

Cooperatives are not, as everyone at this conference knows, just a peripheral or incidental or anachronistic or culturally limited form of organization. Rather, they are big business of a distinctly modern type. 

The New Math of Ownership 

Bill Gross | November, 1998

In order to solve high-tech’s employee retention problems, Bill Gross, the chairman and founder of Idealab, proposes a radical solution: give all workers a significant equity stake. 

The Perception and Effects of Share Ownership: Empirical Evidence from Employee Buy Outs 

Andrew Pendleton, Mike Wright, Nicholas Wilson | January, 1998

This paper explores the impact of employee ownership on employee attitudes, using additional data obtained from four UK bus companies which had adopted the ESOP form of employee share ownership. After reviewing the recent UK literature, the paper highlights findings from US literature that a ‘sense of ownership’ is an important intervening variable between actual ownership and additudinal change, and that opportunities for participation in decision-making are more important that ownership per se in generating feelings of ownership. 

Employee Ownership as Catalyst of Organizational Change 

Barbara R. Bartkus | April, 1997

This article identifies several key factors as mediating links between employee ownership plans and organizational effectiveness: the initiator’s purpose of the employee ownership plan; perceptions of ownership; level of participative decision-making systems; and organizational culture.  

Why Do Firms Adopt Profit Sharing and Employee Ownership Plans? 

Douglas Kruse | January, 1996

Profit-sharing and employee ownership in companies have attracted considerable interest, yet there has been little research on factors predicting the adoption and maintenance of these plans. This study uses new data from a survey of 500 US public companies, and panel data on corporate financial variables, to examine factors predicting the presence and adoption of profit-sharing and employee stock ownership plans (ESOPs) in the 1975–91 period. 

Work Alienation and Problem Alcohol Behavior 

Edward S. Greenberg, Leon Grunberg | January, 1995

Using a sample of production workers from union, nonunion, producer cooperative, and employee stock ownership plan (ESOP) wood products mills in the Northwest, we test the general proposition that work alienation, defined as low job autonomy, low use of capacities, and lack of participation in decision-making in the workplace, is associated with heavy drinking and negative consequences from drinking.  

The Effects of Employee Ownership on Employee Attitudes – An Integrated Causal Model and Path-Analysis 

A. A. Bunchko | January, 1993

Research on employee-owned organizations to date has utilized alternative theoretical perspectives and has examined varying attitudinal outcomes. This study reviews previous research and attempts to integrate the findings into a causal model that combines the results of prior studies. The resulting causal model was tested empirically with a sample (N = 181) of employees from a firm that adopted an employee ownership programme. 

Theoretical and Empirical Studies of Producer Cooperatives: Will Ever the Twain Meet? 

Derek C. Jones, John P. Bonin, Louis Putterman | January, 1993

Producer cooperatives (hereafter, PC) have existed in Western economies since the advent of the factory system. The oldest surviving PCs in the U.K. and Italy are over one hundred years old. By analyzing the theoretical properties of PCs, economists hope to assess whether popularization of the PC form, or transplantation of some of its characteristics into other organizations, would benefit or harm social welfare.  

Workers as Owners: An Empirical Comparison of Intra-firm Inequalities at Employee-owned and Conventional Companies 

Yalman Onaran | January, 1992

Based on a sample of three employee-owned and seven conventional companies, this study empirically tests the theoretical claim that employee ownership and management reduces inequality at the firm level. Inequality is broadly defined as the unequal distribution of income, wealth, power, prestige, and privileges, as well as the existence of social boundaries between classes. 

The Viability of Employee-Owned Firms: Evidence from France 

Derek C. Jones, Saul Estrin | January, 1991

This study examines data on French producer cooperatives for the years 1970-79 to test the widely accepted theoretical prediction that employee-owned firms either will fail as commercial undertakings or degenerate into capitalist firms as the proportion of hired workers who are not members of the cooperative firm increases.  

The Economic Effects of Profit Sharing in Great Britain 

David G. Blanchflower | January, 1991

There are a number of ways to have workers’ remuneration linked more readily with firms’ commercial performance. One is to link wages to profits by using cash-based profit sharing (where workers are made cash payments which vary with employer’s profitability). A second is to have workers paid partly in their firms’ own shares. A third, and more extreme alternative, is producer co-operatives where workers participate in profits, ownership and decision-making. In this article we examine both the theoretical and empirical evidence in support of such schemes. 

“People’s Factories”: Worker Co-operatives in South Africa

C. M. Rogerson | November, 1990

The aim of this article is to investigate the recent emergence of worker cooperatives or “people’s factories” in South Africa. The development of South African worker co-ops is situated in terms of key aspects of the restructuring of the economy and society during the 1980s. New production forms such as producer cooperatives are linked to … Read More

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