Why Do Firms Adopt Profit-Sharing and Employee Ownership Plans?
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 vari...
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| Published in | British journal of industrial relations Vol. 34; no. 4; pp. 515 - 538 |
|---|---|
| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Oxford, UK
Blackwell Publishing Ltd
01.12.1996
London School of Economics |
| Subjects | |
| Online Access | Get full text |
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| Abstract | 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. Several findings support productivity‐related motivations for such plans (including higher R&D levels among old profit‐sharing firms, and recent adoption of job enrichment programmes among new profit‐sharing firms), while others support flexibility‐related motivations (including higher variance in profits prior to the adoption of profit‐sharing plans and ESOPs). Unionized firms were less likely to have either type of plan in 1975, but equally likely to adopt them subsequently (often in concessionary contracts). Comparisons of cross‐sectional and panel results illustrate advantages of panel data in disentangling the causes and effects of profit‐sharing and ESOPs. |
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| AbstractList | 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. Several findings support productivity‐related motivations for such plans (including higher R&D levels among old profit‐sharing firms, and recent adoption of job enrichment programmes among new profit‐sharing firms), while others support flexibility‐related motivations (including higher variance in profits prior to the adoption of profit‐sharing plans and ESOPs). Unionized firms were less likely to have either type of plan in 1975, but equally likely to adopt them subsequently (often in concessionary contracts). Comparisons of cross‐sectional and panel results illustrate advantages of panel data in disentangling the causes and effects of profit‐sharing and ESOPs. 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 in the 1975-91 period. (Original abstract-amended) Uses new data from 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 1975-1991 period. Several findings support productivity related motivations; others support flexibility related motivations. Unionised firms were less likely to have either type of plan in 1975, but equally likely to adopt them subsequently. Comparisons of cross sectional and panel results illustrate advantages of panel data in disentangling the causes and effects of profit sharing and ESOPS. (Original abstract - amended) Profit-sharing and employee ownership in companies have attracted considerable attention, yet there has been little research on factors predicting the adoption and maintenance of these plans. A 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 (ESOP) in the period 1975-1991. Several findings support productivity-related motivations for such plans (including higher R&D levels among old profit-sharing firms and recent adoption of job enrichment programs among new profit-sharing firms), while others support flexibility-related motivations (including higher variance on profits prior to the adoption of profit-sharing plans and ESOPs). Unionized workers were less likely to have either type of plan in 1975, but equally likely to adopt them subsequently (often in concessionary contracts). Comparisons of cross-sectional and panel results illustrate advantages of panel data in disentangling the causes and effects of profit-sharing and ESOPs. |
| Author | Kruse, Douglas L. |
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| Copyright | 1996 Blackwell Publishing Ltd / London School of Economics Copyright Blackwell Publishers Dec 1996 |
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| Snippet | Profit‐sharing and employee ownership in companies have attracted considerable interest, yet there has been little research on factors predicting the adoption... Profit-sharing and employee ownership in companies have attracted considerable attention, yet there has been little research on factors predicting the adoption... Uses new data from 500 US public companies, and panel data on corporate financial variables, to examine factors predicting the presence and adoption of profit... 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... |
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| SubjectTerms | Businesses Employee ownership Employee ownership programmes Employee stock ownership plans Employees ESOP Flexibility Job enrichment Labour relations Motivation Productivity Profit sharing Profit sharing plans Regression analysis Studies U.S.A Unionization USA |
| Title | Why Do Firms Adopt Profit-Sharing and Employee Ownership Plans? |
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