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Broad-based Employee Stock Options in US 'New Economy' Firms

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Author Info

  • James C. Sesil
  • Maya K. Kroumova
  • Joseph R. Blasi
  • Douglas L. Kruse
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    Abstract

    This paper compares the performance of 229 'New Economy' firms offering broad-based stock options to that of their non-stock option counterparts. A simple comparison of these firms reveals that the former have higher shareholder returns, Tobin's "q" and new knowledge generation. Multivariate analysis using panel data also suggests that the adoption of a stock option plan results in higher levels of value added per employee. However, we do not find evidence that these plans result in superior growth in Tobin's "q" or new knowledge generation. Copyright Blackwell Publishers Ltd/London School of Economics 2002.

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    Bibliographic Info

    Article provided by London School of Economics in its journal British Journal of Industrial Relations.

    Volume (Year): 40 (2002)
    Issue (Month): 2 (06)
    Pages: 273-294

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    Handle: RePEc:bla:brjirl:v:40:y:2002:i:2:p:273-294

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    Cited by:
    1. Joseph R. Blasi & Richard B. Freeman & Christopher Mackin & Douglas L. Kruse, 2010. "Creating a Bigger Pie? The Effects of Employee Ownership, Profit Sharing, and Stock Options on Workplace Performance," NBER Chapters, in: Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options, pages 139-165 National Bureau of Economic Research, Inc.
    2. Kato, Takao & Kauhanen, Antti, 2013. "Performance Pay and Enterprise Productivity: The Details Matter," ETLA Working Papers 21, The Research Institute of the Finnish Economy.
    3. Mónica Melle, 2005. "¿Cómo valora el mercado de valores español la adopción de planes de opciones sobre acciones para directivos y consejeros?," Investigaciones Economicas, Fundación SEPI, vol. 29(1), pages 73-115, January.
    4. David Marsden, 2004. "The Network Economy and Models of the Employment Contract: Psychological, Economic and Legal," CEP Discussion Papers dp0620, Centre for Economic Performance, LSE.

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