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The Effects of Profit-Sharing on Employment, Wages, Stock Returns and Productivity: Evidence from UK Micro-data

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Author Info
Wadhwani, Sushil
Wall, Martin

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Abstract

This paper provides evidence based on U.K. firm-level data that: (1) the authors cannot reject the view that profit-sharing firms view the total level of remuneration as the marginal cost of labor, which is contrary to much of Weitzman's analysis; (2) there is some support for the popular view that profit sharing raises total remuneration and can, therefore, be inflationary; and (3) the introduction of profit sharing does lead to higher productivity, but, this combined with the employment-reducing consequences of (2) leads the authors to conclude that the net employment effect is small and uncertain. Copyright 1990 by Royal Economic Society.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 100 (1990)
Issue (Month): 399 (March)
Pages: 1-17
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Handle: RePEc:ecj:econjl:v:100:y:1990:i:399:p:1-17

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  1. Antti Kauhanen & Hannu Piekkola, 2004. "What Makes Performance-related Pay Schemes Work? Finnish Evidence," Discussion Papers 929, The Research Institute of the Finnish Economy. [Downloadable!]
  2. John S Heywood & Colin Green, 2007. "Does profit sharing increase training by reducing turnover?," Working Papers 005113, Lancaster University Management School, Economics Department. [Downloadable!]
  3. Dhillon, Amrita & Petrakis, Emmanuel, 2001. "Profit-sharing, bertrand competition and monopoly unions : a note," The Warwick Economics Research Paper Series (TWERPS) 612, University of Warwick, Department of Economics. [Downloadable!]
  4. Antti Kauhanen & Hannu Piekkola, 2002. "Profit Sharing in Finland: Earnings and Productivity Effects," Discussion Papers 817, The Research Institute of the Finnish Economy. [Downloadable!]
  5. Sarah Brown & Fathi Fakhfakh & John G. Sessions, . "Wages, Supervision and Sharing," Discussion Papers in Public Sector Economics 00/4, Department of Economics, University of Leicester. [Downloadable!]
    Other versions:
  6. Rick Harbaugh, . "Employee Stock Ownership vs. Profit Sharing," Claremont Colleges Working Papers 2000-28, Claremont Colleges. [Downloadable!]
  7. Joanne Loundes, 2000. "Management and Industrial Relations Practices and Outcomes in Australian Workplaces," Melbourne Institute Working Paper Series wp2000n12, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
  8. Derek C. Jones & Panu Kalmi & Mikko Mäkinen, 2006. "The Productivity Effects of Stock Option Schemes: Evidence from Finnish Panel Data," Discussion Papers 1026, The Research Institute of the Finnish Economy. [Downloadable!]
  9. Erkki Koskela & Rune Stenbacka, 2005. "Product Market Competition, Profit Sharing and Equilibrium Unemployment," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  10. repec:sfu:sfudps:dp00-03 is not listed on IDEAS
    Other versions:
  11. Erkki Koskela & Rune Stenbacka, 2004. "Equilibrium unemployment under negotiated profit sharing," Labor and Demography 0404009, EconWPA. [Downloadable!]
  12. Takao Kato & Motohiro Morishima, 1998. "The Productivity Effects of Human Resource Management Practices: Evidence from New Japanese Panel Data," Macroeconomics 9812003, EconWPA, revised 08 Dec 1998. [Downloadable!]
  13. Erkki Koskela & Rune Stenbacka, 2003. "Profit Sharing and Unemployment: An Approach with Bargaining and Efficiency Wage Economics," Discussion Papers 863, The Research Institute of the Finnish Economy. [Downloadable!]
  14. Martin Zagler, 1999. "Endogenous Growth, Efficency Wages, and Persistent Unemployment," Department of Economics Working Papers wuwp066, Vienna University of Economics and B.A., Department of Economics. [Downloadable!]
  15. Tim R.L. Fry & Kelly Jarvis & Joanne Loundes, 2002. "Are Pro-Reformers Better Performers?," Melbourne Institute Working Paper Series wp2002n18, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
  16. Koskela, Erkki & Stenbacka, Rune, 2004. "Profit Sharing, Credit Market Imperfections and Equilibrium Unemployment," IZA Discussion Papers 1020, Institute for the Study of Labor (IZA). [Downloadable!]
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