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Direct Employee Stock Ownership: An Empirical Investigation

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  • James A. Brickley
  • Kathleen T. Hevert
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    Abstract

    Many companies have acted to increase direct stock ownership among their employees. For most firms, these actions have not resulted in major changes in the ownership structure of the firm. However, from a personal portfolio standpoint, the typical level of employee stock ownership appears appreciable. The level of individual ownership is negatively related to the standard deviation of stock returns and positively related to the individual's wealth, education and years of employment with the firm. Several arguments are made for why incentive effects associated with stock ownership should not be ruled out based on traditional free-rider arguments without additional theoretical and empirical analysis.

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    Bibliographic Info

    Article provided by Financial Management Association in its journal Financial Management.

    Volume (Year): 20 (1991)
    Issue (Month): 2 (Summer)
    Pages:

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    Handle: RePEc:fma:fmanag:brickley291

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    Cited by:
    1. Douglas Kruse & Joseph Blasi, 1995. "Employee Ownership, Employee Attitudes, and Firm Performance," NBER Working Papers 5277, National Bureau of Economic Research, Inc.
    2. Arindrajit Dube & Richard Freeman, 2008. "Complementarity of Shared Compensation and Decision-Making Systems: Evidence from the American Labor Market," NBER Working Papers 14272, National Bureau of Economic Research, Inc.

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