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The scope, nature, and effects of employee stock ownership plans in Japan

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Author Info

  • Derek C. Jones
  • Takao Kato

Abstract

Using data for various years, including new data for 1973-84, the authors examine the scope, nature, determinants, and effects of Japanese employee stock ownership plans (ESOPs). In 1988, of firms listed on Japan's eight stock exchange markets, 91% had an ESOP, and the average (non-executive) employee plan participant owned stock worth about $14,000. Probit estimates for a sample of manufacturing firms show that firms were more likely to adopt ESOPs when recent business performance was below average, the capital/labor ratio was relatively low, and employment growth was relatively fast. Evidence is also found that ESOPs enhanced enterprise productivity. The authors argue that ESOPs have played an important, and largely overlooked, role in the success of the Japanese economy over the past two decades. (Abstract courtesy JSTOR.)

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Bibliographic Info

Article provided by ILR Review, Cornell University, ILR School in its journal ILR Review.

Volume (Year): 46 (1993)
Issue (Month): 2 (January)
Pages: 352-367

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Handle: RePEc:ilr:articl:v:46:y:1993:i:2:p:352-367

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Cited by:
  1. Ohkusa, Yasushi & Ohtake, Fumio, 1997. "The Productivity Effects of Information Sharing, Profit Sharing, and ESOPs," Journal of the Japanese and International Economies, Elsevier, vol. 11(3), pages 385-402, September.
  2. Kato, Takao & Owan, Hideo, 2011. "Market characteristics, intra-firm coordination, and the choice of human resource management systems: Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 80(3), pages 375-396.
  3. Artz, Georgeanne M. & Kim, Younjun, 2011. "Business Ownership by Workers: Are Worker Cooperatives a Viable Option?," Staff General Research Papers 34575, Iowa State University, Department of Economics.
  4. Curtiss, Jarmila & Medonos, Tomas & Ratinger, Tomas, 2005. "Ownership Form Effect on Large-Scale Farms' Performance: Case of Czech Agriculture," 94th Seminar, April 9-10, 2005, Ashford, UK 24435, European Association of Agricultural Economists.
  5. Jones, Derek C. & Kalmi, Panu & Mäkinen, Mikko, 2004. "The Determinants of Stock Option Compensation: Evidence from Finland," Discussion Papers 957, The Research Institute of the Finnish Economy.
  6. Derek C. Jones & Takao Kato & Jeffrey Pliskin, 1994. "Profit Sharing and Gainsharing: A Review of Theory, Incidence, and Effects," Economics Working Paper Archive wp_125, Levy Economics Institute, The.
  7. Takao Kato, . "Cooperate to Compete, Employee Participation and Productivity: Evidence from a New Survey of Japanese Firms," Economics Public Policy Brief Archive ppb_19, Levy Economics Institute, The.
  8. Takao Kato & Ju HO Lee & Kang-sung Lee & Jang-soo Ryu, 2005. "Employee participation and involvement in korea: evidence from a new survey and field research," International Economic Journal, Taylor & Francis Journals, vol. 19(2), pages 251-281.

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