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The Empirical Performance of Orthodox Models of the Firm: Conventional Firms and Worker Cooperatives

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Author Info
Pencavel, John
Craig, Ben
Abstract

Though it is routinely posited that organizations with different property rights will not exhibit the same responses to changes in their economic environment, compelling evidence of such behavior is difficult to find. The authors collected observations on two types of firms--conventional proprietorships and worker-owned cooperatives--operating in the same industry, in the same location, and at the same period of time. They compare the firms' reactions to changes in their input and output prices and ask whether their reactions are consistent with orthodox models of profit and dividend maximization. Copyright 1994 by University of Chicago Press.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 102 (1994)
Issue (Month): 4 (August)
Pages: 718-44
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Handle: RePEc:ucp:jpolec:v:102:y:1994:i:4:p:718-44

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  1. Eric T. Swanson, 1999. "Measuring the cyclicality of real wages: how important is aggregation across industries?," Finance and Economics Discussion Series 1999-52, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  2. William E. Encinosa III & Martin Gaynor & James B. Rebitzer, 1997. "The Sociology of Groups and the Economics of Incentives: Theory and Evidence on Compensation Systems," NBER Working Papers 5953, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Fiona M. Scott Morton & Joel M. Podolny, 1998. "Love or Money? The Effects of Owner Motivation in the California Wine Industry," NBER Working Papers 6743, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Gary Gorton & Frank Schmid, 2000. "Class Struggle Inside the Firm: A Study of German Codetermination," NBER Working Papers 7945, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. John Pencavel & Luigi Pistaferri & Fabiano Schivardi, 2006. "Wages, Employment, and Capital in Capitalist and Worker-Owned Firms," IZA Discussion Papers 2188, Institute for the Study of Labor (IZA). [Downloadable!]
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  6. Gregory K. Dow, 2000. "Allocating Control Over Firms: Stock Markets Versus Membership Markets," Discussion Papers dp00-03, Department of Economics, Simon Fraser University, revised Feb 2000. [Downloadable!]
  7. Chong-En Bai & Chenggang Xu, 2001. "Ownership, Incentives and Monitoring," STICERD - Theoretical Economics Paper Series 413, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  8. Gary Gorton & Frank Schmid, 2002. "Class struggle inside the firm: a study of German codetermination," Working Papers 2000-025, Federal Reserve Bank of St. Louis. [Downloadable!]
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