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Shared Modes of Compensation and Firm Performance: UK Evidence

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Author Info
Martin J. Conyon
Richard Freeman

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Abstract

This paper examines the use and consequences of shared compensation plans (profit sharing, profit related pay, SAYE schemes and company stock option plans) in a sample of UK workplaces and firms in the 1990s. The use of these plans has increased over time, in part in response to government programs. The evidence shows that companies and workplaces adopting shared compensation practices have had higher productivity than other firms, but the effects vary among programs, suggesting that the particulars matter a lot in aligning shared compensation and work place activities. Consistent with incentive theory, the evidence also shows that firms and workplaces with shared compensation practices have a higher incidence of shared decision-making/information sharing practices.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0560.

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Date of creation: Oct 2002
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Handle: RePEc:cep:cepdps:dp0560

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References listed on IDEAS
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  1. Cable, John & Wilson, Nicholas, 1989. "Profit-Sharing and Productivity: An Analysis of UK Engineering Firms," Economic Journal, Royal Economic Society, vol. 99(396), pages 366-75, June. [Downloadable!] (restricted)
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  1. Douglas Kruse & Richard Freeman & Joseph Blasi, 2008. "Do Workers Gain by Sharing? Employee Outcomes under Employee Ownership, Profit Sharing, and Broad-based Stock Options," NBER Working Papers 14233, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. David Card & Richard B. Freeman, 2002. "What Have Two Decades of British Economic Reform Delivered?," NBER Working Papers 8801, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Addison, John T. & Siebert, W. Stanley, 2002. "Changes in Collective Bargaining in the U.K," IZA Discussion Papers 562, Institute for the Study of Labor (IZA). [Downloadable!]
  4. Douglas Kruse & Richard Freeman & Joseph Blasi & Robert Buchele & Adria Scharf, 2003. "Motivating Employee-Owners in ESOP Firms: Human Resource Policies and Company Performance," NBER Working Papers 10177, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Koskela, Erkki & König, Jan, 2008. "Strategic Outsourcing, Profit Sharing and Equilibrium Unemployment," IZA Discussion Papers 3413, Institute for the Study of Labor (IZA). [Downloadable!]
  6. Erkki Koskela & Jan König, 2009. "Can Profit Sharing Lower Flexible Outsourcing? A Note," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  7. Mikko Mäkinen, 2007. "Do Stock Opiton Schemes Affect Technical Inefficiency? Evidence from Finland," Discussion Papers 1085, The Research Institute of the Finnish Economy. [Downloadable!]
  8. Koskela, Erkki & König, Jan, 2009. "Can Profit Sharing Lower Flexible Outsourcing? A Note," IZA Discussion Papers 4063, Institute for the Study of Labor (IZA). [Downloadable!]
  9. Erkki Koskela & Jan König, 2008. "Flexible Outsourcing, Profit Sharing and Equilibrium Unemployment," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  10. Heli Koski & Luigi Marengo & Iiro Mäkinen, 2009. "Firm size, managerial practices and innovativeness: some evidence from Finnish manufacturing," LEM Papers Series 2009/01, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  11. Addison, John T. & Belfield, Clive R., 2002. "Unions and Employment Growth: The One Constant?," IZA Discussion Papers 479, Institute for the Study of Labor (IZA). [Downloadable!]
  12. Juin-Jen Chang, 2006. "Profit Sharing, Risk Sharing, and Firm Size: Implications of Efficiency Wages," Small Business Economics, Springer, vol. 27(2), pages 261-273, October. [Downloadable!] (restricted)
  13. Addison, John T. & Belfield, Clive R., 2002. "Unions and Establishment Performance: Evidence from the British Workplace Industrial/Employee Relations Surveys," IZA Discussion Papers 455, Institute for the Study of Labor (IZA). [Downloadable!]
  14. Heli Koski & Luigi -Mäkinen Marengo, 2009. "Managerial Practices, Performance and Innovativeness: Some Evidence from Finnish Manufacturing," Discussion Papers 1176, The Research Institute of the Finnish Economy. [Downloadable!]
  15. John W. Budd, 2008. "Does Employee Ignorance Undermine Shared Capitalism?," NBER Working Papers 14236, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  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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