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How Does Shared Capitalism Affect Economic Performance in the UK?

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Author Info
Alex Bryson
Richard B. Freeman

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Abstract

This paper uses nationally representative linked workplace-employee data from the British2004 Workplace Employment Relations Survey to examine the operation of shared capitalistforms of pay - profit-sharing and group pay for performance, employee share ownership, andstock options—and their link to productivity. It shows that shared capitalism has grown inthe UK, as it has in the US; that different forms of shared capitalist pay complement eachother and other labour practices in the sense that firms use them together more than theywould if they chose modes of pay and work practices independently; and that workplacesswitch among schemes frequently, which suggests that they have trouble optimizing and thetransactions cost of switching are relatively low. Among the single schemes, shareownership has the clearest positive association with productivity, but its impact is largestwhen firms combine it with other forms of shared capitalist pay and modes of organization.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0885.

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Date of creation: Aug 2008
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Handle: RePEc:cep:cepdps:dp0885

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Related research
Keywords: share ownership; payment systems; labour productivity;

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Find related papers by JEL classification:
J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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  1. Baker, George & Gibbons, Robert & Murphy, Kevin J, 1994. "Subjective Performance Measures in Optimal Incentive Contracts," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 1125-56, November. [Downloadable!] (restricted)
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  2. Kochan, Thomas A., 1996. "What works at work : overview and assessment," Working papers 3886-96., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  3. David Card & Richard Blundell & Richard B. Freeman, 2004. "Seeking a Premier Economy: The Economic Effects of British Economic Reforms, 1980-2000," NBER Books, National Bureau of Economic Research, Inc, number card04-1, September.
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