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Wages, Employment, and Capital in Capitalist and Worker-Owned Firms

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Author Info

  • Pencavel, John

    ()
    (Stanford University)

  • Pistaferri, Luigi

    ()
    (Stanford University)

  • Schivardi, Fabiano

    ()
    (LUISS Guido Carli University)

Abstract

Differences in wages, employment, and capital between worker-owned and capitalist enterprises are computed from a matched employer-worker panel data set from Italy, the market economy with the greatest incidence of worker-owned and worker-managed firms. These differences are related to orthodox models of the capitalist firm and worker co-op. The estimates of the wage, employment, and capital equations largely corroborate the implications of the behavioral models of the two types of enterprise. Co-op wages are about 14 percent lower on average and they are more volatile (and employment less volatile) than those in capitalist enterprises. Given the breadth of the data set analyzed, the results can claim to constitute general findings about capitalist and co-op enterprises.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 2188.

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Length: 46 pages
Date of creation: Jun 2006
Date of revision:
Publication status: published in: Industrial and Labor Relations Review, 2006, 60 (1), 23-44
Handle: RePEc:iza:izadps:dp2188

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Keywords: wages; capitalist firms; worker-owned firms; employment; capital;

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References

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  1. Guiso, Luigi & Pistaferri, Luigi & Schivardi, Fabiano, 2001. "Insurance Within the Firm," CEPR Discussion Papers 2793, C.E.P.R. Discussion Papers.
  2. Federico Cingano & Fabiano Schivardi, 2004. "Identifying the Sources of Local Productivity Growth," Journal of the European Economic Association, MIT Press, vol. 2(4), pages 720-742, 06.
  3. JONES, Derek C. & SVEJNAR, Jan, . "Participation, profit sharing, worker ownership and efficiency in Italian producer cooperatives," CORE Discussion Papers RP -681, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Will Bartlett & Saul Estrin & John Cable & Stephen Smith, 1992. "Labor-managed cooperatives and private firms in north central Italy: An empirical comparison," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 46(1), pages 103-118, October.
  5. Pencavel, John & Craig, Ben, 1994. "The Empirical Performance of Orthodox Models of the Firm: Conventional Firms and Worker Cooperatives," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 718-44, August.
  6. Smith, Stephen C., 1994. "Innovation and market strategy in Italian industrial cooperatives: Econometric evidence on organizational comparative advantage," Journal of Economic Behavior & Organization, Elsevier, vol. 23(3), pages 303-320, May.
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