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

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Author Info
John Pencavel () (Stanford University and IZA Bonn)
Luigi Pistaferri () (Stanford University)
Fabiano Schivardi () (Bank of Italy and CEPR)

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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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Publisher 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:
Handle: RePEc:iza:izadps:dp2188

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

Other versions of this item:

Find related papers by JEL classification:
J54 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Producer Cooperatives; Labor Managed Firms
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Luigi Guiso & Luigi Pistaferri & Fabiano Schivardi, 2005. "Insurance within the Firm," Journal of Political Economy, University of Chicago Press, vol. 113(5), pages 1054-1087, October.
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  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. [Downloadable!] (restricted)
    Other versions:
  3. Jones, Derek C & Svejnar, Jan, 1985. "Participation, Profit Sharing, Worker Ownership and Efficiency in Italian Producer Cooperative," Economica, London School of Economics and Political Science, vol. 52(208), pages 449-65, November. [Downloadable!] (restricted)
    Other versions:
  4. 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. [Downloadable!] (restricted)
  5. 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, ILR School, Cornell University, vol. 46(1), pages 103-118, October.
  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. [Downloadable!] (restricted)
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