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Employee Share Ownership: Safeguarding Investments in Human Capital

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  • Andrew M. Robinson
  • Hao Zhang

Abstract

Valuable investments in human capital, it has been argued, may be at risk in much the same way as shareholder equity capital. In this paper, we develop and test the hypothesis that employee share ownership (ESO) may be used to encourage and safeguard investments in human capital. Using the Workplace Employee Relations Survey 1998, we examine the empirical link between the likelihood of ESO and the presence of valuable human capital. Adjusted for possible structural influences, empirical evidence suggests considerable support for our hypothesis.

Suggested Citation

  • Andrew M. Robinson & Hao Zhang, 2005. "Employee Share Ownership: Safeguarding Investments in Human Capital," British Journal of Industrial Relations, London School of Economics, vol. 43(3), pages 469-488, September.
    • Handle: RePEc:bla:brjirl:v:43:y:2005:i:3:p:469-488
    DOI: 10.1111/j.1467-8543.2005.00365.x
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    References listed on IDEAS

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    1. Roberts, John & Van den Steen, Eric, 2000. "Shareholder Interests, Human Capital Investment and Corporate Governance," Research Papers 1631, Stanford University, Graduate School of Business.
    2. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, Second Edition," NBER Books, National Bureau of Economic Research, Inc, number beck75-1, March.
    3. James C. Sesil & Douglas L. Kruse & Joseph R. Blasi, 2001. "Sharing Ownership via Employee Stock Ownership," WIDER Working Paper Series DP2001-25, World Institute for Development Economic Research (UNU-WIDER).
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    Cited by:

    1. Douglas L. Kruse & Richard B. Freeman & Joseph R. Blasi, 2010. "Do Workers Gain by Sharing? Employee Outcomes under Employee Ownership, Profit Sharing, and Broad-Based Stock Options," NBER Chapters, in: Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options, pages 257-289, National Bureau of Economic Research, Inc.
    2. Li Xiang & Xu Yanmei, 2020. "Can Positive Entrepreneurship Policies Always Improve Social Welfare?," Journal of Systems Science and Information, De Gruyter, vol. 8(2), pages 148-158, April.
    3. John Heywood & Uwe Jirjahn & Georgi Tsertsvardze, 2010. "Hiring older workers and employing older workers: German evidence," Journal of Population Economics, Springer;European Society for Population Economics, vol. 23(2), pages 595-615, March.
    4. Steger, Thomas & Schubert, Christoph & Beisigel, Christina & Dietrich, Madeleine, 2019. "Mitarbeiterkapitalbeteiligung in KMU: Die Perspektive der Mitarbeiter/innen," Working Paper Forschungsförderung 129, Hans-Böckler-Stiftung, Düsseldorf.
    5. Uwe Jirjahn, 2018. "The adoption and termination of profit sharing for employees: does management’s attitude play a role?," Applied Economics, Taylor & Francis Journals, vol. 50(2), pages 108-127, January.
    6. Artz, Georgeanne M. & Kim, Younjun, 2011. "Business ownership by workers: are worker cooperatives a viable option?," ISU General Staff Papers 201111090800001098, Iowa State University, Department of Economics.
    7. John S. Heywood & Uwe Jirjahn, 2016. "The hiring and employment of older workers in Germany: a comparative perspective [Die Beschäftigung und Neueinstellung älterer Arbeitnehmer in Deutschland: Eine vergleichende Perspektive]," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), vol. 49(4), pages 349-366, December.
    8. Cécile Cézanne & Xavier Hollandts, 2021. "Employee Participation in Corporate Governance: What Impact on the Performance and Cash Distribution Policy in the SBF 120 (2000-2014)?," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 528-529, pages 85-107.
    9. Fathi Fakhfakh & Andrew Robinson & Aguibou Tall, 2019. "Financial Participation and Collective Conflicts: Evidence from French Firms," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 58(4), pages 674-703, October.
    10. Kim, Kyoung Yong & Patel, Pankaj C., 2017. "Employee ownership and firm performance: A variance decomposition analysis of European firms," Journal of Business Research, Elsevier, vol. 70(C), pages 248-254.
    11. John S. Heywood & Uwe Jirjahn, 2015. "The German Labor Market for Older Workers in Comparative Perspective," Research Papers in Economics 2015-02, University of Trier, Department of Economics.

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