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The Effects Of Employee Ownership On Employee Attitudes: An Integrated Causal Model And Path Analysis

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  • Aaron A. Buchko

Abstract

Research on employee‐owned organizations to date has utilized alternative theoretical perspectives and has examined varying attitudinal outcomes. This study reviews previous research and attempts to integrate the findings into a causal model that combines the results of prior studies. the resulting causal model was tested empirically with a sample (N= 181) of employees from a firm that adopted an employee ownership programme. Financial value of the ESOP was positively related to satisfaction with the ESOP plan, but was not related to other attitudinal variables. Perceived influence from ownership was positively related to ESOP satisfaction, job satisfaction, and organizational commitment. ESOP satisfaction, job satisfaction, and organizational commitment were negatively related to turnover intention. ESOP satisfaction and turnover intention were related to actual employee turnover behaviour over an extended time period.

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  • Aaron A. Buchko, 1993. "The Effects Of Employee Ownership On Employee Attitudes: An Integrated Causal Model And Path Analysis," Journal of Management Studies, Wiley Blackwell, vol. 30(4), pages 633-657, July.
    • Handle: RePEc:bla:jomstd:v:30:y:1993:i:4:p:633-657
    DOI: 10.1111/j.1467-6486.1993.tb00319.x
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    Cited by:

    1. Aubert, Nicolas & Kern, Alexander & Hollandts, Xavier, 2017. "Employee stock ownership and the cost of capital11We are grateful to the Editor in Chief, Thomas Lagoarde-Segot and to participants at 2016 French accounting association conference, 2015 French financ," Research in International Business and Finance, Elsevier, vol. 41(C), pages 67-78.
    2. Aubert, Nicolas & Garnotel, Guillaume & Lapied, André & Rousseau, Patrick, 2014. "Employee ownership: A theoretical and empirical investigation of management entrenchment vs. reward management," Economic Modelling, Elsevier, vol. 40(C), pages 423-434.
    3. Zied Guedri & Xavier Hollandts, 2008. "Beyond Dichotomy: The Curvilinear Impact of Employee Ownership on Firm Performance," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(5), pages 460-474, September.
    4. Renée De Reuver & Brigitte Kroon & Damian Madinabeitia Olabarria & Unai Elorza Iñurritegui, 2021. "Employee Satisfaction in Labor-Owned and Managed Workplaces: Helping Climate and Participation Spillover to Non-Owners," Sustainability, MDPI, vol. 13(6), pages 1-14, March.
    5. Kin Fai Ellick Wong & Cecilia Cheng, 2020. "The Turnover Intention–Behaviour Link: A Culture‐Moderated Meta‐Analysis," Journal of Management Studies, Wiley Blackwell, vol. 57(6), pages 1174-1216, September.
    6. Nicolas Aubert & Alexander Kern & Xavier Hollandts, 2017. "Employee stock ownership and the cost of capital," Post-Print halshs-01502001, HAL.
    7. Aymen Mselmi & Boutheina Regaieg, 2017. "Managers' Entrenchment, Governance and Bank Performance," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 233-246.
    8. Sami Adwan & Alaa Alhaj-Ismail & Ranko Jelic, 2022. "Non-executive employee ownership and financial reporting quality: evidence from Europe," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 793-823, August.
    9. Riaz, Fayyaz & Abdul Razzaq, Fiza & Waqar, Ahsan, 2017. "Effect of Employee Stock Ownership Plans (ESOPs) on the performance of Small business in Karachi," MPRA Paper 84322, University Library of Munich, Germany, revised 11 Nov 2017.
    10. Fareeha Waseem & Syeda Fizza Abbas & Anum Farooq, 2022. "Nexus of Employee Stock Ownership with Cost of Capital: Evidence from KSE 100," iRASD Journal of Management, International Research Alliance for Sustainable Development (iRASD), vol. 4(1), pages 38-50, March.
    11. Brian L. Connelly & Robert E. Hoskisson & Laszlo Tihanyi & S. Trevis Certo, 2010. "Ownership as a Form of Corporate Governance," Journal of Management Studies, Wiley Blackwell, vol. 47(s2), pages 1561-1589, December.
    12. Dalenda Ben Ahmed, 2020. "Behavioral effects of employee stock ownership: French case," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 10(2), pages 53-64, February.
    13. Mahto, Raj & McDowell, William C. & Davis, Peter, 2020. "Influence and values: The connection between participation and commitment in family firms," Journal of Business Research, Elsevier, vol. 112(C), pages 354-362.
    14. Ahrens, Carolin & Oehmichen, Jana & Wolff, Michael, 2018. "Expatriates as influencers in global work arrangements: Their impact on foreign-subsidiary employees’ ESOP participation," Journal of World Business, Elsevier, vol. 53(4), pages 452-462.
    15. Sarah Brown & John G. Sessions, 2003. "Attitudes, Expectations and Sharing," LABOUR, CEIS, vol. 17(4), pages 543-569, December.
    16. 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.
    17. William N. Pugh & Sharon L. Oswald & John S. Jahera Jr., 2000. "The effect of ESOP adoptions on corporate performance: are there really performance changes?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 21(5), pages 167-180.

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