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Wages, employment, and capital in capitalist and worker-owned firms

  • John Pencavel
  • Luigi Pistaferri
  • Fabiano Schivardi

The authors investigate how worker-owned and capitalist enterprises differ with respect to wages, employment, and capital in Italy, the market economy with the greatest incidence of worker-owned and worker-managed firms. Estimates calculated using a matched employer-worker panel data set for the years 1982-94 largely corroborate the implications of orthodox behavioral models of the two types of enterprise. Co-ops had 14% lower wages than capitalist enterprises, on average; more volatile wages; and less volatile employment. Given the quality of the data set analyzed, the authors argue, these results can be regarded as having broad generality. (Free full-text download available at http://digitalcommons.ilr.cornell.edu/ilrreview/.)

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Article provided by ILR Review, Cornell University, ILR School in its journal ILR Review.

Volume (Year): 60 (2006)
Issue (Month): 1 (October)
Pages: 23-44

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Handle: RePEc:ilr:articl:v:60:y:2006:i:1:p:23-44
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  1. 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).
  2. Luigi Guiso & Luigi Pistaferri & Fabiano Schivardi, 2001. "Insurance within the Firm," Temi di discussione (Economic working papers) 414, Bank of Italy, Economic Research and International Relations Area.
  3. 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.
  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.
  5. Will Bartlett & John Cable & Saul Estrin & Derek C. Jones & Stephen C. Smith, 1992. "Or-Managed Cooperatives and Private Firms in North Central Italy: An Empirical Comparison," ILR Review, Cornell University, ILR School, vol. 46(1), pages 103-118, October.
  6. 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.
  7. 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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