IDEAS home Printed from https://ideas.repec.org/a/ucp/jpolec/v102y1994i4p718-44.html
   My bibliography  Save this article

The Empirical Performance of Orthodox Models of the Firm: Conventional Firms and Worker Cooperatives

Author

Listed:
  • Pencavel, John
  • Craig, Ben

Abstract

Though it is routinely posited that organizations with different property rights will not exhibit the same responses to changes in their economic environment, compelling evidence of such behavior is difficult to find. The authors collected observations on two types of firms--conventional proprietorships and worker-owned cooperatives--operating in the same industry, in the same location, and at the same period of time. They compare the firms' reactions to changes in their input and output prices and ask whether their reactions are consistent with orthodox models of profit and dividend maximization. Copyright 1994 by University of Chicago Press.

Suggested Citation

  • 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 718-744, August.
    • Handle: RePEc:ucp:jpolec:v:102:y:1994:i:4:p:718-44
    DOI: 10.1086/261952
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1086/261952
    File Function: full text
    Download Restriction: Access to full text is restricted to subscribers. See http://www.journals.uchicago.edu/JPE for details.
    File URL: https://libkey.io/10.1086/261952?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. White, Halbert, 1980. "Using Least Squares to Approximate Unknown Regression Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 149-170, February.
    2. Craig, Ben & Pencavel, John, 1992. "The Behavior of Worker Cooperatives: The Plywood Companies of the Pacific Northwest," American Economic Review, American Economic Association, vol. 82(5), pages 1083-1105, December.
    3. Miyazaki, Hajime, 1986. "Labor-Management Bargaining: Contract Curves and Slutsky Equations," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1225-1245, December.
    4. Berman, Katrina V. & Berman, Matthew D., 1989. "An empirical test of the theory of the labor-managed firm," Journal of Comparative Economics, Elsevier, vol. 13(2), pages 281-300, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Guillermo Alves & Gabriel Burdin & Paula Carrasco & Andrés Dean & Andrés Rius, 2012. "Empleo, remuneraciones e inversión en cooperativas de trabajadores y empresas convencionales: nueva evidencia para Uruguay," Documentos de Trabajo (working papers) 12-14, Instituto de Economía - IECON.
    2. Ben Craig & John Pencavel, 1995. "Participation and Productiviy: A Comparison of Worker Cooperatives and Conventional Firms in the Plywood Industry," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1995 Micr), pages 121-174.
    3. Burdín, Gabriel & Dean, Andrés, 2012. "Revisiting the objectives of worker-managed firms: An empirical assessment," Economic Systems, Elsevier, vol. 36(1), pages 158-171.
    4. Gorton, Gary & Schmid, Frank, 1999. "Corporate governance, ownership dispersion and efficiency: Empirical evidence from Austrian cooperative banking," Journal of Corporate Finance, Elsevier, vol. 5(2), pages 119-140, June.
    5. Dean, Andrés, 2019. "Do successful worker-managed firms degenerate?," Journal of Comparative Economics, Elsevier, vol. 47(2), pages 317-329.
    6. Doucouliagos, Chris, 1996. "Conformity, replication of design and business niches," Journal of Economic Behavior & Organization, Elsevier, vol. 30(1), pages 45-62, July.
    7. Matyja, Małgorzata, 2017. "Zasoby pracy w polskich gospodarstwach z perspektywy pracowniczych spółdzielni rolniczych," Village and Agriculture (Wieś i Rolnictwo), Polish Academy of Sciences (IRWiR PAN), Institute of Rural and Agricultural Development, vol. 3(176).
    8. Donald A R George & Eddi Fontanari & Ermanno Celeste Tortia, 2019. "Finance, property rights and productivity in Italian cooperatives," Edinburgh School of Economics Discussion Paper Series 293, Edinburgh School of Economics, University of Edinburgh.
    9. Fakhfakh F. & Perotin V. & Gago M., 2009. "Productivity, Capital and Labor in Labor-Managed and Conventional Firms," Working Papers ERMES 0910, ERMES, University Paris 2.
    10. Gary Gorton & Frank Schmid, 2000. "Class Struggle Inside the Firm: A Study of German Codetermination," NBER Working Papers 7945, National Bureau of Economic Research, Inc.
    11. Dow,Gregory K., 2019. "The Labor-Managed Firm," Cambridge Books, Cambridge University Press, number 9781107589650.
    12. Kazuhiro Ohnishi, 2009. "Strategic Commitment and Three-Stage Games with Labour-Managed and Profit-Maximizing Firms," Finnish Economic Papers, Finnish Economic Association, vol. 22(2), pages 63-74, Autumn.
    13. Gregory K. DOW, 2018. "The Theory Of The Labor-Managed Firm: Past, Present, And Future," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(1), pages 65-86, March.
    14. repec:bla:annpce:v:89:y:2018:i:1:p:65-86 is not listed on IDEAS
    15. Burdín, Gabriel & Dean, Andrés, 2009. "New evidence on wages and employment in worker cooperatives compared with capitalist firms," Journal of Comparative Economics, Elsevier, vol. 37(4), pages 517-533, December.
    16. Chris Doucouliagos, 1997. "The Comparative Efficiency and Productivity of Labor-Managed and Capital-Managed Firms," Review of Radical Political Economics, Union for Radical Political Economics, vol. 29(2), pages 45-69, June.
    17. Fathi Fakhfakh & Virginie Pérotin & MÓnica Gago, 2012. "Productivity, Capital, and Labor in Labor-Managed and Conventional Firms: An Investigation on French Data," ILR Review, Cornell University, ILR School, vol. 65(4), pages 847-879, October.
    18. P.A.V.B. Swamy & I-Lok Chang & Jatinder S. Mehta & William H. Greene & Stephen G. Hall & George S. Tavlas, 2016. "Removing Specification Errors from the Usual Formulation of Binary Choice Models," Econometrics, MDPI, vol. 4(2), pages 1-21, June.
    19. Chamberlain, Gary, 1982. "Multivariate regression models for panel data," Journal of Econometrics, Elsevier, vol. 18(1), pages 5-46, January.
    20. Gabriel Burdí­n & Andrés Dean, 2009. "Las decisiones de empleo y salarios de cooperativas de trabajo y empresas capitalistas : evidencia para Uruguay en base a datos de panel," Documentos de Trabajo (working papers) 09-02, Instituto de Economía - IECON.
    21. Michael Kremer, 1997. "Why are Worker Cooperatives So Rare?," NBER Working Papers 6118, National Bureau of Economic Research, Inc.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucp:jpolec:v:102:y:1994:i:4:p:718-44. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journals Division (email available below). General contact details of provider: https://www.journals.uchicago.edu/JPE .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.