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How Does Shared Capitalism Affect Economic Performance in the UK?

  • Alex Bryson
  • Richard Freeman

This paper uses nationally representative linked workplace-employee data from the British 2004 Workplace Employment Relations Survey to examine the operation of shared capitalist forms of pay - profit-sharing and group pay for performance, employee share ownership, and stock options—and their link to productivity. It shows that shared capitalism has grown in the UK, as it has in the US; that different forms of shared capitalist pay complement each other and other labour practices in the sense that firms use them together more than they would if they chose modes of pay and work practices independently; and that workplaces switch among schemes frequently, which suggests that they have trouble optimizing and the transactions cost of switching are relatively low. Among the single schemes, share ownership has the clearest positive association with productivity, but its impact is largest when firms combine it with other forms of shared capitalist pay and modes of organization.

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File URL: http://cep.lse.ac.uk/pubs/download/dp0885.pdf
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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0885.

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Date of creation: Aug 2008
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Handle: RePEc:cep:cepdps:dp0885
Contact details of provider: Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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  1. David Card & Richard Blundell & Richard B. Freeman, 2004. "Seeking a Premier Economy: The Economic Effects of British Economic Reforms, 1980-2000," NBER Books, National Bureau of Economic Research, Inc, number card04-1, May.
  2. Baker, George & Gibbons, Robert & Murphy, Kevin J, 1994. "Subjective Performance Measures in Optimal Incentive Contracts," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 1125-56, November.
  3. Martin J. Conyon & Richard B. Freeman, 2002. "Shared modes of compensation and firm performance: UK evidence," LSE Research Online Documents on Economics 20060, London School of Economics and Political Science, LSE Library.
  4. Kochan, Thomas A., 1996. "What works at work : overview and assessment," Working papers 3886-96., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  5. Alex Bryson & Richard B. Freeman, 2007. "Doing the right thing? does fair share capitalism improve workplace performance," LSE Research Online Documents on Economics 4964, London School of Economics and Political Science, LSE Library.
  6. repec:nsr:niesrd:319 is not listed on IDEAS
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