THE PRODUCTIVITY EFFECTS OF EMPLOYEE STOCK-OWNERSHIP PLANS AND BONUSES - EVIDENCE FROM JAPANESE PANEL-DATA

• 成果类型: Article
• 署名作者: JONES, DC; KATO, T
• 署名单位: Colgate University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• 发表日期: 1995
• 页码: 391-414
• 关键词: PROFIT

摘要

We report the first results for Japanese firms on the effects of employee stock-ownership plans (ESOP's) and bonuses by estimating production functions using new panel data. We find that the introduction of an ESOP will lead to a 4-5-percent increase in productivity; this productivity payoff takes 3-4 years. There is a modest productivity gain from the bonus system. We also find evidence that the productivity effect of bonuses is enhanced by the existence of ESOP's, suggesting that ESOP's may create a climate conducive to profit-sharing by enhancing long-term commitment and peer monitoring.