作者：MARCOUILLER, D; YOUNG, L
作者单位：Chinese University of Hong Kong; University of Texas System; University of Texas Austin; University of Texas System; University of Texas Austin
作者：JONES, DC; KATO, T
作者单位：Colgate University
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 ...
