Using a National Bureau of Economic Research dataset of employees of 14 United States companies with shared capitalism practices, we compare two prominent explanations of employee ownership's influence on pro-organizational behaviors - psychological ownership and alignment of financial interests...

This paper analyzes the possibility of creating worker cooperatives in which members are paid not through wages but through dividends calculated on the organization's residual income, as stipulated by the economic theory of the labor-managed firm. It is shown how dividends paid to members can be...

Using detailed administrative data from Spain, we characterize how a first work experience in an employee-owned firm (EOF) versus a conventional firm can affect workers’ careers. We find that workers’ exposure to EOFs at the time of entry reduces daily wages by 8% over the first 15 years in...

This paper presents an analytical economic democracy-shared capitalism framework to better understanding of the nature and firm-level drivers of employee ownership, in particular the purpose of the firm. This framework allows us to answer the question: to what extent and how does firm purpose...

Why does capital typically hire labor rather than the other way around? Employee-owned firms with majority workforce control - such as worker cooperatives - remain rare in market economies, despite evidence that they perform at least as well as investor-owned firms across various contexts. In...

The ownership structure of listed companies affects the risk of stock price crash. Under the background of agency conflict and decentralised equity era of listed companies in China, how to effectively reduce the risk of stock price crash is an urgent problem to be solved. The limited partnership...

Do employees fare better in firms they partly own? Examining workers' reviews of their employers on Glassdoor, we compare employee satisfaction between firms in which workers own company shares through an employee stock ownership plan (ESOP) and conventional firms in which they do not. Focusing...

Using detailed administrative data from Spain, we investigate the impact of having an initial work experience in an employee-owned firm (EOF) versus a conventional business on subsequent earnings. We find that young workers' exposure to EOFs at the time of labour market entry reduces earnings by...

This article investigates how care workers understood ownership and experienced employee-ownership through the exercise of workplace participation and control. To date much of the scholarly work has focused on formal governance arrangements, types of participation and the limitations of worker...

This study documents that firms with active corporate owners compensate their employees less than their peers. We analyze over 20 million employee records from 897 US firms and calculate pay differentials for employees in comparable positions across firms. The analysis yields three main...

This paper investigates the return predictability and information content of changes in employee ownership of own-company stock in defined contribution pension plans. Using the US Department of Labor's Form 5500 data from 2000 to 2019, I find that a two-standard-deviation increase in the changes...

We investigated whether the market places a higher value on banks with employee share ownership plans (ESOPs) than on those without them. Using a variety of empirical models, we found that ESOPs increased the market value of banks. However, this positive effect occured only when banks were...

This paper investigates the relation between financial participation and preferences for design elements as well as attitudes towards the energy transition. The design elements are used to characterise dimensions of the energy transition. Based on a survey of more than 1000 German citizens, we...

Although companies typically claim to implement an employee ownership stock plan (ESOP) for the purpose of incentivizing employees to enhance corporate performance, many nonincentive motives may be hidden behind this move. This paper demonstrates that due to optimistic market reactions, employee...