The scope, nature, and effects of employee stock ownership plans in Japan

Derek Charles Jones and Takao Kato ()

Industrial and Labor Relations Review, 1993, vol. 46, issue 2, pages 352-367

Abstract: Using data for various years, including new data for 1973-84, the authors examine the scope, nature, determinants, and effects of Japanese employee stock ownership plans (ESOPs). In 1988, of firms listed on Japan's eight stock exchange markets, 91% had an ESOP, and the average (non-executive) employee plan participant owned stock worth about $14,000. Probit estimates for a sample of manufacturing firms show that firms were more likely to adopt ESOPs when recent business performance was below average, the capital/labor ratio was relatively low, and employment growth was relatively fast. Evidence is also found that ESOPs enhanced enterprise productivity. The authors argue that ESOPs have played an important, and largely overlooked, role in the success of the Japanese economy over the past two decades. (Abstract courtesy JSTOR.)

Date: 1993
View citations in EconPapers

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:ilr:articl:v:46:y:1993:i:2:p:352-367

Ordering information: This journal article can be ordered from
621 Ives Hall, Cornell Univ., Ithaca, NY 14853-3901
http://digitalcommons.ilr.cornell.edu/ilrreview/

Access Statistics for this article

Industrial and Labor Relations Review is edited by Tove Hammer

More articles in Industrial and Labor Relations Review from ILR Review, ILR School, Cornell University
Contact information at EDIRC.
Series data maintained by Jami Carlacio ().