Wages, employment, and capital in capitalist and worker-owned firms

John Pencavel, Luigi Pistaferri () and Fabiano Schivardi ()

Industrial and Labor Relations Review, 2006, vol. 60, issue 1, pages 23-44

Abstract: The authors investigate how worker-owned and capitalist enterprises differ with respect to wages, employment, and capital in Italy, the market economy with the greatest incidence of worker-owned and worker-managed firms. Estimates calculated using a matched employer-worker panel data set for the years 1982-94 largely corroborate the implications of orthodox behavioral models of the two types of enterprise. Co-ops had 14% lower wages than capitalist enterprises, on average; more volatile wages; and less volatile employment. Given the quality of the data set analyzed, the authors argue, these results can be regarded as having broad generality. (Free full-text download available at http://digitalcommons.ilr.cornell.edu/ilrreview/.)

Date: 2006

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Working Paper: Wages, Employment, and Capital in Capitalist and Worker-Owned Firms (2006)
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