Employee Stock Ownership Plans and Productivity in Japanese Manufacturing Firms

Derek C. Jones · Takao Kato

26 citations0/0 files storedBritish Journal of Industrial Relations

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Abstract

Abstract By using a large new enterprise‐level data set, and evidence drawn from case studies, we show that Japanese employee stock ownership plans (ESOPs) are a pervasive and neglected institution. In 1988, more than 90% of all firms listed on Japanese stock markets had an ESOP, and close to 50% of the labour force in firms with ESOPs participated in the plan. Micro data and a production function framework are used to examine the effects on business performance of ESOPs. On average, the net effect of introducing an ESOP is to increase productivity by almost 7%.

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References

1988Information, Incentives and Bargaining in the Japanese Economy 1979Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination 2013Toward an Economic Model of the Japanese Firm 1990Participation, Productivity, and the Firm's Environment 1985The Economic Analysis of the Japanese Firm 1988Understanding Industrial Relations in Modern Japan 1976Individual Mobility and Union Voice in the Labor Market 1987Bonuses and employment in Japan

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