The impact of employee stock ownership on firms' investments and market value

被引：0

作者：

Chen, Andrew H. ^{[1
]}

Kensinger, John W. ^{[2
]}

Terrell, R. D. ^{[3
]}

机构：

[1] Southern Methodist Univ, Edwin L Cox Sch Business, Dallas, TX 75275 USA

[2] Univ North Texas, Coll Business Adm, Denton, TX 76203 USA

[3] Australian Natl Univ, Natl Grad Sch Management, Canberra, ACT 0200, Australia

来源：

INTERNATIONAL JOURNAL OF SERVICES TECHNOLOGY AND MANAGEMENT | 2007年 / 8卷 / 4-5期

关键词：

employee stock ownership; firms' investments; market value;

D O I：

10.1504/IJSTM.2007.013921

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Although, employee stock ownership may result in increased cash flows due to enhanced organisational productivity or improved governance, this benefit is counter-balanced by the increased risk premium due to a higher correlation between the returns to the firm and the returns to human capital in general. The analysis in this paper provides a framework for optimising employee incentives from stock ownership.

引用

页码：293 / 315

页数：23

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