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.
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页码：293 / 315
页数：23
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