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The productivity effects of profit sharing, employee ownership, stock option and team incentive plans : Evidence from Korean panel data

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  • The productivity effects of profit sharing, employee ownership, stock option and team incentive plans
  • Kato, Takao; Lee, Ju Ho; Ryu, Jang-Soo
  • Institute for the Study of Labor


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Title The productivity effects of profit sharing, employee ownership, stock option and team incentive plans
Similar Titles
Sub Title

Evidence from Korean panel data

Material Type Reports
Author(English)

Kato, Takao; Lee, Ju Ho; Ryu, Jang-Soo

Publisher

Bonn:Institute for the Study of Labor

Date 2010-08
Series Title; No Discussion Paper Series / 5111
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Others
Social Development < Employment
Holding Institute for the Study of Labor

Abstract

We report the first results for Korean firms on the incidence, diffusion, scope and effects of diverse employee financial participation schemes, such as Profit Sharing Plans (PSPs), Employee Stock Ownership Plans (ESOPs), Stock Option Plans (SOPs) and Team Incentive Plans (TIPs). In do doing, we assemble important new panel data by merging data from a survey of all Korean firms listed on Korean Stock Exchange which enjoys an unusually high response rate of 60 percent with accounting data from their corporate proxy statements. Our estimated fixed effect models of production functions reveal consistently that the introduction of a PSP or a TIP will lead to a significant increase in productivity (about 10 percent) whereas no such evidence found for ESOPs or SOPs. We also find that the productivity payoff appears to be more long-lasting for PSPs than for TIPs. (The rest omitted)

User Note

Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. (The rest omitted)