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Direct Employee Stock Ownership: An Empirical Investigation

Author

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  • James A. Brickley
  • Kathleen T. Hevert

Abstract

Many companies have acted to increase direct stock ownership among their employees. For most firms, these actions have not resulted in major changes in the ownership structure of the firm. However, from a personal portfolio standpoint, the typical level of employee stock ownership appears appreciable. The level of individual ownership is negatively related to the standard deviation of stock returns and positively related to the individual's wealth, education and years of employment with the firm. Several arguments are made for why incentive effects associated with stock ownership should not be ruled out based on traditional free-rider arguments without additional theoretical and empirical analysis.

Suggested Citation

  • James A. Brickley & Kathleen T. Hevert, 1991. "Direct Employee Stock Ownership: An Empirical Investigation," Financial Management, Financial Management Association, vol. 20(2), Summer.
    • Handle: RePEc:fma:fmanag:brickley291
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    Cited by:

    1. Arindrajit Dube & Richard B. Freeman, 2010. "Complementarity of Shared Compensation and Decision-Making Systems: Evidence from the American Labor Market," NBER Chapters, in: Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options, pages 167-199, National Bureau of Economic Research, Inc.
    2. Sami Adwan & Alaa Alhaj-Ismail & Ranko Jelic, 2022. "Non-executive employee ownership and financial reporting quality: evidence from Europe," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 793-823, August.
    3. Douglas L. Kruse, 1993. "Does Profit Sharing Affect Productivity?," NBER Working Papers 4542, National Bureau of Economic Research, Inc.
    4. Douglas Kruse & Joseph Blasi, 1995. "Employee Ownership, Employee Attitudes, and Firm Performance," NBER Working Papers 5277, National Bureau of Economic Research, Inc.

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