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The effects of employee stock owners...

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The effects of employee stock ownership and profit sharing on firm survival.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The effects of employee stock ownership and profit sharing on firm survival./
Author:	Wang, Hua.
Description:	164 p.
Notes:	Adviser: Avner Ben-Ner.
Contained By:	Dissertation Abstracts International67-08A.
Subject:	Business Administration, Management. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3230265
ISBN:	9780542836794

The effects of employee stock ownership and profit sharing on firm survival.
Wang, Hua.

The effects of employee stock ownership and profit sharing on firm survival. - 164 p.

Adviser: Avner Ben-Ner.

Thesis (Ph.D.)--University of Minnesota, 2006.

The roles of incentive pay and supporting human resources practices have been ignored in organization mortality research. What is underlying firm death other than firm characteristics and random shocks? What is in the black box of incentive compensations such as ESOP/profit sharing practices? In my dissertation I use principal-agent theory, transaction cost theory to explain the role of ESOP/profit sharing practices played in reducing agency cost and enhancing operation efficiency, thus long-term firm performance-firm survival. I examine the determinants of firm survivability and develop hypotheses on the positive relationship between ESOP/profit sharing practices and firm survival using two major datasets: consolidated Minnesota firm data in 1994 and national public firm data from 1983 to 1998. My results from state-level study indicate that deferred profit sharing has significant influence on long-term firm survival, so does the supporting human resources practice: employee decision-making participation program. But the latter doesn't moderate the relationship between profit sharing and firm survival. There are no significant findings as to the influence of ESOP adoption on firm survival. The analysis from panel format national data fully support the two hypotheses, both ESOP and profit sharing are found to have significant influences in improving firm longevity. I also examined at more detailed firm exit patterns, such as acquisition at premium (friendly takeovers) and acquisition at loss (hostile takeovers). In both analyses, I use different measures of ESOP/profit sharing adoption, e.g. the dichotomous measure to indicate plan adoption and continuous measures to capture depth and width of plan fulfillment. When these measures were incorporated in the regression models, the estimates are different in Minnesota analysis but are very consistent in national analysis. I also use competing risk model in survival analysis to study the partitioned firm exit status: bankruptcy, acquisition at premium and acquisition at loss. The regression results show that ESOP/profit sharing and other firm characteristics have different influence on acquisition and bankruptcy likelihood. It will be more efficient to distinguish the different firm survival results than the traditional methods which considered all exit cases as bankruptcies.

ISBN: 9780542836794Subjects--Topical Terms:

626628
Business Administration, Management.

The effects of employee stock ownership and profit sharing on firm survival.
LDR:03240nam 2200277 a 45 001 971011
005 20110921
008 110921s2006 eng d
020 $a 9780542836794
035 $a (UMI)AAI3230265
035 $a AAI3230265
040 $a UMI $c UMI
100 1 $a Wang, Hua. $3 1286214
245 1 4 $a The effects of employee stock ownership and profit sharing on firm survival.
300 $a 164 p.
500 $a Adviser: Avner Ben-Ner.
500 $a Source: Dissertation Abstracts International, Volume: 67-08, Section: A, page: 3070.
502 $a Thesis (Ph.D.)--University of Minnesota, 2006.
520 $a The roles of incentive pay and supporting human resources practices have been ignored in organization mortality research. What is underlying firm death other than firm characteristics and random shocks? What is in the black box of incentive compensations such as ESOP/profit sharing practices? In my dissertation I use principal-agent theory, transaction cost theory to explain the role of ESOP/profit sharing practices played in reducing agency cost and enhancing operation efficiency, thus long-term firm performance-firm survival. I examine the determinants of firm survivability and develop hypotheses on the positive relationship between ESOP/profit sharing practices and firm survival using two major datasets: consolidated Minnesota firm data in 1994 and national public firm data from 1983 to 1998. My results from state-level study indicate that deferred profit sharing has significant influence on long-term firm survival, so does the supporting human resources practice: employee decision-making participation program. But the latter doesn't moderate the relationship between profit sharing and firm survival. There are no significant findings as to the influence of ESOP adoption on firm survival. The analysis from panel format national data fully support the two hypotheses, both ESOP and profit sharing are found to have significant influences in improving firm longevity. I also examined at more detailed firm exit patterns, such as acquisition at premium (friendly takeovers) and acquisition at loss (hostile takeovers). In both analyses, I use different measures of ESOP/profit sharing adoption, e.g. the dichotomous measure to indicate plan adoption and continuous measures to capture depth and width of plan fulfillment. When these measures were incorporated in the regression models, the estimates are different in Minnesota analysis but are very consistent in national analysis. I also use competing risk model in survival analysis to study the partitioned firm exit status: bankruptcy, acquisition at premium and acquisition at loss. The regression results show that ESOP/profit sharing and other firm characteristics have different influence on acquisition and bankruptcy likelihood. It will be more efficient to distinguish the different firm survival results than the traditional methods which considered all exit cases as bankruptcies.
590 $a School code: 0130.
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, Labor. $3 1019135
690 $a 0454
690 $a 0510
710 2 0 $a University of Minnesota. $3 676231
773 0 $t Dissertation Abstracts International $g 67-08A.
790 $a 0130
790 1 0 $a Ben-Ner, Avner, $e advisor
791 $a Ph.D.
792 $a 2006
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3230265