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A sample of British firms with diverse sharing arrangements is used to investigate the effects of profit sharing on employment levels. Employment effects are sometimes significant, but this depends upon the measure of profit sharing, how the dynamics are modeled, and whether measures of employee participation in decision making are included in the estimating equation. Using a continuous measure of profit sharing, employment effects, which typically range from -6 per cent to 6 per cent, are much more modest than those obtained by some other researchers. Most findings are not dramatically affected by estimating the specifications separately for discrete time periods, for individual industries, or for larger firms. 相似文献
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A new, long, and rich panel data set consisting of all Finnish publicly traded firms is used to study how firm characteristics and stock market developments influence the adoption and targeting of stock option compensation. Stock option adoption is found to be a procyclical phenomenon. Findings from firm‐level econometric analysis often corroborate those based on U.S. data, but important differences also emerge. Findings include: (i) firms with higher market value per employee are more likely to use stock option compensation; (ii) share returns from the past year affect the adoption of targeted stock options, but not broad‐based plans; (iii) our results are consistent with the hypothesis that selective and broad‐based plans arise as solutions to differing monitoring difficulties. Broad‐based schemes are observed when production is human capital‐intensive and employee performance is hard to monitor, while selective schemes are adopted when ownership is dispersed and therefore owners may have weak incentives to monitor management. 相似文献
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DEREK BOSWORTH 《International Journal of the Economics of Business》1996,3(3):269-293
There is an extensive literature about the influences on the adoption of new technologies. However, while we often assert the role of qualifications and skills in the innovation and diffusion processes, there has been little formal econometric work in this area. One of the key reasons for this is the lack of information about human capital in firm accounts, at all levels of the organisation, including the top executive and board of directors. This paper draws on a large, firm level data set to explore the linkages between the adoption and use of 13 advanced technologies and the qualification and skill structure of the enterprise. In addition, it provides a number of further insights about the effects of ownership, firm size and industry structure. 相似文献
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Major accounting firms in the United States have singled out elimination of joint and several liability as one of the most needed legal reforms in the country. The recent legislation of the Private Securities Litigation Reform Act of 1995 replaced joint and several liability with proportionate liability. This paper develops a simple model to analyze the economic consequences of such a change in the legal environment facing public accountants. In particular, we examine the incentive effects induced by the proportionate liability rule on the auditor's effort and financial statement users' litigation decisions. Our analysis demonstrates that replacing joint and several liability with proportionate liability can decrease the equilibrium audit effort, lawsuit probability, market price of the firm, and audit fee. More important, even though the proportionate liability rule reduces the equilibrium audit effort, we show that it can actually increase social welfare. 相似文献
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The impact of innovative human resource management (HRM) practices on performance is investigated using panel data for all units of a retail firm. Our rich data include measures of the operating environment, important dimensions of core inputs, and information on HRM environments, and output is measured as value added. We estimate augmented production functions, including both establishment and manager fixed effects. When employees have opportunities to participate, and receive appropriate information and feedback from their supervisors, productivity is enhanced. Thus, even in settings where employees do simple tasks and are relatively low-skilled, participatory work environments can enhance business performance. 相似文献
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