The impact of employee stock ownership on firms' investments and market value
by Andrew H. Chen, John W. Kensinger, R.D. Terrell
International Journal of Services Technology and Management (IJSTM), Vol. 8, No. 4/5, 2007

Abstract: 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.

Online publication date: Mon, 04-Jun-2007

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