THE ECONOMIC CONSEQUENCES OF ESOPS
作者:
Ramon E. Johnson,
Richard T. Pratt,
Samuel S. Stewart,
期刊:
Journal of Financial Research
(WILEY Available online 1982)
卷期:
Volume 5,
issue 1
页码: 75-83
ISSN:0270-2592
年代: 1982
DOI:10.1111/j.1475-6803.1982.tb00627.x
数据来源: WILEY
摘要:
AbstractThe purpose of this paper is to assess the economic consequences of Employee Stock Ownership Plans (ESOPs) by developing a general analytical model. The model is used to compare ESOPs with attempts to replicate the effects of ESOPs via alternative arrangements. The general conclusion of the paper is that in the absence of improved employee motivation, ESOP implementation has no particular economic consequence. However, an important exception to this finding may be the inexpensive access to the equity markets for the smaller, non‐public firm provided by the ESO
点击下载:
PDF
(855KB)
返 回