I report the results for Taiwan electronic firms on the effects of employee stock-ownership plans (ESOP's) by estimating production functions using panel data. I find that the introduction of an ESOP will lead to a 4-5 percent increase in productivity; this productivity payoff takes 3-4 years. Also, these results are independent of the particular specification of production technology.
Relation:
International Journal of Management 20(4) , pp.479-489