This volume of Advances in the Economic Analysis of Participatory
and Labor-Managed Firms consists of ten original papers. The first
five papers address the effects of institutions of governance (at
the workplace and corporate levels), including new forms of
workplace governance (e.g., self-directed teams), a traditional
form (or trade unions) and financial participation schemes. The
subsequent three papers turn to the issues of the determinants of
the incidence of such institutions, followed by two theoretical
contributions.
The paper by Tor Eriksson introduces a new survey of participatory
employment practices in Danish firms, and connects these practices
to productivity gains for the firm and wage gain for workers.
Jos?? Alberto Bayo-Moriones, Pedro Javier Galilea-Salvatierra, and
Javier Merino-D??az de Cerio introduce a new telephone survey of
participatory employment practices in 965 manufacturing
establishments in Spain, and investigate whether these practices
lead to gains for the firm and workers.
While the above two papers focus on new institutions of workplace
governance, the next paper studies a traditional institution of
workplace governance, i.e., trade unions. Chris Doucouliagos and
Patrice Laroche conduct a meta-analysis of the effect of unions on
productivity growth.
All three papers so far concentrate on non-financial aspects of
governance. The next two papers tackle such financial aspects. The
contribution by Agustin Ros is an empirical study of the effects of
employee ownership on effort/shirking and horizontal monitoring
based on rich survey data collected by the author on an employee
owned firm and 6 comparable private firms.
The paper by Everaert and Hildebrandt contributes to the
literatures on transition economies and participatory firms by
examining the determinants of the incidence of soft budget
constraints (SBCs), in particular enterprise ownership structure
(including different forms of private ownership).
The next three papers turn to the issues of the determinants of
participation. Andrew Pendleton, Erik Poutsma, Jos Van Ommeren and
Chris Brewster use a unique cross-national survey of financial
participation schemes in 2,506 establishments in 14 EU countries,
and try to study the determinants of the adoption of such
schemes.
Christopher Adams uses rich data on 1,153 product line workers in
162 British private sector manufacturing establishments to examine
the use of group incentives (profit sharing or employee share
ownership) and worker participation in decision making
(specifically over the range of tasks performed).
The paper by Nicholas Wilson, Hao Zhang, and Andrew Robinson is an
empirical study that examines hypotheses arising from a transaction
cost economics (TCE) framework to explain employee share
ownership.
The last two papers are theoretical contributions. Jan Erik
Askildsen and Norman Ireland carefully develop a model of
bargaining by a union and a firm over future benefits (e.g., a
defined benefit pension) when workers may not receive these
benefits either because the firm goes out of business before the
benefit is to be paid or the worker leaves the firm before the
benefit is vested.
In his paper "Comparative Systems, Destructive Trade and World
Distributive Justice," one of the pioneers on the broad field of
participatory and labor managedfirms, Jaroslav Vanek, extends
earlier work by presenting an analysis of the impact of
international trade in today's globalized economy.
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