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Title: Financial Participation Plans and Firm Financial Performance: Evidence from a Dutch Longitudinal Panel
Author(s): Poutsma, F. ; Braam, G.J.M.
Publication year: 2012
Source: Advances in the Economic Analysis of Participatory & Labor-Managed Firms, vol. 13, (2012), pp. 139-185
Number of Pages: 45 p.
ISSN: 0885-3339
DOI: http://dx.doi.org/10.1108/S0885-3339(2012)0000013010
Publication type: Article / Letter to editor

Please use this identifier to cite or link to this item : https://hdl.handle.net/2066/111619   https://hdl.handle.net/2066/111619

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Subject: Responsible Organization
Organization: Personeelsmanagement
Business Economics
Journal title:
Advances in the Economic Analysis of Participatory & Labor-Managed Firms
Volume: vol. 13
Page start: p. 139
Page end: p. 185
Abstract:
This study investigates the relationship between financial participation plans, that is profit sharing, share plans and option plans, and firm financial performance using a longitudinal panel data set of non-financial listed companies for the period 1992–2009 comprising 2,216 observations. In addition, it makes a distinction between financial participation plans that are narrow based, directed to top management and executives only, and broad based, targeted to all employees. The panel data also allow us to take into account time lag effects, as profit sharing is usually said to have short-term effects while stock options and share plans are more targeted to longer term impact. Our results show that broad-based profit-sharing plans and combinations of broad-based profit sharing and share plans are positively related with many firm financial performance indicators relative to companies without these plans. However, the results consistently show negative associations between both narrow- and broad-based option plans and firm financial performance.

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