The Behavior of Worker Cooperatives: The Plywood Companies of the Pacific Northwest
利用美国制造业中最大且最持久的工人所有制企业数据，探讨合作社对环境变化的反应是否不同于传统企业，并评估合作社成员资格的盈利性。
Using data collected by the authors on the largest and most durable of worker-owned firms in U.S. manufacturing, this paper is addressed to two questions. First, are the responses of cooperatives to changes in their economic environment different from those of conventional firms? It appears that cooperatives are more inclined to adjust pay than employment. Second, how profitable has membership in the cooperatives been? Using information on share prices, the authors find membership to have been extremely profitable and, in this sense, the prices of co-ops' shares have been underpriced. The riskiness of cooperative memberships is discussed. Copyright 1992 by American Economic Association.