The Productivity Effects of Employee Stock-Ownership Plans and Bonuses: Evidence from Japanese Panel Data
利用日本企业面板数据，发现员工持股计划引入后生产率提升4-5%，且需3-4年显现；奖金制度也有适度增益，且持股计划能增强奖金的生产率效应。
The authors report the first results for Japanese firms on the effects of employee stock-ownership plans (ESOPs) and bonuses by estimating production functions using new panel data. They find that the introduction of an ESOP will lead to a 4-5 percent increase in productivity; this productivity payoff takes three to four years. There is a modest productivity gain from the bonus system. The authors also find evidence that the productivity effect of bonuses is enhanced by the existence of ESOPs, suggesting that ESOPs may create a climate conducive to profit-sharing by enhancing long-term commitment and peer monitoring. Copyright 1995 by American Economic Association.