Managerial Performance Differences between Labor-Owned and Participatory Capitalist Firms
研究比较了劳动者所有企业和参与式资本主义企业在经济绩效、盈利能力、财务结构、薪酬和偿债能力等管理绩效指标上的差异，发现企业年龄和经济部门是重要解释因素，而资本所有权类型对长期前景影响不显著。
This paper tests for differences in the managerial performance of micro and small firms, classified by capital‐ownership configuration, be they labor‐owned or participatory capitalist firms. Measures of managerial performance comprise indices of economic performance, profitability, financial structure, worker remuneration, and solvency. Explanators of these differences include the age of the firm, its economic sector of operations, its capital‐ownership configuration and an ordinal measure of strategic risk. The evidence rejects ibrat's law of proportional effects, in favor of the life cycle hypothesis. It also leads to inconclusive short‐term effects and to a nondifferential role of the type of key capital‐ownership configuration in a firm's long‐term prospects.