Profitability and Profit-Sharing
指出利润分享并非无激励效应的财富再分配，而是通过促进团队合作提高效率。基于西德中型金属加工企业的数据，发现利润分享和员工持股对资本回报率有显著正向影响。
Claims that profit-sharing is a purely distributive wealth confiscation scheme without incentive effects (due to free-rider problems) are based on neglect of cooperation and interaction in the workforce. When these activities are difficult to monitor directly, group incentives such as profit-sharing can increase efficiency and maintain a superior Nashequilibrium with strictly individual optimization. With simultaneous WLS-Tobit estimates we find here strong effects of profit-sharing and worker ownership shares on residual owners' return on capital in medium-sized metal working firms in West Germany, complementing earlier results on productivity.