Direct Employee Stock Ownership: An Empirical Investigation
实证分析员工直接持股的决定因素，发现持股水平与股票收益波动负相关，与个人财富、教育程度和任职年限正相关，并指出不应仅凭搭便车理论否定持股的激励效应。
Many companies have acted to increase direct stock ownership among their employees. For most firms, these actions have not resulted in major changes in the ownership structure of the firm. However, from a personal portfolio standpoint, the typical level of employee stock ownership appears appreciable. The level of individual ownership is negatively related to the standard deviation of stock returns and positively related to the individual's wealth, education and years of employment with the firm. Several arguments are made for why incentive effects associated with stock ownership should not be ruled out based on traditional free-rider arguments without additional theoretical and empirical analysis.