Profit-Sharing, Employment Stability, and Wage Growth
研究利润分享如何通过降低员工离职率、增加企业专用人力资本投资，进而提升技能积累和工资增长，基于1988-1994年美国非工会白人工人的数据验证。
The authors conjecture that profit-sharing reduces turnover and thus increases expected returns to firm-specific human capital investments, so that the optimal levels of skill acquisition and investment in firm-specific skills rise and ultimately increase productivity. Empirical evidence from NLSY data on white men in nonunion jobs between 1988 and 1994 supports this hypothesis. Employees participating in profit-sharing plans were less likely than non-participants to separate from their jobs. They also received training more frequently and for longer durations. Finally, the authors show that profit-sharing was related to higher wage growth, indicating a faster rate of skill accumulation.