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The impact of employee Stock ownership on firms' Investments and market Value

Chen, Andrew; Kensinger, John W; Terrell, Richard

Description

Although, employee stock ownership may result in increased cash flows due to enhanced organisational productivity or improved governance, this benefit is counter-balanced by the increased risk premium due to a higher correlation between the returns to the firm and the returns to human capital in general. The analysis in this paper provides a framework for optimising employee incentives from stock ownership.

dc.contributor.authorChen, Andrew
dc.contributor.authorKensinger, John W
dc.contributor.authorTerrell, Richard
dc.date.accessioned2015-12-08T22:37:55Z
dc.identifier.issn1460-6720
dc.identifier.urihttp://hdl.handle.net/1885/35725
dc.description.abstractAlthough, employee stock ownership may result in increased cash flows due to enhanced organisational productivity or improved governance, this benefit is counter-balanced by the increased risk premium due to a higher correlation between the returns to the firm and the returns to human capital in general. The analysis in this paper provides a framework for optimising employee incentives from stock ownership.
dc.publisherInderscience Publishers
dc.sourceInternational Journal of Services Technology and Management
dc.subjectKeywords: Employee stock ownership; Firms' investments; Market value; Correlation methods; Investments; Optimization; Personnel; Productivity; Risk analysis; Industrial management Employee stock ownership; Firms' investments; Market value
dc.titleThe impact of employee Stock ownership on firms' Investments and market Value
dc.typeJournal article
local.description.notesImported from ARIES
local.identifier.citationvolume8
dc.date.issued2007
local.identifier.absfor150201 - Finance
local.identifier.ariespublicationu8902633xPUB127
local.type.statusPublished Version
local.contributor.affiliationChen, Andrew, Southern Methodist University
local.contributor.affiliationKensinger, John W, University of North Texas
local.contributor.affiliationTerrell, Richard, College of Business and Economics, ANU
local.description.embargo2037-12-31
local.bibliographicCitation.issue4/5
local.bibliographicCitation.startpage293
local.bibliographicCitation.lastpage315
local.identifier.doi10.1504/IJSTM.2007.013921
dc.date.updated2015-12-08T10:03:58Z
local.identifier.scopusID2-s2.0-34547244653
CollectionsANU Research Publications

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