broad-based stock options;
firm size;
free-rider problem;
line of sight;
market downturn;
MANUFACTURING PERFORMANCE;
OWNERSHIP;
PRODUCTIVITY;
SYSTEMS;
COSTS;
FIRM;
D O I:
10.1080/09585190701502596
中图分类号:
C93 [管理学];
学科分类号:
12 ;
1201 ;
1202 ;
120202 ;
摘要:
We examine labour productivity in small, medium and large firms that broadly distribute stock options under starkly different market conditions - during the bull ( 1995 - 7) and bear ( 2000 - 2) stock markets. We find greater labour output in both upward and downward markets in all firm size categories, with the exception of small firms in a declining market, where the productivity is also greater, but the statistical significance of the result is weak.