Inaug.-diss.--Frankfurt a.M. / Lebenslauf. "Literatur-verzeichnis": p. 83-[86].

No description available.

This thesis presents a new approach to the theory of the labor-managed firm, based on the case of the Yugoslavian labor-managed economy. Instead of income per worker maximization, we suggest that a labor-managed firm in a certain environment and given institutional setting maximizes revenue, while under uncertainty another approach is taken, namely that of social welfare maximization. / Inefficient allocation may result in a labor-managed firm whose workers have no transferable property rights. We explore creation of an internal shares market as the means to acquire efficiency. Internal market for shares is also seen as a possible form of transition of the labor-managed firm, given the path of transformation of the institutional setting in former Yugoslavia, through a kind of industrial democracy with private (transferable) property rights.

Malaysia is one of a number of developing countries that have used employee share ownership schemes as part of its strategy to further economic development. There is a considerable literature on employee share ownership. However most of it has been based on schemes implemented in developed countries where their contextual environments are different from the one in Malaysia. It is expected that the different context will affect the implementation and the outcome of the schemes. This study looks at a number of issues related to the 'employee share option scheme' (ESOS), a common form of employee share ownership scheme in Malaysia. First this study identifies the nature and structure of the schemes implemented in the country. This is important as the nature of the scheme can affect its effectiveness. Furthermore, the type of scheme introduced in Malaysia has been distinctive. Second this study looks at the objectives of companies in introducing the schemes and their perception of the scheme's effectiveness. Third this study looks at the employees' understanding of the schemes and the relationship of the scheme to employees' attitudes and to organisation identification. Fourth, the relationship between the schemes and trade unions is identified. The results of this study shows that the nature and the structure of the schemes seem to be localised to suit the Malaysian context, even though the objectives of management in implementing them seem similar to the objectives of managers elsewhere. One interesting finding from this study, which does not seem to have been found elsewhere is that ESOS tends to be used by the government as part of its strategy to close the economic disparity between the ethnic groups and to educate its citizens about shares as part of its National Economic Development Policy. One of the other findings was that although on one measure (a comparison of participants and non-participants) there seems to be no significant effect on attitude towards work and company, on another measure (the employees' perception of the effect of membership of an employee share option scheme) participation seems to have a positive effect on identification with the company. Two factors that seem to differentiate Malaysia from other countries are its ethnic groups and its religion. These two variables appear to be related to the employees' view of the success of the scheme. The findings of this study also suggest that the role of trade unions does not appear to have been affected by the introduction of the employee share option scheme. On the contrary, the scheme seems to have strengthened the role of the union. Finally, this study looks at the overall relationship of the scheme to the contextual factors of the country. It is suggested that to some extent the contextual factors of the country seem to have influenced the implementation and the outcome of the scheme. This conclusion raises and strengthens the questions about the universality of implementation and the outcome of employee share ownership schemes.

Thesis (Ph. D.)--University of Washington, 1999. / Vita. Includes bibliographical references (leaves 162-166).

Univ., Diss.--Louvain, 2004.

Thesis (MBA)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: Today’s business world is characterised by technological advance, globalisation, and concentrated ownership of productive assets. The result is a dysfunctional economy with income being concentrated with capital owners, and related economic insecurity for a majority of the population. Employee ownership offers a more balanced economy with more distributed capital ownership. This is particularly relevant in South Africa, which faces numerous socio-economic challenges. The South African government has specifically identified employee ownership as a means to facilitate broad-based economic empowerment of previously disadvantaged persons. Employee ownership not only offers benefit at societal level, it also offers a vehicle to provide benefit at personal and organisational levels. Given the benefits of employee ownership, the objectives of this research are to identify the success factors of employee ownership implementation, and assess whether such success factors have been addressed in implementation of employee ownership in South Africa. The research methodology involved performance of a literature review of success factors of employee ownership implementation and a qualitative study involving a discussion framework and semi-structured interviews regarding implementation of employee ownership in South Africa. Interviewees included management of South African companies that have implemented employee ownership, trade union representatives involved with employee ownership, employee ownership scheme fiduciaries, socio-economic development specialists, and employee ownership advisors. The literature review provided the international context to employee ownership and related success factors, and the interviews provided a South African analysis thereof. The research findings identified success factors which relate to education and training of employees; ensuring the initiative is perceived as being fair; delivering meaningful financial benefit to employee participants; establishing an ownership-oriented culture in the business; instilling a commitment to pursuing key business disciplines; implementing sound employee ownership governance; engaging with unions; and employing specialist advisors. The identified success factors were used to develop a success factor framework, which was used in guiding discussions with interviewees, and which was compared to Employee Share Ownership Scheme requirements as set out in the Codes of Good Practice on Broad-based Black Economic Empowerment. The findings included that implementation in South Africa has predominantly been compliance driven, in an attempt to address transformation – specifically ownership by historically disadvantaged South Africans. Management has typically not been focussed on changing business culture or operations, and no success factors in this regard have been addressed. Employee ownership in South Africa has, in general, been considered a failure as few schemes have delivered meaningful financial benefit to participants. The recommendations for businesses implementing employee ownership are regarding awareness of primary objectives, understanding the potential benefits of employee ownership, understanding related success factors, and managing employee expectations. The recommendations for government organisations that wish to promote employee ownership implementation as well as obtain maximum benefit for employees, businesses, and society as a whole are regarding understanding the potential benefits of employee ownership, understanding related success factors, considering past employee ownership successes and/or failures, and consideration of appropriateness of policies and legislation. Further employee ownership research includes study of best practice structuring; challenges faced by businesses; the employee perspective; South African policies and legislation and assessment against recognised success factors; and study of international tax treatment in order to drive South African implementation.

The purpose of this study is to gain answers an opinions from both companies offering stock ownership plans for their employees and from unions who participate or have members that participate in plans. In order to obtain answers from both companies and unions concerning plans, this study describes broadly the types of plans that are now in existence. An attempt was made to determine the most popular features of stock plans from both company and union viewpoint, and where possible, to gain recommendations leading to the formulation of more efficient and more popular plans.

I describe in detail the structure of separately managed accounts (SMAs) and how those accounts compare to and differ from mutual funds and hedge funds. I then examine how employee ownership of advisory firms — that is, firms in which employees have partnership or stock interests — affects the performance, idiosyncratic risk, and R-square of each firm’s SMA portfolios. In testing 14,484 different portfolios from more than 1,100 different advisory firms from 1995 to 2015, I find that SMAs at firms with employee ownership outperform SMAs at firms without it. The greatest impact is in the 25–50% employee-ownership range. Positive returns, risk, and all decrease as employee ownership increases beyond 50%, but SMA performance levels remain above those of firms in which the portfolio manager has no employee ownership. I also find that the Sharpe ratio is negatively related to employee ownership, reflecting a deterioration of risk-adjusted returns at higher employee-ownership levels. These results suggest both that the presence of advisor employee ownership is a significant, positive indicator for SMA performance and that those advisory firms assume more idiosyncratic risk to achieve these higher returns. For investors, my results show that employee ownership of advisory firms can be used as a differentiating factor to aid them in making SMA choices between portfolios with otherwise similar characteristics.

Thesis--Uppsala. / Summary in English. Includes bibliographical references (p. 200-210).