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Author:Chang, J-J.
Title:Profit sharing, risk sharing, and firm size: Implications of efficiency wages
Journal:Small business economics
2006 : SEP/OCT, VOL. 27, 2-3, p. 261-273
Index terms:labour markets
pay
profit
risk
companies by size
theories
models
Language:eng
Abstract:This paper constructs a synthesis of profit-sharing (hereafter as: pr-shg.) and efficiency-wage models to highlight the role of the risk attitudes of the firm and its employees. It is shown that in a pr-shg. economy unemployment is no longer a necessary device to induce work effort and consequently, the labour market equilibrium may be characterized (as: charzd.) by full employment. This kind of a result is more likely to be true when the economy is charzd. by small-sized firms. Furthermore, provided is also a preliminary sketch of the situations in which the firm chooses a pr-shg. program or a fixed-wage one.
SCIMA record nr: 265799
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