haku: @indexterm capital markets / yhteensä: 931
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| Tekijä: | Barney, J.B. |
| Otsikko: | Employee stock ownership and the cost of equity in japanese electronics firms. |
| Lehti: | Organization Studies
1990 : VOL. 11:3, p. 353-372 |
| Asiasana: | EMPLOYEE STOCK OWNERSHIP JAPAN ELECTRONICS INDUSTRY CAPITAL MARKETS EQUITY CAPITAL |
| Kieli: | eng |
| Tiivistelmä: | Conflicts of interest between a firm's outside stockholders and employees will, in an efficient capital market, be reflected in a firm's cost of equity. Employee stock ownership reduces these conflicts by making the wealth of both outside stockholders and employees depend, to some extent, on the market value of a firm's stock. These reduced conflicts will be reflected in a lower cost of equity capital. Empirical implications of this argument are tested using a sample of Japanese electronics firms. The model used to test the hypothesis and to control for alternative hypotheses is expressed in a regression format. Three limitations of the reported analysis are considered. The potential practical implications of this research are underlined. |
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