employee share ownership

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1、13EmployeeShareOwnershipPlansCOREYROSENCHAPTEROBJECTIVESHighlightsthelegislativemodelsofemployeeownershipinaninter-nationalcontextHighlightsthenon-legislatedmodelsofemployeeownershipHighlightstheUSexperiencewithemployeeshareownershipplansHighlightstheempiricalevidenceonthelinkbetweenemployeeownershi

2、pandcorporateperformanceEmployeeOwnershipinaGlobalContextEmployeeownershipisgrowingrapidlyinmanycountriesaroundtheworld,largelyasaresultofexplicitgovernmentpolicies,changesintheorganizationofworkand,insomecases,tighteninglabourmarkets.TheUnitedStateshasbeentheleaderinthedevelopmentofemployeeownershi

3、p,throughemployeestockownershipplans(ESOPs),employeestockpurchaseplansandstockoptionplansthatprovideoptionstoallormostofacompanysemployees.Thereareabout11,500ESOPsintheUScoveringanestimated8.5millionemployees;and7to10millionemployeesnowreceivestockoptionsthroughbroad-basedstockoptionplans.ESOPsarefo

4、undprimarilyinclosely-heldcompanies(companieswhosestocksarenottradedonastockexchange);optionsEmployeeShareOwnershipPlans359aremorecommoninpubliccompaniesandrapidlygrowingknowledge-intensivecompanies.Itisestimatedthatapproximately20percentofallpubliccompaniesintheUSnowofferoptionstoallormostemployees

5、,atleastfivetimeswhatthenumberwasatthebeginningofthe1990s.Inaddition,millionofemployeesbuystocksintheircompaniesthroughemployeestockpurchaseplans(ESOPsandstockoptionsarepaidforbythecompany).Whilethereisnofirmestimateofjusthowmanypeoplebuystocks,itcertainlyexceeds10million.Employeeownershipisnotjustgro

6、wingintheUS,however.Severalcountrieshavepassedlawstoencouragebroad-basedownership,whilecompaniesinmanyothercountriesareusingexistinglawsonstockownershiptocraftmorebroadly-grantedownershipplans.Afewhundredmultinationalcompaniesalsonowofferownershiptoemployeesacrossmultipleboundaries.Thischapterlooksa

7、ttheformsofbroad-basedownership.ThesecondsectionofthischapterlooksattheUSexperienceindetail,becausethatiswheretheideahasmostfirmlytakenroot.Thefirstsectionlooksatspecificmodelsforemployeeownershiplegisla