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Shared Modes of Compensation and Firm Performance: UK Evidence
Martin J. Conyon
University of Pennsylvania - The Wharton School; European Corporate Governance Institute (ECGI)
Richard B. Freeman
National Bureau of Economic Research (NBER); University of Edinburgh - School of Social and Political Studies; Harvard University; London School of Economics & Political Science (LSE) - Centre for Economic Performance (CEP)
August 2001
NBER Working Paper No. w8448
Abstract:
This paper examines the use and consequences of shared compensation plans (profit sharing, profit related pay, SAYE schemes and company stock option plans) in a sample of UK workplaces and firms in the 1990s. The use of these plans has increased over time, in part in response to government programs. The evidence shows that companies and workplaces adopting shared compensation practices have had higher productivity than other firms, but the effects vary among programs, suggesting that the particulars matter a lot in aligning shared compensation and work place activities. Consistent with incentive theory, the evidence also shows that firms and workplaces with shared compensation practices have a higher incidence of shared decision-making / information sharing practices.
Number of Pages in PDF File: 51
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Date posted: August 26, 2001
Suggested CitationConyon, Martin J. and Freeman, Richard B., Shared Modes of Compensation and Firm Performance: UK Evidence (August 2001). NBER Working Paper No. w8448. Available at SSRN: http://ssrn.com/abstract=281079
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