Loren Rodgers

National Center for Employee Ownership
1736 Franklin Street
8th Floor
Oakland CA 94612
Tel: 510-208-1307
Fax: 510-272-9510

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: National Center for Employee Ownership

NBER Working Papers and Publications

April 2010Show Me the Money: Does Shared Capitalism Share the Wealth?
with Robert Buchele, Douglas L. Kruse, Adria Scharf
in Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options , Douglas L. Kruse, Richard B. Freeman and Joseph R. Blasi, editors
April 2009Show Me the Money: Does Shared Capitalism Share the Wealth?
with Robert Buchele, Douglas Kruse, Adria Scharf: w14830
This paper examines the effect of a variety of employee ownership programs on employees' holdings of their employers' stock, their earnings and their wealth. Two major datasets are employed: the NBER Shared Capitalism Research Project employee survey dataset and the 2002 and 2006 national General Social Surveys (GSS). The GSS national survey shows that 29% of permanent, full-time employees with at least one year on the job own their employers' stock, compared to the unsurprisingly higher 87% of employees in the NBER "shared capitalist" firms. The employees in the national sample hold an average of $10,600 of employer stock, compared to $52,800 in the NBER sample. Employee owners in NBER companies with broad-based ownership structures fare better: those in majority-owned ESOPs hold on aver...
December 2003Motivating Employee-Owners in ESOP Firms: Human Resource Policies and Company Performance
with Douglas Kruse, Richard Freeman, Joseph Blasi, Robert Buchele, Adria Scharf, Chris Mackin: w10177
What enables some employee ownership firms to overcome the free rider problem and motivate employees to improve performance? This study analyzes the role of human resource policies in the performance of employee ownership companies, using employee survey data from 14 companies and a national sample of employee-owners. Between-firm comparisons of 11 ESOP firms show that an index of human resource policies, nominally controlled by management, is positively related to employee reports of co-worker performance and other good workplace outcomes (including perceptions of fairness, good supervision, and worker input and influence). Within-firm comparisons in three ESOP firms, and exploratory results from a national survey, show that employee-owners who participate in employee involvement committe...

Published: Virginie Perotin and Andrew Robinson, editors, “Employee Participation, Firm Performance and Survival,” Volume 8 in the series, Advances in the Economic Analysis of Participatory and Self-managed Firms, pp 101-127 (Elsevier 2004).

NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us