Employee stock ownership plans (ESOPs): an international comparison and analysis

Roger W. Clark (Austin Peay State University, Department of Accounting and Finance, Clarksville)
George C. Philippatos (University of Tennessee, College of Business Department of Finance, Knoxville)

Managerial Finance

ISSN: 0307-4358

Publication date: 1 April 1998


Surveys the development of employee stock ownership plans (ESOPs) in the USA, Canada, Japan and the EU. Suggests that ESOPs are driven by management in the USA but are culturally approved by both sides of industry in Japan. Describes the European system as emphasizing profit sharing instead because of traditional polarity between management and workers. Concludes that the propensity to save, risk aversion and industrial relations are more important factors than tax or business climate.



Clark, R. and Philippatos, G. (1998), "Employee stock ownership plans (ESOPs): an international comparison and analysis", Managerial Finance, Vol. 24 No. 4, pp. 19-29. https://doi.org/10.1108/03074359810765453

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Copyright © 1998, MCB UP Limited

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