TY - JOUR
T1 - When Marx borrows from Smith
T2 - The ESOP in China
AU - Chiu, Warren Chi Kwan
AU - Huang, Xu
AU - Lu, Han Long
N1 - Funding Information:
* Warren C.K. Chiu obtained his doctoral degree in Industrial and Organizational Psychology from the State University of New York at Albany, USA. He is currently an Associate Professor in the Department of Management and Marketing at the Hong Kong Polytechnic University. His research interests are in the field of HRM, leadership and enterprise reform in China. He has published in Human Relations, Journal of Occupational and Organizational Psychology, Journal of Applied Social Psychology and many other international journals. Xu Huang is an Associate Professor in the Department of Management and Marketing at the Hong Kong Polytechnic University. He received his Ph.D. from the University of Groningen (the Netherlands) and M.A. from Lancaster University (UK). His research interests include cross-cultural organizational psychology, psychological empowerment, organizational justice, and management issues in China. He has published in Journal of Organizational Behavior, The Journal of International Business Studies, Journal of Cross-Cultural Psychology, Applied Psychology: An International Review, and so forth. Han Long Lu is the director and Professor of the Shanghai Academy of Social Sciences. He graduated from Shanghai Tongji University. He is a board member of the Society of Sociology, China and the Vice Chairman of the Society of Sociology Shanghai, China. He has taken up visiting professorships at reputable universities such as Yale University, Cornell University and Duke University. His current research focuses on income distribution, quality of work life, and ownership reform in China. He has published many academic articles and over ten books. This research was funded by a research grant (Project B-Q416) from the Hong Kong Polytechnic University. We thank Dr Suisheng Zhao and the two reviewers for their help on this article.
PY - 2005/11
Y1 - 2005/11
N2 - The employee stock ownership plan (ESOP), a capitalist practice, was borrowed for the purpose of rescuing and even consolidating socialist state-owned enterprises during the drive in China to reform ownership. More precisely, ESOP was implemented to bail out failing firms, raise funds, increase work motivation, reduce agency costs, and promote industrial democracy. The findings of a case study of three Chinese state-owned enterprises suggest that some short-term goals were basically achieved, but the accomplishment of the other long-term goals was somewhat problematic. Based on our initial findings, recommendations are put forward for future research and practice.
AB - The employee stock ownership plan (ESOP), a capitalist practice, was borrowed for the purpose of rescuing and even consolidating socialist state-owned enterprises during the drive in China to reform ownership. More precisely, ESOP was implemented to bail out failing firms, raise funds, increase work motivation, reduce agency costs, and promote industrial democracy. The findings of a case study of three Chinese state-owned enterprises suggest that some short-term goals were basically achieved, but the accomplishment of the other long-term goals was somewhat problematic. Based on our initial findings, recommendations are put forward for future research and practice.
UR - http://www.scopus.com/inward/record.url?scp=29344453911&partnerID=8YFLogxK
U2 - 10.1080/10670560500206850
DO - 10.1080/10670560500206850
M3 - Journal article
AN - SCOPUS:29344453911
SN - 1067-0564
VL - 14
SP - 761
EP - 772
JO - Journal of Contemporary China
JF - Journal of Contemporary China
IS - 45
ER -