A research model to investigate the organizational impact of an ESOP

The rapid increase in the number of employee stock ownership plans (ESOPs) being sponsored by American firms could have an impact on the rate of the nation’s productivity growth. The majority of prior ESOP‐related studies have focused on the examination of potential relationships between the presence of an ESOP and changes in the levels of employee productivity and firm profitability. The results of these studies have produced mixed results and, as a result, debate continues over the desirability and impact of ESOPs. Few studies have attempted to identify the variables that are associated with employee satisfaction with an ESOP and whether or not employee satisfaction with an ESOP ultimately has an impact on employee productivity and firm profitability. In order to maximize the productivity gains that may be associated with the adoption of an ESOP, researchers must identify the relationships and variables that are most likely to affect employee attitudes toward ESOPs.