Table 1:  Companies with ESOPs as of 1988
				ESOP cos.	Non-ESOP pairs	Diff.
				(1)	(2)	(3)						s.e. of diff.	T for diff.
Number of companies				1176	1176
Pct. surviving through
		1990		97.9%	89.2%	8.7%	**					0.00998	8.690585
		1993		91.9%	75.9%	16.1%	**					0.014795	10.86242
		1996		77.9%	62.3%	15.6%	**					0.018604	8.364639
		1999		69.6%	54.8%	14.8%	**					0.019767	7.48534
Average annual growth over 1983-99 in
		Employment		3.3%	3.8%	-0.5%
		Sales		7.4%	6.2%	1.2%	**
		Sales/employment		4.2%	3.1%	1.1%
ESOP characteristics
	Year adopted
		Pre-1980		44.3%
		1980-1984		23.1%
		1985-1988		32.6%
	Participants as pct. of employment			84.9%
	Employer stock per participant		Mean	$15,026
			Median	$8,698
Company characteristics in 1988
	Total employment		Mean	503.1	485	18.1
			Median	154	155	-1
	Total sales		Mean	$80,684,000	$89,395,000	-$8,711,000
			Median	$18,550,000	$16,100,000	$2,450,000
	Sales/employee		Mean	$286,305	$164,256	$122,049
			Median	$104,167	$94,980	$9,187
	Other pension plans
		Defined benefit		20.1%	4.9%	15.2%	**					0.013274	11.45129
		401(k)		33.3%	6.2%	27.1%	**					0.015438	17.55444
		Profit sharing non-401(k)		35.7%	8.0%	27.7%	**					0.016056	17.25258
		Other defined con.		14.7%	2.3%	12.4%	**					0.011213	11.05852
	Industry
		Mining, construction		8.9%	8.9%
		Manufacturing		32.8%	32.8%
		Trans., comms., utilities		2.2%	2.2%
		Wholesale trade		17.9%	17.9%
		Retail trade		9.0%	9.0%
		Finance, insur., real estate		19.6%	19.6%
		Services		9.5%	9.5%
* Statistically significant difference at p<.05   ** p<.01
Note:  The 1988 ESOPs in the ESOP companies may not have been maintained through the
entire period, although at least 67% were maintained.  Table 1a provides comparable data for
the subset of companies with large ESOPs where the ESOP is known to have been maintained.