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Table 1a: Companies with Large ESOPs in 1988, |
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Where ESOP Is Known to Continue |
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ESOP cos. |
Non-ESOP pairs |
Diff. |
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(1) |
(2) |
(3) |
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| Number of
companies |
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610 |
610 |
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| Pct.
surviving through |
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1990 |
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96.7% |
88.9% |
7.9% |
** |
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1993 |
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89.2% |
75.2% |
13.9% |
** |
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1996 |
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72.5% |
61.6% |
10.8% |
** |
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| Average annual growth over 1983-99 in |
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Employment |
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4.6% |
3.5% |
1.2% |
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Sales |
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8.1% |
6.0% |
2.2% |
** |
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Sales/employment |
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3.7% |
3.6% |
0.1% |
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| ESOP
characteristics |
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Year adopted |
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Pre-1980 |
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46.7% |
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1980-1984 |
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21.3% |
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1985-1988 |
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32.0% |
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Participants
as pct. of employment |
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Employer stock per participant |
Mean |
$15,288 |
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Median |
$9,147 |
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| Company
characteristics in 1988 |
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Total employment |
Mean |
679.7 |
648.6 |
31.1 |
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Median |
195 |
200 |
-5 |
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Total sales |
Mean |
$100,252,000 |
$123,773,000 |
-$23,521,000 |
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Median |
$24,900,000 |
$23,500,000 |
$1,400,000 |
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Sales/employee |
Mean |
$193,256 |
$170,578 |
$22,678 |
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Median |
$104,231 |
$94,118 |
$10,113 |
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Other pension plans |
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Defined benefit |
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21.5% |
5.4% |
16.1% |
** |
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401(k) |
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36.1% |
6.6% |
29.5% |
** |
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Profit sharing non-401(k) |
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40.0% |
9.0% |
31.0% |
** |
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Other defined con. |
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16.2% |
2.5% |
13.7% |
** |
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Industry |
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Mining, construction |
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7.7% |
7.7% |
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Manufacturing |
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32.3% |
32.3% |
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Trans., comms., utilities |
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2.1% |
2.1% |
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Wholesale trade |
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18.9% |
18.9% |
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Retail trade |
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9.5% |
9.5% |
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Finance,
insur., real estate |
17.9% |
17.9% |
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Services |
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11.6% |
11.6% |
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| *
Statistically significant difference at p<.05 ** p<.01 |
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