Table 2:  Companies Adopting ESOPs 1988-1994
				ESOP cos.	Non-ESOP pairs	Diff.
				(1)	(2)	(3)
Number of companies				343	343
Pct. surviving through		1995		85.4%	77.6%	7.9%	**					0.029506	2.667838
		1997		75.5%	69.7%	5.8%						0.033987	1.715648
		1999		66.8%	64.1%	2.6%						0.036297	0.722891
Average annual growth
	Employment	3 years pre-adoption		8.3%	6.2%	2.1%
		3 years post-adoption		2.6%	-1.9%	4.5%	**
		Change		-5.7%	-8.1%	2.4%
	Sales	3 years pre-adoption		11.8%	10.1%	1.7%
		3 years post-adoption		5.3%	1.4%	3.9%
		Change		-6.5%	-8.8%	2.3%
	Sales/employee	3 years pre-adoption		3.3%	6.0%	-2.7%
		3 years post-adoption		3.2%	3.6%	-0.4%
		Change		-0.1%	-2.4%	2.3%
ESOP characteristics
	Year of ESOP adoption		1988	25.4%
			1989	21.0%
			1990	18.7%
			1991	9.3%
			1992	11.1%
			1993	8.5%
			1994	6.1%
	Participants as pct. of employment			40.2%
	Employer stock per participant		Mean	$18,023
			Median	$10,016
Company characteristics in adoption year
	Total employment		Mean	388.9	464.1	-75.2
			Median	155	137	18
	Total sales		Mean	$64,558,000	$126,250,000	-$61,692,000
			Median	$20,000,000	$19,950,000	$50,000
	Sales/employee		Mean	$171,969	$199,149	-$27,180
			Median	$109,191	$103,896	$5,295
	Other pension plans
		Defined benefit		21.0%	6.4%	14.6%	**
		401(k)		52.4%	7.9%	44.5%	**
		Profit sharing non-401(k)		51.2%	8.8%	42.4%	**
		Other defined con.		14.2%	2.3%	11.9%	**
	Industry	Mining, construction		6.4%	6.4%
		Manufacturing		28.9%	28.9%
		Trans., comms., utilities		2.0%	2.0%
		Wholesale trade		14.6%	14.6%
		Retail trade		8.5%	8.5%
		Finance, insur., real estate		25.4%	25.4%
		Services		14.3%	14.3%
* Statistically significant difference at p<.05   ** p<.01