Inside the black box: compensation structures of efficient Yugoslavian firms
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Abstract
This paper will attempt to explain variations in firm efficiency by focusing on the determinants of worker effort. The data set used is unusually rich in detail. The data is on 105 industrial firms in Yugoslavia over a five year period. The statistical results from a number of different functional forms and estimation techinques suggest there is substantial empirical support for considering the structure of compensation as an important determinant of firm efficiency, and in particular labor productivity. This finding is noteworthy given the developments in Eastern Europe and in many Western countries that concern microeconomic restructuring to aid macroeconomic performance.
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