per employee results in statistically significant productivity gains. Furthermore, such productivity gains are found to …-executive employees and stock option aimed at incentivizing executives. Finally the positive effects on productivity, profitability, wages …

consistently that the introduction of a PSP or a TIP will lead to a significant increase in productivity (about 10 percent) whereas … no such evidence found for ESOPs or SOPs. We also find that the productivity payoff appears to be more long-lasting for … complements in their productivity effects …