Measuring performance: differences between capitalist and labour-owned enterprises

摘要

Purpose - The purpose of this paper is to test whether performance differences betweenrnlabour-managed (LOFs) and mercantile (PCFs) firms are due to the measures used in the comparison,rnrather than to their distinct capital-ownership configurations.rnDesign/methodology/approach - Tests for the equality of two means and two variances of arnvariety of performance measures were used to ascertain whether differences between LOFs and PCFsrnfirms are due to the measures used in the comparison, rather than to their distinct capital-ownershiprnconfigurationsrnFindings - The indicators analyzed do not provide either type of organizational structure a definiternsuperiority in either short-economic performance or in short-term profitability and the profitabilityrnindicators assign as good a chance of survival to LOFs as to PCFs of similar size, even if the analysis ofrntheir respective debt structures indicates some clear limitations on their growth prospects.rnPractical implications - The paper stresses the importance of using proper measures of thernperformance of LOFs, to avoid a common practice of being short-changed in their evaluation of theirrneconomic performance, profitability, return of labour and financial structure.rnOriginality/value - The study will be useful to the worker-owners of the LOFs and to thosernevaluating their performance, such as lenders, regulators, other public officials and the like.