Venneman]A firm's adoption of an employee stock ownership plan (ESOP) has been hypothesized to increase employee productivity. Resulting employee productivity is hypothesized to improve firm profitability and thus ultimately improve stock performance. Most studies to date have tested potential relationships between the mere presence of an ESOP and changes in employee productivity and firm profitability. Few studies have attempted to identify the variables that are associated with employee satisfaction with an ESOP. In order to maximize the productivity gains associated with the adoption of an ESOP, researchers must first identify the relationships and variables most likely to positively affect employee attitudes and subsequently their satisfaction toward an ESOP. The purpose of this paper is to identify the demographic and attitudinal correlates of employee satisfaction with an ESOP. This exploration will provide a more substantive foundation for future research efforts in the area. Correlation and regression results indicated that employees' perceived influence on decision-making, perceived pay equity and perceived influence on stock performance, when examined separately, were each significant correlates of ESOP satisfaction. When combined with the modelled employee demographics in a step-wise regression model, only employees' perceived influence on stock performance, perceived influence on decision-making and age explained a statistically significant amount of variance in ESOP satisfaction.

The rapid increase in the number of employee stock ownership plans (ESOPs) being sponsored by American firms could have an impact on the rate of the nation’s productivity growth. The majority of prior ESOP‐related studies have focused on the examination of potential relationships between the presence of an ESOP and changes in the levels of employee productivity and firm profitability. The results of these studies have produced mixed results and, as a result, debate continues over the desirability and impact of ESOPs. Few studies have attempted to identify the variables that are associated with employee satisfaction with an ESOP and whether or not employee satisfaction with an ESOP ultimately has an impact on employee productivity and firm profitability. In order to maximize the productivity gains that may be associated with the adoption of an ESOP, researchers must identify the relationships and variables that are most likely to affect employee attitudes toward ESOPs.

Lawrence Kohlberg's (1969) concept of cognitive moral development (CMD) has been one of the most investigated constructs in the field of social psychology, with over one thousand studies reported investigating this construct in only two decades of research. However, what is the relationship of this theoretical construct to actual decision making and behavior? Blasi (1980, p. 4) opined for the criticality of moral judgement research to both ethical decision making and ethical inquiry, stating that “without judgement, an action, no matter how beneficial, would not be moral.” Relating Kohlberg's model to business decision making and behavior has been central to the building of theoretical frameworks of the ethical decision making process engaged in by individuals. The models of this process proposed by Trevino and Youngblood (1990), Trevino (1986), Bommer, Gratto, Gravender, and Tuttle (1987), Ferrell and Gresham (1985), Ferrell, Gresham, and Fraedrich (1989), Swinyard, DeLong, and Cheng (1989), and Jones (1991) all contained cognitive moral development as a factor in their respective models of ethical decision making.

Years ago, Henry D. Lloyd defined religion as being the “conscience in action.” The concept of religion is one which is indeed completely individualised in both perspective and importance. However, as Bailey (1983) observed, the very basis for theology lies in the explanatory power of religion when examined through the perspective of psychology. Byron (1988) saw a theological basis to the functions of management and entrepreneurship, linking these activities to the religious duty of stewardship.

In their book Megatrends 2000, John Naisbitt and Patricia Aburdene (1990) stated that one of the ten “megatrends for the 1990's would be the rise of “The Age of Biology.” One of the central forces behind this societal shift which is occurring right now, they say, is research into understanding human genetics and the rise of biotechnology. The scientific knowledge regarding human genetics and the technology to examine an individual's genetic makeup have grown at a rapid pace, especially in the last decade as a result of the Human Genome Project. This venture has been labelled alternatively as “mediocre science” (Roberts, 1990b: p. 804) and as “biology's Holy Grail,” (Nelkin and Tancredi, 1989: p. 14). It is indisputably a monumental scientific undertaking, likened to the drive to put a man on the moon in the sixties (“The Geography of Genes,” 1989). This knowledge and the resultant trends will likely prove to be important factors not only in our future economy, but also in the nature of how we understand ourselves.