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The authors use data from REPONSE 2004 and WERS 2004 to analyze whether approaches to HRM differ according to whether an establishment is part of a company with a stock exchange listing. In both countries they find that listing is positively associated with team working and performance-related pay, while in France, but not in Britain, it is also linked to worker autonomy and training. These findings are inconsistent with the claim that shareholder pressure operates as a constraint on the adoption of high-performance workplace practices. The pattern is similar in the two countries, but with a slightly stronger tendency for listing to be associated with high-performance workplace practices in France.
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