<span>The present study examined employees' work related behavior at four compnaies with Employee Stock Ownership Plans (ESOPs). The study's three hypotheses were: if a worker perceived he/she had a substantial economic interest in the firm through the ESOP, as the employee approached retirement age, or as the employee's years of service increased; then the employee's work related behavior would be positively affected. Companies participating in the study were small (annual revenues of $55 million or less), profitable (in at least four of the last five years), privately owned (no company shares traded in public markets), operated in the manufacturing sector, and had an Employee Stock Ownership Plan (ESOP owned at least 30 percent of the company and had been in place for at least four years). Data was gathered from the four participating companies by interviewing company officials and by administering questionnaires to all ESOP participants who met the study guidelines. Approximately 65 percent of the individuals receiving questionnaires or 301 participants returned them. Rather than having the participants self-report their attitudes or motivations, the participants self-reported their work related behavior. The method of measuring work related </span><span>behavior should be refined. When the data from the four companies are considered as a single unit, the present study supported earlier research studies that suggested the effects of the Extrinsic Satisfaction Model (financial return) and the Instrumental Satisfactor Model (employee participation) on work related behavior were positive. Additionally, a positive relationship between work related behavior and annual pay was noted. No relationship between work related behavior and age and seniority were found. Results among the individual companies varied. at three of the companies, employee participation (Instrumental Satisfaction Model) had a significant effect on work related behavior and at one company the perceived financial value of the individual's ESOP account (Extrinsic Satisfaction Model) had a significant effect on work related behavior. Each company's financial health also had an influence on whicvh of the Models were significant. research results may be lost unless the size of the ESOP companies, the reason for the ESOP's formantion, and each company's economic fortunes are considered. Even if the same types of companies are grouped for study, important research results may be lost in aggregating the data.Doctorate of Management Programs</span>
