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Does employee ownership improve performance?

Employee ownership generally increases firm performance and worker outcomes

Elevator pitch

Employee ownership has attracted growing attention for its potential to improve economic outcomes for companies, workers, and the economy in general, and help reduce inequality. Over 100 studies across many countries indicate that employee ownership is generally linked to better productivity, pay, job stability, and firm survival—though the effects are dispersed and causation is difficult to firmly establish. Free-riding often appears to be overcome by worker co-monitoring and reciprocity. Financial risk is an important concern but is generally minimized by higher pay and job stability among employee owners.

Key findings

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• Behavioural and personnel economics
  • Pay and incentives

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• Further reading
  • Erdal (2012)
    Erdal, D.Beyond the Corporation: Humanity Working. New York: Random House, 2012.
  • Kaarsemaker et al. (2010)
    Kaarsemaker, E., Pendleton, A., Poutsma, E. "Employee share ownership." In: Gollan, P., Lewin, D., Marchington, M., Wilkinson, A. (eds).The Oxford Handbook of Participation in Organizations. Oxford: Oxford University Press, 2010.
  • Rosen et al. (2005)
    Rosen, C. M., Case, J., Staubus, M.Equity: Why Employee Ownership is Good for Business. Boston, MA: Harvard Business Press, 2005.
• Key references
  • [1] Kurtulus and Kruse (2016)
    [1]Kurtulus, F., Kruse, D.How Did Employee Ownership Firms Weather the Last Two Recessions?. Kalamazoo, MI: W.E. Upjohn Institute for Employment Research, 2016.

    [1]Compustat

    [2]Form 5500 Data Sets

    [1]Survey data (Micro data): Firm data - Cross section

    [2]Administrative data (Micro data) - Cross section

    Micro-level analysis - Regression

    United States
  • [2] Lowitzsch and Hashi (2014)
    [2]Lowitzsch, J., Hashi, I.The Promotion of Employee Ownership and Participation, 2014.

    Other
  • [3] Kruse et al. (2010)
    [3]Kruse, D., Freeman, R., Blasi, J. (eds).Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options. Chicago, IL: University of Chicago Press, 2010.

    Other
  • [4] O’Boyle et al. (2016)
    [4]O’Boyle, E., Patel, P., Gonzalez-Mulé, E. "Employee ownership and firm performance: A meta-analysis."Human Resource Management Journal 26:4 (2016): 425−448.

    Meta study
  • [5] Oxera (2007)
    [5]Oxera "Tax Advantaged Employee Share Schemes: Analysis of Productivity Effects", 2007.

    Other
  • [6] Fakhfakh et al. (2012)
    [6]Fakhfakh, F., Pérotin, V., Gago, M. "Productivity, capital, and labor in labor-managed and conventional firms: An investigation on French data."Industrial & Labor Relations Review 65:4 (2012): 847−879.

    [1]Annual Enterprise Surveys, INSEE

    [2]Labour Force Activity and Employment Conditions Surveys (Acemo), INSEE

    [1]Survey data (Micro data): Firm data - Longitudinal or Panel

    [2]Survey data (Micro data): Firm data - Longitudinal or Panel

    Micro-level analysis - Regression

    France
  • [7] Kim and Ouimet (2014)
    [7]Kim, E., Ouimet, P. "Broad-based employee stock ownership: Motives and outcomes."The Journal of Finance 69:3 (2014): 1273−1319.

    [1]US Census

    [1]Census/Microcensus data (Micro data) - Cross section

    Micro-level analysis - Regression

    United States
  • [8] Blasi et al. (2016)
    [8]Blasi, J., Freeman, R., Kruse, D. "Do broad-based employee ownership, profit sharing, and stock options help the best firms do even better?"British Journal of Industrial Relations 54:1 (2016): 55−82.

    [1]Great Place to Work (GPW)

    [2]Compustat

    [1]Survey data (Micro data): Firm data - Cross section

    [2]Survey data (Micro data): Firm data - Cross section

    Micro-level analysis - Regression

    United States
  • [9] Walter and Corley (2015)
    [9]Walter, K., Corley, D.Mitigating Risk to Maximize the Benefits of Employee Ownership. Washington, DC: Center for American Progress, 2015.

    Other
  • [10] Blasi et al. (2014)
    [10]Blasi, J., Freeman, R., Kruse, D.The Citizen’s Share: Reducing Inequality in the 21st Century. New Haven, CT: Yale University Press, 2014.

    Other
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