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|Title||Is Employee Stock Ownership Irrelevant for Firm Performance?|
|Institution||University of Zurich|
|Faculty||Faculty of Business, Economics and Informatics|
|Number of Pages||63|
|Abstract Text||The analysis of over 2000 listed European companies, representing almost all the European market capitalization, over the term of 14 years reveals some of the mechanics linking employee ownership to firm performance. With random effects regressions and propensity score matching the independent effects of employee ownership on firm performance are isolated. Outside of crisis periods, depending on the form of implementation of employee ownership, statistically significant improvements in company performance can be observed. Broad employee ownership tends to be preferable compared to deep ownership, as far as the two can be separated.|