This article compares worker-owned firms and mainstream capital-owned enterprises over the business cycle. Specifically, I study whether conventional employees in worker-owned firms enjoy greater employment stability than similar workers in traditional enterprises over the business cycle, and investigate whether this stability is associated with greater volatility of working-time or wages. Unlike the literature that has compared partners of worker-owned firms to wage-earners of mainstream firms, I compare wage-earners across both type of organizations along the three margins of adjustment. The econometric analysis is based on rich Spanish administrative data and panel data methods to account for composition differences between the two types of organizations. The results show that worker-owned firms offer higher job security because they do not adjust employment levels over the business cycle as much as mainstream enterprises. Wages and working-time, instead, are equally responsive across the two types of firms. The findings can be rationalized by the presence of similar labour regulations and differences in the nature of the two type of organizations. Namely, both types of firms are constrained by regulations, such as the national Labor Code and collective bargaining, on the adjustments they can impose on wages and working-time. However, the social structure of worker-owned firms mitigates employment volatility in these organizations.

中文翻译：

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工人拥有的公司在商业周期中的就业和工资：来自西班牙的证据*

本文比较了经济周期中的工人所有制企业和主流资本所有制企业。具体而言，我研究了在商业周期内，工人所有制企业的传统员工是否比传统企业的同类员工享有更大的就业稳定性，并调查这种稳定性是否与工作时间或工资的更大波动有关。与将工人所有的公司的合伙人与主流公司的工资收入者进行比较的文献不同，我沿着三个调整边际比较了两种类型组织的工资收入者。计量经济学分析基于丰富的西班牙行政数据和面板数据方法，以解释两类组织之间的构成差异。结果表明，工人拥有的公司提供更高的工作保障，因为它们不像主流企业那样在商业周期内调整就业水平。相反，工资和工作时间在这两种类型的公司中具有同等的响应能力。调查结果可以通过类似的劳动法规的存在和两类组织性质的差异来合理化。也就是说，这两种类型的公司都受到诸如国家劳动法和集体谈判等法规的约束，它们可以对工资和工作时间进行调整。然而，工人所有制企业的社会结构减轻了这些组织的就业波动。调查结果可以通过类似的劳动法规的存在和两类组织性质的差异来合理化。也就是说，这两种类型的公司都受到诸如国家劳动法和集体谈判等法规的约束，它们可以对工资和工作时间进行调整。然而，工人所有制企业的社会结构减轻了这些组织的就业波动。调查结果可以通过类似的劳动法规的存在和两类组织性质的差异来合理化。也就是说，这两种类型的公司都受到诸如国家劳动法和集体谈判等法规的约束，它们可以对工资和工作时间进行调整。然而，工人所有制企业的社会结构减轻了这些组织的就业波动。