Did publicly traded European firms with employee ownership (EO) realize higher firm performance during or after the Great Recession? Contributing to the growing interest in exploring the association between EO and firm performance during and after the 2008 economic crisis, we draw on a longitudinal sample of 4,259 firm‐years representing 892 publicly traded firms from 28 European countries. The results show that compared to firms without EO, those with EO experienced higher firm performance during or after the recession, albeit with small effect size. Consistent with past findings, we found that firms with EO were less likely to lower their employee count during or after the recession. Findings are robust to controlling for contemporaneous endogeneity and alternate specifications. Our results indicate that publicly traded European firms with EO, on average, realized higher firm performance in the face of the Great Recession.

中文翻译：

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2008 年经济衰退期间广泛的员工所有权和劳动生产率：来自欧洲上市公司的证据

在大衰退期间或之后，拥有员工所有权 (EO) 的上市欧洲公司是否实现了更高的公司业绩？促使人们对探索 2008 年经济危机期间和之后 EO 与公司绩效之间的关联越来越感兴趣，我们抽取了代表来自 28 个欧洲国家的 892 家上市公司的 4,259 个公司年的纵向样本。结果表明，与没有 EO 的公司相比，有 EO 的公司在经济衰退期间或之后经历了更高的公司绩效，尽管效应量很小。与过去的调查结果一致，我们发现拥有 EO 的公司在经济衰退期间或之后减少员工人数的可能性较小。结果对于控制同期内生性和替代规范是稳健的。我们的结果表明，拥有 EO 的公开交易的欧洲公司，