Where employee ownership works best

Colin Birkhead, Noah Gibson and Mark C. Hand

International Review of Applied Economics, 2025, vol. 39, issue 2-3, 366-378

Abstract: Researchers have primarily looked within organisations to identify factors for the effectiveness of broad-based employee share ownership (ESO). To date, the community-level determinants of success for ESO firms have been overlooked. This paper examines the relationship between community-level generalised exchange and the prevalence of ESO firms and their survival in California between 2009 and 2019. We contribute to the literature on ESO in the following ways: first, we argue that broad-based employee-owned firms operate on the basis of generalised exchange; second, we find that ESO firms are more common in places that exhibit more generalised exchange; and finally, we find that ESO firms that operate in communities with high generalised exchange enjoy better survival rates.

Date: 2025
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DOI: 10.1080/02692171.2024.2410227

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