Document Type

Honors Paper


Yong-Jin Park

Publication Date



This paper has been revised from the original submitted for honors.


Studies on employee-ownership have generally focused on:

  • Efficiency gains,
  • Survival rate increases,
  • Employee attitude benefits, and
  • Measures of structural performance.

However, the study of the longevity of the benefits and the mechanisms by which employee-owned companies have found themselves thriving for longer periods of time have remained largely untouched by rigorous analysis. This study examines both of these areas using employee attitude survey data collected through the National Center for Employee-Ownership (NCEO). The study reveals no significant correlation through regression analysis between the age of the company and the attitude benefits resulting from an Employee Stock Ownership Plan (ESOP), but it does find some evidence that a link may exist. The study also provides evidence that education and engagement of the labor force significantly impacts employee attitudes. Given recent published research stating that employee attitudes and well-being are critical factors for the productivity in the workforce, this study suggests these two very significant determinants of employee attitudes that have been overlooked by researchers and policy makers who have evaluated the costs and benefits of ESOPs to our economy.



The views expressed in this paper are solely those of the author.