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Employee Ownership, Employment, and Work-from-Home in the Covid-19 Shock

A survey of nearly 750 firms found majority-owned ESOP firms retained proportionately more jobs during the first COVID-19 shock, while the observational design does not establish that municipal transition assistance caused the difference.

Reviewed July 24, 2026

Xu, Blasi, Kruse, and Freeman, NBER Working Paper 33310, 2024.

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A survey of nearly 750 firms found majority-owned ESOP firms retained proportionately more jobs during the first COVID-19 shock, while the observational design does not establish that municipal transition assistance caused the difference.

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Topic reviews: Small Business Support & Empowerment

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