Employee ownership (EO) alone does not account for variance in return on assets (ROA) or workforce productivity (WP).
Joint effects of EO with firm, country, industry, and year explain 4.16%, 2.25%, 0.51%, and 0.12% of ROA respectively.
Joint effects of EO with firm, country, industry, and year explain 3.56%, 2.38%, 0.72%, and 0.53% of WP respectively.