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The_Effect_of_Employee_Stock_Ownership_Plans_on_Employment_and_Income_during_COVID_19.pdf (582.7 kB)

The Effect of Employee Stock Ownership Plans on Employment and Income during COVID-19

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posted on 2024-03-01, 00:45 authored by Xiaohe LiXiaohe Li

This paper examines whether Employee Stock Ownership Plan (ESOP) participation affects em- ployment and income stability during the COVID-19 pandemic in the United States. I use micro- data on an individual’s pre-pandemic characteristics and pandemic-related experiences to estimate the likelihood of an income reduction. After controlling for a host of observables, I find ESOP participation lowers the likelihood that a worker experiences an income reduction by 5 percent. Additional checks show that the influence on income stability is mediated by workers clocking in fewer hours or stopping work altogether. The findings add updated evidence to the resilience of ESOPs in a global health crisis and offer policy implications for reinforcing economic stability.

History

Institution

  • Middlebury College

Department or Program

  • Economics

Degree

  • Bachelor of Arts, Honors

Academic Advisor

Erin Wolcott

Conditions

  • Restricted to Campus

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