“…Our causal estimates also complement existing evidence on the positive correlation between cooperation or trust within firms and productivity (see, e.g., Krueger and Mas, 2004;Bloom, Sadun, and Van Reenen, 2012;Hjort, 2014). We also contribute to the literature on codetermination, which studies institutions that combine worker voice with formal decision-making rights for workers, and has found some evidence for positive productivity effects (Addison, 2009;Jäger, Schoefer, and Heining, 2020;Jäger, Noy, and Schoefer, forthcoming). Our study uniquely provides quasi-experimental evidence from A separate literature cautions that increasing worker voice, to the extent that it goes along with shift in bargaining power, may instead have negative effects, e.g., by exacerbating agency conflicts or discouraging capital formation (Jensen and Meckling, 1979).…”