Worker takeovers: a comparative analysis of employee buyouts, other worker-managed firms, and conventional firms in Uruguay
基于乌拉圭社保数据，比较员工收购的失败企业、其他工人管理企业和传统企业的存活率与工人收入，发现前者存活更久但工人收入更低，部分原因是人才流失和人力资本损失。
Abstract The economic crisis experienced by many developed countries over the past decade saw the emergence of the phenomenon of so-called recovered firms (RFs), or employee buyouts of failed capitalist firms (CFs). While it is obvious that one of the objectives sought by these workers is to keep their jobs, the subsequent performance of these firms is unclear. Are RFs more likely to fail than other worker managed firms (WMFs) or than CFs? Do RF workers get higher incomes than their peers in other WMFs or in CFs? This analysis is based on a linked employer–employee panel data set from Uruguayan social security administrative records. The main findings are that RFs survive longer than other WMFs or than CFs. However, RF workers receive incomes lower than those of their peers at other WMFs or at CFs. This income differential is explained partly by a brain drain process and specific human capital losses.