"[J]ob satisfaction is higher for employees in ESOPs than for observationally similar workers in non-ESOP firms and for [work from home (WFH)] workers than for their non-WFH peers.... ESOPs raise satisfaction by increasing worker participation on collective workplace or firm decisions while WFH raise satisfaction by increasing worker flexibility in their individual work activity.... ESOPs had more extensive WFH than non-ESOP firms during the COVID-19 pandemic."  MORE >>