arise once specialized investment is made. Therefore, this paper investigates whether such agreements affect firm …-level investment. Based on the IAB Establishment Panel Survey 2001-2010 our estimates reveal that the adoption of a company-level pact … leads to a higher investment rate than in other firms driven by re-investment. However, the Great Recession has damped this …

reduces owners' capital investment - we find that granting formal control rights to workers raises capital formation. The … relations whereby shared governance raises capital by permitting workers to bargain over investment or by institutionalizing …