This doesn't seem like an accurate assessment:

"He finds that codetermination laws are negatively associated with productivity, but profit sharing, worker ownership, and worker participation in decision making are all positively associated with productivity." ---http://library.uniteddiversity.coop/Money_and_Economics/Coop...

"The positive effects are found most uniformly with respect to profit sharing and, to a slightly lesser extent, individual capital (share) ownership and participation in decision-making by workers." ---https://www.sciencedirect.com/science/article/pii/0147596787...