During recessions in Norway, workers at codetermined firms only experience wage decreases of 0.2%, compared with 0.9% for workers at non-codetermined firms.

"The wages of workers in firms with worker representation are not only higher on average, but they are also better insured against fluctuations in firm performance. Controlling for time-invariant worker and firm heterogeneity, we estimate a significantly lower pass through of idiosyncratic firm shocks to incumbent workers’ wages in firms with representation. In response to a 10 percent fall in the value added of a firm, the wages of workers decrease by 0.9 percent in firms without worker representation, while the wages of workers only decrease by 0.2 percent in firms with worker representation."