Over the years, the NCEO has conducted and reported on research on employee ownership and corporate performance. The research comes to a very definite conclusion: the combination of ownership and participative management is a powerful competitive tool. Neither ownership nor participation alone, however, accomplishes very much. The findings apply most clearly to closely held companies. The relationship between ESOPs and corporate performance in public companies is more ambiguous. Limited research on broad-based equity compensation plans have consistently found positive results. Studies on ESOPs and corporate performance in public companies come to more mixed conclusion.