Avner Ben-Ner and Derek Jones cast doubt on the notion of a simple causal link between financial participation (FP) and productivity, and consequently on the validity of much of the empirical literature that has sought to quantify this relationship. This paper is an attempt to investigate this proposition. Our empirical reappraisal revealed that the route through which employee share ownership and profit-sharing schemes achieve these gains is quite separate and more involved than either the theory or prior empirical research suggests. This is particularly evident by extending the complementarities thesis beyond purely participatory bundles to embrace firm-specific and organizational variables. Our analysis also addressed recent calls to aid the interpretation of the observed effects of FP by creating a link between the use and operation of FP and its impact on productivity. Copyright Blackwell Publishing Ltd/London School of Economics 2006.