I don't agree with this.
The smaller the company and the closer you are to the owners, the more your relationship with them is that of a tool. A disposable and replacable tool.
When you work for a larger company (assuming you are providing more value to the company than your employment is costing them), your job is secure. Your day to day is relatively comfortable. You are also likely to be surrounded by more peers which contributes greatly to job satisfaction. You belong.
Look at it this way. If you notice your postman one day looking at his phone for a bit instead of delivering mail, you probably arn't going to get too bent out of shape over it. While you are paying taxes to employ his services, you're not too invested in his productivity.
On the other hand, if you've hired a plumber and you're paying him $150/hour, discovering him taking a personal phone call is worrying. You're directly paying for every minute he's on the phone. You aren't happy and the next time you need a plumber, you'll be considering your options.
Now consider taking an emergency phone call as the employee:
If you are a plumber working directly for an owner/customer, taking an emergency phone call is stressful. The customer/owner is JUDGING you because it's his money paying you. That phone call is more likely to negatively affect your livelihood.
If you are a plumber working large company, your foreman is probably more interested in not losing you and having to spend time replacing you. Your wages aren't coming direcly out of HIS pocket, so he's more invested in believing your phone call is reasonable. He WANTS to believe that.
I've worked for a dozen small companies (20-100 employees) and a couple large companies (200-10000 employees). My job satisifaction has been much, much higher at the two large companies.