L'actionnariat salarié dans les entreprises familiales du SBF250:un outil de création de valeur ?

Stéphane Trébucq ()
Additional contact information
Stéphane Trébucq: Université Montesquieu Bordeaux 4

Revue Finance Contrôle Stratégie, 2002, vol. 5, issue 4, 107-135

Abstract: The present study investigates the impact on wealth creation for shareholders when businesses are both family-owned and have ESOPs. Using data for 109 large quoted French firms from the SBF250 index, the study tends to confirm that family-controlled firms create more shareholder value but open their capital to non-management employees less often than non-family businesses do. The supposed positive impact of non-managing employee ownership on wealth creation is not confirmed. It is interesting to observe that the principle shareholder possesses a weaker block of power when there is a non-management employee ownership. This fact tends to show the instrumentation of non-management employee shareholders in order to entrench the family ownership and control.

Keywords: ESOP (employee share ownership plan); family control; wealth creation; entrenchment. (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2002
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://repec-crego.u-bourgogne.fr/images/stories/rev/054135.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dij:revfcs:v:5:y:2002:i:q4:p:107-135

Access Statistics for this article

Revue Finance Contrôle Stratégie is currently edited by Jean-François Gajewski

More articles in Revue Finance Contrôle Stratégie from revues.org
Bibliographic data for series maintained by Informatique Technique MSH Dijon ().