Does Employee Ownership Benefit Value Creation? The Case of France (2001–2005)

Thierry Poulain-Rehm () and Xavier Lepers ()

Journal of Business Ethics, 2013, vol. 112, issue 2, 325-340

Abstract: The focus of this paper is employee ownership, specifically the role of employee ownership in value creation. Based on a sample of 163 French companies, we have measured the impact of employee share ownership on value creation for both shareholders and stakeholders. Only companies with a sustained employee ownership policy over a 5-year period (from 2001 to 2005), as defined by the French Federation of Employee and Former Employee Shareholders (FAS), have been considered. The results indicate that employee share ownership plans have no effect on shareholders’ or stakeholders’ value creation. Copyright Springer Science+Business Media B.V. 2013

Keywords: Employee ownership; Value creation; Corporate governance; Shareholders; Stakeholders (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (5)

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DOI: 10.1007/s10551-012-1255-0

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