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

Thierry Poulain-Rehm () and Xavier Lepers ()
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Thierry Poulain-Rehm: CREFF - Université Montesquieu - Bordeaux 4, CEREGE [Poitiers, La Rochelle] - Centre de recherche en gestion [EA 1722] - UP - Université de Poitiers = University of Poitiers - ULR - La Rochelle Université
Xavier Lepers: IRGO - Institut de Recherche en Gestion des Organisations - Université Montesquieu - Bordeaux 4 - Institut d'Administration des Entreprises (IAE) - Bordeaux

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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.

Keywords: Value creation; Employee ownership; Shareholders; Stakeholders; corporate governance (search for similar items in EconPapers)
Date: 2012
Note: View the original document on HAL open archive server: https://hal.science/hal-01382074v1
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Published in Journal of Business Ethics, 2012, 112 (2), pp.325-340. ⟨10.1007/s10551-012-1255-0⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01382074

DOI: 10.1007/s10551-012-1255-0

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