Does employee share ownership influence the level of remuneration of executives of French listed companies ? Empirical study of the SBF 120 stock market index (2009-2015)

L’actionnariat salarié influence-t-il le niveau de rémunération des dirigeants de sociétés cotées françaises ? Étude empirique sur l’indice boursier SBF 120 (2009-2015)

Imane Mohat and Djaoudath Alidou ()
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Imane Mohat: CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon
Djaoudath Alidou: CREGO - Centre de Recherche en Gestion des Organisations (EA 7317) - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]

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Abstract: Based on agency theory, the objective of this research is to study the influence of employee share ownership on the directors' remuneration in 120 French listed companies from the CAC All-Tradable stock market index between 2009 and 2015. The results of the study show that employee share ownership plays a direct and indirect role on the determinants of executive compensation. The results highlight a significant negative relationship showing that presence of elected employee directors on the board of directors tends to limit the managers' total remuneration component. Nevertheless, the results are nuanced according to the components of the remuneration studied.

Keywords: Managers’ remuneration; Employee share ownership structure; Agency theory; Corporate governance; Rémunération des dirigeants; Structure de l’actionnariat salarié; Théorie de l’agence; Gouvernance d’entreprise (search for similar items in EconPapers)
Date: 2019
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Published in Finance Contrôle Stratégie, 2019, 22 (2-3), ⟨10.4000/fcs.3569⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02319682

DOI: 10.4000/fcs.3569

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