Employee Participation in Corporate Governance: What Impact Does It Have on Performance and Cash Distribution Policy in the SBF 120 (2000-2014)?

La participation des salariés à la gouvernance d’entreprise: quel impact sur la performance et la politique de distribution des liquidités dans le SBF120 (2000-2014) ?

Cécile Cézanne () and Xavier Hollandts
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Cécile Cézanne: UniCA - Université Côte d'Azur, GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur, CNRS - Centre National de la Recherche Scientifique
Xavier Hollandts: Kedge BS - Kedge Business School

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Abstract: This article analyses the impact of employee shareholding and participation in governance bodies on the performance and cash distribution policy of French companies. This empirical work is based on data from a combination of three sources (IODS, Eikon and Thomson Reuters) for a sample of listed companies in France over the period 2000-2014. Our results indicate that employee participation in corporate governance has various effects: employee shareholding makes it possible to increase the profitability of companies but it also allows for the curbing of their dividend payment and share buyback practices. At the same time, employee participation in the board of directors (or supervisory board) moderates the payment of dividends to shareholders. These results form part of the discussion on the renewal of corporate governance and the development of cash distribution policy.

Keywords: corporate governance; employee shareholding; co-determination; dividend distribution; share buybacks (search for similar items in EconPapers)
Date: 2022-01-05
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Published in Economie et Statistique / Economics and Statistics, 2022, 528-529, pp.85-107. ⟨10.24187/ecostat.2021.528d.2061⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04135429

DOI: 10.24187/ecostat.2021.528d.2061

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