Les Salariés Actionnaires: Pourquoi Investissent-ils dans leur Entreprise ?

Nicolas Aubert () and Thomas Rapp

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Abstract: Employee stock owners' saving behaviors offer an excellent ground to confront the neo-classical and the behavioral streams of finance. In order to test the hypotheses of both theories, we use original data collected among 44,649 employees of a French bank and analyze four dimensions of their decision to invest in their company stock: (i) the willingness to participate to the employee stock purchase plan offers, (ii) the amounts invested, (iii) the type of offer selected, (iv) the concentration of savings in company stock. The results confirm our hypotheses; showing the complementary nature of the neo-classical and behavioural approaches.

Keywords: Employee stock ownership; behavioural finance.; employee stock purchase plan; portfolio theory; Actionnariat salarié; augmentation de capital réservée aux salariés; théorie du portefeuille; finance comportementale. (search for similar items in EconPapers)
Date: 2008
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00454019v1
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Published in Finance Contrôle Stratégie, 2008, 11 (4), pp.87-110

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Journal Article: Les salariés actionnaires:pourquoi investissent-ils dans leur entreprise? (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00454019

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