Les déterminants de la représentation des actionnaires salariés au Conseil d’administration ou de surveillance

Xavier Hollandts (), Zied Guedri () and Nicolas Aubert ()
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Xavier Hollandts: ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand
Zied Guedri: Strategy & Business Policy - EM - EMLyon Business School, EM - EMLyon Business School

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Abstract: This paper investigates the set of factors which influence the likelihood of employee shareholders representation on the board of directors. We suggest that the lower the level of CEO's entrenchment, the higher the likelihood of employee shareholders representation on the board of directors, because employee shareholders' representatives are deemed to be passive directors and loyal to the CEO. In contrast, we suggest that board of directors' capacity to resist CEO's entrenchment, which is determined by boards' composition and structure, reduces the likelihood of employee shareholders representation on the board of directors. Empirical analysis drawn from a longitudinal sample of French firms provides strong support for these hypotheses.

Keywords: Corporate governance; Board of directors; Employee ownership; Gouvernement d'entreprise; Actionnariat salarié; Conseil d'administration (search for similar items in EconPapers)
Date: 2011
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01256775v2
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Citations: View citations in EconPapers (1)

Published in Management international = International management = Gestión internacional, 2011, 15 (4), 69-82 p. ⟨10.7202/1006192ar⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01256775

DOI: 10.7202/1006192ar

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