L’actionnariat salarié favorise-t-il la diffusion d’information aux salariés et leur participation aux décisions stratégiques ? Une question de gouvernance d’entreprise

Abstract

La France est le pays européen qui compte le plus d’actionnaires salariés. Si la littérature sur l’actionnariat salarié s’intéresse essentiellement à ses déterminants ou à ses enjeux sur les attitudes et les comportements des salariés et sur la performance des entreprises, peu de recherches empiriques étudient ses effets sur la gouvernance des entreprises en dépit de l’intérêt théorique que cela représente. Cet article analyse les effets de l’actionnariat salarié sur la diffusion d’information aux salariés et leur participation aux décisions stratégiques selon une méthode d’appariement par les scores de propension, à partir d’un échantillon d’entreprises françaises cotées et non cotées.

Employee ownership in China: new evidence

“…Literature summary 1 Company size measured by staff number Kruse (1996), Pendleton (1997Pendleton ( , 2006, Festing et al (1999), Jones (2004), Meng et al (2011), Kim et al (2014), Fang et al (2015), Guery and Pendleton (2016), Jaakson and Kallaste (2016), Torp (2014), Guery and Guery (2017), Poutsma and Ligthart (2017), Mygind and Faigen (2017) Sector Kruse (1996), Pendleton (1997Pendleton ( , 2006, Kim et al (2014), Torp (2014), Jaakson and Kallaste (2016), Guery and Pendleton (2016), Guery and Guery (2017) Kruse (1996), Pendleton (1997Pendleton ( , 2006, Kim et al (2014), Guery and Pendleton (2016), Pendleton and Robinson (2016), Guery and Guery (2017), Poutsma and Ligthart (2017) 24 Performance (measured by productivity) Pendleton (1997)…”

“…Distinct from profit-sharing schemes, ESOPs are share-based financial participation schemes, focusing on long-term rewards in share value and a less direct link to profitability (Pendleton, 1997). Most of them are managed by trusts for employees’ pension funds or saving; while, some specific ESOPs are bundled with the participation mechanism that grants employee investors specific claims and privileges that previously only belonged to firm owners, including the access to profits or information and participation in decision-making processes (Guery, 2015; Guery and Guery, 2017), etc. For this reason, the traditional boundary between workers and owners is blurring through the implementation of ESOPs (Rousseau and Shperling, 2003).…”

Does employee ownership decrease agency costs? Evidence from French listed companies.

“…We chose to focus on France because it is the European country with the largest proportion of employee-owned shares, the highest number of employee owners, and the highest level of employee-owner representation on boards of directors. We used listed firms because the effect of ESO on employee participation in company decision-making is greater for publicly traded companies than private ones in France (Guery & Stevenot, 2017) and because ESO in Europe is more commonly observed in large companies than in smaller ones (Kruse, 2016).…”

Does employee ownership reduce agency costs? Evidence from French listed companies

“…We chose to focus on France because it is the European country with the largest proportion of employee-owned shares, the highest number of employee owners, and the highest level of employee-owner representation on boards of directors. We used listed firms because the effect of ESO on employee participation in company decisionmaking is greater for publicly traded companies than private ones in France (Guery & Stevenot, 2017) and because ESO in Europe is more commonly observed in large companies than in smaller ones (Kruse, 2016).…”