Employee Financial
Participation and Corporate Social and Environmental
Performance: Evidence from European Panel Data,
Braam, G., Poutsma, E., Schouteten, R. & Heijden, B.V.D., British
Journal of Industrial Relations, January
2024, 1–29.
First,
our findings show positive and significant lagged
effects of share ownership plans on CSP. The findings
also show that the positive effect of broad-based
employee share ownership on CSP is magnified when
the employees own a larger stake of the company,
indicating that employee share ownership increases
a company's orientation on long-term sustainable
value creation.
Executive
and non-executive employee ownership and bank
risk: Evidence from European banks, Laetitia
Lepetit, Phan Huy Hieu Tran, Thu Ha Tran, Université
de Limoges and Université Bourgogne Franche-Comté,
France, Quarterly Review of Economics and Finance
Volume 92, December 2023, Pages 291-31992
(2023), Elsevier.
To
examine the impact of both executive and non-executive
employee ownership on bank risk, as well as to
explore the different underlying channels, we
use information in the European Federation of
Employee Share Ownership (EFES) database. Using
data from 2005 to 2019, we find that both executive
and non-executive ownership are associated with
lower bank risk, depending on employee ability
and incentives to take risks. We find that an
increase in executive and non-executive employee
ownership leads to a decrease in insolvency risk
and overall bank risk. Therefore, our results
provide evidence that holding shares incentivizes
executive and non-executive bank employees to
pursue strategies that reduce risk. Our results
indicate that policymakers should encourage broad-based
employee ownership plans in the banking industry.
Sami
Adwan, Alaa Alhaj-Ismail, Ranko Jelic, Non-executive
employee ownership and financial reporting quality:
evidence from Europe, Review of Quantitative Finance
and Accounting, 2022.
This study provides new evidence on wether and
how employee share ownership affects the quality
of financial reporting. It confirms that firms
with more employee share ownership have lower
incentives to manipulate reported performance.
That employee share ownership at present levels
is large enough to drive employee incentives and
affect corporate policies. That the firms tend
to disclose more information when employees have
larger stakes in the firm. This is thus underscoring
the role employee share ownership can play in
improving a firm's corporate governance, and reducing
the incentives to manipulate financial statements.
Kim,
K. Y., & Patel, P. C., A multilevel contingency
model of employee ownership and firm productivity:
The moderating roles of industry growth and instability.
Organization Science, 32(3), 625-648, 2021
Kim,
K. Y., & Patel, P. C., Broad-based employee
ownership and labour productivity during the 2008
recession: Evidence from public firms in Europe.
British Journal of Industrial Relations, 58(2),
396-423, 2020
Corentin
Geurts, L’actionnariat des salariés : Un moyen
efficace en vue d’améliorer le rapport conflictuel
entre les actionnaires et les salariés, UCL Louvain
School of Management, 2018
Kyoung
Yong Kim and Pankaj C. Patel,
" Employee ownership and firm performance: A variance
decomposition analysis of European firms", Journal
of Business Research, August 2016
Ricardo
Bahia Machado, The Determinants of Employee
Ownership Plan Implementation in EU Countries
- the Quest for Economic Democracy: a first Look
at the Evidence, Organizacija, May 2016
Ansgar
Richter & Susanne Schrader, Levels of
Employee Share Ownership and the Performance of
Listed Companies in Europe, British Journal of
Industrial Relations, January 2016
Economic
Survey of employee share ownership in European
Countries
Based on the
EFES database, an annual survey of employee share
ownership in Europe since 2005.
Etude
Eres Actionnariat Salarié 2015 en France
et en Europe
Debory
Eres, Etude Actionnariat Salarié 2014,
Paris, Mai 2014.
Ansgar
Richter & Susanne Schrader, Reported levels
of employee share ownership and the performance
of listed companies in Europe, University of Liverpool
& EBS Business School, 2013.
Violeta
Moskalu, Une analyse socio-cognitive de l'impact
de l'actionnariat salarié sur la création de valeur
des entreprises françaises cotées, Université
de Lorraine - Cerefige, December 2012.
Reggie
Martes, Employee Ownership and Firm Performance,
Performance of Employee-Owned Firms in Europe,
Tilburg University, November 2012.
European
Parliament - DG Internal Policies of the EU,
Employee Financial Participation in Companies'
Proceeds, September 2012.
Susanne
Schrader, Antecedents and Effects of Broad-based
Employee Ownership in Organizations, EBS Business
School, 2012.
