Does Employee Ownership Benefit Value Creation? The Case of France (2001–2005)

Thierry Poulain-Rehm (1, 2) , Xavier Lepers (3)

1 CREFF
2 CEREGE [Poitiers] - Centre de recherche en gestion [EA 1722]
3 IRGO - Institut de Recherche en Gestion des Organisations

The focus of this paper is employee ownership, specifically the role of employee ownership in value creation. Based on a sample of 163 French companies, we have measured the impact of employee share ownership on value creation for both shareholders and stakeholders. Only companies with a sustained employee ownership policy over a 5-year period (from 2001 to 2005), as defined by the French Federation of Employee and Former Employee Shareholders (FAS), have been considered. The results indicate that employee share ownership plans have no effect on shareholders' or stakeholders' value creation.

Mots clés: Value creation; Employee ownership; Shareholders; Stakeholders; corporate governance

Domaines: Gestion et management

Thierry Poulain-Rehm, Xavier Lepers. Does Employee Ownership Benefit Value Creation? The Case of France (2001–2005). Journal of Business Ethics, 2012, 112 (2), pp.325-340. ⟨10.1007/s10551-012-1255-0⟩. ⟨hal-01382074⟩