Employee Participation in Corporate Governance: What Impact Does It Have on Performance and Cash Distribution Policy in the SBF 120 (2000-2014)? - Archive ouverte HAL Accéder directement au contenu
Article Dans Une Revue Economie et Statistique / Economics and Statistics Année : 2022

Employee Participation in Corporate Governance: What Impact Does It Have on Performance and Cash Distribution Policy in the SBF 120 (2000-2014)?

La participation des salariés à la gouvernance d’entreprise : quel impact sur la performance et la politique de distribution des liquidités dans le SBF120 (2000-2014) ?

Résumé

This article analyses the impact of employee shareholding and participation in governance bodies on the performance and cash distribution policy of French companies. This empirical work is based on data from a combination of three sources (IODS, Eikon and Thomson Reuters) for a sample of listed companies in France over the period 2000-2014. Our results indicate that employee participation in corporate governance has various effects: employee shareholding makes it possible to increase the profitability of companies but it also allows for the curbing of their dividend payment and share buyback practices. At the same time, employee participation in the board of directors (or supervisory board) moderates the payment of dividends to shareholders. These results form part of the discussion on the renewal of corporate governance and the development of cash distribution policy.

Dates et versions

hal-04135429 , version 1 (20-06-2023)

Identifiants

Citer

Cécile Cézanne, Xavier Hollandts. Employee Participation in Corporate Governance: What Impact Does It Have on Performance and Cash Distribution Policy in the SBF 120 (2000-2014)?. Economie et Statistique / Economics and Statistics, 2022, 528-529, pp.85-107. ⟨10.24187/ecostat.2021.528d.2061⟩. ⟨hal-04135429⟩
7 Consultations
0 Téléchargements

Altmetric

Partager

Gmail Facebook X LinkedIn More