Abstract:

This paper's objective is to study the issue of employee ownership in the context of corporate governance. We show in a first step that the literature is controversial on the impact of employee ownership plans on the corporate financial performance. In a second step, we empirically analyse the performance of a sample of companies from the index SBF 250 before and after the establishment of the employee stock ownership plans (ESOP). This method of comparing performance, which differs from conventional technical studies, allows us to found that the companies studied show a negative relationship between the presence of employee ownership and economic performance indicators.