Résumés
Abstract
Employee stock ownership gives employees a voice and therefore may have a major impact on corporate governance. Thus, employee stock ownership may be a powerful mean to protect CEOs from both market for corporate control and dismissal threat. In this paper, we examine the relationship between employee stock ownership and CEO entrenchment. Following the recent French legislative changes, we use a comprehensive panel dataset of the major French listed companies over the 2009-2012 period. We document inverted U-shaped relationships between employee stock ownership and CEO entrenchment. Board employee ownership representation also plays a role and increases the inflexion points of these curvilinear relationship.
Keywords:
- employee stock ownership,
- corporate governance,
- CEO entrenchment
Résumé
L’actionnariat salarié est susceptible d’avoir un impact majeur sur la gouvernance des entreprises. En effet, ces mécanismes peuvent s’avérer décisifs pour faire échouer une prise de contrôle hostile ou pour permettre aux dirigeants d’écarter les menaces de renvoi. Dans le cadre de cet article, nous examinons le lien potentiel entre actionnariat salarié et enracinement managérial. Notre étude empirique examine cette question au moyen d’un échantillon d’entreprises cotées, analysées sur une période récente (2009-2012). Nos résultats montrent la présence d’une relation significative en U inversé entre le niveau d’actionnariat salarié et l’enracinement managérial. La présence de représentants des actionnaires salariés au sein des conseils d’administration ou de surveillance a également un impact en faisant varier les points d’inflexion des relations observées.
Mots-clés :
- actionnariat salarié,
- gouvernance de l’entreprise,
- enracinement des dirigeants
Resumen
La propiedad de acciones de los empleados da voz a los empleados y por lo tanto puede tener un impacto importante en el gobierno corporativo. Por ello, la propiedad de acciones por parte de los empleados puede ser un poderoso medio para proteger a los CEO tanto del mercado para el control corporativo como de la amenaza de despido. En este artículo, examinamos la relación entre la propiedad de acciones de los empleados y el afianzamiento del CEO. Tras los recientes cambios legislativos franceses, utilizamos un amplio conjunto de datos de panel de las principales empresas francesas cotizadas durante el periodo 2009-2012 y encontramos una relación con forma de U invertida entre la propiedad de acciones de los empleados y el afianzamiento del CEO. La representación de la propiedad del empleado en la junta también desempeña un papel relevante al incrementar el punto de inflexión de esta relación curvilínea.
Palabras clave:
- ppropiedad de acciones de empleados,
- gobierno corporativo,
- atrincheramiento CEO
Parties annexes
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