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Levels of Employee Share Ownership and the Performance of Listed Companies in Europe

Richter, Ansgar and Schrader, Susanne (2016) Levels of Employee Share Ownership and the Performance of Listed Companies in Europe British Journal of Industrial Relations, 55 (2). pp. 396-420.

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Abstract

We investigate the effects of employee share ownership (ESO) on three alternative measures of firm performance in a panel of 1,115 companies from the five largest European economies. The results show that firms with ESO enjoy significantly higher levels of capital market performance and of accounting performance than firms without ESO; however, the marginal effects of ESO are declining with increasing ESO levels. ESO does not have a clear effect on productivity. These findings hold for all countries except Spain. Variations in ESO levels within firms over time exert few performance effects.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > Surrey Business School
Authors :
NameEmailORCID
Richter, Ansgara.richter@surrey.ac.uk
Schrader, Susanne
Date : 20 January 2016
Identification Number : 10.1111/bjir.12169
Copyright Disclaimer : © 2016 John Wiley & Sons Ltd/London School of Economics.
Depositing User : Clive Harris
Date Deposited : 14 Dec 2017 08:45
Last Modified : 14 Mar 2018 16:24
URI: http://epubs.surrey.ac.uk/id/eprint/845261

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