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Les salariés actionnaires:pourquoi investissent-ils dans leur entreprise?

Author

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  • Nicolas Aubert

    () (Inseec)

  • Thomas Rapp

    (University of Maryland)

Abstract

(VF) Les comportements d'épargne des salariés actionnaires de leur entreprise offrent un terrain privilégié de confrontation des courants néo-classique et comportemental de la finance. Afin de tester les hypothèses issues de ces théories, nous utilisons les données relatives à 44 649 salariés d'un groupe bancaire coté et analysons quatre dimensions de l'investissement en actionnariat salarié : (i) la participation à une augmentation de capital réservée aux salariés, (ii) l'intensité de l'investissement, (iii) le type d'offre sélectionné, (iv) la concentration de l'épargne salariale totale en actionnariat salarié. Les résultats confirment nos hypothèses et montrent la complémentarité des approches classique et comportementale.(VA)Employee stock owners' saving behaviors offer an excellent ground to confront the neo-classical and the behavioral streams of finance. In order to test the hypotheses of both theories, we use original data collected among 44,649 employees of a French bank and analyze four dimensions of their décision to invest in their company stock: (i) the willingness to participate to the employee stock purchase plan offers, (ii) the amounts invested, (iii) the type of offer selected. (iv) the concentration of savings in company stock. The results confirm our hypotheses, showing the complementary nature of the neo-classical and behavioural approaches.

Suggested Citation

  • Nicolas Aubert & Thomas Rapp, 2008. "Les salariés actionnaires:pourquoi investissent-ils dans leur entreprise?," Revue Finance Contrôle Stratégie, revues.org, vol. 11(4), pages 87-110, December.
  • Handle: RePEc:dij:revfcs:v:11:y:2008:i:q4:p:87-110
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    References listed on IDEAS

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    Cited by:

    1. Thomas Rapp & Nicolas Aubert, 2011. "Bank Employee Incentives and Stock Purchase Plans Participation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 40(3), pages 185-203, December.
    2. Xavier Hollandts & Zied Guedri & Nicolas Aubert, 2011. "Les déterminants de la représentation des actionnaires salariés au Conseil d’administration ou de surveillance," Post-Print halshs-01256775, HAL.
    3. Djaoudath Alidou, 2012. "Employees Equity Issue and Asymmetric Information:Evidence from France - Augmentations de capital réservées aux salariés et Asymétrie d’information:Cas de la France," Working Papers CREGO 1120901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.

    More about this item

    Keywords

    actionnariat salarié; augmentation de capital réservée aux salariés; théorie du portefeuille; finance comportementale; employee stock ownership; employee stock purchase plan; portfolio theory; behavioural finance.;

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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