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