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L'actionnariat salarié dans les entreprises familiales du SBF250:un outil de création de valeur ?

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  • Stéphane Trébucq

    (Université Montesquieu Bordeaux 4)

Abstract

The present study investigates the impact on wealth creation for shareholders when businesses are both family-owned and have ESOPs. Using data for 109 large quoted French firms from the SBF250 index, the study tends to confirm that family-controlled firms create more shareholder value but open their capital to non-management employees less often than non-family businesses do. The supposed positive impact of non-managing employee ownership on wealth creation is not confirmed. It is interesting to observe that the principle shareholder possesses a weaker block of power when there is a non-management employee ownership. This fact tends to show the instrumentation of non-management employee shareholders in order to entrench the family ownership and control.

Suggested Citation

  • Stéphane Trébucq, 2002. "L'actionnariat salarié dans les entreprises familiales du SBF250:un outil de création de valeur ?," Revue Finance Contrôle Stratégie, revues.org, vol. 5(4), pages 107-135, December.
    • Handle: RePEc:dij:revfcs:v:5:y:2002:i:q4:p:107-135
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    References listed on IDEAS

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    More about this item

    Keywords

    ESOP (employee share ownership plan); family control; wealth creation; entrenchment.;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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