Journal of Business Ethics 112 (2):325-340 (2013)

Abstract
The focus of this paper is employee ownership, specifically the role of employee ownership in value creation. Based on a sample of 163 French companies, we have measured the impact of employee share ownership on value creation for both shareholders and stakeholders. Only companies with a sustained employee ownership policy over a 5-year period (from 2001 to 2005), as defined by the French Federation of Employee and Former Employee Shareholders (FAS), have been considered. The results indicate that employee share ownership plans have no effect on shareholders’ or stakeholders’ value creation
Keywords Employee ownership  Value creation  Corporate governance  Shareholders  Stakeholders
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DOI 10.1007/s10551-012-1255-0
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Assessing Freeman’s Stakeholder Theory.James A. Stieb - 2009 - Journal of Business Ethics 87 (3):401 - 414.
Assessing Freeman’s Stakeholder Theory.James A. Stieb - 2009 - Journal of Business Ethics 87 (3):401-414.

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