L'actionnariat salarié réduit-il les coûts d'agence ? Le cas des entreprises françaises cotées. (2023)

Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68, 263–285.

Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency costs and ownership structure. Journal of Finance, 55(1), 81–106.

Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies, 58(2), 277–297.

Aubert, N., Garnotel, G., Lapied, A., & Rousseau, P. (2014). Employee ownership: A theoretical and empirical investigation of management entrenchment vs. reward management. Economic Modelling, 40, 423–434.

Aubert, N., Grand, B., Lapied, A., & Rousseau, P. (2009). Is employee ownership so senseless. Finance, vol.30(2), 5–29.

Aubert, N., Kern, A., & Hollandts, X. (2017). Employee stock ownership and the cost of capital. Research in International Business and Finance, 41, 67–78.

Babenko, I., & Sen, R. (2015). Do nonexecutive employees have valuable information? evidence from employee stock purchase plans. Management Science, 62(7), 1878–1898.

Ballwieser, W., Bamberg, G., Beckmann, M., & Bester, H. (2012). Agency theory, information, and incentives.

Barney, J. B. (1990a). Employee stock ownership and the cost of equity in Japanese electronics firms. Organization Studies, 11(3), 353–372.

Barney, J. B. (1990b). Profit sharing bonuses and the cost of debt: business finance and compensation policy in Japanese electronics firms. Asia Pacific Journal of Management, 7(1), 49–64.

Barroso, R., Ben Ali, C., & Lesage, C. (2018). Blockholders’ ownership and audit fees: The impact of the corporate governance model. European Accounting Review, 27(1), 149–172.

Benartzi, S., Thaler, R. H., Utkus, S. P., & Sunstein, C. R. (2007). The law and economics of company stock in 401(k) plans. The Journal of Law and Economics, 50(1), 45–79.

Bernstein, J. (2020). Why aren’t there more? Assessing barriers to ESOP creation.

Blanchard, O. J., Lopez-de-Silanes, F., & Shleifer, A. (1994). What do firms do with cash windfalls? Journal of Financial Economics, 36(3), 337–360.

Blasi, J. R., Conte, M., & Kruse, D. (1996). Employee stock ownership and corporate performance among public companies. Industrial and Labor Relations Review, 50(1), 60–79.

Blasi, J. R., Freeman, R. B., Mackin, C., & Kruse, D. L. (2010a). Creating a bigger pie? The effects of employee ownership, profit sharing, and stock options on workplace performance. In Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-Based Stock Options (pp.139–165). Cambridge, MA.

(Video) Tutoriel : L’actionnariat salarié : enjeu de motivation et outils juridiques

Blasi, J. R., Kruse, D. L., & Freeman, R. B. (2014). Evidence. In The Citizen’s Share: Reducing Inequality in the 21st Century (pp.167–194). Yale University Press.

Blasi, J. R., Kruse, D. L., & Markowitz, H. M. (2010b). Risk and lack of diversification under employee ownership and shared capitalism. In Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-Based Stock Options (pp.105–136). University of Chicago Press.

Bova, F., Dou, Y., & Hope, O.-K. (2015). Employee ownership and firm disclosure. Contemporary Accounting Research, 32(2), 639–673.

Bruslerie, H. D. La, & Deffains-Crapsky, C. (2003). Actionnariat salarié : application du contrat optimal entre salariés et actionnaires. Finance, Revue de L'Association Française de Finance, 24.

Caramelli, M. (2011). Employee ownership and corporate performance: Toward unlocking the black box. In Employee ownership and shared capitalism: New directions for research (pp.177–210).

Carberry, E. J. (2011). Employee ownership and shared capitalism: New directions in research. Labor and Employment Relations Association.

Chan, P., Ezzamel, M., & Gwilliam, D. (1993). Determinates of audit fees for quoted UK companies. Journal of Business Finance & Accounting, 20(6), 765–786.

Chaney, P., Jeter, D., & Shivakumar, L. (2004). Self-selection of auditors and audit pricing in private firms. The Accounting Review, 79(1), 51–72.

Chen, X. C., & Yur-Austin, J. (2007). Re-measuring agency costs: The effectiveness of blockholders. Quarterly Review of Economics and Finance, 47(5), 588–601.

Chen, X., Sun, Y., & Xu, X. (2016). Free cash flow, over-investment and corporate governance in China. Pacific Basin Finance Journal, 37, 81–103.

Child, J., & Rodrigues, S. B. (2003). Corporate Governance and New Organizational Forms: Issues of Double and Multiple Agency. Journal of Management and Governance, 7, 337–360.

Choi, J.-H., Kim, J.-B., Liu, X., & Simunic, D. A. (2008). Audit pricing, legal liability regimes, and Big 4 premiums: Theory and cross‐country evidence. Contemporary Accounting Research, 25(1), 55–99.

Clinch, G., Stokes, D., & Zhu, T. (2012). Audit quality and information asymmetry between traders. Accounting & Finance, 52(3), 743–765.

Fakhfakh, F. (2004). The effects of profit sharing and employee share ownership on quits: Evidence from a panel of French firms. Advances in the Economic Analysis of Participatory and Labor-Managed Firms, vol.8, pp.129–147.

Faleye, O., Mehrotra, V., & Morck, R. (2006). When labor has a voice in corporate governance. Journal of Financial and Quantitative Analysis, 41(3), 489–510.

Francis, J. R., & Yu, M. D. (2009). Big 4 office size and audit quality. The Accounting Review, 84(5), 1521–1552.

(Video) Produrable : L’actionnariat salarié, levier d'engagement et de performance durable

Frankel, R. M., & Li, X. (2004). Characteristics of a firm’s information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics, 37, 229–259.

Freeman, R. B., Kruse, D. L., & Blasi, J. R. (2008). Worker responses to shirking under shared capitalism. In Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options (pp.77–103). University of Chicago Press.

Ginglinger, E., Megginson, W. H., & Waxin, T. (2011). Employee ownership, board representation, and corporate financial policies. Journal of Corporate Finance, 17(4), 868–887.

Gonthier-Besacier-Cerag, N., & Schatt, A. (2007). Determinants of audit fees for French quoted firms. Managerial Auditing Journal, 22(2), 139–160.

Guedri, Z., & Hollandts, X. (2008). Beyond dichotomy: The curvilinear impact of employee ownership on firm performance. Corporate Governance: An International Review, 16(5), 460–474.

Guery, L., & Stevenot, A. (2017). L’actionnariat salarié favorise-t-il la diffusion d’information aux salariés et leur participation aux décisions stratégiques ? Une question de gouvernance d’entreprise. Management International, 21(4), 61–75.

Gul, F. A., Chen, C. J. P., & Tsui, J. S. L. (2003). Discretionary accounting accruals, managers’ incentives, and audit fees. Contemporary Accounting Research, 20(3), 441–464.

Gul, F. A., & Tsui, J. S. L. (2001). Free cash flow, debt monitoring, and audit pricing: Further evidence on the role of director equity ownership. Auditing, 20(2), 71–84.

Haans, R. F. J., Pieters, C., & He, Z.-L. (2015). Thinking about U: Theorizing and testing U- and inverted U-shaped relationships in strategy research. Strategic Management Journal, 37(7), 1177–1195.

Hallock, D. E., Salazar, R. J., & Venneman, S. (2004). Demographic and attitudinal correlates of employee satisfaction with an ESOP. British Journal of Management, 15(4), 321–333.

Harvey, C. R., Lins, K. V., & Roper, A. H. (2004). The effect of capital structure when expected agency costs are extreme. Journal of Financial Economics, 74(1), 3–30.

Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 46(6), 1251–1271.

Hay, D. C., Knechel, R. W., & Wong, N. (2006). Audit fees: A meta-analysis of the effect of supply and demand attributes. Contemporary Accounting Research, 23(1), 141–191.

Hirth, S., & Uhrig-Homburg, M. (2010). Investment timing, liquidity, and agency costs of debt. Journal of Corporate Finance, 16(2), 243–258.

Hollandts, X., Aubert, N., Ben Abdelhamid, A., & Prieur, V. (2018). Beyond Dichotomy: The Curvilinear Impact of Employee Ownership on CEO entrenchment. Management International, 22(2), 112–127.

Jensen, K. L., & Payne, J. L. (2005). Audit procurement: Managing audit quality and audit fees in response to agency costs. Auditing: A Journal of Practice & Theory, 24(2), 27–48.

(Video) Le rôle de l’actionnaire dans la Gouvernance d’une société : Passif, Actif ou Activiste ?

Jensen, M. C. (1986). Agency costs of free cash flow , corporate finance , and takeovers. The American Economic Review, 76(2), 323–329.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360.

Khalil, S., Magnan, M. L., & Cohen, J. R. (2008). Dual-class shares and audit pricing: Evidence from the canadian markets. Auditing: A Journal of Practice & Theory, 27(2), 199–216.

Kim, E. H., & Ouimet, P. (2014). Broad-based employee stock ownership: Motives and outcomes. Journal of Finance, 69(3), 1273–1319.

Kruse, D. L. (2002). Research evidence on prevalence and effects of employee ownership. Journal of Employee Ownership Law and Finance, 14(4), 65–90.

Kruse, D. L. (2016). Does employee ownership improve performance? IZA World of Labor.

Kruse, D. L., Blasi, J. R., & Freeman, R. B. (2010). Shared capitalism at work: Employee ownership, profit and gain sharing, and broad-based stock options. In University of Chicago Press.

Kruse, D. L., Blasi, J. R., & Freeman, R. B. (2012). Does linking worker pay to firm performance help the best firms do even better? (No. w17745).

La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131–1150.

Lafond, R., & Roychowdhury, S. (2008). Managerial ownership and accounting conservatism. Journal of Accounting Research, 46(1), 101–135.

Lind, J. T., & Mehlum, H. (2007). UTEST: Stata module to test for a U-shaped relationship. Statistical Software Components.

Lind, J. T., & Mehlum, H. (2010). With or without u? the appropriate test for a U-shaped relationship. Oxford Bulletin of Economics and Statistics, 72(1), 109–118.

Mathieu, M. (2017). Annual economic survey of employee share ownership in European countries.

Mohat, I., & Alidou, D. (2019). L’actionnariat salarié influence-t-il le niveau de rémunération des dirigeants de sociétés cotées françaises ? Étude empirique sur l’indice boursier SBF 120 (2009-2015)1. Finance Contrôle Stratégie, 22(22-2/3).

Nekhili, M., Boukadhaba, A., & Nagati, H. (2020). The ESG-financial performance relationship: Does the type of employee board representation matter? Corporate Governance: An International Review.

Niemi, L. (2005). Audit effort and fees under concentrated client ownership: Evidence from four international audit firms. The International Journal of Accounting, 40(4), 303–323.

(Video) Actionnaires VS Dirigeants : ce que veulent les entreprises - Heu?reka #27

O’Boyle, E. H., Patel, P. C., & Gonzalez-Mulé, E. (2016). Employee ownership and firm performance: a meta-analysis. Human Resource Management Journal, 26(4), 425–448.

Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687.

Oyer, P., & Schaefer, S. (2005). Why do some firms give stock options to all employees?: An empirical examination of alternative theories. Journal of Financial Economics, 76(1), 99–133.

Pagano, M., & Volpin, P. F. (2005). Managers, workers, and corporate control. Journal of Finance, 60(2), 841–868.

Park, S., & Song, M. H. (1995). Employee stock ownership plans, firm performance, and monitoring by outside blockholders. Financial Management, 24(4), 52.

Pendleton, A. (2006). Incentives, monitoring, and employee stock ownership plans: New evidence and interpretations. Industrial Relations, 45(4), 753–777.

Pierce, J. L., Rubenfeld, S. A., & Morgan, S. (1991). Employee ownership: A conceptual model of process and effects. Academy of Management Review, 16(1), 121–144.

Rashid, A. (2013). CEO duality and agency cost: Evidence from Bangladesh. Journal of Management and Governance, 17(4), 989–1008.

Rauh, J. D. (2006). Own company stock in defined contribution pension plans: A takeover defense? Journal of Financial Economics, 81(2), 379–410.

Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies 2006 11:2, 11(2), 159–189.

Rosen, C., Case, J., & Staubus, M. (2005). Every employee an owner. Really. Harvard Business Review, 83(6), 122–130.

Singh, M., & Davidson III, W. N. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking & Finance, 27(5), 793–816.

Söderbom, M. (2009). Instrumental Variables, 2SLS and GMM.

Stulz, R. M. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3–27.

Tobin, J. (1958). Estimation of relationships for limited dependent variables. Econometrica, 26(1), 24–36.

Toe, S. D., Hollandts, X., & Valiorgue, B. (2017). La « face cachée » de l’actionnariat salarié : Etude empirique sur l’indice SBF 120 (2000-2014). Finance Contrôle Stratégie, (20–1).

(Video) AG : voici comment utiliser son pouvoir d’actionnaire !

Whisenant, S., Sankaraguruswamy, S., & Raghunandan, K. (2003). Evidence on the joint determination of audit and non‐audit fees. Journal of Accounting Research, 41(4), 721–744.

Wu, J., & Tu, R. (2007). CEO stock option pay and R&D spending: a behavioral agency explanation. Journal of Business Research, 60(5), 482–492.

Zhang, W. (2011). The Tradeoff between Employee Ownership and CEO Compensation: Evidence from Defined Contribution Pension Plans.


1. Bien valoriser son entreprise en 2021
(Réseau Experts Alya)
2. Foncières Cotées (SIIC, REIT) : Analyse & Opportunité d'achat ?
(Focus Bourse)
3. Phitrust - La responsabilité des actionnaires, pour faire quoi? 4/4
4. Dirigeants ou actionnaires, qui gouverne l'entreprise ? Débat Sophie Vermeille & Daniel Hurstel
(Cercle Droit & Liberté)
5. Les Gangsters de la finance - HSBC - Blanchiment - Corruption - Documentaire Monde - MP
(Notre Monde)
6. Quand l'irresponsabilité devient la règle du pouvoir financier et politique. Raphaël ROSSELO
(Grand Angle)
Top Articles
Latest Posts
Article information

Author: Reed Wilderman

Last Updated: 02/15/2023

Views: 6637

Rating: 4.1 / 5 (52 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Reed Wilderman

Birthday: 1992-06-14

Address: 998 Estell Village, Lake Oscarberg, SD 48713-6877

Phone: +21813267449721

Job: Technology Engineer

Hobby: Swimming, Do it yourself, Beekeeping, Lapidary, Cosplaying, Hiking, Graffiti

Introduction: My name is Reed Wilderman, I am a faithful, bright, lucky, adventurous, lively, rich, vast person who loves writing and wants to share my knowledge and understanding with you.