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Les Salariés Actionnaires : Pourquoi Investissent-ils dans leur Entreprise ?
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Les Salariés Actionnaires : Pourquoi Investissent-ils dans leur Entreprise ?

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  • Nicolas Aubert

    (INSEEC - Institut des hautes études économiques et commerciales | School of Business and Economics)

  • Thomas Rapp

    (University of Maryland [College Park] - University of Maryland System)

Abstract

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 decision 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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  • Nicolas Aubert & Thomas Rapp, 2008. "Les Salariés Actionnaires : Pourquoi Investissent-ils dans leur Entreprise ?," Post-Print halshs-00454019, HAL.
    • Handle: RePEc:hal:journl:halshs-00454019
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00454019
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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. 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.
    3. Zied Guedri & Xavier Hollandts & Nicolas Aubert, 2011. "Les| déterminants de la représentation des actionnaires salariés au conseil d'administration ou de surveillance," Post-Print hal-02312660, HAL.

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    More about this item

    Keywords

    Employee stock ownership; behavioural finance.; employee stock purchase plan; portfolio theory; Actionnariat salarié; augmentation de capital réservée aux salariés; théorie du portefeuille; finance comportementale.;
    All these keywords.

    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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