Abstracts
Abstract
This study examines the association between non-executive employee ownership and corporate social disclosure. Drawing on a sample of European listed firms, we estimate fixed effects panel regressions and find a positive association between non-executive employee ownership and corporate social disclosure. In line with agency theory, this finding suggests that employee-shareholders favor social disclosure to preserve their social and financial interests in the firm they work for. Our analysis further shows that this relationship is less pronounced in case of labor investment inefficiency. Overall, our findings support a cost-benefit view of corporate social disclosure and underscore the ambivalent role non-executive employee ownership may play in corporate transparency.
Keywords:
- Corporate governance,
- Corporate social disclosure,
- Employee ownership,
- Labor investment inefficiency
Résumé
Cette étude examine l’association entre l’actionnariat salarié des non-dirigeants et la diffusion d’informations sociales. À partir de régressions de panel à effets fixes estimées sur un échantillon d’entreprises européennes cotées, nous observons une association positive entre l’actionnariat salarié des non-dirigeants et la diffusion d’informations sociales. Dans le cadre de la théorie de l’agence, ce résultat suggère que les salariés actionnaires favorisent la diffusion d’informations sociales pour préserver leurs intérêts sociaux et financiers. En outre, cette relation est moins prononcée en cas d’inefficacité de l’investissement en main-d’oeuvre. Nos résultats soutiennent une vision coût-bénéfice de la diffusion sociale et soulignent le rôle ambivalent des actionnaires salariés non-dirigeants en matière de transparence des entreprises.
Mots-clés :
- gouvernance d’entreprise,
- information sociale des entreprises,
- actionnariat salarié,
- inefficacité de l’investissement en main d’oeuvre
Resumen
Este estudio examina la relación entre la propiedad de los empleados no ejecutivos y el suministro de información social. Utilizando regresiones de panel de efectos fijos estimadas sobre una muestra de empresas europeas cotizadas, encontramos una asociación positiva entre la propiedad de los empleados no ejecutivos y la difusión de información social. En el contexto de la teoría de la agencia, este resultado sugiere que los empleados accionistas favorecen la difusión de información social para proteger sus intereses sociales y financieros. Además, esta relación es menos pronunciada en el caso de inversión laboral ineficiente. Nuestros resultados apoyan una visión coste-beneficio de la difusión social y ponen de relieve el papel ambivalente de los accionistas empleados no ejecutivos en la transparencia empresarial.
Palabras clave:
- gobierno corporativo,
- información social corporativa,
- accionariado asalariado,
- ineficiencia de la inversión laboral
Appendices
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