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Understanding variation in the efficacy of financial participation across Europe: The role of country-level factors

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  • Mark Williams

    (University of Surrey, UK)

Abstract

Little is known about variation in the efficacy of financial participation across countries. This article examines the relationship between two types of financial participation (profit-sharing and employee share-ownership) and labour productivity across 29 European countries using a representative workplace survey. Consistent with theoretical expectations, profit-sharing is associated with superior labour productivity when it is open to all employees, whilst the evidence for employee share-ownership is more mixed. Analysis reveals considerable variation in the efficacy of both schemes across Europe. Country-level collective bargaining coverage has the greatest explanatory power in accounting for cross-country variation in efficacy. In countries with higher levels of collective bargaining coverage, profit-sharing performs less well, whereas employee share-ownership performs better, relative to countries with lower collective bargaining coverage. These findings shed light on the comparative dimension of the financial participation–labour productivity link.

Suggested Citation

  • Mark Williams, 2018. "Understanding variation in the efficacy of financial participation across Europe: The role of country-level factors," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 39(2), pages 195-227, May.
    • Handle: RePEc:sae:ecoind:v:39:y:2018:i:2:p:195-227
    DOI: 10.1177/0143831X15620846
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