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Do investments in human capital lead to employee share ownership? Evidence from French establishments

Author

Listed:
  • Loris Guery

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

  • Andrew Pendleton

    (Durham Business School - Durham University)

Abstract

Investments in human capital can create a hold-up problem whereby both employers and employees exploit the bargaining weaknesses of the other. Employee share ownership (ESO) can mitigate this hold-up problem because it can align interests, develop loyalty, signal good-will and lock in employees. Previous studies have shown positive relationships between company investments in human capital and the use of ESO consistent with this argument but have been unable to identify the direction of causality. Using panel data from the French REPONSE survey, the findings indicate that significant and continuous investments in human capital take place prior to the implementation of ESO.

Suggested Citation

  • Loris Guery & Andrew Pendleton, 2016. "Do investments in human capital lead to employee share ownership? Evidence from French establishments," Post-Print hal-01369849, HAL.
    • Handle: RePEc:hal:journl:hal-01369849
    DOI: 10.1177/0143831X14551999
    as

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    Cited by:

    1. Anne Stevenot & Loris Guery & Geoffrey Wood & Chris Brewster, 2018. "Country of Origin Effects and New Financial Actors: Private Equity Investment and Work and Employment Practices of French Firms," British Journal of Industrial Relations, London School of Economics, vol. 56(4), pages 859-881, December.

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