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Les déterminants des investissements des salariés dans les FCPE d'actionnariat salarié

Abstract : Our research is motivated by an observation. Employee Ownership is a form of savings that is becoming more and more sought after these days. The concentration of the employee savings into employee ownership is becoming stronger. These evolutions translate into a fact: employees facing a savings menu tend to choose Employee Ownership. The high exposure to risk of the employee-shareholders might have some consequence for their assets and their job. For companies, the cost of this exposure to risk can also be high. These observations have led us to wonder about the causes of employees’ investments in their company stock. Thus, this research tries to answer the question: Which are determinants of employees’ investments in their employer’s stock? We will specifically focus on the case of Employee Ownership in the French company savings plan (PEE). We can find several results through the empirical study. The exploratory phase shows the influence of the French legal system on the investment choice of employees. It makes it possible to identify four groups of determinants of employees’ investment in their company stock: the employee stock purchase plans, the context of employee savings, the company’s and the employees’ characteristics. Concerning the results of the quantitative analysis, they deal with the effect of several dependent variables on three dimensions of the employee investment decision of a company that is quoted on the stock exchange. We first of all analyze the decision of participating in the employee stock purchase plan. For those employees who have subscribed to the employee stock purchase plan, we will then study the determinants of the amount invested. The dependent variable is the total amount of the subscription to the company’s stocks. Finally, we analyse the relationship between the dependent variables and the exposure to employee ownership. The dependent variable is thus the percentage of the total employee savings invested in employer’s stocks after the employee stock purchase plan. Most of the obtained results are significant and similar for the three decisions that have been considered (the participation, the intensity of the participation and the concentration of savings into employee ownership). However, some results diverge indicating the different nature of three decisions that have been analyzed.
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Contributor : Nicolas Aubert <>
Submitted on : Friday, January 15, 2016 - 12:41:32 PM
Last modification on : Friday, April 26, 2019 - 10:10:03 AM
Document(s) archivé(s) le : Saturday, April 16, 2016 - 10:30:37 AM


  • HAL Id : tel-01256798, version 1



Nicolas Aubert. Les déterminants des investissements des salariés dans les FCPE d'actionnariat salarié. Economies et finances. Aix Marseille Université, 2007. Français. ⟨tel-01256798⟩



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