Does employee ownership affect firm debt maturity? Evidence from French listed firms
Even as employee ownership has expanded as a widespread phenomenon, through which employee owners often exert powerful impacts on corporate governance, researchers mainly have focused on their implications for firm performance and corporate governance efficiency, with mixed results. The current arti...
محفوظ في:
| الحاوية / القاعدة: | URI:https://journals.openedition.org/fcs, |
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| المؤلفون الرئيسيون: | , , |
| التنسيق: | Article ou chapitre numérique |
| اللغة: | Anglais |
| منشور في: |
Finance Contrôle Stratégie
2026
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| الموضوعات: | |
| الوصول للمادة أونلاين: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
| الملخص: | Even as employee ownership has expanded as a widespread phenomenon, through which employee owners often exert powerful impacts on corporate governance, researchers mainly have focused on their implications for firm performance and corporate governance efficiency, with mixed results. The current article expands this perspective by considering the consequences of employee ownership on corporate capital structure decisions (i.e., debt maturity). Using a panel data set of French listed firms for 2014–2019, the authors document a nonlinear, U-shaped relationship between employee ownership and uses of long-term debt, which remains unaffected by the extent of employee representation on boards of directors. This evidence confirms both bright and dark sides of employee ownership and suggests that the continued development of employee ownership in French companies should be carefully controlled. |
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