Altruism or Self-Interest? ESG and Participation in Employee Share Plans

Bonelli, Maxime; Brière, Marie; Derrien, François

doi:10.2139/ssrn.4164062

Cited by 5 publications

(5 citation statements)

References 43 publications

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“…In addition, employees may assess the sustainability performance of their employer before they will invest in share ownership with their employer. Recently, Bonelli et al (2022) found strong support for this line of argumentation. Together with the long-term commitment focus of allocating shares to employees, psychological ownership implies a strong foothold for internal stakeholder orientation.…”

Section: Associations Of Employee Share Ownership Plans With Cspmentioning

confidence: 89%

“…Environmental investments may increase employee and stakeholder engagement, regulatory compliance and investor confidence, and, through this, improve corporate reputation, thus contributing to competitive advantage and economic performance (Bassetti et al, 2021). Recently, Bonelli et al (2022) found that French employees have a stronger preference for share ownership in their firm in case the firm exhibits positive social performance that affects their well-being than in case the firm exhibits positive environmental performance. Given the hypothesized more direct economic logic, as well as closer matching with the interests of employees, we expect that employee share ownership has a stronger positive relationship with social performance than with environmental performance.…”

Section: Associations Of Employee Share Ownership Plans With Cspmentioning

confidence: 99%

“…Recently, Bonelli et al. (2022) found strong support for this line of argumentation. Together with the long‐term commitment focus of allocating shares to employees, psychological ownership implies a strong foothold for internal stakeholder orientation.…”

Section: Theoretical Framework and Hypothesesmentioning

confidence: 99%

“…Recently, Bonelli et al. (2022) found that French employees have a stronger preference for share ownership in their firm in case the firm exhibits positive social performance that affects their well‐being than in case the firm exhibits positive environmental performance. Given the hypothesized more direct economic logic, as well as closer matching with the interests of employees, we expect that employee share ownership has a stronger positive relationship with social performance than with environmental performance.…”

Section: Theoretical Framework and Hypothesesmentioning

confidence: 99%

See 3 more Smart Citations

Employee financial participation and corporate social and environmental performance: Evidence from European panel data

Braam,

Poutsma,

Schouteten

et al. 2024

Brit J Industrial Rel

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Compensation and benefit practices are mainly considered as instruments to align employee behaviour to an organization's strategic goals, such as economic outcomes. Going beyond this economic focus, this study examines whether and how employee financial participation, may drive corporate sustainability performance (CSP; i.e. social and environmental performance). We investigate the relationship between employee share ownership, stock option and profit‐sharing plans, on the one hand, and CSP, on the other hand. In addition, we investigate the relationship between narrow‐based employee share ownership plans (only eligible for top management) and broad‐based employee share ownership plans (all employees eligible), on the one side, and CSP, on the other side. Using a unique European panel dataset, the results indicate that companies with (broad‐based) employee share ownership plans portray higher CSP, while companies with profit‐sharing plans exhibit lower CSP when there is no share ownership plan present. Also, the positive effect of broad‐based employee share ownership plans on CSP is magnified when the employees own a larger stake in the company. The results indicate that employee share ownership increases stakeholder orientation, strengthening the mutual interests of the organization and employees to long‐term investments in terms of CSP, at the same time broadening their orientation to long‐term external stakeholders’ interests.

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Section: Associations Of Employee Share Ownership Plans With Cspmentioning

confidence: 89%

Section: Associations Of Employee Share Ownership Plans With Cspmentioning

confidence: 99%

Section: Theoretical Framework and Hypothesesmentioning

confidence: 99%

Section: Theoretical Framework and Hypothesesmentioning

confidence: 99%

See 2 more Smart Citations

Employee financial participation and corporate social and environmental performance: Evidence from European panel data

Braam,

Poutsma,

Schouteten

et al. 2024

Brit J Industrial Rel

View full text Add to dashboard Cite

show abstract

“…See, for example,Baron (2007Baron ( , 2008,Fama and French (2007),Benabou and Tirole (2010),Heinkel, Kraus, and Zechner (2001),Albuquerque, Koskinen, and Zhang (2019),Chowdhry, Davies, and Waters (2019),Pastor, Stambaugh, and Taylor (2021),Pedersen, Fitzgibbons, and Pomorski (2021),Baker, Hollifield, and Osambela (2022),Goldstein et al (2022),Berk and van Binsbergen (2022),Edmans, Levit, and Schneemeier (2022),Oehmke andOpp (2022), andZerbib (2022).10 Pedersen, Fitzgibbons, and Pomorski (2021) is one example of a theory with both value and values ESG investors.11 For additional work on ESG investor motivations, seeBonelli, Briere, and Derrien (2022),Bonnefon et al (2022), Brodback, Guenster, and Mezger (2019), and Heeb et al (2023.…”

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confidence: 99%

Presidential Address: Sustainable Finance and ESG Issues—ValueversusValues

Starks¹

2023

The Journal of Finance

138

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In this address, I discuss differences across investor and manager motivations for considering sustainable finance—value versus values motivations—and how these differences contribute to misunderstandings about environmental, social, and governance investment approaches. The finance research community has the ability and responsibility to help clear up these misunderstandings through additional research, which I suggest.

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L’influence de l’actionnariat salarié sur la performance RSE. Le cas des sociétés cotées au SBF 120

Moustabchir,

Khenissi,

Juban

2024

fcs

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Cet article analyse l’influence de l’actionnariat salarié sur la performance RSE des entreprises françaises. En nous appuyant sur un échantillon de 102 sociétés appartenant à l’indice boursier SBF 120 sur la période allant de 2012 à 2021, les résultats obtenus montrent que l’actionnariat salarié influence positivement la performance globale en matière de RSE, en particulier la performance sociale et de gouvernance. Nous montrons également que l’actionnariat salarié ne devient un véritable levier de la performance environnementale que lorsque les salariés détiennent un niveau significatif, voire majoritaire, du capital de leur entreprise. Notre étude met ainsi en évidence que le développement de l’actionnariat salarié valorise les efforts des entreprises en matière de RSE. Ces résultats apparaissent robustes à l’utilisation de deux mesures alternatives de l’actionnariat salarié.

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Altruism or Self-Interest? ESG and Participation in Employee Share Plans

Cited by 5 publications

References 43 publications

Employee financial participation and corporate social and environmental performance: Evidence from European panel data

Employee financial participation and corporate social and environmental performance: Evidence from European panel data

Presidential Address: Sustainable Finance and ESG Issues—ValueversusValues

L’influence de l’actionnariat salarié sur la performance RSE. Le cas des sociétés cotées au SBF 120

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