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Employee-owned firms: A business model of Social Economy with potential

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In Spain, the companies that are mainly owned by the employees form a part of the Social Economy and offer an alternative business model, which is found in a conventional capitalist economy. The objective of this study is to establish whether there are significant differences in the performance of Employee Owned Firms (EOFs) and more conventionally structured businesses, non-Employee Owned Firms (non-EOFs), due to the inherent differences in the capital-ownership structure. The aim is to establish whether or not a corporate governance structure characterised by the employee participation for both the financial and the informational decision-making aspects can be advocated. The results show differences in favour of the conventional non-EOFs for various indicators measuring economic performance and confirm the different objectives of each business type; however, they provide evidence of significant differences in favour of the EOFs in terms of the efficient use of the capital and labour factors of production, according to the theoretical literature.
Ispanijoje įmonės, kurių didžiąją dalį valdo darbuotojai, sudaro socialinės ekonomikos dalį ir siūlo alternatyvų verslo modelį vietoje to, kuris naudojamas įprastoje kapitalistinėje ekonomikoje. Šio tyrimo siekinys – nustatyti, ar egzistuoja reikšminiai veikimo skirtumai tarp darbuotojų valdomų įmonių ir tradicinės struktūros įmonių (ne darbuotojų valdomų įmonių), kurie atsirado dėl kapitalo nuosavybės struktūroms būdingų prieštaravimų. Tyrimo tikslas – atskleisti, ar bendra valdymo struktūra, kuriai būdingas darbuotojų dalyvavimas, gali arba negali propaguoti tiek finansinius, tiek informacinius sprendimų priėmimo aspektus. Rezultatai atskleidė skirtumus, kurie yra palankūs įvairiems ne darbuotojų valdomų įmonių ekonominės veiklos rodikliams, ir patvirtino, kad kiekvienas įmonės tipas turi skirtingus siekinius, tačiau taip pat atskleidė reikšmingus skirtumus, palankius darbuotojų valdomoms įmonėms, susijusius su efektyviu kapitalo valdymu ir darbo gamybos veiksnių panaudojimu pagal teorinę literatūrą.
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