Assessing employee-owned firms: an examination of the Spanish economic model



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Fernández Guadaño, Josefina and López Millán, Manuel (2019) Assessing employee-owned firms: an examination of the Spanish economic model. Economic Research-Ekonomska Istrazivanja, 32 (1). pp. 1984-2008. ISSN 1331-677X

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Employee-owned firms (EOFs) form part of the so-called social economy, and they are seen as an alternative business model that aims to establish itself as a third way, different to conventional capitalist firms and public enterprises. These firms meet the Spanish legal requirements (Law 44/2015) for employee ownership designation. This paper assesses whether the capital ownership structure is a key factor determining operating performance, productivity and solvency, or in other words, the impact the firm’s capital ownership structure may have on its economic performance, labour factor and capital factor. Based on a sample of small employee-owned firms and non-employee owned firms, the study develops an empirical methodology using a panel data analysis. The study shows the characteristics of Spain’s EOFs as an alternative legal form of employee share ownership, which is included in the Social Economy, but different from cooperative societies.

Item Type:Article
Uncontrolled Keywords:Employee share ownership(ESO); European Union; Spain; Employee-owned firms (EOFs); Non-employee owned firms (non-EOFs); Financial participation.
Subjects:Social sciences > Economics > Industrial management
Social sciences > Economics > Cooperatives
JEL:J540, L200, D210
ID Code:65470
Deposited On:13 May 2021 11:42
Last Modified:19 May 2021 14:14

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