Employee Ownership and Entrenchment of Managers: An Attempt to Understand

By Héla Gharbi, Xavier Lepers

This article identifies the role of employee ownership in the entrenchment strategies of management. Through a systemic approach, the present analysis includes various control mechanisms able to influence the nature or the intensity of the relationship under study. The research is based on a quantitative methodology combined with a hypothesis-based deductive approach. Derived from prior an analysis of literature, our hypotheses are tested on a sample of about 167 listed French companies, and our results are discussed. JEL code: M100


  • employee ownership
  • managerial entrenchment
  • corporate governance
  • control mechanisms
  • power and dependence
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