Person:
López Millán, Manuel

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First Name
Manuel
Last Name
López Millán
URI
https://hdl.handle.net/20.500.14352/74627
Affiliation
Universidad Complutense de Madrid
Faculty / Institute
Ciencias Económicas y Empresariales
Department
Administración Financiera y Contabilidad
Area
Economía Financiera y Contabilidad
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2018 - 20192
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Author: López Millán, Manuel × End date: 2019 ×

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Now showing 1 - 2 of 2
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    Employee-Owned Firms from a Stakeholder Perspective
    (Journal of International Development, 2018) Fernández Guadaño, Josefina; López Millán, Manuel
    This study focuses on the role of employee-owned firms (EOFs) in value creation from a stakeholder perspective. EOFs have been defined as Social Economy enterprises in Spain following guiding principles that in our opinion should empower stakeholder governance. Therefore, the impact of employee share ownership on value creation for shareholders and stakeholders has been measured on the basis of a sample of 1006 enterprises. The results reveal that EOFs have a positive and significant influence on the distribution of value in favour of the employees but not the other stakeholders. This finding, which allows us to partially accept one of the proposed hypotheses, is consistent with previous evidence that EOFs set their objectives to maximize the value obtained by the participating employees through their financial participation in the business, and not, therefore, to maximize profits.
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    Assessing employee-owned firms: an examination of the Spanish economic model
    (Economic Research-Ekonomska Istrazivanja, 2019) Fernández Guadaño, Josefina; López Millán, Manuel
    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.