%0 Journal Article
%A Fernández Guadaño, Josefina
%T Analysis of the economic differences between capitalistand labour-owned enterprises
%D 2009
%@ 0306-8293
%U https://hdl.handle.net/20.500.14352/50881
%X Purpose – In recent years, an increasing interest in the participative practices of the workpeople intheir companies has taken place in the European Union. Taking advantage of this situation, thepurpose of this paper is to show additional evidence of the benefits from companies with majorityworker’s capital participation as opposed to firms that do not follow this approach. Bearing in mind,also, that Spain is the only European country with the juridical form of financial majority participationof the workpeople, in order to recommend it in the European context according to the reached results.Design/methodology/approach – To study whether or not there are differences in the two types ofcompanies, a logistic regression model is used.Findings – In this study, results indicate that business profitability (return on assets), productivity andequity capital coefficient are not significant variables for the purpose of determining the distinguishingfeatures of labour-owned firm (LOF) as against capitalist firm. The only variable of those originallyincluded which has turned out to be significant is the financial profitability (return on equity).Practical implications – Initial proposal: specific European law governing investment capital ofemployees.Originality/value – The study will be useful to show the characteristics of Spanish LOFs (operatingunder their own legal structure) and their benefits.Keywords Return on capital employed, Spain, Business enterprise, Business analysis, EmployeesPaper type Research paper
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