2026-06-07T21:21:30Zhttps://docta.ucm.es/rest/oai/request

oai:docta.ucm.es:20.500.14352/190302023-08-25T18:03:27Zcom_20.500.14352_14col_20.500.14352_15

Fernández Guadaño, Josefina López Millán, Manuel 2023-06-17T23:55:40Z 2023-06-17T23:55:40Z 2018 0954-1748 10.1002/jid.3363 https://hdl.handle.net/20.500.14352/19030 https://doi.org/10.1002/jid.3363 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. eng open access Employee-Owned Firms from a Stakeholder Perspective journal article