Hostname: page-component-cd9895bd7-jkksz Total loading time: 0 Render date: 2024-12-26T16:44:25.597Z Has data issue: false hasContentIssue false
  • English
  • Français

The Stock Market and Human Resource Management: Evidence from a Survey of French Establishments

Published online by Cambridge University Press:  17 August 2016

Corinne Perraudin ,
Héloïse Petit  and
Antoine Rebérioux
Corinne Perraudin
Affiliation:
Centre d'Etudes de I'Emploi (CEE) and CES (CNRS, Université Paris I); corinne.perraudin@mail.enpc.fr
Héloïse Petit
Affiliation:
Centre d'Etudes de I'Emploi (CEE) and CES (CNRS, Université Paris I); heloise.petit@univ-paris1.fr
Antoine Rebérioux
Affiliation:
EconomiX (CNRS, Université Paris X); antoine.reberioux@u-paris10.fr
Get access

Summary

This article examines the influence of equity ownership structure (stock market listing and identity of shareholders) on human resource management practices. The empirical analysis uses the 2004-2005 Workplace Industrial Relations Survey (REPONSE survey), based on a sample of 2930 establishments with 20 employees or more, representative of the French private sector. Our findings confirm the importance of listing and, to a lesser extent, of the identity of shareholders as determinants of human resource management practices, considering temporary work arrangements (agency work, fixed-term contracts and sub-contracting), pay policy (wage levels and use of variable pay) and training expenditures.

Résumé

Résumé

Cet article étudie l'influence de la structure de propriété des entreprises (cotation et identité des actionnaires) sur la gestion de l'emploi. Nous utilisons l'enquête REPONSE 2004-2005, fondée sur un échantillon de 2930 établissements de 20 salariés et plus, représentatif du secteur marchand français. L'analyse économétrique confirme l'importance de la propriété comme déterminant de la gestion de l'emploi, que ce soit en termes de for-mes temporaires de mobilisation du travail (recours à l'intérim, aux CDD et à la sous-traitance), de politique salariale (niveau des rémunérations et usage de primes) ou de formation.

Keywords

gouvernance d'entreprisepropriété socialegestion de l'emploiG34J3M5corporate governanceownership of equity capitalhuman resource managementG34J3M5
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 74 , Issue 4 , 2008 , pp. 541 - 581
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 2008 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Abe, M. and Hoshi, T. (2007), “Corporate Finance and Human Resource Management”, in Aoki, M., Jackson, G. and Miyajima, H. (eds.), Corporate Governance in Japan: Institutional Change and Organizational Diversity, Oxford, Oxford University Press.Google Scholar
Amable, B. (2003). The Diversity of Modern Capitalism, Oxford, Oxford University Press.Google Scholar
Amable, B., Ernst, E. and Palombarini, S., (2005). “How do financial markets affect industrial relations: an institutional complementarity approach”, Socio-Economic Review, vol. 3, pp. 311–330.Google Scholar
Aoki, M. (2007). “Whither Japan’s Corporate Governance?”, in Aoki, M., Jackson, G. and Miyajima, H. (eds.), Corporate Governance in Japan: Institutional Change and Organizational Diversity, Oxford Oxford University Press.Google Scholar
Barca, F. and Becht, M., (eds.) (2001). The Control of Corporate Europe, Oxford, Oxford University Press.Google Scholar
Barker, R. and Rueda, D., (2007). “The Labor Market Determinants of Corporate Governance Reform”, CLPE Research Paper, n° 5, Osgoode Hall Law School, York University, Toronto.Google Scholar
Batsch, L. (1999). Finance et stratégie, Paris, Economica.Google Scholar
Batsch, L. (2007). “Variations empiriques autour des groupes du CAC40, 20002005”, paper presented at the CEPN seminar (University Paris Nord), 9 February 2007.Google Scholar
Bebchuk, L. and Fried, J., (2005). “Pay without Performance: Overview of the Issues”, The Journal of Corporation Law, vol.30, pp.647–673.Google Scholar
Berle, A. and Means, G., (1932). The Modern Corporation and Private Property, new ed. 1967, New York, Harcourt, Brace and World.Google Scholar
Black, B. (1998). “Shareholder Activism and Corporate Governance in the United States”, in The New Palgrave Dictionary of Economics and the Law, vol. 3, pp. 459–465.Google Scholar
Black, B., Gospel, H. and Pendleton, A., (2007). “Finance, Corporate Governance, and the Employment Relationship”, Industrial Relations, vol. 46 (3), pp. 643–650.Google Scholar
Blair, M. (1995). Ownership and Control. Rethinking Corporate Governance for the Twenty-first Century, Washington DC, Brookings Institution.Google Scholar
Blair, M. and Roe, M., (eds.) (1999). Employees and Corporate Governance, Washington DC, Brookings Institution.Google Scholar
Bouton, D. (2002). Pour un meilleur gouvernement des entreprises cotées, Report of joint committee MEDEF and AFEP / Agref.Google Scholar
Bryson, A., Forth, J. and Barber, C., (eds.) (2006). “Making Linked Employer-Employee Data Relevant to Policy”, DTI Economics Occasional Paper No. 4, Department of Trade and Industry, London.Google Scholar
Burgess, S., Lane, J. and Stevens, D., (2000). “Job Flows, Worker Flows, and Churning”, Journal of Labor Economics, vol. 18, N° 3, pp 473–502.Google Scholar
Capelle-Blancard, G. and Couderc, N., (2006). “How do shareholders respond to downsizing? A meta-analysis”, Working Paper CES.Google Scholar
Cioffi, J. and Cohen, S., (2000). “The State, Law and Corporate Governance: the Advantage of Forwardness”, in Cohen, S. and Gavin, B. (eds.), Corporate Governance and Globalization. Long Range Planning Issues, Cheltenham and Northampton, Edward Elgar, pp. 307–349.Google Scholar
Colasse, B. (2001). L’analyse financière de lL’entreprise, Paris, La découverte, coll. Repères.Google Scholar
Cooper, S., Crowther, D., Davies, M. and Davis, E., (2000). “The Adoption of Value-Based Management in Large UK Companies: A Case for Diffusion Theory”, 23rd annual Congress of the European Accounting Association, Munich, March 29–31.Google Scholar
Cozian, M., Viandier, A. and Deboissy, F., (2005). Droit des sociétés, 18e ed., Paris, Litec.Google Scholar
Deakin, S. and Ahlering, B., (2005). “Labour Regulation, Corporate Governance and Legal Origin: A Case of Institutional Complementarity?”, University of Cambridge Centre for Business Research Working Paper n° 312 and ECGI - Law Working Paper 72/2006.Google Scholar
Deakin, S., Hobbs, R., Konzelmann, S. and Wilkinson, F., (2006). “Anglo-American cor-porate governance and the employment relationship: a case to answer?”, SocioEconomic Review, vol 4, number 1, pp. 155–174.Google Scholar
Deakin, S., Hobbs, R., Nash, D. and Slinger, D., (2003). “Implicit contracts, takeovers and Corporate Governance: In the Shadow of the City Code”, in Campbell, D., Collins, H., and Wightman, J., (eds.), Implicit Dimensions of Contract, Oxford, Hart, pp. 289–331.Google Scholar
Deakin, S, Lele, P. and Siems, M., (2007). ‘The evolution of labour law: calibrating and comparing regulatory regimes’, International Labour Review, vol. 146, n°3–4.Google Scholar
Denis, D. and McConnell, J., (2003). “International Corporate Governance”, ECGI -Finance Working Paper, n° 05/2003.Google Scholar
Earle, J. and Telegdy, A., (2007). ‘Ownership and Wages: Estimating Public-Private and Foreign-Domestic Differentials using LEED from Hungary, 1986–2003’, NBER working paper, 12997.Google Scholar
Fanto, J. (1998). “The role of Corporate Law in French Corporate Governance"”, Cornell International Law Journal, vol. 31, pp. 31–91.Google Scholar
Froud, J., Haslam, C, Johal, S. and Williams, K., (2000a). “Restructuring for shareholder value and its implications for labour”, Cambridge Journal of Economics, 24 (6), pp. 771–98.Google Scholar
Froud, J., Haslam, C, Johal, S. and Williams, K., (2000b). “Shareholder value and financialization: consultancy promises, management moves”, Economy and Society, 29 (1),. pp. 80–110.Google Scholar
Ginglinger, E. and L’Her, J.-F., (2006). “Ownership Structure and Open Market Stock Repurchases in France”, European Journal of Finance, Vol. 12, No. 1, pp. 77–94.Google Scholar
Goergen, M. (2007). “What Do We Know About Different Systems of Corporate Governance?”, ECGI - Finance Working Paper n° 163/2007.Google Scholar
Goergen, M., Brewster, C. and Wood, G., (2006). “The Boundaries of Governance: The Effects of the National Setting and Ownership Changes on Employment Practice”, ECGI - Finance Working Paper n° 136/2006.Google Scholar
Gospel, H. and Pendleton, A. (eds.) (2005). Corporate Governance and Labour Man-agement: An International Comparison, Oxford, Oxford University Press.Google Scholar
Gourevitch, P. and Shinn, J., (2005). Political Power and Corporate Control. The New Global Politics of Corporate Governance, Princeton, Princeton University Press.Google Scholar
Hall, P. and Soskice, D., (2001). “An Introduction to Varieties of Capitalism”, in Hall, P. and Soskice, D. (eds.). Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford, Oxford University Press, pp. 1–70.Google Scholar
Hansmann, H. and Kraakman, R., (2001). “The End of History for Corporate Law”, Georgetown Law Journal, vol. 89, pp. 439–68.Google Scholar
Hansmann, H. and Kraakman, R., (2004). “The Basic Governance Structure”, in Kraakman, R., Davies, P., Hansmann, H., Hertig, G., Hopt, K., Kanda, H. and Rock, E. (eds.). The Anatomy of Corporate Law. A Comparative and Functional Approach, Oxford, Oxford University Press, pp. 33–70.Google Scholar
Hertig, G. and Kanda, H., (2004). “Related Party Transactions”, in Kraakman, R., Davies, P., Hansmann, H., Hertig, G., Hopt, K., Kanda, H. and Rock, E. (eds.), The Anatomy of Corporate Law. A Comparative and Functional Approach, Oxford, Oxford University Press, pp. 101–130.Google Scholar
Höpner, M. (2001). “Corporate Governance in Transition: Ten Empirical Findings on Shareholder Value and Industrial Relations in Germany”, Max Planck Institut Discussion Paper 01/5, Cologne.Google Scholar
Hossfeld, C. and Klee, L., (2003). “Performance Reporting on EVA by French and German Companies”, 2nd workshop on Performance and Management Control, Nice, September.Google Scholar
Idmachiche, S. (2007). “La dépense nationale pour la formation professionnelle continue et la formation en 2004”, Premières Informations Premières Synthèses, DARES, n° 02.1, January.Google Scholar
Jackson, G. (2005). “Stakeholders under pressure: corporate governance and labour management in Germany and Japan”, Corporate Governance, vol. 13 (3), pp. 419–428.Google Scholar
Jackson, G., Höpner, M. and Kurdelbusch, A., (2005). “Corporate governance and employees in Germany: Changing linkages, complementarities, and tensions”, in Gospel, H. and Pendleton, A. (eds.), Corporate Governance and labour management: an international comparison, Oxford, Oxford University Press, pp. 84–121.Google Scholar
Konzelmann, S., Conway, N., Trenberth, L. and Wilkinson, F., (2006). “Corporate governance and human resource management”, British Journal of Industrial Relations, vol. 43, pp. 541–567.Google Scholar
La Porta, R. Lopez-de-Silanes, F. and Shleifer, A., (1999). “Corporate Ownership Around the World”, The Journal of Finance, vol. 54, pp. 471–517.Google Scholar
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R., (2000). “Agency-Problems and Dividend Policies around the World”, The Journal of Finance, vol. 55, pp. 1–33.Google Scholar
Lazonick, W. and O’Sullivan, M., (2000). “Maximising Shareholder Value: A New Ideology of Corporate Governance”, Economy and Society, vol. 29 (1), pp. 13–35.Google Scholar
Lehto, E. and Böckerman, P., (2006). “Enemy of Labour? Analysing the Employment Effects of Mergers and Acquisitions”, Munich Personal RePEc Archive Paper.Google Scholar
Lütz, S. and Eberle, D., (2007). “On the Road to Anglo-Saxon Capitalism? German Corporate Governance Regulation between Market and Multilevel Governance”, CLPE Research Paper, n° 4/2007, Osgoode Hall Law School, York University, Toronto.Google Scholar
Margolis, D. (2006). “Should Employment Authorities Worry about Mergers and Acquisitions?”, Portuguese Economic Journal, vol. 5 (2).Google Scholar
O’Sullivan, M. (2000). Contests for Corporate Control. Corporate Governance and Economic Performance in the United States and Germany, Oxford, Oxford University Press.Google Scholar
Perraudin, C, Petit, H., Rebérioux, A., Thèvenot, A. and Valentin, J., (2008). “Une gestion de l’emploi qui dépasse le cadre de l’entreprise”, forthcoming in Amossé, T., Bloch-Lordon, C. and Wolff, L. (eds), Relations sociales en entreprise, Paris, coll. Recherche, La Découverte.Google Scholar
Perraudin, C, Thèvenot, A., Tinel, B. and Valentin, J., (2006). “Sous-traitance dans l’industrie et ineffectivité du droit du travail: une analyse économique”, Economie et Institutions, N° 9, pp. 35–55.Google Scholar
Poulain, J.-G. (2006). “La détention du capital des société françaises du CAC40 par les non-résidents fin 2005”, Bulletin de la Banque de France, mai, n°149.Google Scholar
Prowse, S. (1995). “Corporate Governance in an International Perspective: a Survey of Corporate Control Mechanisms among Large Firms in the U.S., U.K., Japan and Germany”, Financial Markets, Institutions and Instruments, vol. 4, pp. 1–61.Google Scholar
Rebérioux, A. (2002). “European Style of Corporate Governance at the Crossroads: the Role of Worker Involvement”, Journal of Common Market Studies, vol. 40 (1), pp. 111–34. Reprinted in Clarke T. (ed.) 2005. Corporate Governance, Volume III: European corporate governance, London, Routledge, pp. 64–87.Google Scholar
Reiter, J., Zanutto, E. and Hunter, L., (2005). “Analytical Modeling in Complex Surveys of Work Practices”, Industrial and Labor Relations Review, vol. 59, N° 1, pp 82–143.Google Scholar
Roe, M. (2002). “Corporate Law’s Limits”, Journal of Legal Studies, vol. 31 (2), pp. 233–271.Google Scholar
Schmidt, R. (2003). “Corporate Governance in Germany: An Economic Perspective”, CFS Working Paper No. 2003/36.Google Scholar
Schuler, R. and Jackson, S., (2005). “A Quarter-Century Review of Human Resource Management in the U.S.: The Growth in Importance of the International Perspective”, Management Revue, vol. 16 (1), pp. 1–25.Google Scholar
Thomsen, S. (2004). “Convergence of Corporate Governance during the Stock Market Bubble: Towards Anglo-American of European Standards?”, in Grandori, A. (ed.) Corporate Governance and Firm Organization. Microfoundations and Structural Forms, Oxford, Oxford University Press, pp. 297–317.Google Scholar
Tiróle, J. (2006). The Theory of Corporate Finance, Princeton, Princeton University Press.Google Scholar
Towers, Perrin, (2007). “Intéressement à long terme: pratiques et tendances en France aujourd’hui”, press release, 29 May.Google Scholar
Viénot, M. (1995). Le conseil d’administration des sociétés cotées, Report of the joint CNPF-AFEP committee, Paris.Google Scholar
Viénot, M. (1999). Rapport du comité sur le gouvernement d’entreprise, Joint CNPF-AFEP committee, Paris.Google Scholar
Vitols, S. (2002). “Shareholder value, management culture and production regimes in the transformation of the Germany chemical-pharmaceutical industry”, Competition and Change, vol. 6, pp. 309–325.Google Scholar
Vitols, S. (2004). ‘Negotiated Shareholder Value: The German Variant of an Anglo-American Practice’, Competition and Change 8 (4): 357–374.Google Scholar