Assessing employee-owned firms: an examination of the Spanish economic model

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...

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Bibliographic Details
Published in:Economic research - Ekonomska istraživanja 2019-01, Vol.32 (1), p.1994-2008
Main Authors: Fernández-Guadaño, Josefina, López-Millán, Manuel
Format: Article
Language:English
Subjects:
Capital
Capitalism
Companies
Cooperation
D210
Data analysis
Economic models
Economic performance
Economic theory
Employee ownership
Employee share ownership (ESO)
employee-owned firms (EOFs)
European Union
financial participation
J540
L200
Non-employee owned firms (non-EOFs)
Panel data
Productivity
Public enterprise
Solvency
Spain
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Summary: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.
ISSN:1331-677X
1848-9664
DOI:10.1080/1331677X.2019.1642781