How Shared Capitalism Affects Employee Withdrawal: An Econometric Case Study Of A French-Listed Company

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Nicolas Aubert
Xavier Hollandts


Shared Capitalism, Employee Ownership, Profit Sharing Turnover Absenteeism


The academic literature emphasizes that shared capitalism positively affects employees’ attitudes at work. This paper investigates that issue by testing the relationship between shared capitalism and withdrawal behaviors (turnover and absenteeism). Recent literature interprets shared capitalism as a gift exchange between employers and employees. This paper builds on that literature. The analysis, based on an econometric case study, focuses on a five-year panel dataset of more than 800 subsidiaries belonging to a unique French-listed company. Our results show that only long-term shared capitalism translates into better withdrawal behaviors.


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