Description of the EFES database
  The EFES database and other sources of information
  Access the EFES database
 Research projects / fellowships
  Results and publications
  Comments and testimonies

  List of users


  The EFES database of European companies
The data are available for analysing companies, for benchmarking, for market research, for investors as well as for academic research and teaching, and for macroeconomic analysis.
The database gathers all economic and financial information about employee share ownership, employee share plans and participation, as well as about corporate governance and about the ownership structure of European companies.
This is for the 3.131 largest European companies:
   - All listed companies with a stock market capitalization of 200 million Euro and more. These are 2.403 listed companies,
     a quite similar number as in other databases as Datastream or Europafinance. These 2.403 listed companies represent 35%
     of all European listed companies, but 99% of the whole capitalization and 95% in terms of employment.
     These information are thus practically exhaustive for European listed companies.
   - All non-listed companies (workers' cooperatives, Spanish sociedades laborales, trust-owned companies and others) employing
     100 people or more, when employees own 50% of the company or more.
The database gathers quantitative data (capitalization held by employees, executives and non-executives, number of employee owners, etc.) and qualitative data as well (history of employee share plans, types of plans, targeted population, etc.)
The data are based on information published by companies in annual reports. The data are annually updated since year 2005
Detailed description of the database

  The EFES database compared to other sources of information
There are very few sources of information on the availability and take-up of employee share ownership across European countries; in fact, four main sources of information exist (EFES database, EWCS, ECS and CRANET enquiries). The EFES database is the only existing database about employee share ownership and financial participation in the European Union, while EWCS, ECS and CRANET are periodic enquiries based on interviews or mailings. More information

  Sample of the EFES database
Here is a sample of the EFES database. It is available as an Excel file: Download sample

  Access the EFES database

  For analysing companies, for benchmarking, for market research and for investors
The data can be delivered as an Excel file for 6 Euro per company (up to a maximum of 1.850 Euro for the entire database). Access the database

Use PayPal facilities for your payment:    

  For academic research, teaching and students
The data are available for academic research and teaching as well as for macroeconomic research. More information

  For the EFES' members
Being member of the EFES as a company or as an organisation, you may access the database for internal use, as it is for all EFES' publications. Membership

  Research projects / fellowships

  Results and publications
The data are used for analysing companies, for benchmarking, for market research, as well as for academic research and teaching, and for macroeconomic analysis. Here some publications:

Employee Financial Participation and Corporate Social and Environmental Performance: Evidence from European Panel Data, Braam, G., Poutsma, E., Schouteten, R. & Heijden, B.V.D., British Journal of Industrial Relations, January 2024, 1–29.
First, our findings show positive and significant lagged effects of share ownership plans on CSP. The findings also show that the positive effect of broad-based employee share ownership on CSP is magnified when the employees own a larger stake of the company, indicating that employee share ownership increases a company's orientation on long-term sustainable value creation.

Executive and non-executive employee ownership and bank risk: Evidence from European banks, Laetitia Lepetit, Phan Huy Hieu Tran, Thu Ha Tran, Université de Limoges and Université Bourgogne Franche-Comté, France, Quarterly Review of Economics and Finance Volume 92, December 2023, Pages 291-31992 (2023), Elsevier.
To examine the impact of both executive and non-executive employee ownership on bank risk, as well as to explore the different underlying channels, we use information in the European Federation of Employee Share Ownership (EFES) database. Using data from 2005 to 2019, we find that both executive and non-executive ownership are associated with lower bank risk, depending on employee ability and incentives to take risks. We find that an increase in executive and non-executive employee ownership leads to a decrease in insolvency risk and overall bank risk. Therefore, our results provide evidence that holding shares incentivizes executive and non-executive bank employees to pursue strategies that reduce risk. Our results indicate that policymakers should encourage broad-based employee ownership plans in the banking industry.

  Sami Adwan, Alaa Alhaj-Ismail, Ranko Jelic, Non-executive employee ownership and financial reporting quality: evidence from Europe, Review of Quantitative Finance and Accounting, 2022.
This study provides new evidence on wether and how employee share ownership affects the quality of financial reporting. It confirms that firms with more employee share ownership have lower incentives to manipulate reported performance. That employee share ownership at present levels is large enough to drive employee incentives and affect corporate policies. That the firms tend to disclose more information when employees have larger stakes in the firm. This is thus underscoring the role employee share ownership can play in improving a firm's corporate governance, and reducing the incentives to manipulate financial statements.

  Kim, K. Y., & Patel, P. C., A multilevel contingency model of employee ownership and firm productivity: The moderating roles of industry growth and instability. Organization Science, 32(3), 625-648, 2021

  Kim, K. Y., & Patel, P. C., Broad-based employee ownership and labour productivity during the 2008 recession: Evidence from public firms in Europe. British Journal of Industrial Relations, 58(2), 396-423, 2020

  Corentin Geurts, L’actionnariat des salariés : Un moyen efficace en vue d’améliorer le rapport conflictuel entre les actionnaires et les salariés, UCL Louvain School of Management, 2018

  Kyoung Yong Kim and Pankaj C. Patel, " Employee ownership and firm performance: A variance decomposition analysis of European firms", Journal of Business Research, August 2016

  Ricardo Bahia Machado, The Determinants of Employee Ownership Plan Implementation in EU Countries - the Quest for Economic Democracy: a first Look at the Evidence, Organizacija, May 2016

  Ansgar Richter & Susanne Schrader, Levels of Employee Share Ownership and the Performance of Listed Companies in Europe, British Journal of Industrial Relations, January 2016

  Economic Survey of employee share ownership in European Countries
      Based on the EFES database, an annual survey of employee share ownership in Europe since 2005.

  Etude Eres Actionnariat Salarié 2015 en France et en Europe

  Debory Eres, Etude Actionnariat Salarié 2014, Paris, Mai 2014.

  Ansgar Richter & Susanne Schrader, Reported levels of employee share ownership and the performance of listed companies in Europe, University of Liverpool & EBS Business School, 2013.

  Violeta Moskalu, Une analyse socio-cognitive de l'impact de l'actionnariat salarié sur la création de valeur des entreprises françaises cotées, Université de Lorraine - Cerefige, December 2012.

  Reggie Martes, Employee Ownership and Firm Performance, Performance of Employee-Owned Firms in Europe, Tilburg University, November 2012.

  European Parliament - DG Internal Policies of the EU, Employee Financial Participation in Companies' Proceeds, September 2012.

  Susanne Schrader, Antecedents and Effects of Broad-based Employee Ownership in Organizations, EBS Business School, 2012.

  Ricardo Machado, Participación de los trabajadores en el capital de la empresa: su implementación y viabilidad en Portugal. Análisis de 14 países de la Unión Europea, Madrid, 2011

  Sigurt Vitols, Unternehmensmitbestimmung, Vorstandsvergütung und Performanz in europäischen Großunternehmen, Kurzfassung, Hans Böckler Stiftung, Juli 2010.

  Sigurt Vitols, Board Level Employee Representation, Executive Remuneration And Firm Performance In Large European Companies, Hans Böckler Foundation, March 2010.

  Jens Lowitzsch, Pepper IV Report - Benchmarking of employee participation in profits and enterprise results in the Member and candidate Countries of the European Union, Free University of Berlin, October 2009.

  Comments and testimonies


"We are a leading business school in France. Your dataset is valuable for us because the data is not available otherwise (Thomson Reuters/Datastream, WRDS)."

"Salve vi invio la mia tesi magistrale sull'azionariato dei dipendenti in Italia e vi ringrazio perché dal vostro lavoro ho potuto prendere spunti interessanti."

"You’re the only European organization with trustworthy data on EO issues. And your huge task is now becoming fruitful with the possibility of multiple references in thoughtful academic work, by the possibility longitudinal analysis."

"It worked! Great! Fantastic data base! Thanks"

"We are also indebted to the European Foundation of Share Ownership (EFES) for providing the data on which this paper draws, and to its Secretary General, Marc Mathieu, for his patience and advice throughout this research project..."

"I would be very eager to update my analysis based on new data."

"Can you provide data on individual companies, e.g. in an excel spread sheet, so we can see which companies have stock options? This would be very useful for our statistical analysis."

"Sans votre soutien précieux, en m'aidant à constituer la base de données statistiques ayant permis la réalisation des deux études quantitatives longitudinales de l'impact de l'actionnariat salarié sur la performance des grandes entreprises françaises cotées, ma thèse n'aurait pas pu voir le jour."

"The EFES has done a great job on developing their database on employee share ownership, which now can help on doing more accurate and reliable study on this topic."

"I have been working on a research paper for which we use the EFES dataset and we have now received positive feedback from the reviewers of the British Journal of Industrial Relations."

"Thanks again for your reactivity about these very useful elements."

"I used your database which was very useful to me… Im preparing a master thesis about employee ownership in Switzerland."

"Thank you very much for your extreme reactivity. That seems to be a first measurement tool of very high quality."

"As last year, we would be most grateful if we could purchase the EFES database of employee share ownership in European companies (most recent update available)."

"I'm a equity analyst at UBS investment bank working in the field of sustainability. I'm currently looking into theme of employee ownership and would be interested in having access to your employee owned companies database."

"I'm planning to write my PhD-thesis on employee stock ownership plans and I'm currently searching for European data on this topic. I read the description of your database of employee ownership in European companies and it seems absolutely appropriate for my research topic."

"I work in the Market Research department in the largest employee-owned company in the United States. I am working on a project where I am researching whether we can claim to be the largest employee-owned company in the world. I am interested in knowing if your database of employee ownership covers only Europe, the EU, or possibly the world."

"I came across this database as part of a broader market scan and it looks like it provides additional data on European share ownership."

    List of users

ETUI - European Trade Union Institute  (Europe) - European Foundation Dublin (Europe) - Better Finance (Europe) - EuropeanIssuers (Europe) - University of Salzburg  Austria) - Vienna University of Economics (Austria) - Deloitte (Belgium) - Ecolo/Groen (Belgium) - Etion (Belgium) - Minister of SMEs (Belgium) - Guberna Institute (Belgium) - HEC Liège Management School (Belgium) - Louvain School of Management (Belgium) – Université de Namur (Belgium) - Vlerick School of Economics (Belgium) - Fundação Getulio Vargas (Brazil) - Czech National Bank - Aarhus University (Denmark) - Tallinn University (Estonia) - Aalto University (Finland) - Amundi (France) - Auchan (France) - Eres (France) - General Commission for Strategy and Prospective (France) - HEC Paris (France) - IAE Aix-Marseille (France) - IESEG Paris (France) - Kedge Business School (France) - Université Grenoble Alpes (France) - Université de Limoges (France) - University Paris 1 Panthéon-Sorbonne (France) - University of Lorraine (France) - University Paris-Dauphine (France) - University of Witten/Herdecke  (Germany) - Philipps University Marburg (Germany) - Technical University Munich (Germany) - Deutsches Aktieninstitut (Germany) - DIW - Deutsches Institut für Wirtschaftsforschung (Germany) - Hoyck Management Consultants (Germany) - Noerr Group (Germany) - Siemens (Germany) - University of Ulm (Germany) - University of Frankfurt (Germany) - Wirtschafts Woche (Germany) - University of Dublin (Ireland) - Universitá di Pisa (Italy) - UniNettuno University (Italy) - ISM University (Lituania) - Radboud University Nijmegen (Netherlands) - Erasmus Data Service Center (Netherlands) - ING Bank (Netherlands) - Maastricht University (Netherlands) - University of Rotterdam (Netherlands) - Aksjenorge (Norway) - BI Norwegian Business School (Norway) - University of Lodz (Poland) - Porto Polytechnic (Portugal) - Technical University of Lisbon (Portugal) - Universidade de Aveiro (Portugal) - DEZAP (Slovenia)  - Mondragon University (Spain) - Göteborgs Universitet (Sweden) - Ecole Hôtelière de Lausanne ( Switzerland) - Equatex (Switzerland) - EWM Global (Switzerland) – University of Zurich (Switzerland) - Ball State University (USA) - Boston Consulting Group (UK) – City University London (UK) - Computershare (UK) - Confederation of British Industry (UK) – Ernst & Young (UK) - King's College (UK) - London Economics (UK) - OCC Strategy Consultants (UK) - UBS Equity Research, Global Sustainability (UK) - University of Glasgow (UK) - University of Nottingham (UK) - University of Sussex (UK) - Bain Consulting (USA) - Fidelity Investments (USA) - General Atlantic (USA) - University of California (USA)






For information and contact
Avenue Voltaire 135, B-1030 Brussels
Tel: +32 (0)2 242 64 30 - Fax: +32 (0)2 791 96 00
E-mail: efes@efesonline.org
Web site: www.efesonline.org
EFES' objective is to act as the umbrella organization of employee owners, companies and all persons, trade unions, experts, researchers, institutions looking to promote employee share ownership and participation in Europe.