DATABASE OF EUROPEAN COMPANIES
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.
is for the 3.139 largest European companies:
- All listed companies with a
stock market capitalization of 200 million Euro
and more. These are 2.438 listed companies,
a quite similar number
as in other databases as Datastream or Europafinance.
These 2.438 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.
description of the database
EFES database compared to other sources of information
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.
Sample of the EFES database
is a sample of the EFES database. It is available
as an Excel file: Download
Access the EFES database
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
PayPal facilities for your payment:
academic research, teaching and students
The data are available for academic research and
teaching as well as for macroeconomic research.
the EFES' members
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
projects / fellowships
Rutgers University School of Management and
for the Study of Employee Ownership and Profit
Robert Beyster Fellowship, Louis O. Kelso
Fellowship & Other Fellowships
Our fellowship program will now go international.
The Institute for the Study of Employee Ownership
and Profit Sharing invites applications from
doctoral students and pre/post tenure scholars
for the 2022– 2023 research fellowship competition.
The fields are business, economics, finance,
psychology, sociology, history, law, management,
philosophy, political science, public policy,
and the humanities and social sciences. Several
$25,000 and $12,500 fellowships will be available
for scholars from the United States, Canada,
and internationally. Stipends can
be used for research, travel, or other expenses
and are awarded for residence at the scholar’s
home university. The analysis of all forms
of broad-based employee share ownership, equity
compensation, employee ownership trusts (EOTs),
worker cooperatives, profit sharing, and gain
sharing are welcome, with emphasis on the
Employee Stock Ownership Plan (ESOP) for the
here for more information about
how to apply for a 2022-23 research fellowship.
Robert Beyster Distinguished Professor and
for the Study of Employee Ownership and Profit
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
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
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.
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.
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
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),
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
Yong Kim and Pankaj C. Patel,
" Employee ownership and firm performance: A variance
decomposition analysis of European firms", Journal
of Business Research, August 2016
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
Richter & Susanne Schrader, Levels of
Employee Share Ownership and the Performance of
Listed Companies in Europe, British Journal of
Industrial Relations, January 2016
Survey of employee share ownership in European
Based on the
EFES database, an annual survey of employee share
ownership in Europe since 2005.
Eres Actionnariat Salarié 2015 en France
et en Europe
Eres, Etude Actionnariat Salarié 2014,
Paris, Mai 2014.
Richter & Susanne Schrader, Reported levels
of employee share ownership and the performance
of listed companies in Europe, University of Liverpool
& EBS Business School, 2013.
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.
Martes, Employee Ownership and Firm Performance,
Performance of Employee-Owned Firms in Europe,
Tilburg University, November 2012.
Parliament - DG Internal Policies of the EU,
Employee Financial Participation in Companies'
Proceeds, September 2012.
Schrader, Antecedents and Effects of Broad-based
Employee Ownership in Organizations, EBS Business