Suchergebnisse

This paper contributes to the literature on social capital and financial institutions by analysing the relationship between the market share of Italian credit cooperative banks (CCBs) in 2003–2011 at the province level and some measures of trust and of membership in formal associations (networks). According to anecdotal evidence, cooperatives require high levels of social capital to be successful, but theoretical predictions are ambiguous, and there is still little empirical evidence. We find that the social capital and market shares of Italian CCBs are related and that the links are stronger when banks lend to small enterprises. When the types of associations are separated according to their particularistic or universalistic nature, the results show that it is especially the latter that matters. We also find that the link between social capital and CCBs is due more to their cooperative structures than to their local orientations.

This article explores the relationships between financial participation and other forms of participation drawing on data collected from listed companies in Finland, Germany, the Netherlands and the UK. The authors provide evidence on two questions. First, does the presence of either direct or indirect participation predict the use of profit sharing and employee equity plans? Second, to what extent is employee participation in profit sharing and equity plans influenced by the presence of other forms of participation? Overall, the results provide little evidence of complementarity between financial participation and other forms of participation. There are also clear differences between types of financial participation. It is found that indirect participation has a weak relationship with use of profit sharing and participation in profit sharing plans. Direct participation is not associated with the use of equity plans or profit sharing but with participation in stock acquisition plans. Employee participation in plan design is strongly associated with participation in profit sharing and stock acquisition plans but not stock options.