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Does Employee Ownership Enhance Financial Performance of Moroccan Companies Listed on the Casablanca Stock Exchange?
Abstract
Employee Share Ownership (ESO) is a practice that is beginning to emerge in the managerial practices of Moroccan companies listed on the Casablanca Stock Exchange. This study examines the impact of ESO on the financial performance of these firms, focusing on employees' contribution to financial value creation. An empirical analysis was conducted using panel data and Estimated Generalized Least Squares (EGLS) via Eviews software. Financial data for the period of 2017–2023 were sourced from company reports, the Casablanca Stock Exchange website, and AMMC annual reports. The results indicate that ESO has a non-significant effect on Return on Assets (ROA) but a significant positive effect on Return on Equity (ROE) at the 10% threshold. This means that companies with employee share ownership plans (ESOPs) outperform their counterparts in terms of ROE but have no impact on ROA.
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