Assessing employee-owned firms: an examination of the Spanish economic model

Figures & data

Table 1. Distribution of sample firms by sector of activity.

Sector	Non-EOF		EOF		Total
	N	Per cent	N	Per cent	N	Per cent
Secondary	99	25.8	143	41.7	242	33.3
Tertiary	285	74.2	200	58.3	485	66.7
Total	384	100.0	343	100.0	727	100.0

Table 2. Distribution of sample firms by size.

	Non-EOF		EOF		Total
	N	Per cent	N	Per cent	N	Per cent
Micro (0–9 employees)	319	83.1	320	93.3	639	87.9
Small (10–49 employees)	65	16.9	23	6.7	88	12.1
Total	384	100.0	343	100.0	727	100.0

Table 3. Distribution of sample firms according to their age.

	Non-EOF		EOF		Total
	N	Per cent	N	Per cent	N	Per cent
Before 1990	19	4.9	1	0.3	20	2.8
1990–2000	189	49.2	81	23.6	270	37.1
After 2000	176	45.8	261	76.1	437	60.1
Total	384	100.0	343	100.0	727	100.0

Table 4. Summary of the study variables.

Abbreviation of variable	Variables
VA	Log value added (Financial year result + Corporation tax + Personnel expenses + Depreciation charges + Financial expenses and similar)
ROA	Log return on assets (EBIT/Total assets)
Productivity	Log productivity variable (value added / personnel costs)
Solvency	Log solvency (Equity /Total liabilities)
PROP	Type of firm, dichotomous variable: EOF = 1 Non-EOF = 0
Size	Log Number of employees
Sector	Sector of economic activity Secondary = 0 Tertiary = 1
Age	Log number of years in operation
Indebtedness	Log debt coefficient.
Year 2010	Time effects. Dichotomous variable: year 2010 = 1 ; other year = 0
Year 2011	Time effects. Dichotomous variable: year 2011 = 1 ; other year= 0
Year 2012	Time effects. Dichotomous variable: year 201 2 = 1 ; other year = 0

Table 5. Descriptive statistics for the sample.

	Non-EOF			EOF			Total
	N	Mean	Std. Dev	N	Mean	Std. Dev	N	Mean	Std. Dev
Age	384	12.00	6.00	343	8.00	3.00	727	10.00	5.00
ROA	384	−5.9984	36.97	343	−5.35	21.44	727	−5.69	30.62
Indebtedness	384	81.63	67.69	343	85.49	57.58	727	83.45	63.11
Size	384	6.00	8.00	343	4.00	4.00	727	5.00	7.00
VA	384	189.95	266.10	343	111.18	150.28	727	152.79	222.58
Solvency Ratio	384	18.37	67.69	343	14.51	57.58	727	16.55	63.11
Productivity	384	0.83	8.51	343	1.02	0.79	727	0.92	6.21

Table 6. Correlation analysis.

	1	2	3	4	5	6	7
1 Age	1
2 Size	.105**	1
3 VA	.134**	.753**	1
4 Indebtedness	−.068	−.066	−.175**	1
5 ROA	−.037	.037	.163**	−.502**	1
6 Solvency	.068	.066	.175**	−1.000**	.502**	1
7 Productivity	−.019	.009	.080*	−.016	.058	.016	1

N = 727

** Significance levels: 1%

* Significant at 5%.

Table 7. Average differences in tests.

Prop
	Value added	ROA	Productivity	Solvency ratio
U Mann-Whitney	53393.5	61522.5	60272.5	60290
W Wilcoxon	112389.5	120518.5	119268.5	119286
Z	−4.409	−1.533	−1.975	−1.969
Asymptotic sig. (bilateral)	.000*	0.125	0.048*	0.049*
a Grouping variable: prop

* Significant at 5%.

Table 8. Results of random effects regressions.

	Model 1: VA	Model 2: ROA	Model 3: Productivity	Model 4: Solvency
Prop	−.075***	−.004**	−.001	−.005
	(.015)	(.005)	(.003)	(.008)
Size	.221***	.003	.008	.011***
	(.012)	(.003)	(.002)	(.004)
Sector	−.034**	.0002	−.001	−.001
	(.016)	(.004)	(.002)	(.008)
Age	.049**	−.006	−.003	.007
	(.018)	(.005)	(.002)	(.009)
Debt	−.051***	−.034***	−.001***
	(.010)	(.012)	(.002)
Year
2010	−.011**	−.003	−.006	.000
	(.005)	(.002)	(.004)	(.002)
2011	−.014**	−.007***	−.001**	−.002
	(.006)	(.002)	(.005)	(.002)
2012	−.027**	−.022**	−.008	−.023**
	(.011)	(.009)	(.007)	(.011)
Cons	5.975	6.10	5.10	6.27
Wald chi^2	523.62***	26.68***	29.62***	26.87***
N. obs	2908	2908	2908	2908
N. firms	727	727	727	727

Significance levels:

* p < 0.1;

** p < 0.05;

*** p < 0.01 T Based on robust standard errors, in parenthesis.