Factors Influencing the Implementation of Financial Participation Programmes in Polish Companies
Purpose: This article analyses the most critical financial participation programs (FPP) in Poland to show the relationship between the programs applied and the socio-economic results of enterprises and assesses the impact of participation on these results and the impact of selected factors because of the introduction of FPP. Design/Methodology/Approach: The research has been based on a questionnaire answered by senior management of listed Polish companies with at least one out of three significant FPPs in operation, namely share ownership, profit-sharing, or a stock option scheme. Findings: The results of the empirical study conducted by the authors indicate some peculiar relationships. The vast majority of schemes in Polish public companies are aimed at the participation of the management personnel, these programs are narrow-based (only for management) and somewhat hermetic, with a high concentration of stocks or shares in the hands of the management. Practical Implications: FPPs generally have a positive influence on enterprise functioning. However, the effects are more social than economic (no significant economic improvement after program implementation). Originality/Value: The paper contributes to the debate about financial participation and suggests actions to popularise these programs worldwide.