Hvorfor aksjeeierskap blant ansatte er viktig for langsiktig verdiskaping

Av Nicolai Tangen, leder; Carine Smith Ihenacho, direktør for eierskap og etterlevelse og Dr Shilpi Nanda, policyrådgiver.

Vårt synspunkt

• Ansatteierskap kan bidra til langsiktig verdiskaping for selskaper, aksjonærer, ansatte og samfunnet som helhet.
• Ordningene fungerer best når de er bredt tilgjengelige for ansatte, er åpne og transparente i utformingen og kommer i tillegg til ordinær lønn.

Resten av synspunktet er tilgjengelig på engelsk.

Our perspective as a long-term financial investor 

As one of the world's largest sovereign wealth funds, we seek the highest possible return for the Norwegian people within our investment management framework. Our long-term returns depend on sustainable value creation across our portfolio. How companies manage their workforce matters to this objective.[1] Growing evidence shows that well-designed employee share ownership can create long-term value for companies, shareholders, employees and society.

These plans are found in our portfolio with notable regional differences. They are most prevalent in East Asia, particularly Japan and South Korea. Larger European companies are more likely to offer them, though employee participation is declining. In the United States, they are found in sectors such as retail[2] and technology among listed companies, with growing momentum in private equity.[3]

We have consistently supported well-designed employee share ownership plans. Since 2013, we have voted in favour of 98% of management proposals, typically voting against only when there is insufficient transparency. International governance standards recognize the value of employee ownership.[4] Major institutional investors[5] and proxy advisors[6] express similar support in their voting guidelines, typically with conditions such as limits on dilution and vesting periods.

Why employee ownership matters

We observe that employee share ownership can create long-term value across three dimensions:

For companies and shareholders: When employees own shares, their incentives align with corporate goals and shareholder interests, which can improve financial performance. A global analysis of 102 studies across 56,984 companies found a positive relationship between employee ownership and company performance.[7] Studies from the US[8], Europe[9], Japan[10], South Korea[11] and China[12] find evidence of productivity improvements. Research also shows higher profits, stronger sales growth, increased innovation and lower costs of capital.[13] These benefits are strongest when employee ownership complements wages and is offered broadly across the workforce. However, benefits depend on company size, industry, and plan design. Higher-performing companies may be more likely to adopt these plans, and most research comes from developed markets.

For employees: Evidence shows that employee share ownership can help workers build wealth.[14] Employees who own shares are more committed and engaged.[15] A study of 190,000 employees across 39 countries found that participants were significantly less likely to voluntarily leave their companies.[16] However, employee share ownership concentrates both employment and investment risk. If the company faces difficulties, employees may experience job loss and wealth decline simultaneously. Companies should consider this risk when designing these plans.

For society: Employee-owned firms tend to show greater resilience during economic downturns, with higher survival rates and better employment maintenance.[17] This contributes to labour market stability and well-functioning markets. Employee ownership also broadens financial participation, with some US evidence indicating wealth-building benefits for underrepresented groups.[18] This matters as new technologies like artificial intelligence risk concentrating value among a small group.[19]

Based on this evidence and our experience as investors, effective employee share ownership plans share several characteristics:

Key principles for effective employee share ownership

Broad participation: Plans work best when offered broadly across the workforce, not limited to senior executives.

Appropriate governance: Boards should oversee employee ownership as part of human capital management.

Long-term focus: Plans should create long-term value and build an ownership culture where employees develop a deeper stake in the company's success. Holding requirements should be reasonable and allow flexibility for departures, retirement, and diversification.

Complementary to pay: Employee ownership should complement wages and benefits, not replace them.

Employee education: Companies should provide clear information and training to help employees understand and participate in plans.

Developments to follow

Our view on employee share ownership may evolve as practices and evidence develop. We will monitor adoption across our portfolio companies, follow emerging research on long-term value creation, and integrate this view into our human capital management expectations.

Appendix

[1] Norges Bank Investment Management, Expectation document on human capital management.

[2] A prominent public company example is Walmart, which offers a share purchase plan to all 2.1 million employees.

[3] Ownership Works, founded by KKR's Pete Stavros in 2021, has supported broad-based employee ownership at over 160 private equity-backed companies. Ownership Works aims to create significant wealth for working families ($20 billion target by 2030) while building the business case that can inform practices in listed companies.

[4] Examples include ICGN Global Governance Principles and G20/OECD Principles of Corporate Governance.

[5] Examples include BlackRock, Vanguard, and CalPERS (California Public Employees' Retirement System).

[6] Examples include Institutional Shareholder Services and Glass Lewis.

[7] O'Boyle, E.H., Patel, P.C., & Gonzalez-Mulé, E. (2016). Employee ownership and firm performance: A meta-analysis. Human Resource Management Journal, 26(4), 425.

[8] Kim, E.H., & Ouimet, P. (2014). Broad-based employee stock ownership: Motives and outcomes. Journal of Finance, 69(3), 1273.

[9] Adwan, S., Bhatia, M., & Ullah, S. (2025). Employee ownership and corporate investment efficiency in Europe. Review of Quantitative Finance and Accounting, 64(1), 191; Kim, K.Y., & Patel, P.C. (2017). Employee ownership and firm performance: A variance decomposition analysis of European firms. Journal of Business Research, 70, 248.

[10] Jones, D.C., & Kato, T. (1995). The productivity effects of employee stock-ownership plans and bonuses: Evidence from Japanese panel data. American Economic Review, 85(3), 391.

[11] Cin, B.C., & Smith, S.C. (2002). Employee stock ownership and participation in South Korea: Incidence, productivity effects, and prospects. Review of Development Economics, 6(2), 263.

[12] Li, H., Lin, Z., & Huang, B. (2022). Employee stock ownership plans and firm productivity in China. The Economic and Labor Relations Review, 33(4), 829.

[13] Kruse, D.L. (2022). Does employee ownership improve performance? IZA World of Labor, 612 (global review of over 100 studies, primarily from the US and Europe, with evidence from Asia and Latin America).

[14] Kruse, D.L. (2022). Does employee ownership improve performance? IZA World of Labor, 612.

[15] O'Boyle, E.H., Patel, P.C., & Gonzalez-Mulé, E. (2016). Employee ownership and firm performance: A meta-analysis. Human Resource Management Journal, 26(4), 425.

[16] Hennig, J.C., Ahrens, C., Oehmichen, J., & Wolff, M. (2023). Employee stock ownership and firm exit decisions: A cross-country analysis of rank-and-file employees. Accounting, Organizations and Society, 104, Article 101390.

[17] Kruse, D.L. (2022). Does employee ownership improve performance? IZA World of Labor, 612; Blasi, J., Kruse, D., & Weltmann, D. (2021). The response of majority employee-owned firms during the pandemic. Journal of Participation and Employee Ownership, 4(2), 92-101.

[18] National Center for Employee Ownership (2017). Employee Ownership and Economic Well-Being. NCEO Research Report; Wiefek, N. (2025). New Data on Employee Ownership and Economic Well-Being. National Center for Employee Ownership; Buchele, R., Kruse, D., Rodgers, L., & Scharf, A. (2010). Show me the money: Does shared capitalism share the wealth? In Kruse, D., Freeman, R., & Blasi, J. (Eds.), Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options (pp. 1-37). University of Chicago Press for NBER.

[19] Cazzaniga, M., Jaumotte, F., Li, L., Melina, G., Panton, A.J., Pizzinelli, C., Rockall, E.J., & Tavares, M.M. (2024). Gen-AI: Artificial Intelligence and the future of work. IMF Staff Discussion Note SDN/2024/001, International Monetary Fund, Washington, DC.