Océane Piétri : oceane.pietri[a]univ-amu.fr
Morgan Raux : morgan.raux[a]univ-amu.fr
Laura Sénécal : laura.senecal[a]univ-amu.fr
The Great Recession recently revealed the resilience of labour-managed firms showing fewer lay-offs and bankruptcies than other firms. Previous studies pointed to a higher or similar productivity level in French labour-managed firms (SCOP). However, the short-term dynamics of labour-managed firms productivity has still not been investigated, especially in reaction to an economic crisis. We make use of a large French employee-employer administrative panel data set covering years 2005-2011 to do a precise study of labour-managed firms resilience and its factors. We address more specifically the role of workers self-selection by accounting for labour composition and workers non-pecuniary motives estimated via a Roy selection model extended with non-pecuniary decision factors. We find that French labour-managed firms resilience may not be explained by a higher productivity level but by institutional and financial specificities and possibly labour costs adjustments. We also confirm for the recent period and on a large scale that the SCOP total factor productivity level is not significantly different from the other firms. Finally, we find results that support the hypothesis that employees non-pecuniary motives accounts for a part of French labour-managed firms productivity in two of the three industries studied (manufacturing and transports), while SCOP-specific non-pecuniary motives factors (democratic governance) may be less effective in other industries (trade).