Financial Participation and Organizational Climate: An Analysis of Managers/Employees Compared Perceptions 
According to Commons’s institutionalism, this article examines the effect of financial participation on organizational climate. The perceptions of the managers, those of the employees, and indicators of social dysfunctions (such as absenteeism and labour disputes) allow us to understand the organizational climate. The features of these practices (methods of negotiation, types of mechanisms, assessment methods) are also considered. The empirical study is based on the exploitation of the REPONSE survey which represents a sample of 3000 French establishments and 8000 employees. Beyond the differences in perceptions between managers and employees, the results (obtained with logistic regressions) show that, more than the amount actually paid, it is the actual existence of the financial participation plan that influences the organizational climate. Moreover, the more the mechanisms appear to be at a distance from the business, the better the organizational climate is from the perspective of the employees. The ways in which the profit-sharing agreement is concluded, in particular with the intervention of labour unions, also have an influence on the organizational climate. Given the differences in the results depending on whether we consider the perceptions of managers, of employees or the indicators of social dysfunction, the article also highlights the importance of taking into account the objective dimensions, as well as the perceptions of the actors, when conducting research into organizational climate.