The Governance of Foundation-Owned Firms

Henry Hansmann, Steen Thomsen

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Abstrakt

A number of highly successful companies around the world are owned by foundations. Examples include world-class companies such as Bertelsmann, Heineken, Ikea, Robert Bosch, Rolex, the Tata Group, and Carlsberg. The so-called “industrial foundations” that own them are nonprofit institutions which typically combine business ownership and philanthropy, but give priority to the business goal. Contrary to the predictions of agency theory, foundation-owned companies are, on average roughly as profitable as investor- or family-owned companies. But how is it done?
OriginalsprogEngelsk
Publikationsdato1 mar. 2018
UdgivelsesstedCambridge, MA
UdgiverHarvard Law School
StatusUdgivet - 1 mar. 2018

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