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Foundation Ownership and Financial Performance: Do Companies Need Owners?

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  • Steen Thomsen
  • Caspar Rose

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  • Steen Thomsen & Caspar Rose, 2004. "Foundation Ownership and Financial Performance: Do Companies Need Owners?," European Journal of Law and Economics, Springer, vol. 18(3), pages 343-364, December.
    • Handle: RePEc:kap:ejlwec:v:18:y:2004:i:3:p:343-364
    DOI: 10.1023/B:EJLE.0000049201.80168.0f
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    References listed on IDEAS

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    1. Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
    2. Fama, Eugene F & Jensen, Michael C, 1983. "Agency Problems and Residual Claims," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 327-349, June.
    3. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.
    4. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    5. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    6. R. H. Coase, 1972. "Industrial Organization: A Proposal for Research," NBER Chapters, in: Economic Research: Retrospect and Prospect, Volume 3, Policy Issues and Research Opportunities in Industrial Organization, pages 59-73, National Bureau of Economic Research, Inc.
    7. Fama, Eugene F. & Jensen, Michael C., 1985. "Organizational forms and investment decisions," Journal of Financial Economics, Elsevier, vol. 14(1), pages 101-119, March.
    8. Putterman Louis, 1993. "Ownership and the Nature of the Firm," Journal of Comparative Economics, Elsevier, vol. 17(2), pages 243-263, June.
    9. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    10. Prajit K. Dutta & Roy Radner, 1999. "Profit Maximization and the Market Selection Hypothesis," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(4), pages 769-798.
    11. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-1177, December.
    12. Markus Herrmann & Günter Franke, 2002. "Performance and Policy of Foundation‐owned Firms in Germany," European Financial Management, European Financial Management Association, vol. 8(3), pages 261-279, September.
    13. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    14. Demsetz, Harold & Villalonga, Belen, 2001. "Ownership structure and corporate performance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 209-233, September.
    15. Steen Thomsen, 1996. "Foundation Ownership and Economic Performance1," Corporate Governance: An International Review, Wiley Blackwell, vol. 4(4), pages 212-221, October.
    16. Steen Thomsen, 1999. "Corporate Ownership by Industrial Foundations," European Journal of Law and Economics, Springer, vol. 7(2), pages 117-137, March.
    17. William M. Dugger, 1996. "The Mechanisms of Governance," Journal of Economic Issues, Taylor & Francis Journals, vol. 30(4), pages 1212-1216, December.
    18. Demsetz, Harold, 1983. "The Structure of Ownership and the Theory of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 375-390, June.
    19. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    20. Loderer, Claudio & Martin, Kenneth, 1997. "Executive stock ownership and performance Tracking faint traces," Journal of Financial Economics, Elsevier, vol. 45(2), pages 223-255, August.
    21. Stark,Oded, 1999. "Altruism and Beyond," Cambridge Books, Cambridge University Press, number 9780521663731.
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    Cited by:

    1. Franke, Günter & Draheim, Matthias, 2015. "Foundation Owned Firms in Germany - a Field Experiment for Agency Theory," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113217, Verein für Socialpolitik / German Economic Association.
    2. Dijk, Oege & Holmén, Martin, 2017. "Charity, incentives, and performance," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 66(C), pages 119-128.
    3. Eulerich, Marc & Welge, Martin K., 2011. "Die Einflussnahme von Stiftungen auf die unternehmerische Tätigkeit deutscher Großunternehmen," Arbeitspapiere 198, Hans-Böckler-Stiftung, Düsseldorf.
    4. Bøhren, Øyvind & Josefsen, Morten G., 2013. "Stakeholder rights and economic performance: The profitability of nonprofits," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4073-4086.
    5. Mühlbauer, Stefan, 2016. "Foundation owned firms - a delegation approach," VfS Annual Conference 2016 (Augsburg): Demographic Change 145719, Verein für Socialpolitik / German Economic Association.
    6. Monica Auteri & Richard Wagner, 2007. "The Organizational Architecture of Nonprofit Governance: Economic Calculation Within an Ecology of Enterprises," Public Organization Review, Springer, vol. 7(1), pages 57-68, March.

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