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Enterprise Foundations: Law, Taxation, Governance, and Performance

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  • Steen Thomsen
  • Nikolaos Kavadis

Abstract

Enterprise foundations are foundations, which own companies. While this structure is little known outside Northern Europe, a number of leading global companies such as Robert Bosch, Rolex, Carlsberg, Hershey, Ikea, the Wallenberg sphere or the Tata Group are ultimately owned by foundations. Aside from their economic significance, enterprise foundations have interesting governance characteristics including long-term ownership, the absence of a personal profit motive and the combination of business and philanthropy. Recently, they have attracted attention as a safeguard for a company purpose. In this monograph, we review the limited, but growing literature on the topic focusing on law, taxation, governance, and performance. We conclude by considering policy implications and avenues for research.

Suggested Citation

  • Steen Thomsen & Nikolaos Kavadis, 2022. "Enterprise Foundations: Law, Taxation, Governance, and Performance," Annals of Corporate Governance, now publishers, vol. 6(4), pages 227-333, March.
    • Handle: RePEc:now:jnlacg:109.00000031
    DOI: 10.1561/109.00000031
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    References listed on IDEAS

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    2. Schelling, Thomas C, 1985. "Enforcing Rules on Oneself," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 1(2), pages 357-374, Fall.
    3. Thomsen, Steen, 2016. "The Nordic Corporate Governance Model," Management and Organization Review, Cambridge University Press, vol. 12(1), pages 189-204, March.
    4. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    5. Steen Thomsen, 1996. "Foundation Ownership and Economic Performance1," Corporate Governance: An International Review, Wiley Blackwell, vol. 4(4), pages 212-221, October.
    6. Lorraine Uhlaner & Mike Wright & Morten Huse, 2007. "Private Firms and Corporate Governance: An Integrated Economic and Management Perspective," Small Business Economics, Springer, vol. 29(3), pages 225-241, October.
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    Cited by:

    1. Buchanan, Bonnie & Kaya, Caglar, 2024. "Foundation ownership and creditor governance: Evidence from publicly listed companies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    2. Joern Block & Reza Fathollahi, 2023. "Foundation ownership and firm growth," Review of Managerial Science, Springer, vol. 17(8), pages 2633-2654, November.

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