haku: @author Herrmann, M. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Herrmann, M. |
| Otsikko: | Funktioniert die Unternehmenskontrolle durch Stiftungen? |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1997 : VOL. 49:6, p. 499-534 |
| Asiasana: | FOUNDATIONS CORPORATE GOVERNANCE COMPANY OWNERSHIP COMPANY CONTROL EMPIRICAL RESEARCH GERMANY |
| Kieli: | ger |
| Tiivistelmä: | This study deals with the question whether a German foundation is an economically suitable legal entity to be owner of a firm. The subject is closely related to the general discussion of corporate governance. A German foundation has no members: therefore, a firm being owned by her has no personal owners. Hence, the construction of a foundation owned firm should be a rather inferior solution in terms of a functioning corporate governance and control. This paper deducts the implications of corporate control by a foundation for the performance and business policy of the firm and tests implications empirically. The findings will be interpreted with respect to the theories of an optimal ownership structure. As a surprising result, it is found that foundation owned firms display almost no differences in their performance as compared to other German firms. |
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