caa a22 4500 46794573X CHVBK 20180405193736.0 cr unu---uuuuu 170328e20041201xx s 000 0 eng 10.1007/s10657-004-4277-y doi (NATIONALLICENCE)springer-10.1007/s10657-004-4277-y (NATIONALLICENCE)springer-10.1023/B:EJLE.0000049201.80168.0f Foundation Ownership and Financial Performance: Do Companies Need Owners? [Elektronische Daten] [Steen Thomsen, Caspar Rose] A curious ownership structure is found in Northern Europe—foundations that own and operate business companies. The foundations are non-profit entities, they have no members and no owners, and they cannot be dissolved. In many cases, these entities control more than 50% of the votes in successful international companies. Obviously, this structure completely blocks the market for corporate control, but it also violates other basic principles of agency theory and corporate finance. Nevertheless, we present evidence that a sample of foundation-owned companies listed on the Copenhagen Stock Exchange are at least as efficient as other listed companies in terms of risk adjusted stock returns, accounting returns and Tobin's Q. Thus, they question whether profit-seeking ownership is a necessary condition for competitive enterprise. Kluwer Academic Publishers, 2004 corporate governance nationallicence concentrated ownership nationallicence company law and theory of the firm nationallicence Thomsen Steen Department of International Economics and Management, Copenhagen Business School, Howitzvej 60, 2000, Copenhagen F aut Rose Caspar Centre for Financial Law, Copenhagen Business School, Solbjergvej 3, 1. sal, 2000, Copenhagen F aut European Journal of Law and Economics Kluwer Academic Publishers 18/3(2004-12-01), 343-364 0929-1261 18:3<343 2004 18 10657 https://doi.org/10.1007/s10657-004-4277-y text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10657-004-4277-y text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Thomsen Steen Department of International Economics and Management, Copenhagen Business School, Howitzvej 60, 2000, Copenhagen F aut NATIONALLICENCE 700 1- Rose Caspar Centre for Financial Law, Copenhagen Business School, Solbjergvej 3, 1. sal, 2000, Copenhagen F aut NATIONALLICENCE 773 0- European Journal of Law and Economics Kluwer Academic Publishers 18/3(2004-12-01), 343-364 0929-1261 18:3<343 2004 18 10657 NATIONALLICENCE 856 40 https://doi.org/10.1023/B:EJLE.0000049201.80168.0f text/html Onlinezugriff via DOI Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE NATIONALLICENCE NL-springer