Der Artikel "Performance of foundation-owned firms in Germany: The role of foundation purpose, stock market listing, and family involvement" von Jörn Block, Svenja Jarchow, Nadine Kammerlander, Florian Hosseini und Ann-Kristin Achleitner wurde im Journal of Family Business Strategy publiziert.

Der Artikel untersucht, wie sich die Performance von Stiftungs-Unternehmen, in Abhängigkeit verschiedener Faktoren, voneinander unterscheidet. Dazu analysieren die Autoren eine Stichprobe von 136 Unternehmen. Die statistische Auswertung der Unternehmensdaten konnte dabei zeigen, dass Unternehmen, die in der Hand einer Familienstiftung sind, eine bessere Performance aufweisen als Unternehmen, die in der Hand einer wohltätigen Stiftung sind. Desweiteren konnte auch gezeigt werden, dass ein Engagement der Familien im Management bzw. dem Aufsichtsrat der Unternehmen zu einer besseren Performance führen.

• Link zum Artikel: https://www.sciencedirect.com/science/article/abs/pii/S1877858520300838
• Abstract: To address succession issues, the owners of family firms increasingly transfer their equity to family and charitable foundations, thereby creating so-called foundation-owned firms. This form of succession has become increasingly common in various European countries. A small yet insightful stream of research has emerged
  comparing the performance of foundation-owned firms against the performance of nonfoundation-owned firms. Our study goes one step further and accounts for the heterogeneous nature of foundation-owned firms. We investigate the role of foundation purpose (family versus charitable foundation), stock market listing, and family
  involvement. Our results show that firms owned by a family foundation have better accounting performance than firms owned by a charitable foundation. We further find a performance-enhancing effect of family involvement in the firm’s management or supervisory board. Contrary to our expectations, we did not observe significant performance differences between private and stock market-listed foundation-owned firms. Our study advances the emergent stream of the foundation-owned (family) firm literature by integrating research on foundation-owned firms with research on family firms. Furthermore, we contribute to the corporate governance literature on ownership effects and blockholder ownership.