The Role of Founder and Other Family Participation on US Private Foundation Efficiency
研究了美国私人基金会中创始人及其他家族成员的参与如何影响基金会效率，发现两者均与效率正相关，且这种正向关系可延续至第二代但非后续世代。
Abstract Founders make significant financial contributions in creating US private foundations. Therefore, we hypothesize that founders monitor foundation operations and predict a positive relation between founder participation and foundation efficiency. In contrast, we propose competing hypotheses in examining the relation between other family member participation and foundation efficiency. Other family member participation has the potential to enhance foundation efficiency if founders are able to transfer their philanthropic values to their progeny. However, other family participation also has the potential to diminish foundation efficiency if the founders’ withdrawal leaves their foundations without true principals to monitor managerial actions. We find that both founder and other family participation are positively associated with foundation efficiency. We also provide limited evidence that the positive association between founding family participation and foundation efficiency is transferred to second generation family members, but is not transferred to subsequent generations.