Performance and Policy of Foundation‐owned Firms in Germany
比较德国基金会所有企业与上市公司的绩效和政策，发现基金会所有企业盈利能力略高，但劳动密集度更高、劳动生产率和薪资水平更低，这种政策促进了就业保障。
This paper compares performance and policy of foundation‐owned firms and of listed corporations in Germany. Foundations have no owners so that there exist no individuals with financial ownership claims on firms which are wholly owned by foundations. This suggests weaker outside control of foundation‐owned firms implying lower profitability. The empirical findings show a slightly better performance of foundation‐owned firms compared to corporations. Foundation‐owned firms display higher labour intensity, lower labour productivity, and lower salary levels. This policy promotes job security without endangering the viability of foundation‐owned firms.