De Danske Erhvervsfonde

Transkript

1 De Danske Erhvervsfonde The Research Project on Industrial Foundations Steen Thomsen, Center for Corporate Governance Copenhagen Business School => Excuse my Denglish!

2 Idag 1. Hvad er erhvervsfonde? 2. Hvad betyder de nationaløkonomisk? 3. Er erhvervsfonde en effektiv institution økonomisk set? Hvordan performer de fondsejede virksomheder? 4. Hvorfor klarer de sig godt/dårligt? (Er deres adfærd forskellig) Adskillige Andre spørgsmål Jura, Skat, Historie, filantropi..?

3 Danske Fonde 1300 registreret som erhvervsdrivende Måske ikke erhvervsdrivende Bemærk: De fleste erhvervsdrivende er også almennyttige. Mange ikke-erhvervsdrivende er heller ikke almennyttige (familiefonde) Erhvervsdrivende - ejer mange store virksomheder % af BNP - oplysningspligt (register) - lov om erhvervsdrivende fonde

4 Fonde af mange slags Erhvervsfonde: - eks. Oticon Rent almennyttige fonde eks. Sonning fonden Familiefonde Kvasi-fonde: Realdania, Tryg Pensionsfonde Investeringsfonde Kapitalfonde private equity Hedgefonde Venture fonde

5 Industrial foundations - Erhvervsfonde Non-profit foundations that own business firms Creation by donation Independence (no owners, no members) Endowment (shares, financial investments) Governance by Charter Government Supervision

6 An Example: William Demant Oticon Foundation Other Investors Donations 55 % 45% William Demant Holding PLC 100% 100% Oticon Hearing Aids Other Businesses

7 Kronjuvelerne i dansk erhvervsliv? 1. A. P. Møller Gruppen - APM OG CMMs Fond 2. J. Lauritzen - J.L. Fondet 3. Carlsberg Carlsbergfondet 4. Novo Nordisk - Novo Nordisk Fonden 5. Skandinavisk Holding - Augustinus Fonden 6. Danfoss - Bitten & Mads Clausens Fond 7. Grundfos- Poul-Due Jensens Fond 8. William Demant Oticon Fonden 9. Lundbeck - Lundbeckfonden 10. Egmont - Egmont H. Petersens Fond 11. Løvens Kemiske fabrik - Leo Fondet 12. J.C. Hempel - J.C. Hempels Fond 13. Carl Allers Etablissement - Allerfonden 14. Rambøll Rambøll Fonden 15. Novozymes Novo Nordisk Fonden Cowi, Salling, Højgaard - Danske Bank? Rockwool? Lego? Kann Rasmussen? Chr. Hansen?

8 Internationale eksempler

9 Antal registrerede erhvervsfonde 1361 Foundations Number of Foundations increases over time around 50 new foundations annually

10 A Mixed Bag Most Registered Industrial foundations are small Only own companies Many are government-linked or social enterprises (museums, sailors home) Most large foundations have a charitable purpose beyond owning a company

11 A mixed bag - examples Carlsberg foundation - Carlsberg Novo Nordisk Foundation Novo A/S Novo Nordisk, Novozymes Arbejderbevægelsens Kooperative Finansieringsfond Union-linked Den Erhvervsdrivende Fond Dansk Skaldyrcenter Government-linked Arbejdsmiljøcentret (Fond) Government-linked Rørbæk Centrets Fond (Danske Ældreboliger A/S) Government-linked Notat-Fonden DNN af ApS Political link (a newspaper) Færøernes Erhvervsudviklingsfond Political Links, outside DK Industriens fond no business activity Lots of property foundations

12 Mest aktivitet i de store erhvervsfonde Foundation Equity, Bill DKK % Growth 100 Largest % % % 90% % 92% % 92% % 93%

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15 Sales Growth Index Sales of Foundation owned companies Index BNP (current prices)

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17 Employment in 19 large foundation-owned firms Denmark International Employment % of total Danish employment 3% 6%

18 En stor del af forskningsindsatsen

19 Billion DKK Donations 6,00 5,00 4,00 3,00 2,00 1,00 0, Research All Donations

20 Er erhvervsfonde en effektiv økonomisk institution? Institutionel økonomi ( New Institutional Economics ) studerer økonomiske institutioner som f.eks. virksomheder, fagforeninger, penge jf. nobelpriser til Coase, Williamson, North m. fl. Erhvervsfonde som eksempel Et særkende ved dansk erhvervsliv Er de fremmende eller hæmmende for effektiviteten i dansk økonomi? Mange performancemål: afkast, produktivitet, markedsværdi, vækst Fokus på fondsejede virksomheder

21 Relevant theory Agency theory Fama and Jensen (1983) Commercial nonprofits - charity model - workers cooperative - Non-contractible quality (Hansmann, 1980) Family firms

22 Hypotheses Foundation-owned companies should underperform no personal profit motive limited risk diversification closed markets for corporate control non-profit objectives managerial capture Possible benefits of longtermism, social responsibility etc

23 Previous Research Thomsen (1996): Foundation-owned companies perform as well as investor- or family owned companies Thomsen (1999): Good performance not attributable to taxation, monopoly, creditors.. Hermann and Franke (2002): They also perform well in Germany Rose og Thomsen (2004): No difference in risk, adjusted stock returns or Q Thomsen (2005): Foundation-owned companies have better reputations Thomsen (2006): why not in the US? Hannsmann & Thomsen (2010): Governance (distance) enhances the performance of foundation-owned firms Danzig (2011): They also perform well in Sweden

24 Performance: Styrker og svagheder ved Fondsejerskab

25 Data Two data sets 121 Danish foundation owned companies (104 unlisted, 17 listed) Nordic listed firms (32 Danish and Swedish foundation-controlled companies) Standard accounting and market variables Governance variables

26 Data Structure Nordic Listed Firms Danish Unlisted Firms Foundation -owned x x Non Foundationowned x

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31 0 0 Density Density Distributions: Less variance 0 1 ROA 0 1 Growth roa Graphs by fo Non FO FO growth Graphs by fo Non FO FO

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33 Afkast på danske virksomheders direkte investeringer i udlandet (%) 18% (Kilde: Nationalbanken) 16% 14% 12% 10% 8% 6% 4% 2% 0% Erhvervsfonde Afkast i alt

34 Performance of Foundation-Owned Companies Summary ROA Lower growth Lower volatility (risk)

35 Alternative Theories Low powered incentives Identification (Ackerlof), Charity, Reputation, status, Small worlds Governance Distance between owner (foundation) and company: board separation, listing, other owners, other companies Longtermism (Stein, Phelps, Bolton ) R&D intensity, continuity and financial conservatism Selection effects Does foundation ownership preserve good (high ROA) companies from takeover?

36 Tak!