De Danske Erhvervsfonde The Research Project on Industrial Foundations www.tifp.dk Steen Thomsen, Center for Corporate Governance Copenhagen Business School => Excuse my Denglish!
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..?
Danske Fonde 1300 registreret som erhvervsdrivende Måske 10000 ikke erhvervsdrivende Bemærk: De fleste erhvervsdrivende er også almennyttige. Mange ikke-erhvervsdrivende er heller ikke almennyttige (familiefonde) Erhvervsdrivende - ejer mange store virksomheder - 5-10% af BNP - oplysningspligt (register) - lov om erhvervsdrivende fonde
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
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
An Example: William Demant Oticon Foundation Other Investors Donations 55 % 45% William Demant Holding PLC 100% 100% Oticon Hearing Aids Other Businesses
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?
Internationale eksempler
Antal registrerede erhvervsfonde 1361 Foundations Number of Foundations increases over time around 50 new foundations annually
A Mixed Bag Most Registered Industrial foundations are small Only 3-400 own companies Many are government-linked or social enterprises (museums, sailors home) Most large foundations have a charitable purpose beyond owning a company
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 6.6.1978 ApS Political link (a newspaper) Færøernes Erhvervsudviklingsfond Political Links, outside DK Industriens fond no business activity Lots of property foundations
Mest aktivitet i de store erhvervsfonde Foundation Equity, Bill DKK % Growth 100 Largest % 2007 258 92% 2008 230-11% 90% 2009 291 26% 92% 2010 292 0% 92% 2011 350 20% 93%
Sales Growth 200 180 160 140 120 100 80 60 40 20 0 2004 2005 2006 2007 2008 2009 2010 Index Sales of Foundation owned companies Index BNP (current prices)
Employment in 19 large foundation-owned firms Denmark International Employment 72.599 171.313 % of total Danish employment 3% 6%
En stor del af forskningsindsatsen
Billion DKK Donations 6,00 5,00 4,00 3,00 2,00 1,00 0,00 2006 2007 2008 2009 2010 2011 2012 Research All Donations
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
Relevant theory Agency theory Fama and Jensen (1983) Commercial nonprofits - charity model - workers cooperative - Non-contractible quality (Hansmann, 1980) Family firms
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
Previous Research Thomsen (1996): Foundation-owned companies perform as well as investor- or family owned companies 1992-2002 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
Performance: Styrker og svagheder ved Fondsejerskab
Data Two data sets 121 Danish foundation owned companies 2003-2009 (104 unlisted, 17 listed) 1000+ Nordic listed firms 1995-2009 (32 Danish and Swedish foundation-controlled companies) Standard accounting and market variables Governance variables
Data Structure Nordic Listed Firms 1995-2009 103 Danish Unlisted Firms 2004-2009 Foundation -owned x x Non Foundationowned x
0 0 Density.02.04.06.08 Density.01.02.03.04 Distributions: Less variance 0 1 ROA 0 1 Growth -100-50 0 50-100 -50 0 50 roa Graphs by fo Non FO FO -50 0 50 100 150-50 0 50 100 150 growth Graphs by fo Non FO FO
Afkast på danske virksomheders direkte investeringer i udlandet (%) 18% (Kilde: Nationalbanken) 16% 14% 12% 10% 8% 6% 4% 2% 0% 2005 2006 2007 2008 2009 2010 2011 Erhvervsfonde Afkast i alt
Performance of Foundation-Owned Companies Summary ROA Lower growth Lower volatility (risk)
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?
Tak!