Industrial Foundations (foundations that own business companies) are found around the world e.g in Northern Europe, Germany, the US and India, but nowhere do they appear to be as economically important as in Denmark. In this paper we review their share of the Danish economy. We find that foundation-owned companies account for 5-10% of the Danish economy depending on measurement. However, they constitute the bulk of Danish stock market capitalization and R&D expenditure, and they also contribute disproportionally to international business activity. Finally the industrial foundations make charitable donations of approximately 0.5% of Danish GDP, primarily to research.
Working paper, (pr)eprint
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Center for Corporate Governance. Department of International Economics and Management. Copenhagen Business School, 2013