This white paper gives an overview of the literature on (quantitative) effects of steward ownership rather than going into theoretical or strategic discussions as others have done. It does not aim to offer a comprehensive review of all literature on steward ownership. For a broader overview, we invite you to visit research-stewardownership.org. While the focus is primarily on Denmark – where steward ownership (in the form of enterprise foundations) is well-studied – it also includes international findings where available.
Companies shape a large part of societal life. Today, organizations play a central role in nearly every aspect of people’s lives and are increasingly seen as “corporate citizens” . One of the most defining factors shaping a company and its behavior is ownership. Ownership determines who holds decision-making power, how value is created, and who ultimately benefits from that value — in essence, it plays a central role in steering corporate behavior. Corporate ownership is the cultural technology that determines who governs and holds the power within a company. Unlike elements such as a company’s mission statement, which can be changed with relative ease, ownership is deeply embedded in a company’s DNA — making it a foundational driver of long-term behavior. In conventional businesses, shareholders or owners hold the power as owners of the business. As owners, they can buy, sell, or dismantle a company as they please. In this paradigm, a company is an object owned by its shareholders with the objective to profit the shareholders.