Stefan J. Mühlbauer

Stiftungsverbundene Unternehmen und Agency-Theorie

Theorie und empirische Evidenz

[Industrial Foundations and Agency Theory. Theory and Empirical Evidence.]

2018. XIV, 196 pages.

Ökonomische Studien 4

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Published in German.
From an economic point of view, the existence of owners is vital to the success of an undertaking. How can it be then that in Germany alone there are almost 750 firms owned by foundations lacking natural owners? Are they superfluous to requirement?
From an economic point of view, there is strong reason to suspect that companies owned by a foundation perform worse than those in private ownership. This suspicion is mainly put down to there being no natural owner, but has so far not been proven beyond doubt by empirical studies. Stefan J. Mühlbauer takes this contradiction between theory and empiricism as the starting point for his investigation and shows just how remarkably relevant it is. In Germany alone there are currently almost 750 companies owned by foundations, among them well-known ones such as Bosch and Bertelsmann. The author explores whether the inferiority projected by the theory of foundation-owned firms is based on false premises, or whether the methods used in empirical studies to measure their performance are inadequate.

Stefan J. Mühlbauer Geboren 1984; Operngesangstudium an der Hochschule für Musik Nürnberg-Augsburg; Studium der Volkswirtschaftslehre an der Universität Augsburg; Wissenschaftlicher Mitarbeiter an der Universität Augsburg; 2018 Promotion; Aufsichtsratsmitglied und anschließend Aufsichtsratsvorsitzender Mühlbauer Holding AG; seit 2016 als Musiker »Das Ding ausm Sumpf«, u.a. ausgezeichnet von der Bundesinitiative Musik; Kulturpreis Bayern 2018.


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