This study aims to identify success factors in the transition to steward-ownership, taking into account stakeholder needs. A qualitative study was conducted, consisting of four semi-narrative interviews with experts, analyzed through qualitative content analysis. The research findings form an inductively developed category system, revealing that shareholders, investors, and employees are the most relevant stakeholders in the transformation process towards steward-ownership. Key themes emerging from the numerous identified success factors include open communication and transparency. With the help of the generated recommendations, companies can structure their transformation process towards steward-ownership more efficiently and effectively.

Note: The thesis is conducted in German.

Currently, numerous scientists and interest groups are calling on policymakers to support companies in adopting legal structures that align with the principles of so-called steward-ownership. A reform of corporate governance would enable companies to secure their economic and social sustainability over the long term. The aim of this paper, therefore, is to investigate the impact of steward-ownership on the economic and social sustainability of companies.

To answer the research question, a semi-systematic, replicable literature review is conducted. For this purpose, the Web of Science databases are searched for all known German and English terms describing these unique ownership structures. The literature review shows that steward-owned companies (SOC) demonstrate considerably more characteristics that positively impact their economic and social sustainability, compared to characteristics where the current state of research either remains inconclusive or may even suggest a negative effect.

However, the findings are subject to certain limitations: In this small research field, the foundational quantitative studies examine only one legal implementation of steward-ownership—namely, companies using a single or dual foundation model. It should also be noted that some findings about the characteristics of SOCs may be influenced by selection effects present at their founding. Additionally, the results on competitiveness are particularly relevant to mature companies in industries with long-term horizons within smaller countries.

The paper also provides an extensive discussion on how future research can verify and expand upon these findings.

Note: The thesis is conducted in German.

The research question, “What motivates entrepreneurs to establish or transition to steward-ownership?” aims to address the following topics in this paper: What motivations drive individual entrepreneurs, and are there identifiable patterns? Do entrepreneurs see steward-ownership as a solution to specific problems—and if so, which ones? Do the benefits of steward-ownership outweigh the efforts involved in the transformation?

Note: The thesis is conducted in German.

This paper is an attempt to answer the question, which leaders’ characteristics are common in steward owned organizations. After outlining the theoretical foundations of the influence of top decision maker’s characteristics on strategic choice, the concept of steward ownership is  introduced and clarified to understand the rather nonfamous ownership model better. Following this, an analysis of selected characteristics is provided to establish propositions. The impact of leader’s age, formal education, socioeconomic background, career experiences, and their values are examined. These are practically adapted in the following chapter as part of a case study regarding the CEO and founder of the Berlin start-up einhorn before concluding with a summary, limitations of this paper and an outlook for further research. 

The increasing profit orientation in private hospitals has led to a deterioration in social conditions, which is reflected in increasing complaints from nursing staff and an in-
crease in professional duties. These developments impair the quality of nursing care and undermine patient-oriented care. This bachelor thesis investigates the potential of the concept of steward-ownership to improve social conditions in hospitals and exam-
ines whether it can be a suitable corporate form for these facilities. The research ap-
proach includes the analysis of current literature on steward-ownership, as well as the explanation of relevant terms and a problem analysis of the situation in hospitals. The
empirical data collection is based on four guided interviews with experts from the healthcare sector. The results show that steward-ownership can represent an alterna-
tive model for hospitals and contribute to improving social conditions at various levels.

Both steward-ownership and workplace democracy offer alternative ways in which firms can be structured and governed. Both declare the strict division of responsibilities between governments and corporations as inappropriate. Instead, there are indications that governments and corporations are much more intertwined, implying similarities in their structure, governance and thus also in their responsibilities (Frega et al., 2019). Whereas the workplace democracy movement formulates a reform of the “role and structure of the firm as an institution within the context of our democratic societies” (Ferreras, 2017b, p. 2), the concept of steward-ownership offers an alternative corporate structure that aims to undermine shareholder primacy by decommodifying the organisation (Canon et al., 2021). Despite the debate on steward-ownership only recently gaining momentum, this paper benefits from research on foundation-owned enterprises that fall under the concept of steward-ownership and have existed and been researched for decades. However, while there is significant research on alternative corporate structures such as cooperatives, research on steward-ownership has mostly focused on performance aspects of firms (Børsting & Thomsen, 2017). Therefore, among the many aspects that need further research, the focus of this paper is to better understand the impact that steward-ownership has on democratizing organizations. This paper contributes to filling this gap by improving the understanding of the influence of steward-ownership on workplace democracy by examining the parallels and differences between the two concepts. In doing so, an emphasis is put on the decommodification of organizations and labor, which is considered a critical driver for overcoming the failure of shareholder capitalism, as well as for workplace democracy (Frega et al., 2019). Therefore, the following research question is posed:   

Can the corporate structure of steward-ownership contribute to workplace democracy? 

As companies are increasingly called upon to address their social and environmental  responsibilities in addition to their economic objectives, the commitment of companies is growing and takes several forms encompassed under the banner of "corporate social 
responsibility". After identifying corporate governance as a locus of power that can influence this accountability, this study looked at a new form of governance in France: shareholder foundations. Developed in Northern Europe this model allows a foundation (non-profit organisation) to fully or partially own a company. This gift of shares is an extremely strong act for entrepreneurs since it dispossesses them and their heirs irrevocably.  It seems that the French model has great potential in terms of philanthropic actions and the perpetuation of corporate values. However, these foundations are still looking for ways to structure themselves operationally. In order to promote management free from the constraint of short-term profit maximisation, it would be interesting to apply certain principles of the steward-ownership model. It advocates among other things a separation of economic and political powers, either within the foundation, with two separate administrative boards, or via the creation of two foundations, each with one of the two powers.  

« Utopia is simply that which has not yet been tried» - Théodore Monod 

This thesis addresses two sets of issues that are currently of relevance in the academic as well as in the social and political debate, albeit in different dimensions: gender equality in the corporate context, and steward-ownership (SO) (see e.g. Sanders, 2022). These two issues have rarely been linked in public debates and academic research. This paper contributes to the exploration of this set of issues by identifying risks and potentials of steward-ownership for gender equality in management positions in German companies.

While a higher survival rate implies economic sustainability, empirical studies are lacking on the connection between steward-ownership and purpose-driven business practices combined with genuine entrepreneurial sustainability, as advocated by supporters. An explicit examination of this thesis, backed by theoretical foundations, is therefore not currently part of the debate on the proposed legislation. The conclusion drawn by supporters – that steward-owned companies bring purpose back to the economy and foster sustainable entrepreneurship – requires empirical investigation. This plausible thesis needs to be scientifically explored.

To meet this need, the study will empirically examine the opportunities and impacts of the steward-ownership business model with respect to the economy's contribution to a "good life" within planetary boundaries. Specifically, the study aims to highlight how steward-owned companies might contribute to this goal—or are already doing so. It will focus on the unique structural aspects of steward-owned companies, analyzing which sustainable practices or logics emerge from this specific ownership structure, and how they might influence the societal role of companies in responsibly managing Earth's resources.

Note: The thesis is conducted in German.

This work starts by presenting the concept of Verantwortungseigentum, also called steward ownership, in which a company is owned by a foundation or some other construct, which makes sure that the voting rights are separated from the economic rights. The owners of the company are now only stewards and they cannot access the company’s assets or profits for their personal gain. The companies are obliged to either reinvest, donate or pay off debts with their profits. This thesis tries to answer the question, whether this organizational form has any consequences for corporate gov-
ernance and employees. The theoretical background includes the stakeholder and the stewardship theory. A case study within two steward-owned companies in Germany was performed by conducting five interviews with employees and owners in each company. The results showed that there were changes in intrinsic motivation, sense of job security and stewardship climate, although the effects differed between both cases. The results also indicate that steward ownership could increase the credibility of promises made by the company or its management. The implications for future research, practical implications and the limitations of my findings are discussed.

Note: The thesis is conducted in German.

This research set out to examine the relation between (steward) ownership and sustainable innovation. The goal was to identify how steward ownership enables sustainable innovation through the use of mechanisms. 

The German start-up landscape is divided between two types of organizations, the exit-oriented ones and the non-exit-oriented ones. In the 2021 coalition agreement, the latter group is promised an own legal form, namely Steward Ownership. This legal form is very suitable for purpose-driven and sustainable businesses where the primary goal is not maximation of shareholder wealth and where the businesses want to insulate themselves from the goals of external investors that run counter to the Steward Ownership model. Even though it is proven that these non-exit oriented start-ups contribute greatly to the German economy and solve important societal problems, non-exit-oriented organizations are not included in the Coalition’s German start-up strategy. To reflect the new story of a growing number of founders in Germany who put purpose before profits, start-up financing has to be thought about differently.  
This research paper gives new insights on the supply of public funding for steward-owned start-ups and their financing practices. A qualitative study was carried out using the textual data of all public funding programs for start-ups in Germany on state-level according to the qualitative content analysis by Kuckartz.  This study is based on a category system for analyzing programs in the areas direct exclusion, indirect exclusion and additional information,  There are many ways how steward-owned start-ups can in theory finance themselves using mezzanine capital, such as redeemable equity or subordinated loans. The results, which were shared and reflected in an interview with Katrin Elsemann from the BMWK, indicate that currently the big funding programs are tied to an exit and therefore directly exclude possible funding or indirectly exclude the accessibility based on other reasons. Especially the category of indirect exclusion holds the possibility of altering existing programs to be compatible with steward-ownership. It is concluded that currently a certain traditional way of financing is privileged by the government and the existing programs that are eligible do not meet the demand for risk capital for start-ups. 

Building upon my thesis, I have published a small series of articles addressing my research question: "To what extent can steward-ownership be compared to a social movement, and what potential changes does this pose for the economy and society?" 

The series comprises seven chapters:

(1) What is steward-ownership?
(2) What legal implementation options exist?
(3) Why should we concern ourselves with ownership?
(4) The state of research on steward-ownership (2020/21)
(5) What is a social movement, and what defines it?
(6) Comparing steward-ownership and social movements
(7) Discussion of the theses on potential changes.

It is increasingly expected of organizations to implement stakeholder theory into their business models, but this can be challenging due to the absence of a devoted ownership structure. For successful implementation, steward-ownership is researched as a potential solution. A grounded theory research was conducted to analyze the link between stakeholder theory and steward-ownership, the strategy behind this, and the differences among starters and switchers. Therefore, the following research question was answered: How do organizations adopting steward-ownership create stakeholder value? And how does this differ between starters and switchers?. Qualitative data from twelve conducted in-depth interviews with stewards of steward-owned organizations were analyzed that provided insights into the strategy in these organizations to create stakeholder value and what the role of steward- ownership was. The findings of this analysis showed that steward-ownership can be seen as a viable structure to implement stakeholder theory, because it is a credible approach that allows more time for stakeholder engagement, balancing stakeholder interests and building a community. Whereas a difference is found in long-term perspective of switchers and the uninterest of financial stakeholders of starters, steward-owned organizations adopt a broader range of stakeholder groups and values. 

Prior research on mission-drift in social enterprise focuses on “traditional” structures used to combat the phenomenon, yet few studies examine the steward-ownership structure as a viable alternative. The purpose of this study is to gain insights into how social enterprises use steward-ownership structures to combat mission-drift. Based on the findings from interviews conducted with 12 employees from the case organisation, and relevant external persons, three main steward-ownership structures emerge and, under each structure, a variety of factors that work to ensure mission adherence and fulfillment. Moreover, the data reveals that it is a combination of all three structures that works to combat mission-drift, with emphasis on the specific mechanisms of each structure. These findings contribute to literature on mission-drift and the legal structuring of social enterprises, and serve as a practical example for organisations aiming to implement the steward-ownership model.

Steward-ownership offers an alternative model rooted in self-governance and purpose orientation as a response to growing concerns about corporate responsibility and stakeholder-orientation. Despite its relevance, academic literature remains limited, and real-life applications are often constrained by regulations. This study seeks to develop typologies based on ownership structures, stewardship principles, governance practices, purpose orientation and unique attributes of steward-ownership. Using a multiple case study methodology, 91 companies were analyzed through both within-case and cross-case analysis. Companies were selected iteratively with polar attributes to extend the diversity of the case study pool. Companies were analyzed for their purpose statements, organizational characteristics, financing tools, governance strategies and ownership structures. Typologies act as a guide to showcase possible strategies and structures to implement steward-ownership. This research contributes to filling a significant gap in literature. The typologies created not only to enhance theoretical understanding but serve as a practical framework for entrepreneurs, policymakers, and mission-aligned investors which are seeking to implement or support steward-ownership. Steward-ownership is largely unrecognized by the public and most regulators. Insight generated from the study is crucial to inform and guide regulators and entrepreneurs towards a responsible transformation of ownership structure aligned with long-term purpose and stakeholder benefit.

This thesis explores how the principles of steward-ownership resonate with ownership
models and practices of Indigenous organizations in Latin America. Rather than
classifying these organizations as steward-owned, it examines shared orientations and
differences through a dialogical and decolonial lens. The analysis follows five dimensions:
purpose and the collective good, control and responsibility, profit and surplus logic,
relationship with land and nature, and the intergenerational horizon. Using a multiple case
study design, the research draws on interviews, field notes, and document analysis from
three Indigenous organizations in Chile and Colombia: Küme Mogen, Mapu Lahual, and Seynekun. The findings show that although these cases do not replicate steward-ownership structures, their practices resonate with its two core principles of purpose orientation and self-governance and its emphasis on long-term responsibility. The study contributes to debates on alternative ownership by presenting a context-specific, relational framework for understanding ownership, governance, and the commons.

Although there is widespread consensus in the specialist literature that a sustainable economy is no longer sufficient at this point in time and that regenerative corporate structures must be established instead, it can be observed, on the one hand, that socio-ecological systems are continually degrading and, on the other hand, that there is still no confirmed instrument for measuring regenerative structural elements at the organizational level. This paper aims to close this research gap. First, the inconsistently understood term "regeneration" is defined based on a literature review and applied to companies. Subsequently, the development of a questionnaire that assesses the degree of regenerative design in companies is described. Its validity and reliability are confirmed using a CFA. The hypothesis to be verified, that companies with more regenerative designs have more positive socio-ecological impacts, can be confirmed with highly significant results and strong correlations. At the same time, a list of the ten items that most strongly correlate with these impacts can be formulated as an organizational recommendation. This study makes a relevant contribution to current research on regenerative and sustainable economics by providing a valid and reliable systematic technique for analyzing and interpreting entrepreneurial design elements. Research is needed to validate the questionnaire in further samples and to examine the economic implications of the results at the micro- and macro-level.

The concept of steward-ownership has been discussed in recent years within the legal and policy debate on alternative corporate and ownership structures. There is a call for the introduction of a specific legal form for steward-ownership in German law. This dissertation addresses these demands and explores the development of steward-ownership through the example of the Carl Zeiss Foundation and its associated companies, Zeiss and Schott. Through the establishment of the Carl Zeiss Foundation in the late 19th century, a form of what lawyers today refer to as steward-ownership was already implemented and solidified through legal measures. This work examines the overlaps and differences between current calls for steward-ownership and its historical predecessors. It also aims to explore whether steward-ownership follows a longer legal tradition or represents a purely contemporary idea.

Note: The thesis is conducted in German.

Steward-Ownership of Companies is a well-discussed topic. The concept confidently challenges traditional premises of business law and is therefore the subject of controversial debate: Is it an inadmissible and unnecessary foreign element, or a desirable and pioneering innovation?

Marvin Reiff provides a comprehensive structure to the ongoing debate while also going beyond it. He first uncovers the often-overlooked legal-historical origins and social-scientific foundations of steward-ownership and examines the extent to which it can be implemented within existing law. He then analyzes two prominent legislative proposals for introducing an own legal form for steward-ownership in Germany in terms of their legal doctrinal and conceptual persuasiveness. Finally, he assesses the legal nature of this corporate form, its asset-binding structure, and evaluates the latter in light of the property guarantee in the German Basic Law.

The work has been awarded the Harry Westermann Prize 2024 (1st Prize) by the Faculty of Law at the University of Münster and the German Study Prize 2024 (2nd Prize, Humanities and Cultural Sciences Section) by the Körber Foundation.

Note: The thesis is conducted in German.

»Housing For and by People: Legal Strategies for Creating and Sustaining Housing Commons«: Housing commons ensure that homes can no longer be used as absentee-owned assets. Instead, housing commons are self-managed by residents. Noah Neitzels dissertation analyzes and compares legal approaches for organizing housing commons: Cooperatives, the German ›Mietshäusersyndikat‹ and community land trusts. Based on this analysis, Noah Neitzel proposes new laws for creating steward-owned housing cooperatives.

Note: The dissertation is conducted in German.

This thesis consists of a brief synopsis and five essays that together represent the core of my doctoral research in corporate governance and accounting at Copenhagen Business School. Each chapter is designed to stand alone and can be read independently.
The first essay examines foundation ownership as a model for promoting corporate sustainability. In this structure, a non-profit foundation owns and controls a for-profit business, prioritizing environmental and social goals over profit maximization. Using data from 2003–2020 on listed foundation-owned firms matched with comparable firms by size and industry, the analysis reveals that foundation-owned companies outperform their peers in environmental and social (E&S) dimensions of ESG performance. These firms sustained ESG activities during the financial crisis and committed to more ambitious emission reductions following the Paris Agreement. Overall, the findings emphasize the potential of purposeful ownership structures in advancing corporate sustainability policies and practices.
The second essay examines the financial performance of foundation-owned firms in a global sample of listed companies. These firms differ fundamentally from conventional governance structures by pursuing broader social objectives, forgoing high-powered incentives, and limiting exposure to the market for corporate control. Using both accounting-based and market-based performance metrics, the analysis compares foundation-owned firms with matched non-foundation-owned peers. Contrary to the view that firms lacking residual claimants cannot thrive financially, the results show that foundation-owned firms perform at least as well as their family- and investor-owned counterparts. They also invest more and demonstrate a stronger, more credible commitment to employees. Our findings are robust across a range of methodological and measurement stress tests, indicating that an organizational structure based on purposeful, non-profit ownership can be economically viable
The third essay explores how employee slack— the prevalence in organizations of employees with personal resources in excess of private consumption needs—influences organizational adaptation and innovation. Using comprehensive administrative register data from all Norwegian firms and residents between 2010 and 2017 and leveraging the repeal of the inheritance tax in 2014 as a quasi-natural experiment, the study shows that employee slack reduces the exploration of new knowledge and activities while increasing the abandonment of existing ones. It also affects employee effort, such as working hours, job continuity, and job mobility. Furthermore, employee slack plays a key role in moderating the effect of organizational slack on adaptation. Our findings indicate that slack resources are not confined to the company itself; employees can also hold such resources, which, in turn, influence the firm's capacity to innovate. By introducing the concept of employee slack, our study deepens the understanding of how individual resource availability influences firm adaptation and innovation. It also opens up new avenues for exploring the important, yet often overlooked, role of wealth dynamics within firms.
The fourth essay investigates the role of political ideology in the making of Environmental
and Social (E&S) disclosure regulation. It examines three key actions in the making of E&S disclosure rules: (i) voting, (ii) co-sponsoring legislation, and (iii) submitting comment letters to the U.S. Securities and Exchange Commission (SEC). The study finds that political ideology proves to be a stronger predictor of support for these regulations compared to other factors influencing politicians' voting decisions, such as campaign contributions, public opinion on corporate accountability, and social protests. This highlights the significant role political ideology plays in shaping sustainability disclosure legislation. Our results also indicate that the influence of ideology in these legislative proposals is stronger compared to other types of regulation, such as financial disclosure rules or E&S non-disclosure regulations.
The fifth essay explores the relationship between corporate social responsibility (CSR) and payout policy in European firms. This essay shows that heightened CSR engagement is associated with lower payout rates, particularly in smaller firms and those with weaker governance structures, showing the trade-offs between financial and social objectives.

In this work, I explore how steward-ownership can be implemented in the craft industry. Studies have already confirmed the positive impact of such corporate structures and cultures on employee retention and public perception. The craft industry urgently needs new talent for business succession and qualified skilled workers. This need is especially noticeable in areas with high demand and a steady flow of orders, as seen currently in the construction industry. The central question is whether steward-ownership could be a viable solution for craft businesses facing succession challenges and a shortage of skilled workers.

Note: The thesis is conducted in German.