Business owners have a significant societal role

Dean Timo Korkeamäki warmly welcomed the donors who have supported the professorship in ownership to the second annual seminar of the professorship. The seminar was held at the School of Business on Friday, November 22, 2024.

'We are on a strong growth trajectory in terms of both the number of students and professorships. The number of top-tier publications is also increasing. Our researchers have already published 25 high-impact studies this year, which is more than ever before. We are working tirelessly to produce independent information to support decision-makers. In addition to basic funding, donation funds are extremely important to our operations, for which I am immensely grateful to all of you,' said Timo Korkeamäki.

Professor of Ownership Samuli Knüpfer described what has been achieved in the field of ownership over the past 2.5 years.

'We have worked on ten research projects, several of which have resulted in prestigious FT50 publications (FT = Financial Times). We have also started two new courses that would not have been possible without the professorship in ownership. Several hundred students have participated in these courses, and the feedback has been overwhelmingly enthusiastic. Additionally, 30 students have worked on their master's theses, and 10 theses have already been completed. We have also brought the topic of ownership into the media, I have given talks to various groups, and participated in podcasts.'

The next step in the field of ownership is the launch of the Aalto Ownership Lab. The operational period will be five years, starting from the fall of 2025. Aalto Ownership Lab will be funded through a combination of donations, the university's own funding, and research grants. The Lab's budget targets 1.2 million euros from donations. 'Aalto Ownership Lab is a research center studying corporate ownership and its role in society, utilizing even better resources than before. The goal is, for example, to create a broader and more efficient research infrastructure and to produce more societally relevant research data.'

Ownership of unlisted companies is rare

Samuli Knüpfer also shared findings from his recent study, Ownership of Privately Held Companies in Finland, where he examined ownership data of privately held companies from 2006 to 2022. This is the first comprehensive analysis of shareholders of Finnish privately held firms.

Approximately 170,000 people own shares in privately held companies, which corresponds to only three percent of the entire population. In terms of business wealth, the top 1% includes 1,700 owners who control almost half of total wealth. This top share has remained virtually unchanged since 2006. However, the total number of owners has increased compared to 2006. 'Over 40 percent of Finnish households own listed shares or mutual funds. Unlisted companies also have the potential to distribute ownership more broadly. Share-based incentives and employee ownership are good ways to engage workers by also making them owners,' Knüpfer said.

Philip Aminoff, Chairman of the Board at Helvar Merca, commented on the study, noting that processing the data has required an enormous amount of work, and it is commendable that this work has been done. 'Ownership matters, as various parties have communicated for years. Now, with this independent research produced by the university, we have in-depth evidence of the importance of ownership. Additionally, the study concretely demonstrates that the professorship in ownership is indeed important.'

In addition to Philip Aminoff, the panel discussion included Jussi Herlin, Vice Chairman of the Board at KONE Corporation, Samuli Knüpfer, and Salla Pöyry, Professor of Practice in Finance. The panelists stated that Finland has a good foundation for ownership, but we need more risk-taking and dynamism.

Aalto Ownership Lab

At the end of the event, Timo Korkeamäki told that the teaching and research area of ownership is part of Aalto University's ongoing fundraising campaign and one of the School of Business's donation targets. The next step is the launch of the Aalto Ownership Lab.

'We have received exceptionally positive feedback regarding the professorship in ownership. This feedback indicates demand for high-quality, independent research on ownership, the development of teaching in the field, as well as increased societal impact. Aalto Ownership Lab will address this demand. So come join us in taking the next step and elevating ownership research and impact to a new level!'

After the seminar, lively discussions continued over refreshments in the lobby area of the School of Business.