ABSTRACT Whereas media ownership issues have interested scholars for decades, research has largely ignored the implications of specific ownership forms on the corporate governance of media companies, that is, how these companies are directed and controlled. This article attempts to address this gap by exploring the corporate governance of the ownership form of business foundations—a type of ownership that is increasing in different countries around the world. We analyze the corporate governance of three business foundations in the Swedish newspaper sector that together hold 26% of the market and outperform their industry peers. The control function, which is at the heart of corporate governance, is typically performed by companies’ owners. However, foundations do not have a physical person as owner; thus, this control function is replaced by the foundation’s charter, which stipulates the aim of the foundation’s business activities. When steered by professional top management, the charter’s long-term orientation facilitates the careful implementation of strategic directions without short-term performance pressures. We conclude the article by outlining several advantages and disadvantages of this ownership form for the media industry.

中文翻译：

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坚持第四产业——探索企业基金会媒体所有制形式的公司治理

摘要 尽管媒体所有权问题几十年来一直吸引着学者们的兴趣，但研究在很大程度上忽略了特定所有权形式对媒体公司公司治理的影响，即这些公司是如何被指导和控制的。本文试图通过探索企业基金会所有权形式的公司治理来弥补这一差距——一种在世界不同国家越来越多的所有权。我们分析了瑞典报业的三个商业基金会的公司治理，它们共同占据了 26% 的市场份额，并且表现优于行业同行。控制功能是公司治理的核心，通常由公司所有者执行。但是，基金会没有自然人作为所有者；因此，这一控制职能被基金会章程所取代，章程规定了基金会的业务活动目标。当由专业的高层管理人员指导时，章程的长期导向有助于战略方向的谨慎实施，而不会产生短期绩效压力。我们通过概述这种所有权形式对媒体行业的几个优点和缺点来结束本文。