Project start: 2024
Project end: 2026
Contact: Dr. Dominik Meier

The SDGs came into force in 2016 and are intended to contribute to sustainable development on an economic, social and environmental level. The third sector plays a crucial role in achieving these goals, but to date there has been little research investigating how and to what extent NPOs contribute to achieving the SDGs (Meier, 2023). The aim of this project is to explore the contribution of NPOs to the SDGs and thereby identify any gaps or inefficiencies in the contribution of NPOs to the SDGs. Among other things, this will be investigated using a method co-developed at CEPS, which can be used to analyze whether a text refers to the SDGs or not (Meier et al., 2021). An analysis of NPO mission statements using this method thus shows the extent to which these NPOs are committed to the SDGs.

Publications:

• Meier, D. S. (2023). The evolution of SDG-related third sector and public administration literature: an analysis and call for more SDG-related research.  Sustainability: Science, Practice and Policy, 19 (1): https://doi.org/10.1080/15487733.2023.2236501.
• Meier, D. S./ Mata, R./ Wulff, D. U. (2021). Text2sdg: An open-source solution to monitoring sustainable development goals from text. arXiv preprint: doi.org/10.48550/arXiv.2110.05856.

Start of project: 2023
End of project: 2026
Contact: Prof. Dr. Georg von Schnurbein

Philanthropic action is getting smaller. Episodic volunteering, micro-donations and clictivism are some of the new methods, all built on the idea that small efforts by many people lead to a big result.

The objective of this research project, conducted together with Prof. Dr. Lucas Meijs from Erasmus University Rotterdam, is to better understand these new micro-forms of philanthropy. To this end, three aspects will be investigated. First, similarities and differences between these methods will be elaborated in order to sharpen the understanding. Secondly, the development and dissemination of these new methods will be examined. An international research project on episodic volunteering (Cnaan et al. 2021), for example, has been able to show how widespread this phenomenon is internationally. Thirdly, the connections to classic philanthropy methods will be analysed. Is there a crowding-in effect that can turn short-term volunteers into long-term volunteers, or is the opposite the case, and the comparatively high appreciation of small contributions lowers the willingness to make larger gifts?

Start of project: 2021
End of project: 2024
Contact: Lucca Nietlispach

Social innovation is characterized by the creation of new solutions for societal problems. In the context of this dissertation, the research question will be answered as to how the scaling of social innovations can be supported. Since strong collaborations between different actors are often a characteristic of successful systemic social innovations, the focus will be on fields that are characterized by intensive collaborations between NPOs and companies. Social incubators and accelerators are active in this field. As intermediaries in the innovation process, they run programs in which participating young organizations are taught key skills that are important for scaling social innovation. Participants also benefit from the network that is enlarged.

To begin the dissertation project, a literature review will be conducted to review existing literature on scaling social innovation and the tension between mission-driven and profit-driven organizations and to elicit existing findings. Furthermore, a social incubator will be analyzed through a qualitative-empirical, holistic case study. Thus, success factors for scaling social innovation can be explored. Finally, the resulting hypotheses are examined through quantitative analyses of globally operating social incubators and accelerators.

Start of project:2023
End of project: 2027
Contact: Kinga Zsofia Horvath

Philanthropy – including giving, volunteering, and the operation of nonprofits – has rapidly globalized in the last decades. The growth of international non-governmental organizations and the increasing number of global partnerships – such as the “G-Foundations”– has shaped the structure of global philanthropy and accelerated its impact on development. Switzerland has appealed to numerous international nonprofits and global partnerships to establish their headquarters in the country. However, data on the Swiss international nonprofit sector is scarce. Similarly, comparative global data on international philanthropy – especially on the size and scope of international nonprofits and their charitable contributions – is also limited. Thus, this research will provide a comprehensive analysis on the Swiss international nonprofit sector and explore the role of international philanthropy in global development.

The research will respond the following research questions using innovative qualitative and quantitative research methods as well as machine learning techniques:

• What are the main economic, political, and social characteristics of international nonprofits based on the current literature?
• What are the main characteristics of the Swiss international nonprofit sector and the size and scope of its international charitable contribution?
• What is the added value of global intermediaries in times of localization and decolonization of philanthropy?

This research will contribute to the development of innovative and comprehensive data tracking methods on international philanthropy in times of increasing global challenges.

Start of project: July 2017
End of project: July 2021
Contact: Alice Hengevoss

The number of international nonprofit organizations (INPO) is constantly increasing worldwide. The management literature, however, provides relatively little insights on the internationalization decisions of such organizations and the processes involved. The existing theory primarily defines factors relevant to the internationalization of for-profit organizations (FPO). As NPOs and FPOs significantly differ in their underlying objectives (profit maximization vs. maximization of societal welfare), their societal role, their financing structure, the control mechanisms, and their targeted markets, we may expect differences in their decisions of expanding abroad and the processes involved. The present research project therefore investigates the NPOs' market entry decisions and subsequent internationalization strategies.

An important body of the management literature on an organization’s internationalization is based on institutional theory. The approach suggests that the institutional environment and its underlying structures, formal and informal rules, and norms significantly shape an organization’s behavior. Internationally operating organizations therefore face a multitude of different institutional demands to which they ought to respond in order to be effective. Entering a new market and venturing into a new institutional context therefore entails significant transaction costs which ultimately influence the market entry decision and strategy. This research project therefore addresses an NPO’s transactions and analyses how they influence the organization’s market entry and strategic decisions. The goal is to contribute to a better understanding of successful NPO internationalization.

Start of project: June 2017
End of project: June 2021
Contact: Nicholas Arnold

Interactions between nonprofit organizations (NPOs) and companies are attracting growing academic attention. A common theme appearing in research in this area relates to the fact that NPOs seem to be increasingly engaging directly with companies in their efforts to influence corporate responsibility

Regarding the nature of NPOs’ approaches toward companies, two important strands of literature can be juxtaposed. Authors within the «collaborative strand» observe that the nonprofit sector is increasingly entering into more collaborative forms of interaction – such as stakeholder dialogue and partnerships with companies – arguing that this gives NPOs significant opportunities to positively influence corporate responsibility. In contrast, scholars within the «confrontational strand» assert that more antagonistic approaches by NPOs towards companies – such as scrutiny of corporate (responsibility) behavior and anti-corporate activism – remain very common, as many NPOs view this approach as an important instrument by which to influence corporate responsibility.

The way in which these two approaches interact, i.e. how (NPOs adopting a) collaborative and confrontational approaches affect each other with respect to influencing corporate responsibility, has received limited scholarly attention. Investigating this process in more detail is the main objective of this research project.

Publications:

• Arnold, N. (2022), Pointing Fingers and Holding Hands: Effects of Collaborative and Confrontational NPO Approaches on Households’ Consumption and Donation Decisions, International Journal of Consumer Studies, online first: https://doi.org/10.1111/ijcs.12782
• Arnold, N. (2021). Of Small Steps and Big Leaps: Collaborators Impact on Confronters’ Ability to Influence Corporate Responsibility. CEPS Working Paper Series, No. 19, Basel: CEPS.

Start of project: October 2015
End of project: September 2021
Contact: Theresa Gehringer

In the large body of literature on CSR, corporate philanthropy only holds a small share. Due to scarcity of data, empirical research is – with a few exceptions – limited to US-based corporations and their philanthropic activities. This is the first research project that covers all three aspects of Corporate Philanthropy in Switzerland: Corporate Giving, Corporate Volunteering and Corporate Foundations. So far no comprehensive study was ever conducted on this subject with data from Swiss companies and their Corporate Philanthropy activities.

The overarching aim of this project is to develop a better understanding of the interdependencies of CSR and corporate philanthropy. Especially to help understand, if and how corporate philanthropy activities create a win-win-situation for both business and society.

The descriptive research aim is to conduct a first conclusive overview of the different forms of corporate philanthropy and their state of action in Switzerland. Additionally, a better understanding of the linkages between corporate philanthropy, CSR and firm profitability will be developed using the collected data on corporate philanthropy in Switzerland. The explorative research aim of the project is to detect rules and criteria to value the impact of corporate philanthropy on the company’s social embeddedness (as civil society actor).

The findings of this research project will have a major effect on the theoretical debate on corporate philanthropy and corporate social behavior in general. By looking at the current debate on Corporate Philanthropy and taking Switzerland as a mini-laboratory, we lay the ground for a distinct theory of corporate philanthropy.

Publications:

• Gehringer, T. (2021). Corporate Foundations as Hybrid Organizations: A Systematic Review of Literature, Voluntas, online first: doi.org/10.1007/s11266-021-00318-w
• Gehringer, T. (2020). Corporate Foundations as Partnership Brokers in Supporting the United Nations’ Sustainable Development Goals (SDGs), Sustainability, 12(18), 7820
• Gehringer, T. / von Schnurbein, G. (2020). Corporate Foundations in Europe, in: Roza L., Bethmann S., Meijs L., von Schnurbein G. (eds) Handbook on Corporate Foundations. Nonprofit and Civil Society Studies (An International Multidisciplinary Series), Cham, Springer
• Gehringer, T. (2018). Auf Taten Worte folgen lassen: Wie Top-Unternehmen in der Schweiz ihr philanthropisches Engagement kommunizieren, in: Andessner, R./ Greiling, D./ Gmür, M./ Theuvsen, L. (eds): Wohin entwickelt sich der Dritte Sektor? Konzeptionelle und empirische Beiträge aus der Forschung, Freiburg, Verbandsmanagement Institut (VMI)

Start of project: April 2016
End of project: 2020
Contact: Sophie Hersberger

As soon as non-profit organizations (NPOs) offer services, set prices or acquire resources, they face challenges similar to those faced by for-profit companies: they must focus on the needs of their stakeholder groups and satisfy these needs. In the case of for-profit companies, as the saying goes, the customer is king. NPOs, however, face a much more complex circle of markets and stakeholders. They not only focus on clients or customers, who can often be divided into different sub-groups, but also have to meet the requirements of the donors and sponsors, comply with the standards of the supervisory authorities or state guidelines, recruit and manage voluntary employees and at the same time take care of their public perception, cost-efficient procurement of resources and competitors or partners from the public, private and non-profit sectors. And all this in the face of increasing scarcity or stagnation of public funds and a growing number of NPOs.

Many researchers have criticized the increasing "marketization" of NPOs, but there is no empirically supported concept for measuring the market orientation of NPOs. Due to the dominance of not-for-profit objectives in NPO and their complex stakeholder structures, the transfer of a market orientation concept from the private sector, such as MARKTOR or MKTOR, is not satisfactory. Many NPOs have a strong inward-looking management perspective, which assumes that the organization knows best what clients need. The needs of the market are thus not taken into account or satisfied. The assessment of the market orientation of many NPOs is therefore largely based on self-assessment, without a direct possibility of comparison with other organisations.

The aim of the dissertation is to close this research gap and to create an understanding of the interactions between NPOs and their stakeholder groups. In a first step, the market environment of an organization is modelled and classified into theories of the emergence of NPOs. In a further step, the market orientation of NPOs in different sectors will be empirically investigated and linked to performance variables in order to gain a better understanding of how market orientation affects the performance of a NPO. This study is intended to supplement the existing non-profit literature with a theoretical and empirical analysis of this topic, as no comprehensive research has been carried out to date. On the other hand, the results should help practitioners to align their management culture in such a way that the needs of the important stakeholders in their organization are really met. A better understanding of market orientation and its effects in the nonprofit context can have an impact on an organization's performance and strategy.

Publications:

• Hersberger-Langloh, S. (2021). Between Donors and Beneficiaries: Towards a Theory of Dynamic Two-Sided Markets, Voluntary Sector Review, online first: https://doi.org/10.1332/204080521X16118348043171
• Hersberger-Langloh, S. (2021). The Marketization of Nonprofits: Four Essays on Stakeholder Management and Market Orientation in Nonprofit Organizations, Basel: CEPS.
• Hersberger‐Langloh, S., Stühlinger, S., von Schnurbein, G. (2020). Institutional isomorphism and nonprofit managerialism: For better or worse? Nonprofit Management and Leadership, 2020, 1– 20, online first: doi.org/10.1002/nml.21441
• Hersberger-Langloh, S. (2020). A Stakeholder Perspective on the Market Orientation of Swiss Nonprofit Organizations, Journal of Nonprofit & Public Sector Marketing, online first: doi.org/10.1080/10495142.2020.1865239

Start of project: July 2015
End of project: October 2019
Contact: Theresa Gehringer
Partner: Rotterdam School of Managment, Erasmus University Rotterdam

Even though research on foundations has considerably grown during the last couple of years, little attention has been directed at Corporate Foundations as particular type of philanthropic foundations. Corporate foundations differ from private foundations set up by individuals, as they show a complex relationship with the founding organization in terms of governance, ownership, management and funding/resources. They operate on the margins of two institutional logics: the profit making aims of the corporation and the social civil society orientation of philanthropic institutions.

Although some preliminary research on Corporate Foundations is available, much remains unknown. Lucas Meijs, Lonneke Roza (Rotterdam School of Management), Georg von Schnurbein, Steffen Bethmann and Theresa Gehringer (CEPS) have joint forces to edit a research book on Corporate Foundations. The overall aim is to develop and present a specific overview of the contemporary body of knowledge and the future (international) research agenda on Corporate Foundations.

The resulting research handbook provides legitimacy for the topic in academia, displays seminal knowledge on Corporate Foundations, creates new avenues to look at this phenomenon, includes contemporary and new research on the topic and creates a research agenda for future research. Next to its academic contribution, the project aims to develop insights for managerial practice, especially for Corporate Foundations and their stakeholders, such as the company, non-profit organizations and civil society. As separate but integrated result, several thematic brochures and workshops for practitioners will be developed from the newly generated knowledge in order to provide support in governance and management related questions of Corporate Foundations.

Publications:

• Bethmann, S. / von Schnurbein, G. (2015). Effective Governance of Corporate Foundations. CEPS Working Paper Series No. 8. Basel: CEPS.
• Roza, L. / Bethmann, S. / Meijs, L. / von Schnurbein, G. (Eds). Handbook on Corporate Foundation: Corporate and Civil Society Perspectives, Springer International Publishing, 2019
• Gehringer, T. / von Schnurbein, G. (2019). Corporate Foundations in Europe, In: Roza L., Bethmann S., Meijs L., von Schnurbein G. (Eds) Handbook on Corporate Foundation. Nonprofit and Civil Society Studies (An International Multidisciplinary Series). Springer, Cham
• Bethmann, S. / von Schnurbein, G. (2019). Strategic in What Sense? Corporate Foundation Models in Terms of Their Institutional Independence and Closeness to Core Business, In: Roza L., Bethmann S., Meijs L., von Schnurbein G. (Eds) Handbook on Corporate Foundation. Nonprofit and Civil Society Studies (An International Multidisciplinary Series). Springer, Cham

Start of project: July 2012
End of project: September 2018
Kontakt: Steffen Bethmann
Partner: Centrum für Soziale Investitionen und Innovation (CSI), Universität Heidelberg

There is an unexpectedly large gap between foundations’ quest to being drivers and initiators of social innovation and actually realising the concept and dealing with the process of social innovation. When reviewing the literature of social sciences of the past few years, it becomes evident that a lot of effort goes into establishing “social innovation” as a research field in its own right. On the basis of this development, it becomes possible to critically question the role of foundations as social innovators. This research project examines the extent to which foundations can be drivers and supporters of social innovation.

The first part consists of an analysis of the functions of foundations in society and their role in the welfare state. Then, the term “social innovation” is defined as a concept and theoretically supported. The next step is to transfer our results to the strategies foundations apply when intending to create social change. And finally, the study will formulate prerequisites for a foundation’s strategy that will help to effectively initiate and support social innovations.

Publication:

• Bethmann, S. (2018). Stiftungen und soziale Innovationen - Bausteine einer Organisationstheorie zur Erklärung der Innovationsfähigkeit von Förderstiftungen. Temuco: Bethmann
• Bethmann, S. (2014). Stiftungen und soziale Innovationen - Einschätzungen von Experten. CEPS Working Paper Series, No. 4, Basel: CEPS.

Start of project: January 2013
End of project: April 2016
Contact: Prof. Dr. Georg von Schnurbein

The recent turmoil on the global financial markets has lead foundations to review their investment policies. In the light of decreasing yields and returns there is a growing need for investment strategies that support the effective implementation of the organization’s mission. Mission Investing (MI), also known as Mission-Related Investing (MRI), offers the possibility to pursue the organization’s mission while the assets are kept invested. The concept of incorporating the funding strategy in the investment policy therefore aims to reduce the dependence on financial returns.

MI is an umbrella term that incorporates and overlaps various value-based investment concepts (e.g. Socially Responsible Investing (SRI) or Impact Investing). This multitude of concepts and the lack of a generally accepted definition of MI impede the topic’s scientific discussion. Additionally, in order to prove the economic legitimacy of such concepts, methods to quantify the qualitative impact of such investments are necessary. However, these instruments are still underdeveloped, as well as the empirical coverage of the practical implementation of MI. In face of the increasing interest of foundations and financial service providers in that certain topic, an academic examination of MI is crucial.

This research project aims at defining transparent and measurable criteria to evaluate and legitimate the adequate implementation of MI with the help of established methods from financial market theory. Further, it tries to promote the understanding to what extent MI can be an appropriate investment tool, by analyzing the mission-specific trade-off between value-based and purely profit-seeking investment strategies.

Publications:

• Fritz, T. und von Schnurbein, G.(2013). ‘Mission Related Investing bei Schweizer Förderstiftungen‘. In: von Schnurbein, G. und Egger Ph. (Hrsg.). Innovation statt Stagnation, Foundation Governance Bd. 10, Verlag Helbing Lichtenhahn
• Fritz, Tizian: Mission Investing. Four Essays on Mission-based Investment Strategies in the Context of Nonprofit Organizations.

Further information:

• Die Vermögensverwaltung gemeinnütziger Stiftungen. State of the Art?, Basel/Zürich, Februar 2013

Start of project: January 2014
End of project: December 2015
Contact: Prof. Dr. Georg von Schnurbein

Within the scope of corporate citizenship and as an instrument to engage in charitable activities, many companies establish foundations with charitable missions. These foundations often differ significantly from classic grant-making foundations. First of all, a company usually endures longer than a founder, therefore exerting a more permanent influence. Secondly, the corporate foundation isn’t generally equipped with extensive foundation assets, but is moreover supported annually, thereby increasing the foundation’s dependence to the company. Thirdly, the question of which references between the company’s core business and the foundation’s charitable engagement with regards to contents, make sense, are allowed, and proven to be efficient.

In several individual projects and in collaboration with international partners, the CEPS examines the management and governance of corporate foundations. The foundation’s perspective is hereby explicitly adopted, since existing literature largely focusses on the topic from a corporate point of view.

The following research questions are of core interest:

• Is Corporate Philanthropy part of Corporate Social Responsibility (CSR)?
• Does the shared-value approach provide the highest possible societal benefit from the foundation’s activities?
• How does the existing relationship to the company affect the foundation’s governance?

Publication: 

• Bethmann, S. / von Schnurbein, G. (2015). Effective Governance of Corporate Foundations. CEPS Working Paper Series, No. 8, Basel: CEPS.

Start of project: September 2012
End of project: September 2014
Contact: Prof. Dr. Georg von Schnurbein
Partners: Freie Universität Amsterdam, ERNOP, EU-Commission, Gebert Rüf Foundation

The financing of research at Swiss Universities continues to be understood as being dependant on Government expenditure by the greater part of the political environment and society. Today, the proportion of Governmental funding within the total budget of Universities is declining and funding is supplemented by Government and private research promotion funds attained through successful research applications and performance evaluations. Besides ample subsidies from the EU and the Swiss ‘Nationalfonds’, there is a growing interest from private donors to support science, be it sponsorship, Foundations or corporations. Besides large donations that make it into the public eye, such as the donation of the Adolphe Merkle Institut to the University of Fribourg or the recent donation by the ‘UBS Foundation of Economics in Society’ to the University of Zurich, there are a large number of private Foundations offering financial support for research and education at Universities. There is, however, up to date no scientific account of the number and value of donations, purpose or conditions of spending and the different types of sponsorship. Valid predictions on the potential of private funds for science and projections on future developments are impossible without a solid database. Switzerland is not the only country lacking this kind of information, which is why the European Commission has launched a study to identify the Foundations supporting science in all EU countries. The CEPS is participating in this project (“Tender Study on Foundations Supporting Research and Innovation in the EU”) with a country study on Switzerland.

The CEPS plans to carry out a more in-depth and substantiated analysis of the role of private support for science through Foundations in Switzerland. Initially, a comprehensive descriptive inventory of science supporting actions by Foundations will be produced. Secondly, the situation in Switzerland will be compared with other European countries. Thirdly, on an interdisciplinary level, the opportunities and challenges for the further development of private sponsorship of science will be identified. The results will then be integrated into the EU comparison study, which will form the basis for the next project: an interdisciplinary analysis of societal, educational and economic challenges and opportunities of private support of science. Besides funding from the EU Commission the project is receiving considerable support from the Foundation Gebert Rüf Foundation.

Publications

• von Schnurbein, G. / Fritz, T.: Philanthropie für die Wissenschaft - Wie Schweizer Stiftungen die Forschung unterstützen, CEPS Forschung und Praxis Bd. 11, Basel: CEPS, 2014
• von Schnurbein, G.: Universität und Philanthropie: Blind Date, Prostitution oder Traumhochzeit?, in: uniintern, 3/2011, S. 18-19
• Philanthropie Aktuell 3/2010
• Von Schnurbein, G.: Grundlagenpapier zur Nachwuchsförderung in der Schweiz – Mittel, Wege und Methoden, 2009
• von Schnurbein, G.: Wachsende Bedeutung universitätsnaher Stiftungen, in: Stiftung & Sponsoring, Nr. 4/08, S. 41

Start of project: June 2009
End of project: June 2011
Contact: Prof. Dr. Georg von Schnurbein

The management structures of NPOs have undergone enormous progress and have become more professional in recent years. The time is right to examine the links between specific management structures and the success of an organisation and also, to determine the underlying criteria leading to certain management structures.

The starting point was a quantitative survey carried out among all certified Swiss non-profit organisations. The intention was to include only organisations demonstrating a certain degree of professionalism and depency on fundraising. Of a total of 520 organisations that were contacted, 180 organisations responded, an encouraging rate of 34.6%.

The study results were presented at numerous scientific conferences throughout 2010.

Start of project: 2009
End of project: 2010
Contact: Prof. Dr. Georg von Schnurbein

Venture Philanthropy is a composite of the terms ‘Venture Capital’ (off-exchange participation in risk bearing ventures) and ‘Philanthropy’ (private voluntary action with a charitable purpose). Philanthropic objectives can be attained not only through donations, but also, for example, through the issueing of loans or allowing for participation in the equity held by charitable organisations.

A particular characteristic of Venture Philanthropy is that the beneficiaries are given access to networks, consulting services and contacts. The Foundation and its executive bodies can be active members of various boards, they coach and mentor the beneficiaries and are included in important decision making processes. Foundations and their executive body play a much more active role, which is why Venture Philanthropy is also known as ‘high-engagement philanthropy’.

In Switzerland, no legal study on questions concerning Venture Philanthropy has been carried out until now. The contributions of this research project could help to fill this gap. Different forms of financing were examined with regards to how a more active commitment of Foundations is in accordance with Swiss law.

The main aim of the study in this context was to demonstrate the risks and consequences of liability for Swiss Foundations and their executive bodies. We were able to highlight certain areas that actors within ‘high-engagement philanthropy’ need to consider in order to avoid any possible liability.

Publications:

• Schönenberg, D.: Venture Philanthropy. Zulässigkeit und haftungsrechtliche Konsequenzen für Schweizer Stiftungen und deren Organe, Basel: Helbing Lichtenhahn Verlag, 2011
• Schönenberg, D.: Venture Philanthropy - Haftung von Stiftungen für Strategieberatung am Beispiel des Schweizer Rechts, in: Non Profit Law Yearbook 2010|2011, Das Jahrbuch des Instituts für Stiftungsrecht und das Recht der Non-Profit-Organisationen, 2011, S. 137 - 158

Start of project: January 2008
End of project: March 2010
Contact: Prof. Dr. Georg von Schnurbein

In recent years many countries have produced a number of different governance codes for non-profit organisations. We were able to identify 15 different non-profit governance codes for Switzerland and Germany alone.

The multitude of non-profit governance codes called for closer examination to find out more about differences and commonalities. The focus of this research project was on the analysis of content, design and the authors of the respective codes. The following questions were asked:

1. When comparing the governance codes, how does the content differ?
2. What influence do the authors of a particular code have on its content?

Publication:

• Philanthropie Aktuell 1/2011
• von Schnurbein, G. / Stöckli, S.: Die Gestaltung von Nonprofit Governance Kodizes in Deutschland und der Schweiz – eine komparative Inhaltsanalyse, in: Die Betriebswirtschaft, Vol. 70, Heft 6, 2010, S. 493-509