Abstract
Germany benefits from an especially lively philanthropic sector, with over twenty three thousand active charitable foundations. An empirical assessment of the portfolio preferences of German foundations yields fundamental intragroup differences in their approach to asset allocation. We build on entrepreneurial orientation theory to explore these differences in behavior, motives, rationales and portfolio investment preferences and extract a typology along a commercial and mission orientation in charitable foundations’ investment orientation. We suggest an explanatory model that improves our understanding of the observed differences foundations exhibit in their investment orientation and enables a more structured understanding of the sources of capital for differing commercial and social endeavors.
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