Governance, accountability e misurazione delle performance nelle organizzazioni non orientate al profitto: il caso Rotary Foundation

Not for profit doesn't mean "not for economic management" or "not for value creation". In our opinion every company, no matter the industy and if is profit oriented, should be managed in a way to maximize value creation and to guarantee sustainable economic equilibrium. The only difference between profit and not for profit organizations is in the way they allocate their created value, since in the second case this value should go to the "mission target" and not to share/stakeholders. According to Agency Theory if the principal is not involved in managing the company, that will predict lower performance because of agency costs. In our study we tried to extend this theory to not for profit companies, we hypothesize, therefore, that "private foundations" should perform better than the public ones, because of the higher involvement and commitnent of one or few contributor. Gathering data from balance sheets and from other companies fiscal statements, we ran a Non Parametric MannWhitney Test and find out that our hypothesis was wrong. We also investigated longitudinally the Rotary Foundation perforrnances and find out that all indicators improved in the last three years before 2006.