About The HSE Foundation

The HSE Foundation was founded in 1974 in connection with the nationalization of a private school of economics when a part of the funds from economic life either directly or via the Foundation for Economic Education were endowed for the creation of an independent HSE Foundation.

Supporting research, teaching, and studies

The purpose of the HSE Support Foundation was defined as giving support to reseach, teaching and studies at the Helsinki School of Economics. The Foundations administration and activity has maintained without interruption the material and mental support of private enterprise on which the Helsinki School of Economics - nowadays the Aalto University Business School has been able to lean on from the beginning.

Significant increase in support

In its initial years the Foundation had to focus on building the facilities for the School of Economics and handling the interests and depreciation of the debts of the renovation. During these years the awarding of grants remained smaller in turn. The gradual reinvestment of property and especially the transfer of residential real estates into business and office premises meant a growth in the profit of the Foundations assets and also significant improvement in the possibilities for supporting reseach and teaching in the School of Economics. As the Foundation grew financially stonger it became possible to develop new ways of supporting a growing and increasingly more international School of Economics.

After 42 years of operating the HSE Support Foundations grants and other support awarded to the School of Economics and persons working within the School has increased to fives times the inital amount. The overall support given in 2016 amounted to 1,020,000 euros. The support awarded from property profits has quadrupled in size. The amount awarded from yearly donations varies significantly. Since its creation the HSE Support Foundations grants, recognition awards and other support for research and teaching first to the Helsinki School of Economics and since 2010 to the Aalto University School of Economics - nowadays the Aalto University Business School has amounted to aprx 36 million euros in todays money.  

Various forms of support

As a rule the key areas of support have remained within the broad initial parametres, but always applied to current trends. The central areas have been scientific reseach and work on thesis, which have received 50% of the overall support from the beginning. In addition projects for delevoping teaching, studies and conferences abroad, and beginning in the 1980s international student exchange have been significant target areas in supporting the ongoing internationalization of the School of Economics.

Since the 1990s in addition to the more traditional forms of support to research and teaching the HSE Support Foundation has launched new forms of support such as the various recognition awards, halls named in honor of persons, and financing the sabbatical system. In 2000 the Foundation also awarded a significant grant to ensure the modern and high-quality teaching technology of the renovated teaching halls of the School of Economics. In time the Foundation has also been involded in making real estate investments in Etu-Töölö with the trusts of the Helsinki School of Economics. These investments have ensured the income streams and the real value of investment and also promoted the overall functionality of the facilities used by the School.

40-year jubilee in 2014

In honor of the 30-year jubilee of the HSE Foundation an account of the establishment and operation of the Foundation was written (kertomus säätiön perustamisesta ja toiminnasta (pdf)). The authors were the former managing Director of the HSE Foundation, KTM Matti Sarakontu, and the present Managing Director, KTM Arto Mäenmaa.

October 10, 2014 was the 40th anniversary of the Foundations inclusion in the Foundation register. In collaboration with the School of Economics the HSE Foundation published a biography of Chancellor Jaakko Honko, a significant figure in the Foundations establishment. The biography, which was written by PhD Eeva-Liisa Lehtonen based on her own research, was entitled "Kauppatieteiden komea kaari - kansleri Jaakko Hongon elämäntyö".

At the banquet on October, 22, 2014 an oration was given by the Foundation chairman Kari Jordan.


Annual report 2014

Support, recognition, and donations for Economics

In 2014 the HSE Foundation awarded the Aalto University School of Business its facets grants and other support for promoting research, teaching and studies in the amount of 1,031,000 euros in total (1,077,000 euros in 2013).

The Foundation focused its support on scientific reseach, thesis, travel grants, projects for developing teaching, and various recognition awards.

Recognition awards

A recognition award of 4,000 euros for researcher of the year 2014 was awarded to Professor, KTT Kristiina Mäkelä and an award of 4,000 euros for instructor of the year was awarded to Professor, KTT Henrikki Tikkanen.

An award of 4,000 euros for the highest quality doctoral thesis of 2013 was awarded to KTT Paula Kilpinen for her thesis ”Capability Development within the Multinational Corporation”. A Decision was also made to award 2,000 euros in recognition of high quality doctoral thesis to KTT Heikki Lempinen for his thesis ”Design Framework for Performance Management Systems: An Ensemble Approach” and to KTT Tero Kuusi for his thesis ”Essays on Information and Communications Technology, Structural Change, and Economic Growth”.

An award of 4,000 euros for teacher of the year was awarded to Professor, KTT Markku Kaustia, and an award of 4,000 euros for a member of the administrative personel of the year to controller Johanna Vakkuri.

Awards for quality publications

The HSE Foundation has awarded recognition awards to researchers of the School of Economics for research papers that have been published in quality journals. The award is a recognition for especially deserving long-term research.

In 2005 the Foundation began awarding grants of 2,000 euros for quality publications for research articles published in a journal with an official impact factor of 1,0 at the the time the article was either sent or published. Starting in 2012 the lower limit for the impact factor has been 1,5. In 2014 29 grants for quality publications were awarded (59/2013, 48/2012, 43/2012, 30/2010, 39/2009, 22/2008).

Grants of 4,000 euros were awarded for articles published in journals in the so called Financial Times 45 -list. 8 FT 45 -list grants for quality publications were awarded in 2014 (12/2013, 7/2012, 11/2011, before FT 40 -list: 7/2010, 7/2009, 11/2008).


In addition to profits from property, donations from companies, communities, and private persons constitute a significant part of the funds awarded as grants and other support by the HSE Foundation.

In 2014 the HSE Foundation received 46,000 euros in various donations (131.000 euros in 2013).

HSE Foundations administration in 2017

Chairman of the group of delegates:
Commercial Councellor, Heimo J. Aho

Vicechairman of the group of delegates:
Master of Business Administration Harri Sailas

Chairman of the board of the HSE Support Foundation:
Vuorineuvos Kari Jordan

Vicechairman of the board of the HSE Foundation:
Managing Director Matti Vuoria

Members of the board:
CEO Salla Vainio
KTM Pekka Laaksonen
KTM Pii Kotilainen
Managing Director Elina Björklund

Managing Director, HSE Founsation:
KTM Arto Mäenmaa

Page content by: | Last updated: 08.08.2017.