About The HSE Foundation

The HSE Support Foundation registered foundation (fr) 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 Support Foundation fr.

Supporting research, teaching, and studies

The purpose of the HSE Support Foundation fr 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 43 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 2017 amounted to 1,193,000 euros. 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 37 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 various recognition awards 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 fr 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 Support 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 Support 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 2017

Support, recognition, and donations for Economics

In 2017 the HSE Support Foundation fr awarded the Aalto University School of Business its facets grants and other support for promoting research, teaching and studies in the amount of 1,193,000 euros in total (1,020,000 euros in 2016).

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

Recognition awards

A recognition award of 4,000 euros for researcher of the year 2017 was awarded to Assistant Professor Nina Granqvist.

An award of 4,000 euros for the highest quality doctoral thesis of 2016 was awarded to KTT Ville Rantala for his thesis ”Essays on Peer Finance”. A Decision was also made to award 2,000 euros in recognition of high quality doctoral thesis to KTT Jukka Rintamäki for his thesis ”Collective memory and corporate irresponsibility” and to KTT Anastasia Seregina for her thesis ”Performing Fantasy and Reality”.

An award of 4,000 euros for teacher of the year was awarded to senior Lecturer Johanna Bragge, and an award of 4,000 euros for a developer of teaching was awarded to  Professor of Practice Rita Järventie-Thesleff. An award of 4,000 euros for a member of the service personnel of the year to Controller Krista Lankinen and an award of 4,000 euros for a Societal Contributor of the Year to Professor Vesa Puttonen.

Awards for quality publications

Since 2005 The HSE Support Foundation fr has awarded recognition awards to researchers of the Business School of Aalto University for research papers that have been published in quality journals. The award is a recognition for especially deserving long-term research.

An award of 2,000 euros has been awarded for a article published in journal of a list ABS 4- or JUFO 3. In 2017, 26 of these articles were given awards (22/2016, 30/2015). 

Grants of 4,000 euros were awarded for articles published in journals in the so called Financial Times 50 -list. 17 FT 50 -list grants for quality publications were awarded in 2017 (previously FT 45 -list: 20/2016, 10/2015, 8/2014,12/2013, 7/2012, 11/2011, previously 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 2017 the HSE Support Foundation rf received 49,000 euros in various donations (43.400 euros in 2016).

HSE Support Foundation Fr's administration in 2018

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 fr:
Vuorineuvos Kari Jordan

Vicechairman of the board of the HSE Support Foundation fr:
Managing Director Elina Björklund

Members of the board:
KTM Riku Asikainen
KTM Pii Kotilainen
KTM Pekka Laaksonen
CEO Salla Vainio

Managing Director, HSE Support Foundation fr:
KTM Arto Mäenmaa

Page content by: | Last updated: 16.03.2018.