Aktivistisch Investierende und ihre Einflussnahme auf Unternehmen

Zwölfer Raphael and Lenk Anke

Wirtschaftsdienst, 2023, vol. 103, issue 11, 783-787

Abstract: The growing presence of activist investors in Germany challenges companies with a confrontational style and broad demands. This article analyses the Anglo-American capital market phenomenon in the context of companies’ corporate governance and their shareholder structure. We examine the valuation effects of activist campaigns using share price reactions. The short-term announcement returns surrounding activist campaigns are positive and statistically significant. The mean abnormal share price return amounts to 3.96%. The results can be attributed to a combination of transaction and information effects.

JEL-codes: G23 G32 G34 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:wirtsc:v:103:y:2023:i:11:p:783-787:n:17

DOI: 10.2478/wd-2023-0213

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