Recent Developments in Ownership Structures of German Listed Firms: From Cross-Ownership to Common Ownership

This article has been prepared for the Festschrift 'Vom Wert guter Governance' to celebrate the 80th birthday of Professor Christian Strenger. The Festschrift has been published by Fachmedien, Düsseldorf.

22 Pages Posted: 21 Jul 2023

See all articles by Marc Steffen Rapp

Marc Steffen Rapp

University of Marburg - School of Business & Economics; University of Marburg - Marburg Centre for Institutional Economics (MACIE)

Justus von Appen

University of Marburg - School of Business & Economics

Andrew Reek

University of Marburg - School of Business & Economics

Michelle Schlosser

University of Marburg - School of Business & Economics

Date Written: July 1, 2023

Abstract

We study recent developments on the ownership of listed German firms. Based on a large panel with 9,501 firm-year observations spanning the period 2006-2021, we document four key results: (i) holdings of institutional investors gain in importance in German listed equity, (ii) foreign investors, in particular investors from the United States, gain ground within the cohort of institutional investors, (iii) relatedly, Sovereign Wealth Funds and “The Big Three” increase their relevance in German listed equity, and finally, (iv) ownership of German listed firms is no longer characterized by cross-ownership, but increasingly by common ownership.

Suggested Citation

Rapp, Marc Steffen and von Appen, Justus and Reek, Andrew and Schlosser, Michelle, Recent Developments in Ownership Structures of German Listed Firms: From Cross-Ownership to Common Ownership (July 1, 2023). This article has been prepared for the Festschrift 'Vom Wert guter Governance' to celebrate the 80th birthday of Professor Christian Strenger. The Festschrift has been published by Fachmedien, Düsseldorf., Available at SSRN: https://ssrn.com/abstract=4507626 or http://dx.doi.org/10.2139/ssrn.4507626

Marc Steffen Rapp (Contact Author)

University of Marburg - School of Business & Economics ( email )

Am Plan 2
Marburg, D-35037
Germany

University of Marburg - Marburg Centre for Institutional Economics (MACIE) ( email )

Am Plan
Marburg, 35032
Germany

Justus Von Appen

University of Marburg - School of Business & Economics

Universitätsstrasse 24
D-35032 Marburg, D-35032
Germany

Andrew Reek

University of Marburg - School of Business & Economics ( email )

Universitätsstrasse 24
D-35032 Marburg, D-35032
Germany

Michelle Schlosser

University of Marburg - School of Business & Economics ( email )

Universitätsstrasse 24
D-35032 Marburg, D-35032
Germany

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