Schiereck, Dirk ; Vogt, Joachim ; Lethaus, Nicolas (2023)
Activist Investors – A Literature Review.
In: Corporate Ownership & Control, 20 (4)
doi: 10.22495/cocv20i4art9
Artikel, Bibliographie
Kurzbeschreibung (Abstract)
This study reviews, summarizes and synthesizes the most recent findings regarding activist investors. Based on a literature review framework we provide a multidimensional analysis synthesizing the state-of-the-art of activist investor attacks in global financial markets where activist investors increase their number of campaigns and expand their market scope over the last years significantly. For this purpose, 98 articles were identified discussing activist investors in the time period of 2018–2023. Out of this pool, only 25 studies explicitly examine the recent market activities, the strategies and the performance of activist investors. The analysis of the 25 studies reveals new trends of activist investors regarding their investment strategies such as targeting women-led firms and using open activism more frequently. Activists focus on enforcing demands for the sale of the company, changing management composition, influencing corporate governance, and a shift in the strategy of the target. Concerning the investment performance activist investors overall achieve positive abnormal returns. The financial performance of the target firms indicates an ambivalent picture: In the short term, their performance shows strong and poor financial results alike. In the long run, this divergence levels off indicating a more negative impact on financial performance resulting from activist investors.
| Typ des Eintrags: | Artikel |
|---|---|
| Erschienen: | 2023 |
| Autor(en): | Schiereck, Dirk ; Vogt, Joachim ; Lethaus, Nicolas |
| Art des Eintrags: | Bibliographie |
| Titel: | Activist Investors – A Literature Review |
| Sprache: | Englisch |
| Publikationsjahr: | 12 Dezember 2023 |
| Verlag: | Virtus Interpress |
| Titel der Zeitschrift, Zeitung oder Schriftenreihe: | Corporate Ownership & Control |
| Jahrgang/Volume einer Zeitschrift: | 20 |
| (Heft-)Nummer: | 4 |
| DOI: | 10.22495/cocv20i4art9 |
| Kurzbeschreibung (Abstract): | This study reviews, summarizes and synthesizes the most recent findings regarding activist investors. Based on a literature review framework we provide a multidimensional analysis synthesizing the state-of-the-art of activist investor attacks in global financial markets where activist investors increase their number of campaigns and expand their market scope over the last years significantly. For this purpose, 98 articles were identified discussing activist investors in the time period of 2018–2023. Out of this pool, only 25 studies explicitly examine the recent market activities, the strategies and the performance of activist investors. The analysis of the 25 studies reveals new trends of activist investors regarding their investment strategies such as targeting women-led firms and using open activism more frequently. Activists focus on enforcing demands for the sale of the company, changing management composition, influencing corporate governance, and a shift in the strategy of the target. Concerning the investment performance activist investors overall achieve positive abnormal returns. The financial performance of the target firms indicates an ambivalent picture: In the short term, their performance shows strong and poor financial results alike. In the long run, this divergence levels off indicating a more negative impact on financial performance resulting from activist investors. |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Unternehmensfinanzierung |
| Hinterlegungsdatum: | 22 Jan 2024 10:27 |
| Letzte Änderung: | 22 Jan 2024 10:27 |
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