Ownership concentration, ownership identity and seasoned equity offerings probabilities: Evidence from Germany
نویسندگان
چکیده
Abstract This study analyzes the effect of ownership concentration and identity on probability seasoned equity offerings (SEOs) in German stock market. In Germany, issues require shareholder approval by a supermajority vote 75% at meetings. contributes to literature testing non‐monotonic SEO probability. While low levels can be expected increase probabilities, for example, through signaling effects, high beyond 25% blocking minority imply negative effect, likely driven largest shareholder's willingness maintain control. After constructing control group using propensity score matching, we find that likelihood is positively affected shareholder, as long threshold not reached, regardless identity. However, once this exceeded, decreases significantly stake increases. Nonetheless, when owners with stakes above threshold, effects are predominantly statistically significant common levels.
منابع مشابه
Initial public offerings , subsequent seasoned equity offerings , and long - run performance : Evidence from IPOs in Germany
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ژورنال
عنوان ژورنال: Journal of Business Finance & Accounting
سال: 2021
ISSN: ['1468-5957', '0306-686X']
DOI: https://doi.org/10.1111/jbfa.12552