TY  - JOUR
U1  - Zeitschriftenartikel, wissenschaftlich - begutachtet (reviewed)
A1  - Bessler, Wolfgang
A1  - Beyenbach, Johannes Ottmar
A1  - Rapp, Marc Steffen
A1  - Vendrasco, Marco
T1  - The global financial crisis and stock market migrations: An analysis of family and non-family firms in Germany
JF  - International Review of Financial Analysis
N2  - In most European countries, the number of exchange-listed firms has begun declining subsequent to the global financial crisis in 2008/2009. In the U.S., these numbers had already started to decrease one decade earlier. We investigate how the global financial crisis encouraged family and non-family firms in Germany to transfer from the highest to a lower stock market segment. Using logit and firm-fixed effects regressions, we provide several explanations why we observe a higher propensity of family firms relative to non-family firms to migrate to a lower market segment subsequent to the financial crisis. Explanations are lower investments during the financial crisis, decreasing growth opportunities and operating performance as well as lower stock market quality. Consequently, many family firms reassessed their listing benefits and costs after the financial crisis as well as their initial market segment decision. In contrast, the transfer reasons for non-family firms are often a lower performance and financial difficulties.
KW  - Securities market organization
KW  - Corporate governance
KW  - Regulatory changes
KW  - Going dark
KW  - Family firms
Y1  - 2021
SN  - 1057-5219
SS  - 1057-5219
U6  - https://doi.org/10.1016/j.irfa.2021.101692
DO  - https://doi.org/10.1016/j.irfa.2021.101692
VL  - 74
IS  - March
SP  - 101692
ER  -