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The global financial crisis and stock market migrations: An analysis of family and non-family firms in Germany

  • 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.

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Document Type:Article
Author:Wolfgang Bessler, Johannes Ottmar Beyenbach, Marc Steffen Rapp, Marco Vendrasco
Center:Center for Corporate Governance (CCG)
Parent Title (English):International Review of Financial Analysis
Year of Completion:2021
First Page:101692
Tag:Corporate governance; Family firms; Going dark; Regulatory changes; Securities market organization
Content Focus:Academic Audience
Peer Reviewed:Yes
Rankings:AJG Ranking / 3
SJR Ranking / Q1
Licence (German):License LogoUrheberrechtlich gesch├╝tzt