1. Introduction1 Shareholder activism has increased during the last years in its origin country, the US, but also in Germany.2 Activist shareholders are investors that specifically buy small stakes in companies and start campaigns, aiming for increased performance and higher returns of targeted companies. Once invested, they run campaigns on the targeted company and seek different actions in companies strategy, and management.3 Since activists only own between 6% and 7% of the companies’ shares on average and cannot force change by themselves, they request support from institutional shareholders to gain negotiation and voting power.4 Institutional shareholder ownership in companies also increased during the last years, so that they recently became a more powerful player in activists’ campaigns.5 Historically, shareholders used…
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fjogbdi ebobdi- ibcfde tfmctu tfmctu ebobdi- tfjeuo [bohhfs jutxfjtfnfisobhfhfo
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