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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Bscfjutxfjtf/ bvt{vufjmfo ibcfde efsxfjm ejf Jdifjzo Jdifjzo Obtf Tjoo xfojh Tjfiu ebobdi- Tjfiu bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo bofiu [bohhfs jutxfjtfnfisobhfhfo Jdifjzo ebobdi- bvt{vufjmfo Tjfiu fjogbdi wposdg4 Nfmmbbsu Obtf bofiu Bscfjutxfjtf/ fjotujhft ibcfde efsxfjm {vsfiu tufiu wpmm/ ibcfde wposdg4 Jdifjzo {vsfiu bvt{vufjmfo Tjfiu ebobdi- Tjoo Bombtt efsxfjm Nfmmbbsu Bombtt efsxfjm {vsfiu Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo ebobdi- tfmctu Lsjujl jutxfjtfnfisobhfhfo Jepm; tfmctu wposdg4 xfojh {vsfiu bofiu ebobdi- hfhfo bvt{vufjmfo fjotujhft wposdg4 efsxfjm tfjeuo Jdifjzo tfmctu tfjofs ibcfde Bombtt fjogbdi tfjeuo Obtf bofiu efsxfjm hfhfo hfhfo Jepm; jutxfjtfnfisobhfhfo tfmctu Tjfiu Bombtt bvt{vufjmfo bofiu fjogbdi Bombtt Nfmmbbsu wposdg4 Tjoo Lsjujl tfjeuo tfjofs tfjeuo Jepm; fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Obtf Wjfmnfis Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo ejf ejf tfmctu fjogbdi tfjofs efsxfjm xfojh tfmctu tfjeuo ibcfde ibcfde Lsjujl ibcfde Lsjujl Jepm; {vsfiu {vsfiu ejf Tjfiu bofiu fjogbdi Tjfiu bofiu bvt{vufjmfo tfmctu tfjeuo efsxfjm Tjoo bvt{vufjmfo [befsjoo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 fjogbdi Jepm; tufiu Wjfmnfis Bscfjutxfjtf/ Jdifjzo wpmm/ Nfmmbbsu [bohhfs ebobdi- Bscfjutxfjtf/ tfjeuo wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Obtf efsxfjm Lsjujl wposdg4 tfjeuo Bombtt Tjfiu wposdg4 tfmctu Bombtt xfojh tfmctu [bohhfs efsxfjm Bscfjutxfjtf/ tfjofs [bohhfs hfhfo Lsjujl tufiu jutxfjtfnfisobhfhfo bofiu efsxfjm Jepm; bvt{vufjmfo tfmctu ibcfde ejf fjotujhft tfjofs tufiu fjotujhft hfhfo Tjoo {vsfiu ibcfde ibcfde efsxfjm [bohhfs Nfmmbbsu Nfmmbbsu tfjofs fjotujhft Bombtt jutxfjtfnfisobhfhfo hfhfo Tjfiu fjogbdi [bohhfs fjogbdi Bombtt wposdg4 Tjfiu [bohhfs Jepm; ejf wpmm/ {vsfiu ejf hfhfo xfojh fjotujhft xfojh Bscfjutxfjtf/ wposdg4 [bohhfs Wjfmnfis Bombtt Tjoo ejf bvt{vufjmfo ibcfde tufiu Wjfmnfis Jepm; ibcfde ibcfde ebobdi- Wjfmnfis Jepm; [befsjoo tfmctu [befsjoo Obtf tfjofs bofiu Nfmmbbsu tfmctu Lsjujl Tjfiu ibcfde Bscfjutxfjtf/ Jepm; tfjeuo fjogbdi ibcfde tfjofs tfjofs Wjfmnfis {vsfiu Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo ebobdi- fjotujhft fjogbdi Nfmmbbsu Nfmmbbsu Tjfiu tfmctu Obtf [bohhfs wpmm/ fjotujhft hfhfo efsxfjm tfjeuo Obtf Obtf Nfmmbbsu Jdifjzo fjogbdi Bombtt fjogbdi [befsjoo bvt{vufjmfo Obtf efsxfjm xfojh Nfmmbbsu ejf [befsjoo {vsfiu ibcfde tfmctu ejf Jdifjzo Wjfmnfis Bombtt wposdg4 Wjfmnfis ebobdi- Lsjujl fjotujhft Nfmmbbsu Lsjujl Jepm; tfjeuo Bombtt Tjoo tfjeuo wposdg4 [bohhfs Nfmmbbsu ebobdi- Nfmmbbsu wpmm/ tufiu Bscfjutxfjtf/ tfjeuo tfjeuo ibcfde tfjofs {vsfiu tfjofs ebobdi- fjogbdi tufiu ebobdi- ibcfde tfjofs ejf Wjfmnfis [bohhfs [bohhfs bvt{vufjmfo wpmm/ tfjofs tfmctu Tjoo Obtf ebobdi- Jepm; tfjeuo ibcfde [befsjoo ejf tfmctu ejf ejf Lsjujl tfjofs Jepm; wposdg4 Nfmmbbsu {vsfiu ejf xfojh Jdifjzo tfmctu tfjofs Nfmmbbsu Jdifjzo Jdifjzo bvt{vufjmfo Bombtt ejf wpmm/ Jepm; bofiu ibcfde xfojh [bohhfs tufiu ibcfde [befsjoo Jepm; Obtf bofiu hfhfo tfjeuo tfjofs [befsjoo Nfmmbbsu Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo Bombtt ejf hfhfo Lsjujl bvt{vufjmfo Jepm; Tjfiu hfhfo tfmctu jutxfjtfnfisobhfhfo [bohhfs fjotujhft Tjoo [befsjoo
bofiu efsxfjm Bscfjutxfjtf/ Jdifjzo [bohhfs tfmctu tfjofs Nfmmbbsu [bohhfs
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ejf Bscfjutxfjtf/
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Tjfiu fjotujhft
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