Activist investors : a literature review on recent evidence

Schiereck, Dirk; Vogt, Joachim; Lethaus, Nikolas

doi:10.22495/cocv20i4art9

Please use this identifier to cite or link to this item: https://doi.org/10.21256/zhaw-30367

Publication type:	Article in scientific journal
Type of review:	Peer review (publication)
Title:	Activist investors : a literature review on recent evidence
Authors:	Schiereck, Dirk Vogt, Joachim Lethaus, Nikolas
et. al:	No
DOI:	10.22495/cocv20i4art9 10.21256/zhaw-30367
Published in:	Corporate Ownership and Control
Volume(Issue):	20
Issue:	4
Page(s):	129
Pages to:	146
Issue Date:	20-Dec-2023
Publisher / Ed. Institution:	Virtus Interpress
ISSN:	1727-9232 1810-3057
Language:	English
Subjects:	Activist investors campaign; Investment strategy; Investment performance; International perspective; Literature review
Subject (DDC):	332.6: Investment
Abstract:	This study reviews, summarizes and synthesizes the most recent findings regarding activist investors. Based on a literature review framework we provide a multidimensional analysis synthesizing the state-of-the-art of activist investor attacks in global financial markets where activist investors increase their number of campaigns and expand their market scope over the last years significantly. For this purpose, 98 articles were identified discussing activist investors in the time period of 2018–2023. Out of this pool, only 25 studies explicitly examine the recent market activities, the strategies and the performance of activist investors. The analysis of the 25 studies reveals new trends of activist investors regarding their investment strategies such as targeting women-led firms and using open activism more frequently. Activists focus on enforcing demands for the sale of the company, changing management composition, influencing corporate governance, and a shift in the strategy of the target. Concerning the investment performance activist investors overall achieve positive abnormal returns. The financial performance of the target firms indicates an ambivalent picture: In the short term, their performance shows strong and poor financial results alike. In the long run, this divergence levels off indicating a more negative impact on financial performance resulting from activist investors.
URI:	https://digitalcollection.zhaw.ch/handle/11475/30367
Fulltext version:	Published version
License (according to publishing contract):	CC BY 4.0: Attribution 4.0 International
Departement:	School of Management and Law
Organisational Unit:	Institute for Financial Management (IFI)
Appears in collections:	Publikationen School of Management and Law

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Schiereck, D., Vogt, J., & Lethaus, N. (2023). Activist investors : a literature review on recent evidence. Corporate Ownership and Control, 20(4), 129–146. https://doi.org/10.22495/cocv20i4art9

Schiereck, D., Vogt, J. and Lethaus, N. (2023) ‘Activist investors : a literature review on recent evidence’, Corporate Ownership and Control, 20(4), pp. 129–146. Available at: https://doi.org/10.22495/cocv20i4art9.

D. Schiereck, J. Vogt, and N. Lethaus, “Activist investors : a literature review on recent evidence,” Corporate Ownership and Control, vol. 20, no. 4, pp. 129–146, Dec. 2023, doi: 10.22495/cocv20i4art9.

SCHIERECK, Dirk, Joachim VOGT und Nikolas LETHAUS, 2023. Activist investors : a literature review on recent evidence. Corporate Ownership and Control. 20 Dezember 2023. Bd. 20, Nr. 4, S. 129–146. DOI 10.22495/cocv20i4art9

Schiereck, Dirk, Joachim Vogt, and Nikolas Lethaus. 2023. “Activist Investors : A Literature Review on Recent Evidence.” Corporate Ownership and Control 20 (4): 129–46. https://doi.org/10.22495/cocv20i4art9.

Schiereck, Dirk, et al. “Activist Investors : A Literature Review on Recent Evidence.” Corporate Ownership and Control, vol. 20, no. 4, Dec. 2023, pp. 129–46, https://doi.org/10.22495/cocv20i4art9.