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Staatsfonds und die Dax-40-Unternehmen: Analyse der Einflussmöglichkeiten durch den Erwerb von Sperrminoritäten, einfachen und qualifizierten Mehrheiten

Author

Listed:
  • Körnert Jan

    (Universität Greifswald, Friedrich-Loeffler-Str. 70, 17487 Greifswald, Deutschland)

  • Kolwey Tim

    (Universität Greifswald, Friedrich-Loeffler-Str. 70, 17487 Greifswald, Deutschland)

Abstract

Sovereign wealth funds (SWFs), with their massive assets, have been the subject of media attention and academic scrutiny for more than 20 years. The acquisition and exercise of power by SWFs should raise particular alarm where these are controlled by authoritarian regimes. This paper considers possible routes for SWFs to gain influence over Germany’s largest corporations, specifically the 40 members of the DAX equity index. It further examines whether any SWFs would have sufficient assets to be able to acquire blocking minorities, simple majorities, or qualified majority control to the extent possible in these 40 major corporations. The conclusion is that certain SWFs controlled by authoritarian regimes, particularly those of China and the UAE, have sufficient financial resources to enable the acquisition of significant power exercise potential through this route.

Suggested Citation

  • Körnert Jan & Kolwey Tim, 2023. "Staatsfonds und die Dax-40-Unternehmen: Analyse der Einflussmöglichkeiten durch den Erwerb von Sperrminoritäten, einfachen und qualifizierten Mehrheiten," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 72(2), pages 193-222, August.
    • Handle: RePEc:lus:zwipol:v:72:y:2023:i:2:p:193-222:n:1
    DOI: 10.1515/zfwp-2023-2008
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    Keywords

    Staatsfonds; Demokratieindex; Deutscher Aktienindex; Dax; Beteiligungen; Übernahmen; Marktkapitalisierung;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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