The Global Financial Crisis and Stock Market Migrations: An Analysis of Family and Non-family Firms in Germany

Wolfgang Bessler*, Johannes Beyenbach, Marc Steffen Rapp, Marco Vendrasco

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review


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.

Original languageEnglish
Article number101692
JournalInternational Review of Financial Analysis
Number of pages19
Publication statusPublished - Mar 2021

Bibliographical note

Funding Information:
For valuable comments and suggestions, we would like to thank Brian Lucey (the editor), Samuel Vigne and an anonymous reviewer. We also thank Andr? Betzer and Ignacio Requejo for valuable suggestions. We are grateful to participants for their comments at the Research Seminar on Family Firms, University of Marburg, 2018, Eurasia Business and Economics Society Conference, Berlin, 2018, INFINITI Conference on International Finance, Pozna?, 2018, INFINITI Conference on International Finance ASIA-PACIFIC, Sydney, 2018, Paris Financial Management Conference, Paris, 2018, and the FMA European Conference, Glasgow, 2019.

Publisher Copyright:
© 2021 Elsevier Inc.

Copyright 2021 Elsevier B.V., All rights reserved.


  • Corporate governance
  • Delisting
  • Family firms
  • Going dark
  • Regulatory changes
  • Securities market organization

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