Table 3.

Firms with at least one shareholder agreement (by type and year)

Agreement typeYear
201020112012201320142015201620172018
Number of firms with at least 1 Voting_S62 (27.6%)66 (31%)57 (27.3%)52 (25.6%)47 (23.7%)59 (29.4%)50 (25.4%)53 (26.5%)56 (28.9%)
Number of firms with at least 1 Consultation_S32 (14.2%)33 (15.5%)27 (12.9%)28 (13.8%)25 (12.6%)28 (13.9%)29 (14.7%)27 (13.5%)26 (13.4%)
Number of firms with at least 1 Block_S54 (24%)53 (24.9%)47 (22.5%)46 (22.7%)43 (21.7%)51 (25.4%)46 (23.4%)42 (21%)48 (24.7%)
Number of firms with at least 1 Purchase_S15 (6.7%)17 (8%)17 (8.1%)12 (5.9%)5 (2.5%)7 (3.5%)7 (3.6%)7 (3.5%)10 (5.2%)
Number of firms with at least 1 Control_S21 (9.3%)19 (8.9%)15 (7.2%)13 (6.4%)12 (6.1%)11 (5.5%)11 (5.6%)12 (6%)13 (6.7%)
Number of firms with at least 1 Opa_S2 (0.9%)3 (1.4%)2 (1%)1 (0.5%)0 (0%)3 (1.5%)3 (1.5%)3 (1.5%)4 (2.1%)
Number of firms with at least 1 SA62 (27.6%)66 (31%)57 (27.3%)52 (25.6%)47 (23.7%)59 (29.4%)50 (25.4%)53 (26.5%)56 (28.9%)
Note(s):

The table presents the annual number of firms that have at least one shareholder agreement (SA), broken down by agreement type. As specified in the main text, the variable Voting_S captures the presence of a voting syndicate agreement. As all firms with SAs greater than or equal to 1 have at least one Voting_S in place, the number of firms with SAs corresponds exactly to those with Voting_S. Other agreement types may coexist but are not necessarily present in all cases. Percentages in parentheses refer to the share of firms with at least one agreement relative to the total number of listed firms considered in the sample in that year

Source(s): Table created by authors

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