This study analyzes the effect of ownership concentration and ownership identity on the probability of seasoned equity offerings (SEOs) in the German stock market. In Germany, equity issues require shareholder approval by a supermajority vote of 75% at shareholder meetings. This study contributes to the literature by testing the non-monotonic effect of ownership concentration on the SEO probability. While low levels of ownership concentration can be expected to increase SEO probabilities, for example, through signaling effects, high levels of ownership concentration beyond the 25% blocking minority imply a negative effect, likely driven by the largest shareholder's willingness to maintain control. After constructing a control group using propensity score matching, we find that SEO likelihood is positively affected by the ownership concentration of the largest shareholder, as long as the 25% blocking threshold is not reached, regardless of the largest shareholder's identity. However, once this threshold is exceeded, the SEO likelihood decreases significantly as the equity stake of the largest shareholder increases. Nonetheless, when we control for the identity of the owners with equity stakes above the 25% threshold, the negative effects are predominantly not statistically significant at common levels.

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所有权集中度、所有权身份和经验丰富的股票发行概率：来自德国的证据

本研究分析了所有权集中度和所有权身份对德国股票市场中经验丰富的股票发行 (SEO) 概率的影响。在德国，股权发行需要股东大会以 75% 的绝对多数票通过股东大会。本研究通过测试所有权集中度对 SEO 概率的非单调影响，为文献做出了贡献。虽然可以预期低水平的所有权集中度会增加搜索引擎优化的概率，例如，通过信号效应，但超过 25% 阻止少数股权的高水平所有权​​集中度意味着负面影响，这可能是由最大股东保持控制的意愿驱动的。在使用倾向得分匹配构建对照组后，我们发现，只要不达到 25% 的阻止门槛，无论第一大股东的身份如何，SEO 的可能性都会受到第一大股东所有权集中度的正向影响。但是，一旦超过此阈值，SEO 的可能性就会随着最大股东的股权增加而显着降低。尽管如此，当我们控制股权超过 25% 阈值的所有者身份时，负面影响在一般水平上主要不具有统计显着性。