Die Bedeutung institutioneller Regeln für das Handeln an Börsen. Eine soziologische Perspektive auf Aktienrückkäufe in Deutschland

摘要

The amendment of the German Stock Companies Act in 1998 regarding the repurchase of shares makes it possible to study the acceptance of a capital market strategy at managerial level as well as its effects on investors. Both are sociologically intertwined with the belief of the agents in the efficiency of share repurchases. In the U.S., this pattern has been observed ever since the prevailing of the “Agency Logic”. Based on the largest data set so far, the paper shows that repurchase programs have also been well established in the German business world in the meantime. Short-term market reactions are significantly positive and imply an informal, yet institutionalized rule of action for investors. However, both trends apply especially in times of negative markets and, generally, not in the long-run—which makes them a “bad signal” for private investors. The results present robust evidence in central aspects against the dominant economic explanation (the “Signalling Theory”) and suggest practical actions for politicians, entrepreneurs and investors.