"Patient capital" (low-interest, long-term loans) via public financing helped Germany resist colonization by institutional investors (seeking short-term gains).

"Yet, the literature also indicates that activist pressure has not been an overbearing presence, because there is enough “patient capital” available in the form of public financing and through the remaining involvement of “anchor investors,” who generally favor long-term strategies over maximizing quarterly returns. Furthermore, according to Deeg, “for those relatively small number of large German firms where institutional shareholders have become collectively significant (if not the majority) as owners, their general passivity has arguably increased rather than decreased managerial autonomy.”

empirical