Shareholder nationality among the major European and American defense contractors: an exploratory data analysis
This paper provides an exploratory analysis of shareholder nationality patterns among the major European and American defense contractors, examining how ownership structure varies across national boundaries and its implications for corporate governance.
Abstract
Defense industries occupy a unique position in modern economies — subject to stringent national security considerations while simultaneously integrated into global capital markets. This creates tension between the internationalisation of ownership and the strategic importance of maintaining domestic control.
Using a comprehensive dataset of shareholder registries from major defense companies in the United States, France, the United Kingdom, Germany, and Italy, we document the nationality distribution of institutional and individual shareholders and examine how these patterns have evolved over the 2010–2018 period.
Key Findings
Our results reveal significant cross-national variation in the degree of foreign ownership among defense contractors. American companies exhibit the highest degree of domestic institutional concentration, while European contractors show more varied patterns. The paper discusses implications for cross-border mergers and acquisitions in the defense sector.