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Is Berle and Means Really a Myth?

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  • Brian Cheffins and Steven Bank

    ()
    (Cambridge University)

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    Abstract

    Adolf Berle and Gardiner Means famously declared in 1932 that a separation of ownership and control was a hallmark of large U.S. corporations, and their characterization of matters quickly became received wisdom. A series of recent papers has called the Berle-Means orthodoxy into question. This survey of the relevant historical literature acknowledges that the pattern of ownership and control in U.S. public companies is not monolithic. Nevertheless, a separation between ownership and control remains an appropriate reference point for analysis of U.S. corporate governance.

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    Bibliographic Info

    Article provided by Harvard Business School in its journal Business History Review.

    Volume (Year): 83 (2009)
    Issue (Month): 3 (September)
    Pages: 443-474

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    Handle: RePEc:hbs:journl:2009q3cheffins.pdf

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    Cited by:
    1. Ruiz-Porras, Antonio & Lopez-Mateo, Celina, 2010. "The separation of ownership and control and investment decisions in Mexican manufacturing firms," MPRA Paper 25237, University Library of Munich, Germany.

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