An Admiralty for Asia: Isaac le Maire and conflicting conceptions about the corporate governance of the VOC
AbstractThe Dutch East India Company or VOC in 1602 showed many characteristics of modern corporations, including limited liability, freely transferable shares, and well-defined managerial functions. However, we challenge the notion of the VOC as the precursor of modern corporations to argue that the company was a hybrid, combining elements from traditional partnerships with a governance structure modeled on existing public-private partnerships. The companyâ€™s charter reflected this hybrid structure in the preeminent position given to the Estates General as the VOCâ€™s main principal, to the detriment of shareholdersâ€™ interests. Protests by Isaac le Maire and Willem Usselinx about the boardâ€™s disregard for shareholders rooted in a conviction that it ought to conform to traditional partnerships with their judicious balance between stakeholdersâ€™ interests. However, the perceived public interest of a strong military presence in Asia prevented shareholdersâ€™ protests from changing the corporate governance.
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Bibliographic InfoPaper provided by Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam. in its series Research Paper with number ERS-2010-026-F&A.
Date of creation: 24 Jun 2010
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corporate governance; VOC; dutch east india company;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-09-03 (All new papers)
- NEP-HIS-2010-09-03 (Business, Economic & Financial History)
- NEP-SEA-2010-09-03 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Becht, Marco & Bolton, Patrick & Roell, Ailsa, 2003.
"Corporate governance and control,"
Handbook of the Economics of Finance,
in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 1, pages 1-109
- Marco Becht & Patrick Bolton & Ailsa Röell, 2003. "Corporate governance and control," ULB Institutional Repository 2013/13330, ULB -- Universite Libre de Bruxelles.
- Patrick Bolton & Marco Becht & Alisa Roell, 2002. "Corporate Governance and Control," NBER Working Papers 9371, National Bureau of Economic Research, Inc.
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