Corporate Ownership in France: The Importance of History
AbstractThis paper attempts to show the importance of history in influencing the structure of corporate ownership in France. The strong concentration of family ownership in France is traced to historical weaknesses in the money and capital markets that forced families to have recourse to self-financing. The weaknesses in the money and capital markets were greatly influenced by two eighteenth century financial traumas arising from John Law's Mississippi System (1716-20) and the financing of the French Revolution through the issue of the assignats in the 1790s.These financial traumas delayed significantly the emergence of banks and the capital market. Further historical factors influencing French corporate ownership were the changes in the inheritance law system at the start of the nineteenth century and, more recently, the emphasis on a pay-as-you-go pension system.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10716.
Date of creation: Aug 2004
Date of revision:
Publication status: published as Antoin Murphy. "Corporate Ownership in France: The Importance of History," in Randall K. Morck, editor, "A History of Corporate Governance around the World: Family Business Groups to Professional Managers" University of Chicago Press (2005)
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Find related papers by JEL classification:
- B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
This paper has been announced in the following NEP Reports:
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.:
- Sraer, David & Thesmar, David, 2004.
"Performance and Behaviour of Family Firms: Evidence from the French Stock Market,"
CEPR Discussion Papers
4520, C.E.P.R. Discussion Papers.
- David Sraer & David Thesmar, 2007. "Performance and Behavior of Family Firms: Evidence from the French Stock Market," Journal of the European Economic Association, MIT Press, vol. 5(4), pages 709-751, 06.
- David Sraer & David Thesmar, 2004. "Performance and Behavior of Family Firms : Evidence from the French Stock Market," Working Papers 2004-24, Centre de Recherche en Economie et Statistique.
- Ronald C. Anderson & David M. Reeb, 2003. "Founding-Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1327, 06.
- Paul M. Healy & Krishna G. Palepu, 2003. "The Fall of Enron," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 3-26, Spring.
- Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
- White, Eugene Nelson, 1989. "Was There a Solution to the Ancien Régime's Financial Dilemma?," The Journal of Economic History, Cambridge University Press, vol. 49(03), pages 545-568, September.
- Murphy, Antoin E., 1997. "John Law: Economic Theorist and Policy-maker," OUP Catalogue, Oxford University Press, number 9780198286493.
- Eduardo Siandra, 2005. "Uruguay Capital Market: Law-in-the-books or Law-in-action?," Documentos de Trabajo (working papers) 0205, Department of Economics - dECON.
- Prabirjit Sarkar, 2009.
"Do the English Legal Origin Countries have More Dispersed Share Ownership and More Developed Financial Systems?,"
International Journal of the Economics of Business,
Taylor & Francis Journals, vol. 16(1), pages 73-86.
- Prabirjit Sarkar, 2008. "Do the English Legal Origin Countries have more dispersed Share Ownership and more developed financial Systems?," ESRC Centre for Business Research - Working Papers wp375, ESRC Centre for Business Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.