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Bank on Steel? Joint-Stock Banks and the Rationalisation of the British Interwar Steel Industry

Author

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  • Florian Ploeckl
  • Simon C. Holmes

Abstract

This study investigates the impact of joint-stock banks on the rationalisation of the British interwar steel industry. A new panel data set of steel firm characteristics covering 1920 to 1938 is used to document rationalization and bank involvement, including interlocking directorships, with both found to be more extensive than previously thought.A set of all potential amalgamation pairs is created and used in a logit analysis of the determinants of mergers. Bank involvement with firms increased the probability that a particular merger occurred. Furthermore mergers with bank involvement did not increase the involved firm's profitability, while those without did.

Suggested Citation

  • Florian Ploeckl & Simon C. Holmes, 2012. "Bank on Steel? Joint-Stock Banks and the Rationalisation of the British Interwar Steel Industry," Oxford Economic and Social History Working Papers _093, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:esohwp:_093
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    Cited by:

    1. Lingyu Kong & Florian Ploeckl, 2022. "Modern Chinese banking networks during the Republican Era," Business History, Taylor & Francis Journals, vol. 64(4), pages 655-681, May.
    2. Aled Davies, 2012. "The Evolution of British Monetarism: 1968-1979," Oxford University Economic and Social History Series _104, Economics Group, Nuffield College, University of Oxford.
    3. Schneider, Eric B., 2013. "Real wages and the family: Adjusting real wages to changing demography in pre-modern England," Explorations in Economic History, Elsevier, vol. 50(1), pages 99-115.
    4. Eric B. Schneider, 2014. "Prices and production: agricultural supply response in fourteenth-century England," Economic History Review, Economic History Society, vol. 67(1), pages 66-91, February.
    5. Aled Davies, 2012. "The Evolution of British Monetarism: 1968-1979," Oxford Economic and Social History Working Papers _104, University of Oxford, Department of Economics.
    6. Schneider, Eric B., 2013. "Real wages and the family: Adjusting real wages to changing demography in pre-modern England," Explorations in Economic History, Elsevier, vol. 50(1), pages 99-115.
    7. Eric B. Schneider, 2014. "Prices and production: agricultural supply response in fourteenth-century England," Economic History Review, Economic History Society, vol. 67(1), pages 66-91, February.

    More about this item

    Keywords

    Banking; Steel industry; Rationalization; Mergers; Interwar Britain;
    All these keywords.

    JEL classification:

    • L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • N64 - Economic History - - Manufacturing and Construction - - - Europe: 1913-

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