The Divorce of Ownership from Control from 1900: Re-calibrating Imagined Global Historical Trends
AbstractIn 1900 US business corporations were dominated by plutocratic family owners, while British and French quoted companies more commonly divorced ownership from control. 'Democratic' corporate governance rules explain some of Europe's precocity and London's exceptional listing requirement of large free floats was an important initial factor in manufacturing. Later in the twentieth century, the United States overtook France by further divorcing ownership from control. Business historians should direct their efforts to understanding why Britain was an early pioneer, with persistently wide shareholding, why America took decades to catch up, and why other countries did not build on their earlier lead. The pursuit of alternative (largely imagined) histories of national ownership differences could usefully be curtailed.
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 CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-460.
Length: 63 pages
Date of creation: Jan 2007
Date of revision:
Contact details of provider:
Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033
Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html
More information through EDIRC
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.:
- Fohlin,Caroline, 2007.
"Finance Capitalism and Germany's Rise to Industrial Power,"
Cambridge University Press, number 9780521810203.
- Fohlin,Caroline, 2011. "Finance Capitalism and Germany's Rise to Industrial Power," Cambridge Books, Cambridge University Press, number 9780521396608.
- Clifford G. Holderness & Randall S. Kroszner & Dennis P. Sheehan, 1999. "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression," Journal of Finance, American Finance Association, vol. 54(2), pages 435-469, 04.
- North, Douglass C., 1954. "Life Insurance and Investment Banking at the Time of the Armstrong Investigation of 1905-1906," The Journal of Economic History, Cambridge University Press, vol. 14(03), pages 209-228, June.
- Leonard, W. N., 1949. "The Decline of Railroad Consolidation," The Journal of Economic History, Cambridge University Press, vol. 9(01), pages 1-24, May.
- Mihir A. Desai & Dhammika Dharmapala & Winnie Fung, 2005. "Taxation and the Evolution of Aggregate Corporate Ownership Concentration," NBER Working Papers 11469, National Bureau of Economic Research, Inc.
- Miwa, Yoshiro & Ramseyer, J Mark, 2000.
"Corporate Governance in Transitional Economies: Lessons from the Prewar Japanese Cotton Textile Industry,"
The Journal of Legal Studies,
University of Chicago Press, vol. 29(1), pages 171-203, January.
- Yoshiro Miwa & J. Mark Ramseyer, 1999. "Corporate Governance in Transitional Economies: Lessons from the Pre-War Japanese Cotton Textile Industry," CIRJE F-Series CIRJE-F-48, CIRJE, Faculty of Economics, University of Tokyo.
- Brian Cheffins, 2004. "Mergers and the Evolution of Patterns of Corporate Ownership and Control: The British Experience," Business History, Taylor & Francis Journals, vol. 46(2), pages 256-284.
- Julian Franks & Colin Mayer & Hannes Wagner, 2006. "The Origins of the German Corporation - Finance, Ownership and Control," Review of Finance, European Finance Association, vol. 10(4), pages 537-585, December.
- Landes, David S., 1949. "French Entrepreneurship and Industrial Growth in the Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 9(01), pages 45-61, May.
- Eric Hilt, 2014.
"Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts,"
in: Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective
National Bureau of Economic Research, Inc.
- Eric Hilt, 2014. "Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts," NBER Working Papers 20096, National Bureau of Economic Research, Inc.
- Turner, John D., 2014. "Financial history and financial economics," QUCEH Working Paper Series 14-03, Queen's University Centre for Economic History, Queen's University Belfast.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CIRJE administrative office).
If references are entirely missing, you can add them using this form.