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Financing Growth: New Issues by Australian Firms, 1920–1939

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  • Merrett, David T.
  • Ville, Simon

Abstract

An expanding economy, new technologies, and changing consumer preferences provided growth opportunities for firms in interwar Australia. This period saw an increase in the number of large-scale firms in mining, manufacturing, and a wide range of service industries. Firms unable to rely solely on retained earnings to fund expansion turned to the domestic stock exchanges. A new data set of capital raisings constructed from reports of prospectuses published in the financial press forms the basis for the conclusion that many firms used substantial injections of equity finance to augment internally generated sources of funds. That they were able to do so indicates a strong increase in the capacity of local stock exchanges and a greater willingness of individuals to hold part of their wealthin transferable securities.

Suggested Citation

  • Merrett, David T. & Ville, Simon, 2009. "Financing Growth: New Issues by Australian Firms, 1920–1939," Business History Review, Cambridge University Press, vol. 83(3), pages 563-589, October.
    • Handle: RePEc:cup:buhirw:v:83:y:2009:i:03:p:563-589_00
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    Cited by:

    1. Susan Black & Joshua Kirkwood & Thomas Williams & Alan Rai, 2013. "A History of Australian Corporate Bonds," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 53(3), pages 292-317, November.
    2. Grant Fleming & Frank Liu & David Merrett & Simon Ville, 2021. "The Australian corporate bond market before credit ratings, 1915-83," CEH Discussion Papers 03, Centre for Economic History, Research School of Economics, Australian National University.
    3. Grant Fleming & Zhangxin (Frank) Liu & David Merrett & Simon Ville, 2023. "Gender(ed) equity: The growth of female shareholding in Australia, 1857-1937," CEH Discussion Papers 05, Centre for Economic History, Research School of Economics, Australian National University.

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