IDEAS home Printed from https://ideas.repec.org/a/cup/entsoc/v21y2020i1p239-270_9.html
   My bibliography  Save this article

An Incomplete Revolution: Corporate Governance Challenges of the London Assurance Company and the Limitations of the Joint-Stock Form, 1720–1725

Author

Listed:
  • ALDOUS, MICHAEL
  • CONDORELLI, STEFANO

Abstract

The London Assurance (LA) was incorporated in 1720, marking a significant innovation in the marine insurance industry. Contemporaries anticipated joint-stock firms such as the LA would rapidly outcompete private underwriters, yet this outcome did not occur. The success of the private underwriters has been ascribed to their organizational form. This paper reassesses these explanations and finds that, rather than an a priori worse business model, various corporate governance challenges limited the LA’s capacity to compete. This provides a more complete explanation for the relative failure of the joint-stock marine insurance companies and has implications for understanding the evolution of the corporate form in the eighteenth century.

Suggested Citation

  • Aldous, Michael & Condorelli, Stefano, 2020. "An Incomplete Revolution: Corporate Governance Challenges of the London Assurance Company and the Limitations of the Joint-Stock Form, 1720–1725," Enterprise & Society, Cambridge University Press, vol. 21(1), pages 239-270, March.
  • Handle: RePEc:cup:entsoc:v:21:y:2020:i:1:p:239-270_9
    as

    Download full text from publisher

    File URL: https://www.cambridge.org/core/product/identifier/S146722271900034X/type/journal_article
    File Function: link to article abstract page
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cup:entsoc:v:21:y:2020:i:1:p:239-270_9. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://www.cambridge.org/eso .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Keith Waters (email available below). General contact details of provider: https://www.cambridge.org/eso .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.