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The Great Expropriation: Interpreting the Innovation of “Permanent Capital” at the Dutch East India Company

In: Origins of Shareholder Advocacy

Author

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  • Andrew Nordenflycht

Abstract

With cross-sectional and historical evidence indicating that financial development is an essential precursor to economic development (e.g., Sylla 2002; Siegel and Roe 2009), there is much interest in understanding what supports or predicts financial development. Among other factors, financial development appears linked to strong and stable private property rights, in particular legal protection of minority investors (La Porta et al. 1997, 2000): the more investors feel that they have some level of recourse against expropriation by managers or large shareholders of corporations, the more they are willing to invest.

Suggested Citation

  • Andrew Nordenflycht, 2011. "The Great Expropriation: Interpreting the Innovation of “Permanent Capital” at the Dutch East India Company," Palgrave Macmillan Books, in: Jonathan G S Koppell (ed.), Origins of Shareholder Advocacy, chapter 0, pages 89-98, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11666-5_4
    DOI: 10.1057/9780230116665_4
    as

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