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Choice of Enterprise Form: Spain, 1886-1936

Author

Listed:
  • Timothy Guinnane

    () (Economic Growth Center, Yale University)

  • Susana

    () (University of Murcia, Spain)

Abstract

Economists have long neglected study of an important contractual decision, a firm’s choice of legal form. Enterprise form shapes the relations among a firm’s owners as well as many features of a firm’s interactions with the rest of the economy. Using unusual firm-level data on Spain 1886-1936, we estimate nested logit models of the determinants of enterprise form choice. In 1919, Spain introduced a new enterprise form that compromised between partnerships and corporations, and displaced larger partnerships and smaller corporations. This Sociedad de Responsabilidad Limitada was especially important for small and median-sized enterprises whose owners were not related.

Suggested Citation

  • Timothy Guinnane & Susana, 2015. "Choice of Enterprise Form: Spain, 1886-1936," Working Papers 1049, Economic Growth Center, Yale University.
  • Handle: RePEc:egc:wpaper:1049
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    File URL: http://www.econ.yale.edu/growth_pdf/cdp1049.pdf
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    References listed on IDEAS

    as
    1. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521747387, October.
    2. Keane, Michael P, 1992. "A Note on Identification in the Multinomial Probit Model," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(2), pages 193-200, April.
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    Cited by:

    1. Burger, Christoph & Weinmann, Jens, 2015. "Innovation performance of the US American and European electricity supply industry," Energy Policy, Elsevier, vol. 86(C), pages 351-359.
    2. Cristina Fernández & Leonardo Villar, 2017. "Taxonomía de la informalidad en América Latina," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 015814, FEDESARROLLO.
    3. repec:gam:jsusta:v:8:y:2015:i:1:p:13:d:61509 is not listed on IDEAS

    More about this item

    Keywords

    Law and finance; law and economics; legal form of enterprise; Spanish economic history; limited partnership; limited-liability company;

    JEL classification:

    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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