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The Marriage of Ownership and Control: a Global Twentieth Century Story

Author

Listed:
  • Leslie Hannah

    (University of Tokyo)

Abstract

"In 1900 US and German business corporations were dominated by plutocratic family owners, not outside stockholders, and New York and Berlin were only modestly sized metropolitan stock exchanges. At that time, British and French quoted companies showed the highest levels of divorce of ownership from control, and the London and Paris stock exchanges supported the widest ownership of equities. The average level of divorce of ownership from control among both domestic and overseas companies quoted on the major west European exchanges was high in 1900. Allowing for contrasting trends within and outside the USA, the phenomenon of ownership separated from control was possibly not significantly higher by the end of the twentieth century than at the beginning. Marriage, arguably, had as large a role as divorce in the changing twentieth century relationships of investor owners with management controllers."

Suggested Citation

  • Leslie Hannah, 2006. "The Marriage of Ownership and Control: a Global Twentieth Century Story," Working Papers 6015, Economic History Society.
    • Handle: RePEc:ehs:wpaper:6015
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    JEL classification:

    • N00 - Economic History - - General - - - General

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