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来源类型Working Paper
规范类型报告
DOI10.3386/w13109
来源IDWorking Paper 13109
Putting the Corporation in its Place
Timothy Guinnane; Ron Harris; Naomi R. Lamoreaux; Jean-Laurent Rosenthal
发表日期2007-05-17
出版年2007
语种英语
摘要This article challenges the idea that the corporation is a globally superior form of business organization and that the Anglo-American common-law is more conducive to economic development than the code-based legal systems characteristic of continental Europe. Although the corporation had important advantages over the main alternative form of organization (partnerships), it also had disadvantages that limited its appeal to small- and medium-sized enterprises (SMEs). As a result, when businesses were provided with an intermediate choice, the private limited liability company (PLLC) that combined the advantages of legal personhood and joint stock with a flexible internal organizational structure, most chose not to organize as corporations. This article tracks the changes that occurred in the menu of business organizational forms in two common-law countries (the UK and the US) and two countries governed by legal codes (France and Germany) and presents data showing the rapidity with which firms in each country responded to enabling legislation for PLLCs. We show that the PLLC was introduced first and most easily in a code country (Germany) and last and with the most difficulty in a common-law country (the US). Late introduction was associated with prolonged use of the partnership form, suggesting that the disadvantages of corporations did indeed weigh heavily on SMEs.
主题Other ; Law and Economics ; History ; Other History ; Development and Growth ; Country Studies
URLhttps://www.nber.org/papers/w13109
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/570777
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GB/T 7714
Timothy Guinnane,Ron Harris,Naomi R. Lamoreaux,et al. Putting the Corporation in its Place. 2007.
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