| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w20096
|
| 来源ID | Working Paper 20096
|
| Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts |
| Eric Hilt
|
| 发表日期 | 2014-05-01
|
| 出版年 | 2014
|
| 语种 | 英语
|
| 摘要 | This paper analyzes the use of the corporate form among nineteenth-century manufacturing firms in Massachusetts, from newly collected data from 1875. An analysis of incorporation rates across industries reveals that corporations were formed at higher rates among industries in which firm size was larger. But conditional on firm size, the industries in which production was conducted in factories, rather than artisanal shops, saw more frequent use of the corporate form. On average, the ownership of the corporations was quite concentrated, with the directors holding 45 percent of the shares. However, the corporations whose shares were quoted on the Boston Stock Exchange were 'widely held' at rates comparable to modern American public companies. The production methods utilized in in different industries also influenced firms' ownership structures. In many early factories, steam power was combined with unskilled labor, and managers likely performed a complex supervisory role that was critical to the success of the firm. Consistent with the notion that monitoring management was especially important among such firms, corporations in industries that made greater use of steam power and unskilled labor had more concentrated ownership, higher levels of managerial ownership, and smaller boards of directors. |
| 主题 | Microeconomics
; Households and Firms
; Other
; Law and Economics
; History
; Macroeconomic History
|
| URL | https://www.nber.org/papers/w20096
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
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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/577769
|
推荐引用方式
GB/T 7714 |
Eric Hilt. Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts. 2014.
|
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