Joint Stock Company Births in Turbulent Times: Greece,1909-1929

Ioanna Sapfo Pepelasis and Konstantinos Aivalis
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Ioanna Sapfo Pepelasis: Athens University of Economics and Business
Konstantinos Aivalis: Athens University of Economics and Business

No 201405, Working Papers from Athens University Of Economics and Business, Department of Economics

Abstract: On the basis of a new data base we map trends in the demography of incorporation (number of joint stock company births; total and median registered capital; and sectoral distribution) during 1909 - 1929, a turbulent phase of modern Greek history. The main findings are that: 1.There was a cumulative take - off in incorporation. This ‘transcendence’ was triggered by three factors: the political empowerment of the bourgeoisie; the legal/institutional reforms which it initiated; and the substantial expansion in the territory and popu- lation of Greece. The take - off phase was also interlinked with a quickening in industrialization, a pattern of synchronicity which has not been unique to Greece. 2. During this take - off phase in ncorporation there was a democratization/popularization process at work as there was a sharp decrease in the median size of re- gistered capital per start-up and the typical joint stock company came to ‘resemble’ partnership based/fami- ly firms. 3.Manufacturing already from the 1910s became the number one activity of joint stock company start -ups. However, simultaneously, the nascent corporate sector showed a greater interest in the traditional segment of the economy, as commerce and shipping became respectively its second and third most important areas of activity.

Keywords: Greece; early twentieth century; political economy; corporate sector; start-ups; demography; War; Company Act; industrialization; GDP (search for similar items in EconPapers)
JEL-codes: N13 N14 N23 N24 N83 N84 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2014-05
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Citations: View citations in EconPapers (1)

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