Corporate ownership and control in Victorian Britain
Graeme G. Acheson,
Gareth Campbell (),
John Turner () and
Nadia Vanteeva
Economic History Review, 2015, vol. 68, issue 3, 911-936
Abstract:
type="main">
Using ownership and control data for 890 firm-years, this article examines the concentration of capital and voting rights in British companies in the second half of the nineteenth century. We find that both capital and voting rights were diffuse by modern-day standards. However, this does not necessarily mean that there was a modern-style separation of ownership from control in Victorian Britain. One major implication of our findings is that diffuse ownership was present in the UK much earlier than previously thought, and given that it occurred in an era with weak shareholder protection law, it somewhat undermines the influential law and finance hypothesis. We also find that diffuse ownership is correlated with large boards, a London head office, non-linear voting rights, and shares traded on multiple markets.
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (27)
Downloads: (external link)
http://hdl.handle.net/10.1111/ehr.12086 (text/html)
Access to full text is restricted to subscribers.
Related works:
Working Paper: Corporate ownership and control in Victorian Britain (2014)
Working Paper: Corporate Ownership and Control in Victorian Britain (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:bla:ehsrev:v:68:y:2015:i:3:p:911-936
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0013-0117
Access Statistics for this article
Economic History Review is currently edited by Stephen Broadberry
More articles in Economic History Review from Economic History Society Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().