Les compagnies de moulins en Occitanie: émergence et gouvernance de sociétés par actions multiséculaires

David Le Bris, William Goetzmann and Sébastien Pouget

Revue d'économie financière, 2018, vol. N° 130, issue 2, 55-69

Abstract: Starting from the Middle-Age, a novel type of corporate governance developed on the banks of Occitanian rivers to manage mills organized as shareholding companies. To address timeless issues created by the separation between ownership and control, these companies find solutions that are often very close to modern ones. Shareholders benefit from limited liability, take major decisions during general assembly meetings, nominate directors and account auditors to look after their interests and put in place monitoring policies. Other aspects are more original such as a policy of no free-cash-flows, directors with annual mandates, and the obligation for a designated shareholder to work for the good of the company. To understand this original governance, the context of the emergence of these companies is first presented. Classification JEL : G32, G34, N5, N23.

JEL-codes: G32 G34 N23 N5 (search for similar items in EconPapers)
Date: 2018
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