Exploring the Limits of the Limited Partnership: The Case of the Bank of Twente, 1860s–1920s

Amaury de Vicq

Enterprise & Society, 2022, vol. 23, issue 4, 1122-1147

Abstract: This paper presents a detailed historical account of the Bank of Twente (Twentsche Bankvereeniging), launched in 1861 and, for most of the subsequent decades, the largest, fastest-growing, and most profitable bank in the Netherlands. It follows the narrative analysis approach to illustrate that the circumscribed use of a limited partnership was rooted in the organizational form having a flaw of its own that, under particular circumstances, created serious agency costs. As the bank grew, so did the agency costs, finally forcing the bank to incorporate in 1917.

Date: 2022
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