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Choice of Enterprise Form: Spain, 1886-1936

Timothy Guinnane () and Susana Martinez Rodriguez
Authors registered in the RePEc Author Service: Susana Martinez-Rodriguez ()

No 206854, Center Discussion Papers from Yale University, Economic Growth Center

Abstract: Economists have long neglected study of an important contractual decision, a firm’s choice of legal form. Enterprise form shapes the relations among a firm’s owners as well as many features of a firm’s interactions with the rest of the economy. Using unusual firm-level data on Spain 1886-1936, we estimate nested logit models of the determinants of enterprise form choice. In 1919, Spain introduced a new enterprise form that compromised between partnerships and corporations, and displaced larger partnerships and smaller corporations. This Sociedad de Responsabilidad Limitada was especially important for small and median-sized enterprises whose owners were not related.

Keywords: Financial Economics; Industrial Organization; Institutional and Behavioral Economics; International Development (search for similar items in EconPapers)
Pages: 57
Date: 2015-07
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Journal Article: Choice of Enterprise Form: Spain, 1886–1936 (2018) Downloads
Working Paper: Choice of Enterprise Form: Spain, 1886-1936 (2015) Downloads
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DOI: 10.22004/ag.econ.206854

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