Choice of Enterprise Form: Spain, 1886-1936

Timothy Guinnane and Susana Martinez Rodriguez ()
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Susana Martinez Rodriguez: University of Murcia, Spain

Working Papers from Economic Growth Center, Yale University

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: Law and finance; law and economics; legal form of enterprise; Spanish economic history; limited partnership; limited-liability company (search for similar items in EconPapers)
JEL-codes: K20 N43 N44 (search for similar items in EconPapers)
Pages: 57 pages
Date: 2015-07
New Economics Papers: this item is included in nep-cta, nep-dcm, nep-ent, nep-his and nep-sbm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Choice of Enterprise Form: Spain, 1886–1936 (2018)
Working Paper: Choice of Enterprise Form: Spain, 1886-1936 (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:egc:wpaper:1049

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