The Marriage of Ownership and Control: a Global Twentieth Century Story

Leslie Hannah ()
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Leslie Hannah: University of Tokyo

No 6015, Working Papers from Economic History Society

Abstract: "In 1900 US and German business corporations were dominated by plutocratic family owners, not outside stockholders, and New York and Berlin were only modestly sized metropolitan stock exchanges. At that time, British and French quoted companies showed the highest levels of divorce of ownership from control, and the London and Paris stock exchanges supported the widest ownership of equities. The average level of divorce of ownership from control among both domestic and overseas companies quoted on the major west European exchanges was high in 1900. Allowing for contrasting trends within and outside the USA, the phenomenon of ownership separated from control was possibly not significantly higher by the end of the twentieth century than at the beginning. Marriage, arguably, had as large a role as divorce in the changing twentieth century relationships of investor owners with management controllers."

JEL-codes: N00 (search for similar items in EconPapers)
Date: 2006-04
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