Dutch Corporate Finance, 1602-1850

Abe de Jong, Joost Jonker and Ailsa Roëll

ERIM Report Series Research in Management from Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam

Abstract: Early Modern Dutch corporate finance had two notable features, a remarkable ease of raising large amounts of capital and a flexible legal framework. Having pioneered new corporate forms with two intercontinental trading companies, Dutch business adopted such forms on a wider scale only during the 18th century, when economic concentration and consolidation led to the appearance of business units large enough to need them. The financial intermediation and legal institutions available also facilitated early industrialization during the 19th century, up to and including the railways. The large export of capital throughout the period under consideration failed to harm economic development at any point or in any way.

Keywords: corporate; finance (search for similar items in EconPapers)
JEL-codes: G3 M00 (search for similar items in EconPapers)
Date: 2013-06-04
New Economics Papers: this item is included in nep-his and nep-hpe
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