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Pioneering Modern Corporate Governance: A View from London in 1900

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  • Hannah, Leslie

Abstract

Around 1900 Britain was exceptionally suited to pioneering large scale enterprises because of the precocious development of its equity markets and London's experimentation with a more eclectic range of corporate governance techniques than the world's smaller and less cosmopolitan financial centers. Information dissemination, incentives, and reputation—developed by a serendipitous mix of legal compulsions and flexible voluntarism—set the scene for the growth of large, UK-based, national and international corporations in the twentieth century. “The investment business is not with us as well developed or as well understood as it is in England.” W. H. Lyon, Capitalization (Boston, 1913), 207.

Suggested Citation

  • Hannah, Leslie, 2007. "Pioneering Modern Corporate Governance: A View from London in 1900," Enterprise & Society, Cambridge University Press, vol. 8(3), pages 642-686, September.
    • Handle: RePEc:cup:entsoc:v:8:y:2007:i:03:p:642-686_00
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    Cited by:

    1. Fabio Braggion & Lyndon Moore, 2011. "Dividend Policies in an Unregulated Market: The London Stock Exchange, 1895--1905," The Review of Financial Studies, Society for Financial Studies, vol. 24(9), pages 2935-2973.
    2. Grossman, Richard S. & Imai, Masami, 2016. "Taking the lord's name in vain: The impact of connected directors on 19th century British banks," Explorations in Economic History, Elsevier, vol. 59(C), pages 75-93.
    3. Blanche Segrestin & Andrew Johnston & Armand Hatchuel, 2019. "The Separation Of Directors And Managers: A Historical Examination Of The Status Of Managers," Post-Print hal-01957329, HAL.
    4. Jansson, Walter, 2018. "Stock markets, banks and economic growth in the UK, 1850–1913," Financial History Review, Cambridge University Press, vol. 25(3), pages 263-296, December.
    5. James Foreman-Peck & Leslie Hannah, 2012. "Some Consequences of the Early Twentieth Century Divorce of Ownership from Control," Working Papers 0023, European Historical Economics Society (EHES).
    6. William Quinn, 2019. "Squeezing the bears: cornering risk and limits on arbitrage during the ‘British bicycle mania’, 1896–8," Economic History Review, Economic History Society, vol. 72(4), pages 1286-1311, November.
    7. Braggion, Fabio & Moore, Lyndon, 2013. "The Economic Benefits of Political Connections in Late Victorian Britain," The Journal of Economic History, Cambridge University Press, vol. 73(1), pages 142-176, March.
    8. Langlois, Richard N., 2013. "Business groups and the natural state," Journal of Economic Behavior & Organization, Elsevier, vol. 88(C), pages 14-26.
    9. Hannah, Leslie, 2017. "The London Stock Exchange 1869-1929: new bloody statistics for old?," Economic History Working Papers 82404, London School of Economics and Political Science, Department of Economic History.
    10. Marc Flandreau & Juan Flores & Norbert Gaillard & Sebastian Nieto-Parra, 2011. "The Changing Role of Global Financial Brands in the Underwriting of Foreign Government Debt (1815-2010)," IHEID Working Papers 15-2011, Economics Section, The Graduate Institute of International Studies.
    11. Quinn, William, 2016. "Squeezing the bears: Cornering risk and limits on arbitrage during the 'British Bicycle Mania', 1896-1898," QUCEH Working Paper Series 2016-05, Queen's University Belfast, Queen's University Centre for Economic History.
    12. Janette Rutterford & Dimitris P. Sotiropoulos & Carry van Lieshout, 2023. "Individual investors and social ownership structures in the UK before the 1930s: Joint holdings and trustee investment," Economic History Review, Economic History Society, vol. 76(2), pages 661-692, May.
    13. Leslie Hannah, 2007. "The 'Divorce' of ownership from control from 1900 onwards: Re-calibrating imagined global trends," Business History, Taylor & Francis Journals, vol. 49(4), pages 404-438.
    14. Fjesme, Sturla L. & Galpin, Neal E. & Moore, Lyndon, 2021. "Rejected stock exchange applicants," Journal of Financial Economics, Elsevier, vol. 139(2), pages 502-521.
    15. Leslie Hannah, 2018. "The London Stock Exchange, 1869–1929: new statistics for old?," Economic History Review, Economic History Society, vol. 71(4), pages 1349-1356, November.
    16. Burhop, Carsten & Chambers, David & Cheffins, Brian, 2014. "Regulating IPOs: Evidence from going public in London, 1900–1913," Explorations in Economic History, Elsevier, vol. 51(C), pages 60-76.

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