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Mergers, External Growth, and Finance in the Development of Large-Scale Enterprise in Germany, 1880–1913

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  • Tilly, Richard

Abstract

The external growth of a sample of large German enterprises for the 1880–1913 period is here investigated. External growth, defined as acquisition of existing firms and measured by the reported value of their assets, is found to have accounted for no more than one-fifth of average overall enterprise growth in the period. An examination of individual examples, however, reveals that external growth was frequently decisive for the growth of survivor enterprises and, in some sectors, a significant contributor to concentration. Some quantitative tests suggest that financial factors, and particularly stock prices, significantly influenced external growth. The paper concludes by comparing German with British and American findings.

Suggested Citation

  • Tilly, Richard, 1982. "Mergers, External Growth, and Finance in the Development of Large-Scale Enterprise in Germany, 1880–1913," The Journal of Economic History, Cambridge University Press, vol. 42(3), pages 629-658, September.
    • Handle: RePEc:cup:jechis:v:42:y:1982:i:03:p:629-658_02
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    Cited by:

    1. Monnet, Cyril & Quintin, Erwan, 2007. "Why do financial systems differ? History matters," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 1002-1017, May.
    2. Kling, Gerhard, 2006. "The long-term impact of mergers and the emergence of a merger wave in pre-World-War I Germany," Explorations in Economic History, Elsevier, vol. 43(4), pages 667-688, October.
    3. Gietzmann, M. B. & Quick, R., 1998. "Capping auditor liability: The German experience," Accounting, Organizations and Society, Elsevier, vol. 23(1), pages 81-103, January.
    4. Gerhard Kling, 2008. "Disclosure of mergers without regulatory restrictions: Insider trading in pre-1914 Germany," Economics Bulletin, AccessEcon, vol. 7(2), pages 1-7.
    5. Alfred Reckendrees, 2015. "Weimar Germany: The first open access order that failed?," Constitutional Political Economy, Springer, vol. 26(1), pages 38-60, March.
    6. Lübbers, Thorsten, 2008. "Shareholder value mining: Wealth effects of takeovers in German coal mining, 1896-1913," Explorations in Economic History, Elsevier, vol. 45(4), pages 462-476, September.

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