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Capital Structure and the Financial Development of the U.S. Sugar-Refining Industry, 1875–1905

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  • Doyle, William M.

Abstract

In this article I develop a taxonomy of financial practices based on whether financial activity is intended to fund new capital investment or to create new financial structures to accommodate planned changes in the structure of an industry's existing capital stock. The taxonomy is then applied to the financial development of the U.S. sugar-refining industry between 1875 and 1905. The taxonomy provides an explanation of the rise of the large, widely held industrial corporation in the United States that is more consistent with the historical record than are the conventional “financial strain” or “asset liquidation” hypotheses.

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  • Doyle, William M., 2000. "Capital Structure and the Financial Development of the U.S. Sugar-Refining Industry, 1875–1905," The Journal of Economic History, Cambridge University Press, vol. 60(1), pages 190-215, March.
    • Handle: RePEc:cup:jechis:v:60:y:2000:i:01:p:190-215_02
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    Cited by:

    1. Cull, Robert & Davis, Lance E. & Lamoreaux, Naomi R. & Rosenthal, Jean-Laurent, 2006. "Historical financing of small- and medium-size enterprises," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 3017-3042, November.

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