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Law, politics and the governance of English and Scottish joint-stock companies, 1600-1850

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  • Mark Freeman
  • Robin Pearson
  • James Taylor

Abstract

This article examines the impact of law on corporate governance by means of a case study of joint-stock enterprise in England and Scotland before 1850. Based on a dataset of over 450 company constitutions together with qualitative information on governance practice, it finds little evidence to support the hypothesis that common-law regimes such as England were more supportive of economic growth than civil-law jurisdictions such as Scotland: indeed, levels of shareholder protection were slightly stronger in the civil-law zone. Other factors, such as local political institutions, played a bigger role in shaping organisational forms and business practice.

Suggested Citation

  • Mark Freeman & Robin Pearson & James Taylor, 2013. "Law, politics and the governance of English and Scottish joint-stock companies, 1600-1850," Business History, Taylor & Francis Journals, vol. 55(4), pages 636-652, June.
    • Handle: RePEc:taf:bushst:v:55:y:2013:i:4:p:636-652
    DOI: 10.1080/00076791.2012.741971
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    References listed on IDEAS

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    1. Daunton, M. J., 1995. "Progress and Poverty: An Economic and Social History of Britain 1700-1850," OUP Catalogue, Oxford University Press, number 9780198222811.
    2. Scott, William Robert, 1912. "Constitution and Finance of English, Scottish and Irish Joint-Stock Companies to 1720," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number scott1912a.
    3. Scott, William Robert, 1912. "Constitution and Finance of English, Scottish and Irish Joint-Stock Companies to 1720," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 3, number scott1912c.
    4. Simon Deakin, 2008. "Legal Origin, Juridical Form and Industrialisation in Historical Perspective: The Case of the Employment Contract and the Joint-Stock Company," Working Papers wp369, Centre for Business Research, University of Cambridge.
    5. Simon Deakin, 2008. "Legal Origin, Juridical Form and Industrialisation in Historical Perspective: The Case of the Employment Contract and the Joint-Stock Company," WEF Working Papers 0042, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
    6. Scott, William Robert, 1912. "Constitution and Finance of English, Scottish and Irish Joint-Stock Companies to 1720," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 2, number scott1912b.
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    Cited by:

    1. Acheson, Graeme & Campbell, Gareth & Turner, John D., 2019. "Private Contracting, Law and Finance," QBS Working Paper Series 2019/05, Queen's University Belfast, Queen's Business School.

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