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The ownership and control of Australian companies in the interwar period

Author

Listed:
  • Grant Fleming
  • Zhangxin (Frank) Liu
  • David Merrett
  • Simon Ville

Abstract

We build on an evolving international literature by investigating the relationship between ownership and control in a sample of 92 Australian companies in the 1930s. The interwar period was a formative one in Australia for the growth of corporations and share ownership, although investor protections and information lagged. We estimate the ownership share of the Board, separately the CEO/Chairman, and other significant blockholders. Our sources enable us to adopt a new approach that accounts for shares controlled indirectly through family ownership and related entities. This makes an important difference to our results. Board ownership was similar to the US and the UK in the early twentieth century; but taking account of shares controlled through related entities changes the story to one of an insider system where ownership and control had not separated. Dual CEOs also mattered along with blockholders beyond the Board in many companies. We also examine some of the drivers of this structure of ownership and control including company size, the role of family firms, and of preference shares.

Suggested Citation

  • Grant Fleming & Zhangxin (Frank) Liu & David Merrett & Simon Ville, 2024. "The ownership and control of Australian companies in the interwar period," CEH Discussion Papers 10, Centre for Economic History, Research School of Economics, Australian National University.
    • Handle: RePEc:auu:hpaper:126
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    File URL: https://cbe.anu.edu.au/researchpapers/CEH/WP202410.pdf
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