Organisational flexibility and governance in a civil-law regime: Scottish partnership banks during the Industrial Revolution

Autor:	Charles R. Hickson, John D. Turner, Graeme G. Acheson
Rok vydání:	2011
Předmět:	History business.industry Limited liability Common law Corporate governance Accounting Insider Limited partnership Political economy General partnership Opportunism Civil law (legal system) Economics Business Management and Accounting (miscellaneous) Business and International Management business
Zdroj:	Business History. 53:505-529
ISSN:	1743-7938 0007-6791
DOI:	10.1080/00076791.2011.574690
Popis:	Unlike their English counterparts, Scottish partnership banks during the Industrial Revolution operated under partnership law which was similar to the French societe en commandite. The article suggests that the definitive feature of this partnership law was that it permitted partnerships to separate ownership from control and stock to be traded. Archival evidence also suggests that Scottish partnership banks had mechanisms to ameliorate potential insider opportunism arising from the separation of ownership from control. The available evidence also suggests that the ability of Scottish banks to separate ownership from control may have contributed to the relative stability of the banking system.
Databáze:	OpenAIRE
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