The Unsung Activists: UK Shareholder Investigation Committees, 1888–1940

Autor:	Janette Rutterford, Leslie Hannah
Rok vydání:	2022
Předmět:	History Business Management and Accounting (miscellaneous) Business and International Management
Zdroj:	Business History Review. 96:741-775
ISSN:	2044-768X 0007-6805
DOI:	10.1017/s0007680522000551
Popis:	As companies became larger and shareholders more numerous in nineteenth and early twentieth-century Britain, the conventional wisdom is that the free-rider problem inhibited active shareholder participation. Discontented shareholders could sell in the market, but it was long before the takeover bid mechanism facilitated the removal of underperforming incumbent boards. We show, using a sample of fifty cases in the period from 1888 to 1940, that UK shareholders overcame the free-rider problem by using committees of investigation on a sufficiently large scale to present a credible threat to board malfeasance. Although there was more to corporate performance than corporate governance, this aspect of good governance plausibly contributed to London's precocity in divorcing ownership from control in domestic companies up to World War II.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::b13bd9af3025f8e9bf9a49349af32e27 https://doi.org/10.1017/s0007680522000551 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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