Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/147533 
Year of Publication: 
2015
Series/Report no.: 
Economic Growth Center Discussion Paper No. 1049
Publisher: 
Yale University, Economic Growth Center, New Haven, CT
Abstract: 
Economists have long neglected study of an important contractual decision, a firm's choice of legal form. Enterprise form shapes the relations among a firm's owners as well as many features of a firm's interactions with the rest of the economy. Using unusual firm-level data on Spain 1886-1936, we estimate nested logit models of the determinants of enterprise form choice. In 1919, Spain introduced a new enterprise form that compromised between partnerships and corporations, and displaced larger partnerships and smaller corporations. This Sociedad de Responsabilidad Limitada was especially important for small and median-sized enterprises whose owners were not related.
Subjects: 
Law and finance
law and economics
legal form of enterprise
Spanish economic history
limited partnership
limited-liability company
JEL: 
K20
N43
N44
Document Type: 
Working Paper

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