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dc.contributor.authorGuinnane, Timothy W.en
dc.contributor.authorHarris, Ronen
dc.contributor.authorLamoreaux, Naomi R.en
dc.contributor.authorRosenthal, Jean-Laurenten
dc.date.accessioned2009-08-06T09:44:41Z-
dc.date.available2009-08-06T09:44:41Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/26998-
dc.description.abstractWe use the history of private limited liability companies (PLLCs) to challenge two pervasive assumptions in the literature: (1) Anglo-American legal institutions were better for economic development than continental Europe’s civil-law institutions; and (2) the corporation was the superior form of business organization. Data on the number and types of firms organized in France, Germany, the UK, and the US show that that the PLLC became the form of choice for small- and medium-size enterprises wherever and whenever it was introduced. The PLLC's key advantage was its flexible internal governance rules that allowed its users to limit the threat of untimely dissolution inherent in partnerships without taking on the full danger of minority oppression that the corporation entailed. The PLLC was first successfully introduced in Germany, a code country, in 1892. Great Britain, a common-law country followed in 1907, and France, a code country, in 1925. The laggard was the US, a common-law country whose courts had effectively killed earlier attempts to enact the form.en
dc.language.isoengen
dc.publisher|aYale University, Economic Growth Center |cNew Haven, CTen
dc.relation.ispartofseries|aCenter Discussion Paper |x959en
dc.subject.jelN8en
dc.subject.jelG3en
dc.subject.jelO16en
dc.subject.jelK22en
dc.subject.ddc330en
dc.subject.keywordlimited companyen
dc.subject.keywordpartnershipen
dc.subject.keywordcorporationen
dc.subject.keywordlegal regimeen
dc.subject.keywordcommon lawen
dc.subject.keywordcivil lawen
dc.titleOwnership and control in the entrepreneurial firm: an international history of private limited companies-
dc.type|aWorking Paperen
dc.identifier.ppn593373030en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:egc:wpaper:959en

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