The Development of Corporate Governance in Toulouse: 1372-1946
David Le Bris|William N. Goetzmann|Sébastien Pouget
We exploit unique archives extending over six centuries to trace the development of corporate governance mechanisms that emerged in response problems inherent organizing, capitalizing and sustaining large-scale business enterprises. Two Toulouse milling concerns with antecedents 11th century organized themselves via mergers into widely-held joint-stock companies years 1372 1373. document institutional innovations they developed ensuing centuries, place these context economic theory. The firms adapted or invented features are widely recognizable today, including fully tradable shares, limited liability, shareholder meetings, governing boards, cash payout policies, accounting audits for re-capitalization.
RePEc: Research Papers in Economics