%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 23 0 R 46 0 R 51 0 R 56 0 R 61 0 R 72 0 R 74 0 R 108 0 R ] /Count 9 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R >> /XObject << /I1 11 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20140721192116+01'00') /ModDate (D:20140721192116+01'00') /Title (Shareholder Democracies? Corporate Governance in Britain and Ireland before 1850) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R 15 0 R 18 0 R 21 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 4343 >> stream q 381.750 0 0 120.000 34.016 687.874 cm /I1 Do Q 0.000 0.000 0.000 rg BT 34.016 676.469 Td /F1 12.0 Tf [(Published on )] TJ ET BT 99.356 676.469 Td /F2 12.0 Tf [(Reviews in History)] TJ ET BT 190.016 676.469 Td /F1 12.0 Tf [( \()] TJ ET 0.000 0.000 0.800 rg BT 197.012 676.469 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 197.012 675.075 m 357.332 675.075 l S 0.000 0.000 0.000 rg BT 357.332 676.469 Td /F1 12.0 Tf [(\))] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 653.743 526.499 1.500 re S BT 34.016 615.321 Td /F3 18.0 Tf [(Shareholder Democracies? Corporate Governance in Britain and )] TJ ET BT 34.016 593.937 Td /F3 18.0 Tf [(Ireland before 1850)] TJ ET BT 34.016 223.427 Td /F1 12.0 Tf [(Every day humans must do three things: convert energy into goods and services, adapt to the natural )] TJ ET BT 34.016 209.171 Td /F1 12.0 Tf [(environment, and accept and manage risk.)] TJ ET 0.000 0.000 0.800 rg BT 236.300 209.171 Td /F1 12.0 Tf [(\(1\))] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 236.300 207.777 m 250.292 207.777 l S 0.000 0.000 0.000 rg BT 250.292 209.171 Td /F1 12.0 Tf [( With rare exceptions this agenda has been addressed through )] TJ ET BT 34.016 194.915 Td /F1 12.0 Tf [(group affiliation whether a simple family unit or institutions that have arisen in step with the development of )] TJ ET BT 34.016 180.659 Td /F1 12.0 Tf [(large-scale social complexity, industrialization and capital accumulation.)] TJ ET 0.000 0.000 0.800 rg BT 383.960 180.659 Td /F1 12.0 Tf [(\(2\))] TJ ET 0.24 w 0 J [ ] 0 d 383.960 179.265 m 397.952 179.265 l S 0.000 0.000 0.000 rg BT 397.952 180.659 Td /F1 12.0 Tf [( Even God observed that the first )] TJ ET BT 34.016 166.403 Td /F1 12.0 Tf [(man lacked a companion, and humans subsequently learned that in normal circumstances unremitting )] TJ ET BT 34.016 152.147 Td /F1 12.0 Tf [(solitude was not a path to health or survival. Life demanded cooperative, concerted and coordinated action, )] TJ ET BT 34.016 137.891 Td /F1 12.0 Tf [(which as humankind grew in numbers raised the issue of what forms of association were durable, efficacious )] TJ ET BT 34.016 123.635 Td /F1 12.0 Tf [(and contributed to managing risk.)] TJ ET 0.000 0.000 0.800 rg BT 195.668 123.635 Td /F1 12.0 Tf [(\(3\))] TJ ET 0.24 w 0 J [ ] 0 d 195.668 122.241 m 209.660 122.241 l S 0.000 0.000 0.000 rg BT 34.016 97.379 Td /F1 12.0 Tf [(From the 16th century to the present the legitimacy and sanctity of private property has been a topic of )] TJ ET BT 34.016 83.123 Td /F1 12.0 Tf [(endless discussion that reflected an incremental cultural transformation favouring individual and group )] TJ ET BT 34.016 68.867 Td /F1 12.0 Tf [(aspirations to exploit natural and human resources on a local, regional and global scale, through technology, )] TJ ET BT 34.016 54.611 Td /F1 12.0 Tf [(centralization of power and efficient human associations. In response to concomitant institutional and )] TJ ET BT 34.016 563.315 Td /F3 12.0 Tf [(Review Number:)] TJ ET BT 34.016 549.059 Td /F1 12.0 Tf [(1364)] TJ ET BT 34.016 534.803 Td /F3 12.0 Tf [(Publish date:)] TJ ET BT 34.016 520.547 Td /F1 12.0 Tf [(Thursday, 17 January, 2013)] TJ ET BT 34.016 506.291 Td /F3 12.0 Tf [(Author:)] TJ ET BT 34.016 492.035 Td /F1 12.0 Tf [(Mark Freeman)] TJ ET BT 34.016 477.779 Td /F1 12.0 Tf [(Robin Pearson)] TJ ET BT 34.016 463.523 Td /F1 12.0 Tf [(James Taylor)] TJ ET BT 34.016 449.267 Td /F3 12.0 Tf [(ISBN:)] TJ ET BT 34.016 435.011 Td /F1 12.0 Tf [(9780226261874)] TJ ET BT 34.016 420.755 Td /F3 12.0 Tf [(Date of Publication:)] TJ ET BT 34.016 406.499 Td /F1 12.0 Tf [(2012)] TJ ET BT 34.016 392.243 Td /F3 12.0 Tf [(Price:)] TJ ET BT 34.016 377.987 Td /F1 12.0 Tf [(42.00)] TJ ET BT 34.016 363.731 Td /F3 12.0 Tf [(Pages:)] TJ ET BT 34.016 349.475 Td /F1 12.0 Tf [(360pp.)] TJ ET BT 34.016 335.219 Td /F3 12.0 Tf [(Publisher:)] TJ ET BT 34.016 320.963 Td /F1 12.0 Tf [(University of Chicago Press)] TJ ET BT 34.016 306.707 Td /F3 12.0 Tf [(Publisher url:)] TJ ET BT 34.016 292.451 Td /F3 12.0 Tf [(Place of Publication:)] TJ ET BT 34.016 278.195 Td /F1 12.0 Tf [(Chicago, IL)] TJ ET BT 34.016 263.939 Td /F3 12.0 Tf [(Reviewer:)] TJ ET BT 34.016 249.683 Td /F1 12.0 Tf [(James B. McSwain)] TJ ET endstream endobj 8 0 obj << /Type /Font /Subtype /Type1 /Name /F1 /BaseFont /Times-Roman /Encoding /WinAnsiEncoding >> endobj 9 0 obj << /Type /Font /Subtype /Type1 /Name /F2 /BaseFont /Times-Italic /Encoding /WinAnsiEncoding >> endobj 10 0 obj << /Type /Font /Subtype /Type1 /Name /F3 /BaseFont /Times-Bold /Encoding /WinAnsiEncoding >> endobj 11 0 obj << /Type /XObject /Subtype /Image /Width 509 /Height 160 /Filter /FlateDecode /DecodeParms << /Predictor 15 /Colors 3 /Columns 509 /BitsPerComponent 8>> /Mask [ 255 255 255 255 255 255 ] /ColorSpace /DeviceRGB /BitsPerComponent 8 /Length 3280>> stream x[EQ㎦fVttҒ +3O{?lGDQԯDrB^.ϯ%~'0۠/2>0AG_>0j0GCfE67>rB^}@  !&y+r?INp:erc b8f=rQC!~-Wf^^zF[)G 2ޯe7V_Go3Ke GEGOo8rώ#\1ZY~N6^H}yLxS-!:412V+u\-LSO?xVvZ|GjǮT_8EYJF=Tw^ 7GxfN/S:Ʌ~ʟtt?5n÷J'JcF-GVξx{rO~tJd;#a\7}|~y'>}c2C vR}f׈**h.)_&@pfzjsx:5;S\vKhM5j=!Cn+h"u]a EUN]jn=k<,:Ք>sU!ni~6EJ)¦72?G}[y}_vc$t?iSܟ2Zݞ,VN?_`='RFK1A2qv&X_lLRWY'%:I㢖zb_UEx\>&ɆBˏ~K@ \gYØU4}$8Dv!'Q'*+Εj(UCGo[#< 2Ja(sZi9fZKE Rn`u\9r^Zmɯ׹}mstO4uc~#'jEvۼ Dx[z ޏQ4KL5,5u3>i^uÒ-53ba ~,~/pyt1fMU'CVm:qv~=Y'Es"WsφG?l_kN5}],Ow7 uh`xƫ?zMl7ٻv$A(4Dl(wwH} ?=[=S;yC]^BK>㕪9`Z'Wj;E|:bf>kCԘ#RY,iv쵗~}n'"1u" *uO΄/2^Sxr(!/DD\~mJyZ!MmrA!#u[if|99WB WΡpp}w}sh#,\ &:%˳X?D3 %W0cC?o̲^} F3XLVn]Cߖiϧ!7}yZJ#P7]=)7Ρp;>> Ye^xx{Oafw{ ;>4gfLt ʊ:q%#r/)pv!O4wGh|dS ӣݽހ-gVUC'pBxrB^} 7JA^} /'8!`:r?}}],X  }6y!`/~Br?}Q< >k7vx"] ,' .3jn{-i}|~%-};b6#U)7繎kiEw 㤳:E}[޼c"rꬊ7Dc$~"/Y&zSd:tFȌCrʙ`7u .#[-<)j ?TGS(j~oTup(hjU4PlJ=}|it.ҽ@\wʨuXÞZcx18Wo<~ikOg,ވ\^?EneyZcc0[R١z|zv7_m:_n]a?osS3~j^ hD.a_X'KfBX6w wݶ"Oa:,bvhrWH[uCF-Xfc}>x+Rz)2N-B 7y^٨;[/vg? | |2Sve}=o䑰j[vWjF0{굦?VI~}xM(_TlG__+]:#к?S} c>GŸD7 !w{S{B =x7a?oE#)+Gz:o_4Q<;n?\tt7?mGCџQGu4kņOF>F?#} hP&ђߴM#u!.СtL2^#o nIk_i.~7tr@n 1P~3?.[]=S5b߮~Yo^HFH YBi8a4iom>CKgMy*;?zqEӕ` >zB9iFzC?XF?ޟIܰ펉A}{I5ᄊx%ez#Mp@rߎpi]IOVjzuJt\۰f׺u5><,J~PTJp1)}){9N {!`/> endstream endobj 12 0 obj << /Type /Annot /Subtype /Link /A 13 0 R /Border [0 0 0] /H /I /Rect [ 197.0117 675.3895 357.3317 687.2695 ] >> endobj 13 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews) >> endobj 14 0 obj [6 0 R /Fit] endobj 15 0 obj << /Type /Annot /Subtype /Link /A 16 0 R /Border [0 0 0] /H /I /Rect [ 236.2997 208.0915 250.2917 219.9715 ] >> endobj 16 0 obj << /Type /Action >> endobj 17 0 obj [6 0 R /Fit] endobj 18 0 obj << /Type /Annot /Subtype /Link /A 19 0 R /Border [0 0 0] /H /I /Rect [ 383.9597 179.5795 397.9517 191.4595 ] >> endobj 19 0 obj << /Type /Action >> endobj 20 0 obj [6 0 R /Fit] endobj 21 0 obj << /Type /Annot /Subtype /Link /A 22 0 R /Border [0 0 0] /H /I /Rect [ 195.6677 122.5555 209.6597 134.4355 ] >> endobj 22 0 obj << /Type /Action >> endobj 23 0 obj << /Type /Page /Parent 3 0 R /Annots [ 26 0 R 29 0 R 32 0 R 35 0 R 38 0 R 41 0 R 44 0 R ] /Contents 24 0 R >> endobj 24 0 obj << /Length 8590 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(financial changes, forms of governance emerged in England that reflected specific social and political )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(contexts. After the 1688 Revolution Parliament moved towards a ?more flexible property-rights regime? \(p. )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(7\), which under a common-law system fostered economic development through private business schemes. )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(Managing this transition called for appropriate legal restraints on markets, capital mobility and credit, as )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(well as on property relationships formally expressed in contractual co-partnerships, deeds of settlement, )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(franchises, associations, and incorporated and unincorporated companies.)] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(This legal and institutional panoply of risk management tools exercised through government regulations, )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(parliamentary acts, contracts and agreements required company directors to negotiate shareholder )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(participation in management and to devise strategies that would mitigate financial hazards and satisfy )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(investors? risk preferences. The proliferation of enterprises produced many struggles between managers and )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(owners over the formulation and interpretation of corporate constitutional documents, a phenomenon that )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(paralleled 18th and 19th-century debates about power, agency, representation and accountability in )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(government. Further, the common purpose of these relationships was to acquire and accumulate capital, )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(which meant that struggles over how companies should be governed arose from managing the risks entailed )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(in gaining and keeping wealth. Partners, principals or shareholders tried to secure favorable financial )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(outcomes through active participation in company operations and strategies. This raised many issues, )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(principally accountability, when there was in the case of joint-stock companies a division between investors )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(and company officers or hired managers who struggled to define corporate governance in the interest of )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(managing risk.)] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(Governance has been an intriguing problem for those concerned with contemporary economic collapse in )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(Europe and North America ? traceable in part to irresponsible state oversight of corporations, and to reckless )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(trading companies, insurance firms and banks, who bought and sold risk instruments \(derivatives\) in )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(dangerously distorted markets relying on wildly inflated collateral assets. Ideologically-driven monetary )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(policies, lack of fiscal discipline, greed and political pandering \(to both rich and poor\) brought about a )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(remarkable conjunction of racketeering, vacuous misconduct and mendacity that cried out for explanation.)] TJ ET 0.000 0.000 0.800 rg BT 545.240 430.325 Td /F1 12.0 Tf [(\(4\))] TJ ET 0.24 w 0 J [ ] 0 d 545.240 428.931 m 559.232 428.931 l S 0.000 0.000 0.000 rg BT 34.016 416.069 Td /F1 12.0 Tf [(Economist Joseph Stiglitz noted that the question of why the US-world economy fell apart in 2007?8 had to )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(be answered if one was to know ?what to do? to fix the mess or to ?prevent the next one?.)] TJ ET 0.000 0.000 0.800 rg BT 465.260 401.813 Td /F1 12.0 Tf [(\(5\))] TJ ET 0.24 w 0 J [ ] 0 d 465.260 400.419 m 479.252 400.419 l S 0.000 0.000 0.000 rg BT 479.252 401.813 Td /F1 12.0 Tf [( Recent books )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(on why the world?s economies came to the brink of collapse demonstrated that big problems and crises )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(attract the attention of public intellectuals, economists and historians.)] TJ ET 0.000 0.000 0.800 rg BT 366.656 373.301 Td /F1 12.0 Tf [(\(6\))] TJ ET 0.24 w 0 J [ ] 0 d 366.656 371.907 m 380.648 371.907 l S 0.000 0.000 0.000 rg BT 34.016 347.045 Td /F1 12.0 Tf [(For British business and economic historians, explanations must be grounded in evidence drawn from )] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [(reliable sources that range over long periods of time and share variables that allow for analysis of change )] TJ ET BT 34.016 318.533 Td /F1 12.0 Tf [(and continuity in local, regional or national frameworks. To that end Mark Freeman, Robin Pearson and )] TJ ET BT 34.016 304.277 Td /F1 12.0 Tf [(James Taylor \(hereinafter FPT\), working under an ESRC grant, created a large data set from the )] TJ ET BT 34.016 290.021 Td /F1 12.0 Tf [(constitutional records of 514 representative incorporated and unincorporated joint-stock companies, )] TJ ET BT 34.016 275.765 Td /F1 12.0 Tf [(organized by business sectors, chronological subdivisions and locale.)] TJ ET 0.000 0.000 0.800 rg BT 366.308 275.765 Td /F1 12.0 Tf [(\(7\))] TJ ET 0.24 w 0 J [ ] 0 d 366.308 274.371 m 380.300 274.371 l S 0.000 0.000 0.000 rg BT 380.300 275.765 Td /F1 12.0 Tf [( FPT supplement company charters )] TJ ET BT 34.016 261.509 Td /F1 12.0 Tf [(and constitutions with minutes, committee reports, shareholder circulars and correspondence to see how )] TJ ET BT 34.016 247.253 Td /F1 12.0 Tf [(companies practiced their constitutional provisions. The authors examine the administration of municipal )] TJ ET BT 34.016 232.997 Td /F1 12.0 Tf [(corporations, voluntary associations, public works and utility commissions to understand the ?convergence )] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(of governance forms? in public, private and commercial sectors overseen by voluntary and elected officials.)] TJ ET 0.000 0.000 0.800 rg BT 34.016 204.485 Td /F1 12.0 Tf [(\(8\))] TJ ET 0.24 w 0 J [ ] 0 d 34.016 203.091 m 48.008 203.091 l S 0.000 0.000 0.000 rg BT 48.008 204.485 Td /F1 12.0 Tf [( Finally, FPT take note of autobiographies, diaries, pamphlets, books, newspapers, periodicals, )] TJ ET BT 34.016 190.229 Td /F1 12.0 Tf [(government reports and papers, legal works and case law to understand the ?political, legal, and cultural )] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(context? in which joint-stock companies operated \(p. 19\).)] TJ ET 0.000 0.000 0.800 rg BT 310.304 175.973 Td /F1 12.0 Tf [(\(9\))] TJ ET 0.24 w 0 J [ ] 0 d 310.304 174.579 m 324.296 174.579 l S 0.000 0.000 0.000 rg BT 324.296 175.973 Td /F1 12.0 Tf [( Based upon this information )] TJ ET BT 466.628 175.973 Td /F2 12.0 Tf [(Shareholder )] TJ ET BT 34.016 161.717 Td /F2 12.0 Tf [(Democracies?)] TJ ET BT 103.328 161.717 Td /F1 12.0 Tf [( is a closely-argued analysis of the evolution of corporate governance in Britain, Scotland and )] TJ ET BT 34.016 147.461 Td /F1 12.0 Tf [(Ireland from 1720 to 1844.)] TJ ET 0.000 0.000 0.800 rg BT 163.664 147.461 Td /F1 12.0 Tf [(\(10\))] TJ ET 0.24 w 0 J [ ] 0 d 163.664 146.067 m 183.656 146.067 l S 0.000 0.000 0.000 rg BT 183.656 147.461 Td /F1 12.0 Tf [( Its central thesis is that in this period corporate governance shifted from )] TJ ET BT 34.016 133.205 Td /F1 12.0 Tf [(shareholder participation in company affairs to rule by a managerial elite who purportedly represented )] TJ ET BT 34.016 118.949 Td /F1 12.0 Tf [(shareholders? interests.)] TJ ET BT 34.016 92.693 Td /F1 12.0 Tf [(In June 1720 Parliament, according to common wisdom, passed the Bubble Act to protect the South Sea )] TJ ET BT 34.016 78.437 Td /F1 12.0 Tf [(Company by discouraging irregular projects with misemployed or nonexistent charters. However, FPT point )] TJ ET BT 34.016 64.181 Td /F1 12.0 Tf [(out that the Act encouraged investors who wanted to raise equity capital to seek Parliamentary incorporation )] TJ ET BT 34.016 49.925 Td /F1 12.0 Tf [(or to enter into informal co-partnerships. From 1760 to 1800 the number of joint-stock enterprises grew )] TJ ET endstream endobj 25 0 obj [23 0 R /Fit] endobj 26 0 obj << /Type /Annot /Subtype /Link /A 27 0 R /Border [0 0 0] /H /I /Rect [ 545.2397 429.2455 559.2317 441.1255 ] >> endobj 27 0 obj << /Type /Action >> endobj 28 0 obj [23 0 R /Fit] endobj 29 0 obj << /Type /Annot /Subtype /Link /A 30 0 R /Border [0 0 0] /H /I /Rect [ 465.2597 400.7335 479.2517 412.6135 ] >> endobj 30 0 obj << /Type /Action >> endobj 31 0 obj [23 0 R /Fit] endobj 32 0 obj << /Type /Annot /Subtype /Link /A 33 0 R /Border [0 0 0] /H /I /Rect [ 366.6557 372.2215 380.6477 384.1015 ] >> endobj 33 0 obj << /Type /Action >> endobj 34 0 obj [23 0 R /Fit] endobj 35 0 obj << /Type /Annot /Subtype /Link /A 36 0 R /Border [0 0 0] /H /I /Rect [ 366.3077 274.6855 380.2997 286.5655 ] >> endobj 36 0 obj << /Type /Action >> endobj 37 0 obj [23 0 R /Fit] endobj 38 0 obj << /Type /Annot /Subtype /Link /A 39 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 203.4055 48.0077 215.2855 ] >> endobj 39 0 obj << /Type /Action >> endobj 40 0 obj [23 0 R /Fit] endobj 41 0 obj << /Type /Annot /Subtype /Link /A 42 0 R /Border [0 0 0] /H /I /Rect [ 310.3037 174.8935 324.2957 186.7735 ] >> endobj 42 0 obj << /Type /Action >> endobj 43 0 obj [23 0 R /Fit] endobj 44 0 obj << /Type /Annot /Subtype /Link /A 45 0 R /Border [0 0 0] /H /I /Rect [ 163.6637 146.3815 183.6557 158.2615 ] >> endobj 45 0 obj << /Type /Action >> endobj 46 0 obj << /Type /Page /Parent 3 0 R /Annots [ 49 0 R ] /Contents 47 0 R >> endobj 47 0 obj << /Length 7457 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(rapidly as capital-intensive projects in transport, banking, insurance and shipping expanded, and, by the )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(early 19th century the promotion of non-statutory companies surged as investors sought opportunities in )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(Latin America, even though judicial equivocation left their legal status uncertain. Joint-stock promotions )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(expanded in Scottish cities and ports where partnerships had legal standing. Between 1825 and 1844 there )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(was a new surge of company formations and capital investment fuelled by new technologies and a )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(concomitant ramp up of ?large-scale capital ventures?. Middling investors diversified their holdings as a risk )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(management strategy to protect capital accumulation, funnelling resources into new joint-stock projects in )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(manufacturing, mining and ?property development? \(p. 32\).)] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(Parliament responded with legal reforms, but none addressed the imprecise legal status of unincorporated )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(joint-stock companies. By 1837 a series of registration acts covering shipping companies, savings banks, )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(building societies, joint-stock banks and companies operating under letters patent, generated a mature stream )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(of information designed to protect investors from speculation and fraud. Two acts in 1844 provided for the )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(registration, incorporation, regulation and dissolution of joint-stock companies; they became constitutional )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(templates for company promoters. Implementing investor protection was part of a broad campaign to )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(encourage propertied citizens to participate in efficient public and business governance. That joint-stock )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(polity complemented participation in civic affairs is a persistent theme in )] TJ ET BT 387.644 570.629 Td /F2 12.0 Tf [(Shareholder Democracies?)] TJ ET BT 519.284 570.629 Td /F1 12.0 Tf [( owing )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(to the common concerns raised in both spheres about representation, consultation and the balance of power )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(between administrators and constituents.)] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(FPT further observe that making efficient government amenable to the propertied classes was a rational )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(decision in the wake of accumulated debt, waste and excessive spending during the Napoleonic wars and a )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(way to legitimate elite power in the face of radical political and social critiques that drew upon the quasi-)] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(republican rhetoric of civic virtue and public service. FPT detect in these changes a shift from a moral )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(economy, in which trust between company owners and managers undergirded standards of governance, to a )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(system of professional managers, restrained only by organized economic enterprises and corporate laws. )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(These rearrangements reflected by 1850 changes in legal, political and religious viewpoints about business.)] TJ ET BT 34.016 404.069 Td /F1 12.0 Tf [(Before 1844 one could apply to the Crown for a charter of incorporation that invested grantees with some )] TJ ET BT 34.016 389.813 Td /F1 12.0 Tf [(degree of royal authority. After the Glorious Revolution Parliament gradually supplanted the Crown the )] TJ ET BT 34.016 375.557 Td /F1 12.0 Tf [(source of ?corporate privileges and protection? \(p. 45\). Incorporation through royal consent or parliamentary )] TJ ET BT 34.016 361.301 Td /F1 12.0 Tf [(act created a legal self independent of the life spans of members, which simple partnerships could not match, )] TJ ET BT 34.016 347.045 Td /F1 12.0 Tf [(as well as ownership and conveyance of assets. Incorporation also gave promoters the power to devise )] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [(legally-enforceable bylaws, impose taxes on company members, and in some instances redefine company )] TJ ET BT 34.016 318.533 Td /F1 12.0 Tf [(and member liabilities or acquire trading monopolies. This quartet of commercial advantages, a degree of )] TJ ET BT 34.016 304.277 Td /F1 12.0 Tf [(limited liability, ?tax privileges? and transferable shares attracted investors \(p. 46\).)] TJ ET 0.000 0.000 0.800 rg BT 431.612 304.277 Td /F1 12.0 Tf [(\(11\))] TJ ET 0.24 w 0 J [ ] 0 d 431.612 302.883 m 451.604 302.883 l S 0.000 0.000 0.000 rg BT 34.016 278.021 Td /F1 12.0 Tf [(Unincorporated companies, beneficiaries of dormant or diminished legal superintendence, took advantage of )] TJ ET BT 34.016 263.765 Td /F1 12.0 Tf [(trust law to acquire ?perpetuity and joint holding? \(p. 53\). They also benefited from a social turn towards )] TJ ET BT 34.016 249.509 Td /F1 12.0 Tf [(voluntary associations that offered a sense of shared pursuit of socially beneficent objectives such as )] TJ ET BT 34.016 235.253 Td /F1 12.0 Tf [(responsibility, power and status. Achieving a moral society required clearly understood rules and an )] TJ ET BT 34.016 220.997 Td /F1 12.0 Tf [(unimpeded flow of information that supported equal standing, freedom and mutual accountability. In )] TJ ET BT 34.016 206.741 Td /F1 12.0 Tf [(similarly cooperative investment projects participants could enjoy ?contract enforcement? and control )] TJ ET BT 34.016 192.485 Td /F1 12.0 Tf [(wrongdoing through established rules and shared beliefs, which were traditional hazard and risk mitigation )] TJ ET BT 34.016 178.229 Td /F1 12.0 Tf [(techniques \(p. 54\). As collective undertakings, joint-stock companies were in harmony with this atmosphere )] TJ ET BT 34.016 163.973 Td /F1 12.0 Tf [(of public well-being and common good, which FPT see as part of the ?great improvement movement? of the )] TJ ET BT 34.016 149.717 Td /F1 12.0 Tf [(18th and 19th centuries \(p. 55\).)] TJ ET BT 34.016 123.461 Td /F1 12.0 Tf [(The constitutions of joint-stock companies defined the distribution of power and privileges among )] TJ ET BT 34.016 109.205 Td /F1 12.0 Tf [(shareholders, managers and directors. Owing to the Bubble Act the number of restrictive clauses in )] TJ ET BT 34.016 94.949 Td /F1 12.0 Tf [(constitutions steadily increased as did complicated operating constraints and prohibitions on specific actions )] TJ ET BT 34.016 80.693 Td /F1 12.0 Tf [(such as capitalization levels or stock transfers. The most important element of a company constitution was )] TJ ET BT 34.016 66.437 Td /F1 12.0 Tf [(how much share capital to issue and in what denominations. Potential investors, it was believed, associated )] TJ ET BT 34.016 52.181 Td /F1 12.0 Tf [(large capitalization with a substantial organization overseen by conscientious managers. Companies added )] TJ ET endstream endobj 48 0 obj [46 0 R /Fit] endobj 49 0 obj << /Type /Annot /Subtype /Link /A 50 0 R /Border [0 0 0] /H /I /Rect [ 431.6117 303.1975 451.6037 315.0775 ] >> endobj 50 0 obj << /Type /Action >> endobj 51 0 obj << /Type /Page /Parent 3 0 R /Annots [ 54 0 R ] /Contents 52 0 R >> endobj 52 0 obj << /Length 7212 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(various investment-control mechanisms to their constitutions to project an image of respectability and )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(stability. Stratagems included geographical limits for subscribers, giving directors the power to decide who )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(could invest, or prohibiting the sale of unpaid shares.)] TJ ET 0.000 0.000 0.800 rg BT 288.656 767.957 Td /F1 12.0 Tf [(\(12\))] TJ ET 0.24 w 0 J [ ] 0 d 288.656 766.563 m 308.648 766.563 l S 0.000 0.000 0.000 rg BT 34.016 741.701 Td /F1 12.0 Tf [(Every company in the records sample made a constitutional distinction between control and ownership. )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(Constitutions specified the number of directors, their tenure and remuneration, frequency of board meetings )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(and quorum requirements. FPT determine that large companies had more directors and more frequent )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(meetings than did small competitors, which were steps towards devolving company control to salaried )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(officers. Just as many locally-elected officials by 1840 conducted business through committees, so also joint-)] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(stock companies frequently delegated managerial tasks to subcommittees.)] TJ ET BT 34.016 644.165 Td /F1 12.0 Tf [(Delegating work in the interest of efficiency to paid employees was commonplace, but if the work was )] TJ ET BT 34.016 629.909 Td /F1 12.0 Tf [(routine it could leave companies vulnerable to malfeasance and incompetence. If a company lost money as a )] TJ ET BT 34.016 615.653 Td /F1 12.0 Tf [(result of internal dishonesty or unwise policies, the directors might hire a resident director, seek out a semi-)] TJ ET BT 34.016 601.397 Td /F1 12.0 Tf [(autonomous manager, set up a management committee made up of selected directors, or devise a workable )] TJ ET BT 34.016 587.141 Td /F1 12.0 Tf [(combination of these options to keep the company afloat. The search for efficiency did not always bring the )] TJ ET BT 34.016 572.885 Td /F1 12.0 Tf [(desired results. Companies that concentrated power in the hands of a few men often failed because this )] TJ ET BT 34.016 558.629 Td /F1 12.0 Tf [(intensified internal rivalries between managers and shareholders and within boards, a precursor in retrospect )] TJ ET BT 34.016 544.373 Td /F1 12.0 Tf [(of the long-term trend up to 1844 to minimize shareholder participation as powerful stake holders tried to )] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(guard their interests and manage financial risks.)] TJ ET BT 34.016 503.861 Td /F1 12.0 Tf [(Another technique to put distance between company directorates and shareholders was rotating elections. In )] TJ ET BT 34.016 489.605 Td /F1 12.0 Tf [(the 18th century it was common to elect all directors annually, but by the 1840s rotating an entire board gave )] TJ ET BT 34.016 475.349 Td /F1 12.0 Tf [(way to rotating segments of boards, with terms being of several years. Again company size was a gauge of )] TJ ET BT 34.016 461.093 Td /F1 12.0 Tf [(directorate elections. Small companies held directors to one-year terms, while many large companies agreed )] TJ ET BT 34.016 446.837 Td /F1 12.0 Tf [(to long stays in office to make directors less accountable to shareholders. Although the Joint-Stock Banks )] TJ ET BT 34.016 432.581 Td /F1 12.0 Tf [(Act of 1844 required banks to rotate 25 per cent of their boards yearly and to preclude them from re-election )] TJ ET BT 34.016 418.325 Td /F1 12.0 Tf [(for 12 months, it was uncertain if this promoted directorate accountability.)] TJ ET BT 34.016 392.069 Td /F1 12.0 Tf [(As the 18th century passed, contested parliamentary and municipal elections fell substantially. By 1840 )] TJ ET BT 34.016 377.813 Td /F1 12.0 Tf [(many municipal authorities routinely stayed in office without challenges. The affairs of joint-stock )] TJ ET BT 34.016 363.557 Td /F1 12.0 Tf [(companies mirrored these political developments, not a surprise since many company promoters and )] TJ ET BT 34.016 349.301 Td /F1 12.0 Tf [(directors were active in local elections. Frequently, company directors nominated candidates for vacant seats )] TJ ET BT 34.016 335.045 Td /F1 12.0 Tf [(on their boards to preserve membership continuity, despite the belief of joint-stock advocates that regular )] TJ ET BT 34.016 320.789 Td /F1 12.0 Tf [(board elections reinforced managerial accountability. Using electoral rules and property qualifications for )] TJ ET BT 34.016 306.533 Td /F1 12.0 Tf [(board membership, directors effectively suppressed shareholder participation in the interest of ?longevity )] TJ ET BT 34.016 292.277 Td /F1 12.0 Tf [(and continuity? of company governance \(p. 91\). These general trends, according to FPT, underscored the )] TJ ET BT 34.016 278.021 Td /F1 12.0 Tf [(role of large companies in undermining the power of the general meeting of shareholders \(hereinafter GM\). )] TJ ET BT 34.016 263.765 Td /F1 12.0 Tf [(Large companies in the joint-stock area were likely to have directors with long tenures who functioned )] TJ ET BT 34.016 249.509 Td /F1 12.0 Tf [(within complicated management structures and met weekly to ?transact business?. Yet, their boards held )] TJ ET BT 34.016 235.253 Td /F1 12.0 Tf [(minor positions in company shares, confirming a long-held conviction that joint-stock companies )] TJ ET BT 34.016 220.997 Td /F1 12.0 Tf [(exemplified the ?divorce of ownership from control? \(p. 107\).)] TJ ET BT 34.016 194.741 Td /F1 12.0 Tf [(To understand the significance of this disjunction between ownership and control FPT examine in what )] TJ ET BT 34.016 180.485 Td /F1 12.0 Tf [(capacities joint-stock shareholders served, focusing on promoting a company, choosing directors, setting pay )] TJ ET BT 34.016 166.229 Td /F1 12.0 Tf [(scales, and keeping an eye on strategic undertakings. The authors identified two groups who put money into )] TJ ET BT 34.016 151.973 Td /F1 12.0 Tf [(joint-stock companies. One group viewed successful, joint-stock ventures as a way to benefit their )] TJ ET BT 34.016 137.717 Td /F1 12.0 Tf [(communities and were very likely to participate in company affairs, while a )] TJ ET BT 400.280 137.717 Td /F2 12.0 Tf [(financial)] TJ ET BT 442.952 137.717 Td /F1 12.0 Tf [( group sought )] TJ ET BT 34.016 123.461 Td /F1 12.0 Tf [(dividends and sometimes speculated in shares. The second group showed scant interest in running a )] TJ ET BT 34.016 109.205 Td /F1 12.0 Tf [(company as long as they received a return on shares, but if profits fell they were willing to intervene. FPT )] TJ ET BT 34.016 94.949 Td /F1 12.0 Tf [(found that over time many shareholders jettisoned their responsibilities, such as promotion, escaped various )] TJ ET BT 34.016 80.693 Td /F1 12.0 Tf [(financial liabilities and restrictions associated with investment, and devoted themselves to protecting their )] TJ ET BT 34.016 66.437 Td /F1 12.0 Tf [(financial positions.)] TJ ET endstream endobj 53 0 obj [51 0 R /Fit] endobj 54 0 obj << /Type /Annot /Subtype /Link /A 55 0 R /Border [0 0 0] /H /I /Rect [ 288.6557 766.8775 308.6477 778.7575 ] >> endobj 55 0 obj << /Type /Action >> endobj 56 0 obj << /Type /Page /Parent 3 0 R /Annots [ 59 0 R ] /Contents 57 0 R >> endobj 57 0 obj << /Length 6436 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 784.469 Td /F1 12.0 Tf [(A major shareholder obligation was paying calls or instalments on subscribed shares, a seemingly )] TJ ET BT 34.016 770.213 Td /F1 12.0 Tf [(straightforward responsibility but in practice extremely contentious and litigious. Some subscribers evaded )] TJ ET BT 34.016 755.957 Td /F1 12.0 Tf [(payments because of straitened financial circumstances, or they had lost faith in a company?s viability. )] TJ ET BT 34.016 741.701 Td /F1 12.0 Tf [(Some companies levied fines on recalcitrant shareholders who had defaulted on their obligations. Between )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(1790 and 1840 English courts intervened in cases of shareholder resistance and upheld call provisions in )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(company constitutions or deeds of settlement. Forfeitures prompted bank and insurance directors to )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(scrutinize the character of their shareholders, reassuring depositors and policy owners that risk management )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(was in place to screen out speculators.)] TJ ET BT 34.016 658.421 Td /F1 12.0 Tf [(There was, however, an expanding middle ground in the first half of the 19th century among investors. As )] TJ ET BT 34.016 644.165 Td /F1 12.0 Tf [(time passed directors who initially viewed some people as speculators came to see them as passive, ?easily )] TJ ET BT 34.016 629.909 Td /F1 12.0 Tf [(managed? investors who were satisfied with reasonable returns on capital. They were Adam Smith?s rational )] TJ ET BT 34.016 615.653 Td /F1 12.0 Tf [(decision makers, not plungers or wreckers who would bet on the weather if it suited them, acting as self-)] TJ ET BT 34.016 601.397 Td /F1 12.0 Tf [(interested, risk perceivers seeking maximum satisfaction. By relaxing company duties to accommodate these )] TJ ET BT 34.016 587.141 Td /F1 12.0 Tf [(?steady investors? the balance between shareholder responsibilities and rights tipped between 1750 and 1840 )] TJ ET BT 34.016 572.885 Td /F1 12.0 Tf [(on the side of the latter \(p. 120\). As shareholders defended their financial rewards, they conceded control to )] TJ ET BT 34.016 558.629 Td /F1 12.0 Tf [(directors and managers. Companies shifted the power to declare dividends from the GM to directors, who )] TJ ET BT 34.016 544.373 Td /F1 12.0 Tf [(claimed they could best manage the company in the interests of its owners. In this way shareholders became )] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(accomplices in surrendering their rights.)] TJ ET BT 34.016 503.861 Td /F1 12.0 Tf [(In 18th-century joint-stock companies the GM had a broad range of powers even if it was not expected to )] TJ ET BT 34.016 489.605 Td /F1 12.0 Tf [(exercise them regularly. But how companies operated could differ considerably from constitutional )] TJ ET BT 34.016 475.349 Td /F1 12.0 Tf [(stipulations. This could be seen in the role of shareholders in choosing directors. In all of the joint-stock )] TJ ET BT 34.016 461.093 Td /F1 12.0 Tf [(companies included in FPT?s database shareholders had the constitutional responsibility to elect directors. )] TJ ET BT 34.016 446.837 Td /F1 12.0 Tf [(Some companies elected permanent directors but also chose temporary directors annually or by rotation. In )] TJ ET BT 34.016 432.581 Td /F1 12.0 Tf [(eight unincorporated firms shareholders chose several directors, and board members appointed the rest. This )] TJ ET BT 34.016 418.325 Td /F1 12.0 Tf [(gradual movement of power away from shareholders also surfaced in dismissing directors, filling board )] TJ ET BT 34.016 404.069 Td /F1 12.0 Tf [(vacancies, and hiring and terminating salaried managers. FPT conclude that by 1840 the GM, once the main )] TJ ET BT 34.016 389.813 Td /F1 12.0 Tf [(source of power, had accepted a circumscribed role in a ?system of checks and balances?. In this )] TJ ET BT 34.016 375.557 Td /F1 12.0 Tf [(?reconceptualization of joint-stock politics? the GM watched over the board of directors, who in turn had )] TJ ET BT 34.016 361.301 Td /F1 12.0 Tf [(oversight of management and exercised powers not specifically delegated to the GM \(p. 137\). Directors )] TJ ET BT 34.016 347.045 Td /F1 12.0 Tf [(anticipated that under this system shareholders would not actively intervene in company affairs, but instead )] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [(could guard their financial stake through the evolving risk management tool of auditing.)] TJ ET 0.000 0.000 0.800 rg BT 456.968 332.789 Td /F1 12.0 Tf [(\(13\))] TJ ET 0.24 w 0 J [ ] 0 d 456.968 331.395 m 476.960 331.395 l S 0.000 0.000 0.000 rg BT 34.016 306.533 Td /F1 12.0 Tf [(The last third of )] TJ ET BT 114.008 306.533 Td /F2 12.0 Tf [(Shareholder Democracies?)] TJ ET BT 245.648 306.533 Td /F1 12.0 Tf [( examines policies and procedures that discouraged shareholder )] TJ ET BT 34.016 292.277 Td /F1 12.0 Tf [(activism and diminished the role of the GM, as corporate governance focused increasingly on financial )] TJ ET BT 34.016 278.021 Td /F1 12.0 Tf [(rewards for investors who were content to let managers look after their interests. Company directors )] TJ ET BT 34.016 263.765 Td /F1 12.0 Tf [(narrowed the scope of the shareholder franchise by limiting or ending the voting rights of small )] TJ ET BT 34.016 249.509 Td /F1 12.0 Tf [(shareholders, while leaving untouched the voting privileges of large shareholders. Large companies lead the )] TJ ET BT 34.016 235.253 Td /F1 12.0 Tf [(way in these changes. Some directors manipulated ballot voting on company issues and directorate staffing )] TJ ET BT 34.016 220.997 Td /F1 12.0 Tf [(to favor private rather than open voting. They also awarded ballots to those who held a majority of stock )] TJ ET BT 34.016 206.741 Td /F1 12.0 Tf [(rather than to a majority of individual shareholders, controlling the ?potentially subversive influence of )] TJ ET BT 34.016 192.485 Td /F1 12.0 Tf [(group dynamics in GMs? \(p. 158\). Some directors acquired proxy votes from sympathetic shareholders to )] TJ ET BT 34.016 178.229 Td /F1 12.0 Tf [(impose directorate decisions on their opponents. Finally, directors might stipulate that a GM could be called )] TJ ET BT 34.016 163.973 Td /F1 12.0 Tf [(only if those who owned more than 10 per cent of outstanding shares requested it.)] TJ ET endstream endobj 58 0 obj [56 0 R /Fit] endobj 59 0 obj << /Type /Annot /Subtype /Link /A 60 0 R /Border [0 0 0] /H /I /Rect [ 456.9677 331.7095 476.9597 343.5895 ] >> endobj 60 0 obj << /Type /Action >> endobj 61 0 obj << /Type /Page /Parent 3 0 R /Annots [ 64 0 R 67 0 R 70 0 R ] /Contents 62 0 R >> endobj 62 0 obj << /Length 5443 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 784.469 Td /F1 12.0 Tf [(Diminution of investor participation in company decisions complemented protecting the financial interests )] TJ ET BT 34.016 770.213 Td /F1 12.0 Tf [(of passive shareholders. Pushing shareholders who wanted to take part in company affairs to the margins )] TJ ET BT 34.016 755.957 Td /F1 12.0 Tf [(purportedly shielded directors and managers from divisive, internal politics, reassuring investors in search of )] TJ ET BT 34.016 741.701 Td /F1 12.0 Tf [(dividends that prudent policies would reduce their vulnerability to loss and prop up the value of their shares )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(in secondary markets. As the number of investors in quest of maximum utility grew, questions about their )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(liability arising from financial mistakes moved to the forefront. Calculating possible capital depletion was )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(one way to reduce uncertainty, a fundamental element ?in all aspects? of risk assessment.)] TJ ET 0.000 0.000 0.800 rg BT 462.920 698.933 Td /F1 12.0 Tf [(\(14\))] TJ ET 0.24 w 0 J [ ] 0 d 462.920 697.539 m 482.912 697.539 l S 0.000 0.000 0.000 rg BT 34.016 672.677 Td /F1 12.0 Tf [(In the 18th century incorporating acts rarely contained limited-liability provisions, because many people )] TJ ET BT 34.016 658.421 Td /F1 12.0 Tf [(assumed that limited liability was intrinsic to a corporation?s legal existence. After 1800 company promoters )] TJ ET BT 34.016 644.165 Td /F1 12.0 Tf [(underscored the protection incorporation provided shareholders, even though the nature of this )] TJ ET BT 34.016 629.909 Td /F1 12.0 Tf [(indemnification was unclear. By the 1840s limited-liability clauses were universal, although shareholders )] TJ ET BT 34.016 615.653 Td /F1 12.0 Tf [(could still be responsible for company costs and be defendants in creditor lawsuits. In the case of shipping )] TJ ET BT 34.016 601.397 Td /F1 12.0 Tf [(the proprietors of a vessel were liable for its value, but fractional investors as tenants-in-common were only )] TJ ET BT 34.016 587.141 Td /F1 12.0 Tf [(liable for ship costs \(not trading losses\) in proportion to shares bought.)] TJ ET 0.000 0.000 0.800 rg BT 373.328 587.141 Td /F1 12.0 Tf [(\(15\))] TJ ET 0.24 w 0 J [ ] 0 d 373.328 585.747 m 393.320 585.747 l S 0.000 0.000 0.000 rg BT 34.016 560.885 Td /F1 12.0 Tf [(In contrast unincorporated companies could not offer limited-liability safeguards. While many companies )] TJ ET BT 34.016 546.629 Td /F1 12.0 Tf [(indemnified directors, shareholders were liable for losses due to mismanagement. Strategies to limit )] TJ ET BT 34.016 532.373 Td /F1 12.0 Tf [(shareholder liability elicited charges that such policies fostered reckless and unethical behaviour. Insurance )] TJ ET BT 34.016 518.117 Td /F1 12.0 Tf [(companies inserted clauses in their deeds of settlement that limited shareholder liability to the ?unpaid )] TJ ET BT 34.016 503.861 Td /F1 12.0 Tf [(portion of their shares? \(p. 192\). They also drafted contracts of indemnification that held the shareholders )] TJ ET BT 34.016 489.605 Td /F1 12.0 Tf [(blameless for company losses beyond their individual capital stock. Banking companies provided in their )] TJ ET BT 34.016 475.349 Td /F1 12.0 Tf [(constitutions that shareholders were liable in common for actions from third party debtors but only to the )] TJ ET BT 34.016 461.093 Td /F1 12.0 Tf [(extent of their individual stock purchases. In many unincorporated companies people commonly purchased )] TJ ET BT 34.016 446.837 Td /F1 12.0 Tf [(shares by subscription but were held liable for the full value even if the subscription was not paid up. )] TJ ET BT 34.016 432.581 Td /F1 12.0 Tf [(Further, if investors sold their shares, they transferred ownership but not liability, making the sellers )] TJ ET BT 34.016 418.325 Td /F1 12.0 Tf [(responsible for company losses during the time period in which they held the shares. FPT note that before )] TJ ET BT 34.016 404.069 Td /F1 12.0 Tf [(1844 the most effective way to control shareholder liabilities in unincorporated joint-stock companies was )] TJ ET BT 34.016 389.813 Td /F1 12.0 Tf [(dissolution, which could be exercised in normal and extraordinary circumstances \(heavy losses\). Many joint-)] TJ ET BT 34.016 375.557 Td /F1 12.0 Tf [(stock companies had a risk-management tool in their constitutions now known as stop-loss provisions, )] TJ ET BT 34.016 361.301 Td /F1 12.0 Tf [(which provided that when losses reached a specified level the company could be dissolved.)] TJ ET 0.000 0.000 0.800 rg BT 471.932 361.301 Td /F1 12.0 Tf [(\(16\))] TJ ET 0.24 w 0 J [ ] 0 d 471.932 359.907 m 491.924 359.907 l S 0.000 0.000 0.000 rg BT 491.924 361.301 Td /F1 12.0 Tf [( It was )] TJ ET BT 34.016 347.045 Td /F1 12.0 Tf [(believed in the 1840s that unlimited liability improved company performance because large shareholders )] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [(would diligently safeguard their interests; however, FPT point out that shareholders in unincorporated )] TJ ET BT 34.016 318.533 Td /F1 12.0 Tf [(companies were often denied access to company accounts and lacked understanding of their rights, allowing )] TJ ET BT 34.016 304.277 Td /F1 12.0 Tf [(fraud, mismanagement and incompetence to go undetected.)] TJ ET endstream endobj 63 0 obj [61 0 R /Fit] endobj 64 0 obj << /Type /Annot /Subtype /Link /A 65 0 R /Border [0 0 0] /H /I /Rect [ 462.9197 697.8535 482.9117 709.7335 ] >> endobj 65 0 obj << /Type /Action >> endobj 66 0 obj [61 0 R /Fit] endobj 67 0 obj << /Type /Annot /Subtype /Link /A 68 0 R /Border [0 0 0] /H /I /Rect [ 373.3277 586.0615 393.3197 597.9415 ] >> endobj 68 0 obj << /Type /Action >> endobj 69 0 obj [61 0 R /Fit] endobj 70 0 obj << /Type /Annot /Subtype /Link /A 71 0 R /Border [0 0 0] /H /I /Rect [ 471.9317 360.2215 491.9237 372.1015 ] >> endobj 71 0 obj << /Type /Action >> endobj 72 0 obj << /Type /Page /Parent 3 0 R /Contents 73 0 R >> endobj 73 0 obj << /Length 7267 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 784.469 Td /F1 12.0 Tf [(Liberal political theory prized publicity and equated secrecy with corruption ? ideals that could put to rights )] TJ ET BT 34.016 770.213 Td /F1 12.0 Tf [(managerial malfeasance ? convictions quite apparent in criticisms of the Bank of England and the East India )] TJ ET BT 34.016 755.957 Td /F1 12.0 Tf [(Company from 1690 to 1800. The Companies Clauses Consolidation Acts of 1845 required shareholder )] TJ ET BT 34.016 741.701 Td /F1 12.0 Tf [(access to company registers, and standard clauses in incorporating acts of canals, bridge and harbor )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(companies granted shareholders access to loan registers. From 1720 to 1844 there was a gradual decline in )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(GM access to account books which was a major barometer of investor ?oversight and participation? \(p. 221\). )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(Directors increasingly submitted to shareholders summaries of company performance or balance sheets )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(based on inspection committee reports or audits. In this way shareholders accepted professional )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(intermediaries such as accountants for reassurance that company affairs were in order. Instead of business )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(concerns acting as small republics characterized by ?participatory politics? they became organizations )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(overseen by unaccountable professionals \(238?9\). FPT conclude that despite a great range of constitutional )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(provisions in joint-stock companies there was a gradual realignment of corporate governance from 1720 to )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(1844. Early on the GM held central authority in company affairs, but this eventually gave way to powerful )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(directorates. Shareholder participation went down, and the role of the GM in appointing paid officers or )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(filling board vacancies declined. Shareholders with insignificant holdings saw their rights to participate in )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(company affairs gradually disappear, finally ending in exclusion from the shareholder franchise in many )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(small companies.)] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(FPT note that from 1720 to 1830 shareholders in incorporated companies enjoyed a greater measure of direct )] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(participation in company matters than did their counterparts in unincorporated companies. However, after )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(1830 shareholder participation in both types of companies reached historically low levels. FPT attribute this )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(to several factors, the first being a ?changing political culture? in which elites from 1790 to 1840 worked to )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(contain a populace unsettled by industrialization, urbanization and political radicalism. To accomplish this )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(elites minimized or eliminated the voting privileges of those who had ?little or no property? \(p. 244\), and )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(nullified or abolished public venues for political expression from the national to the local level. Second, )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(there was a decline by the 1830s of networks of urban elites who raised capital among themselves and dealt )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(with their peers face-to-face in an atmosphere of trust and concern for public interests. This coincided with )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(the rise of investors who were mainly interested in a company?s financial health, which made it difficult to )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(perpetuate the 18th-century model of active shareholder participation. Third, the average size of joint-stock )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(companies increased in the 19th century, making shareholders a dispersed and anonymous clientele that )] TJ ET BT 34.016 359.045 Td /F1 12.0 Tf [(called for constitutional innovations to reduce the power of the GM. This might involve long directorate )] TJ ET BT 34.016 344.789 Td /F1 12.0 Tf [(tenure, screening out small shareholders from company boards, or using subcommittees or paid managers to )] TJ ET BT 34.016 330.533 Td /F1 12.0 Tf [(blur lines of accountability. And, as happened in local government, large companies turned to intermediaries )] TJ ET BT 34.016 316.277 Td /F1 12.0 Tf [(to keep shareholders at arm?s length from directors and paid managers.)] TJ ET BT 34.016 290.021 Td /F1 12.0 Tf [(FPT also argue that post-1844 developments ran contrary to mounting democratic pressures, which was the )] TJ ET BT 34.016 275.765 Td /F1 12.0 Tf [(opposite of the 1720?1844 period when both company governance and politics in local and national settings )] TJ ET BT 34.016 261.509 Td /F1 12.0 Tf [(followed similar trajectories. Public and company policies after 1850 moved governance away from the )] TJ ET BT 34.016 247.253 Td /F1 12.0 Tf [(public, political arena to a private, regulatory system that discouraged public meetings, discussions and )] TJ ET BT 34.016 232.997 Td /F1 12.0 Tf [(inclusive participation in decision making. It represented a departure from the ?associational civic culture of )] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(early modern Britain? to a world of ?private entities? without shareholder interference in corporate affairs \(p. )] TJ ET BT 34.016 204.485 Td /F1 12.0 Tf [(253\). Companies existed by 1900 to make profits for investors but not to address the needs of local )] TJ ET BT 34.016 190.229 Td /F1 12.0 Tf [(communities. FTP point out that separating commerce from community obligations ironically brought more )] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(pressure to bear on the State to regulate entities that could harm the public through a blind obsession with )] TJ ET BT 34.016 161.717 Td /F1 12.0 Tf [(profit.)] TJ ET BT 34.016 135.461 Td /F2 12.0 Tf [(Shareholder Democracies?)] TJ ET BT 165.656 135.461 Td /F1 12.0 Tf [( rests upon an impressive empirical foundation enriched by the authors? )] TJ ET BT 34.016 121.205 Td /F1 12.0 Tf [(extensive acquaintance with business historiography. Through explication of many nuances and fine )] TJ ET BT 34.016 106.949 Td /F1 12.0 Tf [(distinctions of company policies and practices across Ireland, Scotland and Britain, FPT address )] TJ ET BT 34.016 92.693 Td /F1 12.0 Tf [(fundamental issues of internal distribution of power in companies, in particular the practical, bureaucratic )] TJ ET BT 34.016 78.437 Td /F1 12.0 Tf [(and legal divergence of managerial control from shareholder rights especially evident in large companies. )] TJ ET BT 34.016 64.181 Td /F1 12.0 Tf [(While the scope and purpose of the book do not allow for investigating the role personal leadership, labor )] TJ ET endstream endobj 74 0 obj << /Type /Page /Parent 3 0 R /Annots [ 77 0 R 80 0 R 82 0 R 84 0 R 86 0 R 88 0 R 90 0 R 92 0 R 94 0 R 96 0 R 98 0 R 100 0 R 102 0 R 104 0 R 106 0 R ] /Contents 75 0 R >> endobj 75 0 obj << /Length 10746 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(markets, or technology played in shaping corporate governance, FPT clearly demonstrate that the )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(intersection of law, political trends and risk with corporate governance up to 1844 constituted an important )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(chapter in the history of human association.)] TJ ET 0.000 0.000 0.800 rg BT 243.656 767.957 Td /F1 12.0 Tf [(\(17\))] TJ ET 0.24 w 0 J [ ] 0 d 243.656 766.563 m 263.648 766.563 l S 0.000 0.000 0.000 rg BT 263.648 767.957 Td /F1 12.0 Tf [( The book is also a timely investigation of issues relevant to )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(contemporary battles over corporate regulation and risk management, shareholder rights and government )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(oversight.)] TJ ET 0.000 0.000 0.800 rg BT 81.680 739.445 Td /F1 12.0 Tf [(\(18\))] TJ ET 0.24 w 0 J [ ] 0 d 81.680 738.051 m 101.672 738.051 l S 0.000 0.000 0.000 rg BT 104.672 739.445 Td /F2 12.0 Tf [(Shareholder Democracies?)] TJ ET BT 236.312 739.445 Td /F1 12.0 Tf [( describes not only the evolution of corporate governance from )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(1720 to 1844, but also its convergence with broad social and cultural developments. In their examination of )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(managerial-shareholder conflicts in the 1720?1844 period FPT supply what many modern studies of )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(financial hazards, risk management, community or company resilience and vulnerability often lack: an )] TJ ET BT 34.016 682.421 Td /F1 12.0 Tf [(understanding of these concepts and procedures in a broad historical context, general equilibrium and )] TJ ET BT 34.016 668.165 Td /F1 12.0 Tf [(rational expectation paradigms, Gaussian distributions and black swans notwithstanding.)] TJ ET BT 34.016 633.267 Td /F3 18.0 Tf [(Notes)] TJ ET BT 48.816 602.650 Td /F1 12.0 Tf [(1.)] TJ ET BT 64.016 602.645 Td /F1 12.0 Tf [(On energy conversion see Gonzague Pillet, ?External effects as a badge between environmental and )] TJ ET BT 64.016 588.389 Td /F1 12.0 Tf [(ecological economics?, in )] TJ ET BT 191.324 588.389 Td /F2 12.0 Tf [(Human Ecology: Fragments of Anti-Fragmentary Views of the World)] TJ ET BT 525.296 588.389 Td /F1 12.0 Tf [(, eds. )] TJ ET BT 64.016 574.133 Td /F1 12.0 Tf [(Dieter Steiner and Markus Nauser \(1993\), p. 163; citing Robert U. Ayres? important book, )] TJ ET BT 64.016 559.877 Td /F2 12.0 Tf [(Resources, Environment and Economics)] TJ ET BT 257.984 559.877 Td /F1 12.0 Tf [( \(1978\).)] TJ ET 0.000 0.000 0.800 rg BT 295.976 559.877 Td /F1 12.0 Tf [(Back to \(1\))] TJ ET 0.24 w 0 J [ ] 0 d 295.976 558.483 m 349.964 558.483 l S 0.000 0.000 0.000 rg BT 48.816 545.626 Td /F1 12.0 Tf [(2.)] TJ ET BT 64.016 545.621 Td /F1 12.0 Tf [(Maxine Berg and Pat Hudson, ?Rehabilitating the industrial revolution?, )] TJ ET BT 414.992 545.621 Td /F2 12.0 Tf [(Economic History Review)] TJ ET BT 539.636 545.621 Td /F1 12.0 Tf [(, )] TJ ET BT 64.016 531.365 Td /F1 12.0 Tf [(45, 1 \(February 1992\), 30?2.)] TJ ET 0.000 0.000 0.800 rg BT 201.656 531.365 Td /F1 12.0 Tf [(Back to \(2\))] TJ ET 0.24 w 0 J [ ] 0 d 201.656 529.971 m 255.644 529.971 l S 0.000 0.000 0.000 rg BT 48.816 517.114 Td /F1 12.0 Tf [(3.)] TJ ET BT 64.016 517.109 Td /F1 12.0 Tf [(On trust in human collaborations in the face of the risk of receiving false information and colleague )] TJ ET BT 64.016 502.853 Td /F1 12.0 Tf [(betrayal \(moral hazards\), see David Sunderland, )] TJ ET BT 298.616 502.853 Td /F2 12.0 Tf [(Social Capital, Trust and the Industrial Revolution, )] TJ ET BT 64.016 488.597 Td /F2 12.0 Tf [(1780?1880)] TJ ET BT 118.016 488.597 Td /F1 12.0 Tf [( \(2007\), pp. 1?2.)] TJ ET 0.000 0.000 0.800 rg BT 197.336 488.597 Td /F1 12.0 Tf [(Back to \(3\))] TJ ET 0.24 w 0 J [ ] 0 d 197.336 487.203 m 251.324 487.203 l S 0.000 0.000 0.000 rg BT 48.816 474.346 Td /F1 12.0 Tf [(4.)] TJ ET BT 64.016 474.341 Td /F1 12.0 Tf [(On the causes of the financial crisis in the UK see Iain MacNeil, ?The trajectory of regulatory reform )] TJ ET BT 64.016 460.085 Td /F1 12.0 Tf [(in the UK in the wake of the financial crisis?, )] TJ ET BT 284.972 460.085 Td /F2 12.0 Tf [(European Business Organization Law Review)] TJ ET BT 505.640 460.085 Td /F1 12.0 Tf [(, 11, 4 )] TJ ET BT 64.016 445.829 Td /F1 12.0 Tf [(\(2010\), 485?7.)] TJ ET 0.000 0.000 0.800 rg BT 134.336 445.829 Td /F1 12.0 Tf [(Back to \(4\))] TJ ET 0.24 w 0 J [ ] 0 d 134.336 444.435 m 188.324 444.435 l S 0.000 0.000 0.000 rg BT 48.816 431.578 Td /F1 12.0 Tf [(5.)] TJ ET BT 64.016 431.573 Td /F1 12.0 Tf [(Joseph E. Stiglitz, )] TJ ET BT 153.692 431.573 Td /F2 12.0 Tf [(Free Fall. America, Free Markets, and the Sinking of the World Economy)] TJ ET BT 508.304 431.573 Td /F1 12.0 Tf [( \(2010\), )] TJ ET BT 64.016 417.317 Td /F1 12.0 Tf [(p. xvii.)] TJ ET 0.000 0.000 0.800 rg BT 97.688 417.317 Td /F1 12.0 Tf [(Back to \(5\))] TJ ET 0.24 w 0 J [ ] 0 d 97.688 415.923 m 151.676 415.923 l S 0.000 0.000 0.000 rg BT 48.816 403.066 Td /F1 12.0 Tf [(6.)] TJ ET BT 64.016 403.061 Td /F1 12.0 Tf [(See for example Raghuram G. Rajan, )] TJ ET BT 246.644 403.061 Td /F2 12.0 Tf [(Fault Lines. How Hidden Fractures Still Threaten the World )] TJ ET BT 64.016 388.805 Td /F2 12.0 Tf [(Economy)] TJ ET BT 108.668 388.805 Td /F1 12.0 Tf [( \(2010\); Philip Coggan, )] TJ ET BT 225.008 388.805 Td /F2 12.0 Tf [(Paper Promises. Debt, Money, and The New World Order)] TJ ET BT 504.644 388.805 Td /F1 12.0 Tf [( \(2012\); )] TJ ET BT 64.016 374.549 Td /F1 12.0 Tf [(and Gary B. Gorton, )] TJ ET BT 165.332 374.549 Td /F2 12.0 Tf [(Misunderstanding Financial Crises. Why We Don?t See Them Coming)] TJ ET BT 504.980 374.549 Td /F1 12.0 Tf [( \(2012\).)] TJ ET 0.000 0.000 0.800 rg BT 64.016 360.293 Td /F1 12.0 Tf [(Back to \(6\))] TJ ET 0.24 w 0 J [ ] 0 d 64.016 358.899 m 118.004 358.899 l S 0.000 0.000 0.000 rg BT 48.816 346.042 Td /F1 12.0 Tf [(7.)] TJ ET BT 64.016 346.037 Td /F1 12.0 Tf [(To be included a venture had to have ?thirteen or more partners and transferable shares? \(p. 2\). See C. )] TJ ET BT 64.016 331.781 Td /F1 12.0 Tf [(W. Munn, ?Scottish provincial banking companies: an assessment,? )] TJ ET BT 392.984 331.781 Td /F2 12.0 Tf [(Business History)] TJ ET BT 473.984 331.781 Td /F1 12.0 Tf [(, 23, 1 \(March )] TJ ET BT 64.016 317.525 Td /F1 12.0 Tf [(1981\), 20?1.)] TJ ET 0.000 0.000 0.800 rg BT 124.340 317.525 Td /F1 12.0 Tf [(Back to \(7\))] TJ ET 0.24 w 0 J [ ] 0 d 124.340 316.131 m 178.328 316.131 l S 0.000 0.000 0.000 rg BT 48.816 303.274 Td /F1 12.0 Tf [(8.)] TJ ET BT 64.016 303.269 Td /F1 12.0 Tf [(On the importance of voluntary associations in the 18th century, see Peter Clark, )] TJ ET BT 454.292 303.269 Td /F2 12.0 Tf [(British Clubs and )] TJ ET BT 64.016 289.013 Td /F2 12.0 Tf [(Societies 1580?1800. The Origins of an Associational World)] TJ ET BT 356.024 289.013 Td /F1 12.0 Tf [( \(2000\), pp. 1?13, 60?140.)] TJ ET 0.000 0.000 0.800 rg BT 482.672 289.013 Td /F1 12.0 Tf [(Back to \(8\))] TJ ET 0.24 w 0 J [ ] 0 d 482.672 287.619 m 536.660 287.619 l S 0.000 0.000 0.000 rg BT 48.816 274.762 Td /F1 12.0 Tf [(9.)] TJ ET BT 64.016 274.757 Td /F1 12.0 Tf [(For a study of shareholders in the 1870?1930 period, noting similar previous studies, see Janette )] TJ ET BT 64.016 260.501 Td /F1 12.0 Tf [(Rutterford, Josephine Maltby, David R. Green and Alastair Owens, ?Researching shareholding and )] TJ ET BT 64.016 246.245 Td /F1 12.0 Tf [(investment in England and Wales: approaches, sources and methods,? )] TJ ET BT 402.956 246.245 Td /F2 12.0 Tf [(Accounting History)] TJ ET BT 496.616 246.245 Td /F1 12.0 Tf [(, 14, 3 )] TJ ET BT 64.016 231.989 Td /F1 12.0 Tf [(\(2009\), 269?92.)] TJ ET 0.000 0.000 0.800 rg BT 140.336 231.989 Td /F1 12.0 Tf [(Back to \(9\))] TJ ET 0.24 w 0 J [ ] 0 d 140.336 230.595 m 194.324 230.595 l S 0.000 0.000 0.000 rg BT 42.816 217.738 Td /F1 12.0 Tf [(10.)] TJ ET BT 64.016 217.733 Td /F1 12.0 Tf [(That is, from the Bubble Act \(1720\) to the Joint Stock Companies Act \(1844\).)] TJ ET 0.000 0.000 0.800 rg BT 438.992 217.733 Td /F1 12.0 Tf [(Back to \(10\))] TJ ET 0.24 w 0 J [ ] 0 d 438.992 216.339 m 498.980 216.339 l S 0.000 0.000 0.000 rg BT 42.816 203.482 Td /F1 12.0 Tf [(11.)] TJ ET BT 64.016 203.477 Td /F1 12.0 Tf [(On the role transferable shares played in distinguishing a traditional partnership ? built around a )] TJ ET BT 64.016 189.221 Td /F1 12.0 Tf [(?relatively small group of specific people? ? from a corporation which was a ?business association? )] TJ ET BT 64.016 174.965 Td /F1 12.0 Tf [(formed about a ?capital fund? made up of ?freely transferable shares,? see Paddy Ireland, ?Limited )] TJ ET BT 64.016 160.709 Td /F1 12.0 Tf [(liability, shareholder rights and the problem of corporate irresponsibility?, )] TJ ET BT 422.972 160.709 Td /F2 12.0 Tf [(Cambridge Journal of )] TJ ET BT 64.016 146.453 Td /F2 12.0 Tf [(Economics)] TJ ET BT 116.672 146.453 Td /F1 12.0 Tf [(, 34, 5 \(November 2010\), 838.)] TJ ET 0.000 0.000 0.800 rg BT 262.316 146.453 Td /F1 12.0 Tf [(Back to \(11\))] TJ ET 0.24 w 0 J [ ] 0 d 262.316 145.059 m 322.304 145.059 l S 0.000 0.000 0.000 rg BT 42.816 132.202 Td /F1 12.0 Tf [(12.)] TJ ET BT 64.016 132.197 Td /F1 12.0 Tf [(On hesitation about investing in a joint-stock bank with a ?low-wealth? shareholding constituency, see )] TJ ET BT 64.016 117.941 Td /F1 12.0 Tf [(Charles R. Hickson and John D. Turner, ?The genesis of corporate governance: nineteenth-century )] TJ ET BT 64.016 103.685 Td /F1 12.0 Tf [(Irish joint-stock banks?, )] TJ ET BT 182.672 103.685 Td /F2 12.0 Tf [(Business History)] TJ ET BT 263.672 103.685 Td /F1 12.0 Tf [(, 47, 2 \(April 2005\), 177.)] TJ ET 0.000 0.000 0.800 rg BT 383.996 103.685 Td /F1 12.0 Tf [(Back to \(12\))] TJ ET 0.24 w 0 J [ ] 0 d 383.996 102.291 m 443.984 102.291 l S 0.000 0.000 0.000 rg BT 42.816 89.434 Td /F1 12.0 Tf [(13.)] TJ ET BT 64.016 89.429 Td /F1 12.0 Tf [(For the role of accounting in company-fraud investigations see Sam McKinstry, Kirsten Wallace and )] TJ ET BT 64.016 75.173 Td /F1 12.0 Tf [(A. Iain Fleming, ?Making a cast-iron case: accountants and the Carron lawsuits of the 1850s and )] TJ ET BT 64.016 60.917 Td /F1 12.0 Tf [(1860s?, )] TJ ET BT 104.012 60.917 Td /F2 12.0 Tf [(Accounting History)] TJ ET BT 197.672 60.917 Td /F1 12.0 Tf [(, 7, 2 \(November 2002\), 35?57.)] TJ ET 0.000 0.000 0.800 rg BT 348.644 60.917 Td /F1 12.0 Tf [(Back to \(13\))] TJ ET 0.24 w 0 J [ ] 0 d 348.644 59.523 m 408.632 59.523 l S endstream endobj 76 0 obj [74 0 R /Fit] endobj 77 0 obj << /Type /Annot /Subtype /Link /A 78 0 R /Border [0 0 0] /H /I /Rect [ 243.6557 766.8775 263.6477 778.7575 ] >> endobj 78 0 obj << /Type /Action >> endobj 79 0 obj [74 0 R /Fit] endobj 80 0 obj << /Type /Annot /Subtype /Link /A 81 0 R /Border [0 0 0] /H /I /Rect [ 81.6797 738.3655 101.6717 750.2455 ] >> endobj 81 0 obj << /Type /Action >> endobj 82 0 obj << /Type /Annot /Subtype /Link /A 83 0 R /Border [0 0 0] /H /I /Rect [ 295.9757 558.7975 349.9637 570.6775 ] >> endobj 83 0 obj << /Type /Action /S /GoTo /D 14 0 R >> endobj 84 0 obj << /Type /Annot /Subtype /Link /A 85 0 R /Border [0 0 0] /H /I /Rect [ 201.6557 530.2855 255.6437 542.1655 ] >> endobj 85 0 obj << /Type /Action /S /GoTo /D 17 0 R >> endobj 86 0 obj << /Type /Annot /Subtype /Link /A 87 0 R /Border [0 0 0] /H /I /Rect [ 197.3357 487.5175 251.3237 499.3975 ] >> endobj 87 0 obj << /Type /Action /S /GoTo /D 20 0 R >> endobj 88 0 obj << /Type /Annot /Subtype /Link /A 89 0 R /Border [0 0 0] /H /I /Rect [ 134.3357 444.7495 188.3237 456.6295 ] >> endobj 89 0 obj << /Type /Action /S /GoTo /D 25 0 R >> endobj 90 0 obj << /Type /Annot /Subtype /Link /A 91 0 R /Border [0 0 0] /H /I /Rect [ 97.6877 416.2375 151.6757 428.1175 ] >> endobj 91 0 obj << /Type /Action /S /GoTo /D 28 0 R >> endobj 92 0 obj << /Type /Annot /Subtype /Link /A 93 0 R /Border [0 0 0] /H /I /Rect [ 64.0157 359.2135 118.0037 371.0935 ] >> endobj 93 0 obj << /Type /Action /S /GoTo /D 31 0 R >> endobj 94 0 obj << /Type /Annot /Subtype /Link /A 95 0 R /Border [0 0 0] /H /I /Rect [ 124.3397 316.4455 178.3277 328.3255 ] >> endobj 95 0 obj << /Type /Action /S /GoTo /D 34 0 R >> endobj 96 0 obj << /Type /Annot /Subtype /Link /A 97 0 R /Border [0 0 0] /H /I /Rect [ 482.6717 287.9335 536.6597 299.8135 ] >> endobj 97 0 obj << /Type /Action /S /GoTo /D 37 0 R >> endobj 98 0 obj << /Type /Annot /Subtype /Link /A 99 0 R /Border [0 0 0] /H /I /Rect [ 140.3357 230.9095 194.3237 242.7895 ] >> endobj 99 0 obj << /Type /Action /S /GoTo /D 40 0 R >> endobj 100 0 obj << /Type /Annot /Subtype /Link /A 101 0 R /Border [0 0 0] /H /I /Rect [ 438.9917 216.6535 498.9797 228.5335 ] >> endobj 101 0 obj << /Type /Action /S /GoTo /D 43 0 R >> endobj 102 0 obj << /Type /Annot /Subtype /Link /A 103 0 R /Border [0 0 0] /H /I /Rect [ 262.3157 145.3735 322.3037 157.2535 ] >> endobj 103 0 obj << /Type /Action /S /GoTo /D 48 0 R >> endobj 104 0 obj << /Type /Annot /Subtype /Link /A 105 0 R /Border [0 0 0] /H /I /Rect [ 383.9957 102.6055 443.9837 114.4855 ] >> endobj 105 0 obj << /Type /Action /S /GoTo /D 53 0 R >> endobj 106 0 obj << /Type /Annot /Subtype /Link /A 107 0 R /Border [0 0 0] /H /I /Rect [ 348.6437 59.8375 408.6317 71.7175 ] >> endobj 107 0 obj << /Type /Action /S /GoTo /D 58 0 R >> endobj 108 0 obj << /Type /Page /Parent 3 0 R /Annots [ 110 0 R 112 0 R 114 0 R 116 0 R 118 0 R 120 0 R 122 0 R 124 0 R ] /Contents 109 0 R >> endobj 109 0 obj << /Length 5303 >> stream 0.000 0.000 0.800 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 0.000 0.000 0.000 rg BT 42.816 796.474 Td /F1 12.0 Tf [(14.)] TJ ET BT 64.016 796.469 Td /F1 12.0 Tf [(Graham A. Tobin and Burrell E. Montz, )] TJ ET BT 259.988 796.469 Td /F2 12.0 Tf [(Natural Hazards. Explanation and Integration)] TJ ET BT 483.668 796.469 Td /F1 12.0 Tf [( \(1997\), pp. )] TJ ET BT 64.016 782.213 Td /F1 12.0 Tf [(287 \(quotation\), 288.)] TJ ET 0.000 0.000 0.800 rg BT 165.344 782.213 Td /F1 12.0 Tf [(Back to \(14\))] TJ ET 0.24 w 0 J [ ] 0 d 165.344 780.819 m 225.332 780.819 l S 0.000 0.000 0.000 rg BT 42.816 767.962 Td /F1 12.0 Tf [(15.)] TJ ET BT 64.016 767.957 Td /F1 12.0 Tf [(The Banking Copartnership Act \(1826\) imposed upon joint-stock banks a ?post-sale-extended liability )] TJ ET BT 64.016 753.701 Td /F1 12.0 Tf [(provision? which made former share owners liable for three years after disposing of their shares for )] TJ ET BT 64.016 739.445 Td /F1 12.0 Tf [(any debts current shareholders could not pay. See Charles R. Hickson and John D. Turner, )] TJ ET BT 64.016 725.189 Td /F1 12.0 Tf [(?Shareholder liability regimes in nineteenth-century English banking: The impact upon the market for )] TJ ET BT 64.016 710.933 Td /F1 12.0 Tf [(shares?, )] TJ ET BT 105.332 710.933 Td /F2 12.0 Tf [(European Review of Economic History)] TJ ET BT 292.640 710.933 Td /F1 12.0 Tf [(, 7, 1 \(April 2003\), 100.)] TJ ET 0.000 0.000 0.800 rg BT 406.964 710.933 Td /F1 12.0 Tf [(Back to \(15\))] TJ ET 0.24 w 0 J [ ] 0 d 406.964 709.539 m 466.952 709.539 l S 0.000 0.000 0.000 rg BT 42.816 696.682 Td /F1 12.0 Tf [(16.)] TJ ET BT 64.016 696.677 Td /F1 12.0 Tf [(For dissolving partnerships by ?judicial intervention? to avoid ?bringing ruin upon all concerned,? see )] TJ ET BT 64.016 682.421 Td /F1 12.0 Tf [(Francis William Clark, )] TJ ET BT 177.344 682.421 Td /F2 12.0 Tf [(A Treatise of the Law of Partnership and Joint-Stock Companies, According to )] TJ ET BT 64.016 668.165 Td /F2 12.0 Tf [(the Law of Scotland)] TJ ET BT 159.692 668.165 Td /F1 12.0 Tf [( \(1866\), II, p. 661 \(quotations\). Clark also noted that some copartnery instruments )] TJ ET BT 64.016 653.909 Td /F1 12.0 Tf [(provided that under ?certain conditions, such as a diminution of the capital below a fixed sum? or a )] TJ ET BT 64.016 639.653 Td /F1 12.0 Tf [(?certain amount of loss?, a majority of partners could ?)] TJ ET BT 328.628 639.653 Td /F2 12.0 Tf [(ipso facto)] TJ ET BT 375.632 639.653 Td /F1 12.0 Tf [(? dissolve the concern \(p. 662\).)] TJ ET 0.000 0.000 0.800 rg BT 525.932 639.653 Td /F1 12.0 Tf [(Back )] TJ ET 0.24 w 0 J [ ] 0 d 525.932 638.259 m 553.592 638.259 l S BT 64.016 625.397 Td /F1 12.0 Tf [(to \(16\))] TJ ET 0.24 w 0 J [ ] 0 d 64.016 624.003 m 96.344 624.003 l S 0.000 0.000 0.000 rg BT 42.816 611.146 Td /F1 12.0 Tf [(17.)] TJ ET BT 64.016 611.141 Td /F1 12.0 Tf [(On the relationship between technology and corporate-state governance, see Nick von Tunzelmann, )] TJ ET BT 64.016 596.885 Td /F1 12.0 Tf [(?Historical coevolution of governance and technology in the industrial revolutions,? )] TJ ET BT 470.960 596.885 Td /F2 12.0 Tf [(Structural )] TJ ET BT 64.016 582.629 Td /F2 12.0 Tf [(Change and Economic Dynamics)] TJ ET BT 224.324 582.629 Td /F1 12.0 Tf [(, 14, 4 \(December 2003\), 365?84.)] TJ ET 0.000 0.000 0.800 rg BT 385.952 582.629 Td /F1 12.0 Tf [(Back to \(17\))] TJ ET 0.24 w 0 J [ ] 0 d 385.952 581.235 m 445.940 581.235 l S 0.000 0.000 0.000 rg BT 42.816 568.378 Td /F1 12.0 Tf [(18.)] TJ ET BT 64.016 568.373 Td /F1 12.0 Tf [(On contemporary corporate-governance reforms and the role of company boards and managers in )] TJ ET BT 64.016 554.117 Td /F1 12.0 Tf [(mitigating risk, see Marc T. Moore, ?The evolving contours of the board?s risk management function )] TJ ET BT 64.016 539.861 Td /F1 12.0 Tf [(in UK corporate governance,? )] TJ ET BT 211.628 539.861 Td /F2 12.0 Tf [(Journal of Corporate Law Studies)] TJ ET BT 375.644 539.861 Td /F1 12.0 Tf [(, 10, part 2 \(October 2010\), 279?308.)] TJ ET 0.000 0.000 0.800 rg BT 64.016 525.605 Td /F1 12.0 Tf [(Back to \(18\))] TJ ET 0.24 w 0 J [ ] 0 d 64.016 524.211 m 124.004 524.211 l S 0.000 0.000 0.000 rg BT 34.016 499.349 Td /F1 12.0 Tf [()] TJ ET BT 34.016 473.093 Td /F3 12.0 Tf [(Other reviews:)] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(EH.net)] TJ ET 0.000 0.000 0.800 rg BT 34.016 444.581 Td /F1 12.0 Tf [(http://eh.net/book_reviews/shareholder-democracies-corporate-governance-britain-and-ireland-1850)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 443.187 m 516.212 443.187 l S 0.000 0.000 0.000 rg BT 519.212 444.581 Td /F1 12.0 Tf [([2])] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 439.855 526.499 1.500 re S BT 34.016 422.075 Td /F3 12.0 Tf [(Source URL:)] TJ ET 0.000 0.000 0.800 rg BT 104.672 422.075 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews/review/1364)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 104.672 420.681 m 328.316 420.681 l S 0.000 0.000 0.000 rg BT 34.016 395.704 Td /F3 12.0 Tf [(Links:)] TJ ET BT 34.016 381.304 Td /F1 12.0 Tf [([1] http://www.history.ac.uk/reviews/item/46159)] TJ ET BT 34.016 366.904 Td /F1 12.0 Tf [([2] http://eh.net/book_reviews/shareholder-democracies-corporate-governance-britain-and-ireland-1850)] TJ ET endstream endobj 110 0 obj << /Type /Annot /Subtype /Link /A 111 0 R /Border [0 0 0] /H /I /Rect [ 165.3437 781.1335 225.3317 793.0135 ] >> endobj 111 0 obj << /Type /Action /S /GoTo /D 63 0 R >> endobj 112 0 obj << /Type /Annot /Subtype /Link /A 113 0 R /Border [0 0 0] /H /I /Rect [ 406.9637 709.8535 466.9517 721.7335 ] >> endobj 113 0 obj << /Type /Action /S /GoTo /D 66 0 R >> endobj 114 0 obj << /Type /Annot /Subtype /Link /A 115 0 R /Border [0 0 0] /H /I /Rect [ 525.9317 638.5735 553.5917 650.4535 ] >> endobj 115 0 obj << /Type /Action /S /GoTo /D 69 0 R >> endobj 116 0 obj << /Type /Annot /Subtype /Link /A 117 0 R /Border [0 0 0] /H /I /Rect [ 64.0157 624.3175 96.3437 636.1975 ] >> endobj 117 0 obj << /Type /Action /S /GoTo /D 69 0 R >> endobj 118 0 obj << /Type /Annot /Subtype /Link /A 119 0 R /Border [0 0 0] /H /I /Rect [ 385.9517 581.5495 445.9397 593.4295 ] >> endobj 119 0 obj << /Type /Action /S /GoTo /D 76 0 R >> endobj 120 0 obj << /Type /Annot /Subtype /Link /A 121 0 R /Border [0 0 0] /H /I /Rect [ 64.0157 524.5255 124.0037 536.4055 ] >> endobj 121 0 obj << /Type /Action /S /GoTo /D 79 0 R >> endobj 122 0 obj << /Type /Annot /Subtype /Link /A 123 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 443.5015 516.2117 455.3815 ] >> endobj 123 0 obj << /Type /Action /S /URI /URI (http://eh.net/book_reviews/shareholder-democracies-corporate-governance-britain-and-ireland-1850) >> endobj 124 0 obj << /Type /Annot /Subtype /Link /A 125 0 R /Border [0 0 0] /H /I /Rect [ 104.6717 420.9955 328.3157 432.8755 ] >> endobj 125 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews/review/1364) >> endobj xref 0 126 0000000000 65535 f 0000000008 00000 n 0000000073 00000 n 0000000119 00000 n 0000000378 00000 n 0000000415 00000 n 0000000619 00000 n 0000000722 00000 n 0000005117 00000 n 0000005226 00000 n 0000005336 00000 n 0000005445 00000 n 0000009006 00000 n 0000009134 00000 n 0000009218 00000 n 0000009247 00000 n 0000009375 00000 n 0000009411 00000 n 0000009440 00000 n 0000009568 00000 n 0000009604 00000 n 0000009633 00000 n 0000009761 00000 n 0000009797 00000 n 0000009923 00000 n 0000018566 00000 n 0000018596 00000 n 0000018724 00000 n 0000018760 00000 n 0000018790 00000 n 0000018918 00000 n 0000018954 00000 n 0000018984 00000 n 0000019112 00000 n 0000019148 00000 n 0000019178 00000 n 0000019306 00000 n 0000019342 00000 n 0000019372 00000 n 0000019498 00000 n 0000019534 00000 n 0000019564 00000 n 0000019692 00000 n 0000019728 00000 n 0000019758 00000 n 0000019886 00000 n 0000019922 00000 n 0000020006 00000 n 0000027516 00000 n 0000027546 00000 n 0000027674 00000 n 0000027710 00000 n 0000027794 00000 n 0000035059 00000 n 0000035089 00000 n 0000035217 00000 n 0000035253 00000 n 0000035337 00000 n 0000041826 00000 n 0000041856 00000 n 0000041984 00000 n 0000042020 00000 n 0000042118 00000 n 0000047614 00000 n 0000047644 00000 n 0000047772 00000 n 0000047808 00000 n 0000047838 00000 n 0000047966 00000 n 0000048002 00000 n 0000048032 00000 n 0000048160 00000 n 0000048196 00000 n 0000048261 00000 n 0000055581 00000 n 0000055767 00000 n 0000066567 00000 n 0000066597 00000 n 0000066725 00000 n 0000066761 00000 n 0000066791 00000 n 0000066918 00000 n 0000066954 00000 n 0000067082 00000 n 0000067137 00000 n 0000067265 00000 n 0000067320 00000 n 0000067448 00000 n 0000067503 00000 n 0000067631 00000 n 0000067686 00000 n 0000067813 00000 n 0000067868 00000 n 0000067995 00000 n 0000068050 00000 n 0000068178 00000 n 0000068233 00000 n 0000068361 00000 n 0000068416 00000 n 0000068544 00000 n 0000068599 00000 n 0000068729 00000 n 0000068785 00000 n 0000068915 00000 n 0000068971 00000 n 0000069101 00000 n 0000069157 00000 n 0000069285 00000 n 0000069341 00000 n 0000069484 00000 n 0000074841 00000 n 0000074971 00000 n 0000075027 00000 n 0000075157 00000 n 0000075213 00000 n 0000075343 00000 n 0000075399 00000 n 0000075527 00000 n 0000075583 00000 n 0000075713 00000 n 0000075769 00000 n 0000075898 00000 n 0000075954 00000 n 0000076083 00000 n 0000076232 00000 n 0000076362 00000 n trailer << /Size 126 /Root 1 0 R /Info 5 0 R >> startxref 76459 %%EOF