An Incomplete Revolution: Corporate Governance Challenges of the London Assurance Company and the Limitations of the Joint-Stock Form, 1720–1725

Aldous, Michael; Condorelli, Stefano (2019). An Incomplete Revolution: Corporate Governance Challenges of the London Assurance Company and the Limitations of the Joint-Stock Form, 1720–1725. Enterprise & society, pp. 1-32. Cambridge University Press 10.1017/eso.2019.34

[img] Text
An incomplete revolution.pdf - Accepted Version
Restricted to registered users only until 14 August 2021.
Available under License Publisher holds Copyright.

Download (538kB) | Request a copy

The London Assurance (LA) was incorporated in 1720, marking a significant innovation in the marine insurance industry. Contemporaries anticipated joint-stock firms such as the LA would rapidly outcompete private underwriters, yet this outcome did not occur. The success of the private underwriters has been ascribed to their organizational form. This paper reassesses these explanations and finds that, rather than an a priori worse business model, various corporate governance challenges limited the LA’s capacity to compete. This provides a more complete explanation for the relative failure of the joint-stock marine insurance companies and has implications for understanding the evolution of the corporate form in the eighteenth century.

Item Type:

Journal Article (Original Article)

Division/Institute:

06 Faculty of Humanities > Other Institutions > Walter Benjamin Kolleg (WBKolleg) > Center for Global Studies (CGS)

UniBE Contributor:

Condorelli, Stefano

Subjects:

300 Social sciences, sociology & anthropology > 320 Political science
900 History
300 Social sciences, sociology & anthropology
300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

1467-2227

Publisher:

Cambridge University Press

Language:

English

Submitter:

Stéphane Orazio Maurice Condorelli

Date Deposited:

17 Oct 2019 12:46

Last Modified:

24 Oct 2019 08:03

Publisher DOI:

10.1017/eso.2019.34

BORIS DOI:

10.7892/boris.133903

URI:

https://boris.unibe.ch/id/eprint/133903

Actions (login required)

Edit item Edit item
Provide Feedback