NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Antoin Murphy

Department of Economics
Trinity College Dublin
Dublin 2, IRELAND

E-Mail: aemurphy@tcd.ie

NBER Working Papers and Publications

November 2005Corporate Ownership in France: The Importance of History
in A History of Corporate Governance around the World: Family Business Groups to Professional Managers, Randall K. Morck, editor
August 2004Corporate Ownership in France: The Importance of History
w10716
This paper attempts to show the importance of history in influencing the structure of corporate ownership in France. The strong concentration of family ownership in France is traced to historical weaknesses in the money and capital markets that forced families to have recourse to self-financing. The weaknesses in the money and capital markets were greatly influenced by two eighteenth century financial traumas arising from John Law's Mississippi System (1716-20) and the financing of the French Revolution through the issue of the assignats in the 1790s.These financial traumas delayed significantly the emergence of banks and the capital market. Further historical factors influencing French corporate ownership were the changes in the inheritance law system at the start of the nineteenth centur...

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