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The Performance of European Business in the Twentieth Century$
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Youssef Cassis, Andrea Colli, and Harm Schröter

Print publication date: 2016

Print ISBN-13: 9780198749776

Published to Oxford Scholarship Online: August 2016

DOI: 10.1093/acprof:oso/9780198749776.001.0001

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Ownership and Performance in European Big Business

Ownership and Performance in European Big Business

The Longitudinal Perspective

(p.33) 3 Ownership and Performance in European Big Business
The Performance of European Business in the Twentieth Century

Andrea Colli

Oxford University Press

Through a detailed and new database (based on a vast array of primary and secondary sources) with information about the prevalent ownership structure of European large enterprises during the twentieth century, this chapter examines the cross-country variance in the nature of ownership and the ownership dynamics in the long run. From the analysis there clearly emerges a different degree of separation between ownership and control across European large firms already in the first half of the twentieth century, as well as the key role played by states in the process of industrial maturation of the peripheries. Different types of capitalism are touched upon: family capitalism, managerial capitalism, and state capitalism.The final section of the chapter is dedicated to assessment of the relationship between ownership and performances, although without providing significant and conclusive findings. Performances in fact seem to be randomly correlated with a country-effect more than with ownership.

Keywords:   European enterprise, ownership structure, return on equity, performance, family capitalism, managerial capitalism, state capitalism

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