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Political Determinants of Corporate GovernancePolitical Context, Corporate Impact$
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Mark J. Roe

Print publication date: 2006

Print ISBN-13: 9780199205301

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199205301.001.0001

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United Kingdom

United Kingdom

Chapter:
(p.98) Chapter 12 United Kingdom
Source:
Political Determinants of Corporate Governance
Author(s):

Mark J. Joe

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199205301.003.0013

The United Kingdom was on both sides of the political spectrum in the 20th century. But Britain's socialist interludes did not overturn the stock market institutions it had previously developed during its laissez-faire era. Many firms were public and stock markets persisted, but family and block ownership in public companies persisted in Britain much longer than it did in the United States. British history suggests that good corporate law protection for minority stockholders is a precondition for to starting securities markets. But concentrated ownership persisted and separation did not proceed if social democratic pressures kept managerial agency costs high.

Keywords:   laissez-faire, United Kingdom, Britain, block ownership, family owners, securities market

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