Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE (www.oxfordhandbooks.com). © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 15 December 2019

Abstract and Keywords

This chapter analyzes the experience of the Dutch East India Company, the first company in which thousands of investors participated. This dispersed shareholder base gave rise to two new institutional developments: the spontaneous growth of a lively securities market and agency problems as investors soon had reason to complain about lack of strategic focus, lack of dividends, lack of accountability, self-enrichment by managers, fraud, and mismanagement. Nonetheless, after two hazardous first decades—helped by the exit that the stock market provided to investors—the company managed to stay in existence for almost two centuries although the agency problems were only partially addressed.

Keywords: Dutch East India Company, first company, institutional development, securities market, fraud

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.