Joint stock company births in turbulent times: Greece, 1909-1929

Abstract

On the basis of a new data base we map trends in the demography of incorporation(number of joint stock company births; total and median registered capital; andsectoral distribution) during 1909-1929, a turbulent phase of modern Greek history.The main findings are that:1. There was a cumulative take-off in incorporation. This ‘transcendence’ wastriggered by three factors: the political empowerment of the bourgeoisie; thelegal/institutional reforms which it initiated; and the substantial expansion inthe territory and population of Greece. The take-off phase was also interlinkedwith a quickening in industrialization, a pattern of synchronicity which has notbeen unique to Greece.2. During this take-off phase in incorporation there was ademocratization/popularization process at work as there was a sharp decreasein the median size of registered capital per start-up and the typical joint stockcompany came to ‘resemble’ partnership based/family firms.3. Manufacturing already from the 1910s became the number one activity ofjoint stock company start-ups. However, simultaneously, the nascent corporatesector showed a greater interest in the traditional segment of the economy, ascommerce and shipping became respectively its second and third mostimportant areas of activity.