Repurposing Institutions: Trust Offices and the Dutch Financial System, 1690s–2000s

IF 0.7 2区 历史学 Q4 BUSINESS
Abe de Jong, J. Jonker, A. Röell, G. Westerhuis
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引用次数: 3

Abstract

Since the late seventeenth century, trust offices (administratiekantoren) that repackage securities have been a central institution in Dutch finance. Their basic form and functioning have remained largely the same, but over time, the repackaging has come to serve different purposes. Originally set up for administrative convenience, they helped to create liquidity, notably for foreign securities. From the 1930s, their primary purpose became to shield directors of large corporations from shareholder influence and hostile takeover threats. Subsequently, the trust offices evolved from general-purpose administrative units into dedicated foundations closely tied to individual companies and increasingly popular with foreign corporations as cheap anti-takeover devices. Their reincarnation as foundations also turned them into vehicles for the tax-efficient routing of international revenue flows via the Netherlands.
重新利用机构:信托办公室和荷兰金融体系,1690年代至2000年代
自17世纪后期以来,重新包装证券的信托办公室(administratiekantoren)一直是荷兰金融业的中心机构。它们的基本形式和功能在很大程度上保持不变,但随着时间的推移,重新包装已经服务于不同的目的。最初是为了方便管理而设立的,它们帮助创造了流动性,尤其是外国证券。从20世纪30年代开始,他们的主要目的变成了保护大公司的董事免受股东的影响和敌意收购的威胁。随后,信托办公室从通用的行政单位演变为与个别公司密切相关的专门基金会,并越来越受到外国公司的欢迎,成为廉价的反收购工具。它们转世为基金会,也使它们成为通过荷兰实现国际收入高效避税的途径。
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来源期刊
CiteScore
1.20
自引率
30.00%
发文量
37
期刊介绍: Enterprise & Society offers a forum for research on the historical relations between businesses and their larger political, cultural, institutional, social, and economic contexts. The journal aims to be truly international in scope. Studies focused on individual firms and industries and grounded in a broad historical framework are welcome, as are innovative applications of economic or management theories to business and its context.
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