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
{"title":"Repurposing Institutions: Trust Offices and the Dutch Financial System, 1690s–2000s","authors":"Abe de Jong, J. Jonker, A. Röell, G. Westerhuis","doi":"10.1017/eso.2021.29","DOIUrl":null,"url":null,"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.","PeriodicalId":45977,"journal":{"name":"Enterprise & Society","volume":null,"pages":null},"PeriodicalIF":0.7000,"publicationDate":"2021-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/eso.2021.29","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Enterprise & Society","FirstCategoryId":"98","ListUrlMain":"https://doi.org/10.1017/eso.2021.29","RegionNum":2,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS","Score":null,"Total":0}
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。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
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.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信