Using Chinese A-share listed firms from 2003 to 2021, we investigate the impact of merchant guild culture (MGC) on corporate cash holdings. Our results show that firms with stronger MGC influence exhibit lower levels of cash reserves. Cross-sectional analysis reveals that this effect is weaker...

We use the history of private limited liability companies (PLLCs) to challenge two pervasive assumptions in the literature: (1) Anglo-American legal institutions were better for economic development than continental Europe’s civil-law institutions; and (2) the corporation was the superior form...

"This landmark research volume provides the first detailed history of entrepreneurship in Britain from the nineteenth century to the present. Using a remarkable new database of more than 9 million entrepreneurs, it gives new understanding to the development of Britain as the world's "first...

1.2.1. Innovation Comes in Different Forms: All Forms Matter1.2.2. A Perception of Risk: Entrepreneurs vs. Professional Managers; 1.3. Financialisation has Interrupted Business Credit Mechanisms; 1.4. Capitalism and the Entrepreneur; 1.5. Historic Events: Our Window to the Future; 1.6. The United...