ABSTRACT
Corporations became a common organizational form of enterprise in the
twentieth century. The nineteenth century witnessed the rise of the modern listed corporation and of stock markets. However, many corporations were
tightly controlled, with founding families (or states) having large stakes.
Moreover, the issue of preferred and anonymous shares eroded the decision
power of (small) shareholders. Corporations can be compared to democ-
racies, since shareholders have voting power, but the principle of one share-
one vote was not always upheld as the history of the Dutch East India
Company testifies. Moreover, managers have a great degree of autonomy in
decision-making. This applied to the leaders of maritime ventures and to the managers of modern listed companies.
