The limits of control: corporate ownership and control of German joint-stock firms, 1869–1945

We study the social structure of ownership German joint-stock firms covering period 1869 to 1945 based on a random sample attendance lists general meetings. confirm previous research findings smaller samples that despite several changes in economic and political environment, majority shares attendees meetings remained firmly hands few male mostly inside investors. Moreover, we closely investigate socio-economic characteristics shareholders. do occasionally find investors from lower classes women, but their share votes was negligible. Adding discussion whether banks strongly monitored controlled industrial firms, aim track impact at In about 30 per cent meetings, banker or bank most influential shareholder more than 50 among three largest shareholders, remarkably without necessarily owning themselves. Although cannot evaluate used this power pursue targets, they certainly were position so.