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Capital Structure and the Financial Development of the U.S. Sugar-Refining Industry, 1875–1905

Published online by Cambridge University Press:  26 July 2012

William M. Doyle
William M. Doyle
Affiliation:
William M. Doyle is Associate Professor, Department of Economics, University of Dallas, Irving, TX 75062-4736. E-mail: bdoyle@acad.udallas.edu.
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Extract

In this article I develop a taxonomy of financial practices based on whether financial activity is intended to fund new capital investment or to create new financial structures to accommodate planned changes in the structure of an industry's existing capital stock. The taxonomy is then applied to the financial development of the U.S. sugar-refining industry between 1875 and 1905. The taxonomy provides an explanation of the rise of the large, widely held industrial corporation in the United States that is more consistent with the historical record than are the conventional “financial strain” or “asset liquidation” hypotheses.

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Articles
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The Journal of Economic History , Volume 60 , Issue 1 , March 2000 , pp. 190 - 215
Copyright
Copyright © The Economic History Association 2000

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