Corporate Governance in the 19th Century: Evidence from the Chesapeake and Ohio Canal Company (Report)
Accounting Historians Journal 2009, Dec, 36, 2
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Publisher Description
Abstract: Presenting evidence from a 19th century corporation, the Chesapeake and Ohio Canal Company (C&O), the paper shows that issues of corporate governance have existed since the first corporations were established in the U.S. The C&O used a stockholder review committee to review the annual report of the president and directors. The paper shows how the C&O stockholders used this committee to supplement the corporate governance structure. The corporate governance structure of the C&O is also viewed from a theoretical structure as espoused by Hart [1995]. INTRODUCTION
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