Italian joint-stock companies from 1938 to 1948

Abstract

The article describes: (1) the characteristics and causes of the reduction in the number of joint stock companies over the period from 1938 to 1948; (2) the variations in their distribution among the economic groups and over the different regions, both as regards number and capital; (3) the global movement of share capital. It is with this last aspect that the author deals at greatest length, completing the data on nominal capital by an interesting enquiry into its consistency reckoned in “adjusted” lire. The author however is careful to qualify the significance of the results thus reached - which at first sight seem reassuring - by calling attention to losses due to war damages and insufficient upkeep of plant. The great differences between the values as expressed in nominal capital, in “adjusted” lire, and in the stock-exchange quotations revised in different ways, make the identification of the real value of the capital of the share of companies very problematic. JEL: G10

Keywords

• Joint stock companies
• Italy
• share capital
• nominal
• adjusted
• stock exchange