Foreign capital and problems of agency: the Companhias Reunidas de Gás e Electricidade in Lisbon (1890-1920)

Álvaro Ferreira da Silva, Ana Cardoso de Matos

Research output: Contribution to journalArticlepeer-review

Abstract

The importance of foreign capital in firms operating in infrastructure sectors (railways or energy, for instance), the geographic distance between the sources of
this capital and the location of operations introduce problems of agency as a critical factor in the governance in these firms. Free-standing companies had been a usual
response to these agency costs. In this paper, one tries to evaluate how other type of companies deal with this issue and how it affects not only formal governance
structure and rules, but mostly informal governance practices.
Original languageEnglish
Pages (from-to)142-161
Number of pages20
JournalTST. Transportes, Servicios y Telecomunicaciones
Volume14
Publication statusPublished - 2008

Keywords

  • business history
  • Water supply
  • Gas
  • Electricity
  • Lisbon
  • Foreign investment

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