Abstract
Abstract Based on a new dataset of Prussian joint stock companies founded before 1870 this article indicates that early German joint stock companies were concentrated in a few highly developed regions. After the region became Prussian in 1815 the Rhine Province with its favourable institutional environment due to the persistence of French law (Code de Commerce) hosted a very large part of the Prussian industrial joint stock companies. Qualitative analysis of early joint stock companies in the industrial district of Aachen shows that the new institution allowed for related diversification of industrial investments into new industries within the region and contributed to the regional diffusion of technology, management knowhow, and economic expertise.
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