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1 results

  • De-coding the image of the firm: secret reserves and internal financing in the German chemical industry, c. 1890–1916

  • Frederic Steinfeld
  • Journal:
    Financial History Review / Volume 29 / Issue 3 / December 2022
    Published online by Cambridge University Press:
    25 January 2023, pp. 310-325
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  • This article uses the leading firms of the German chemical industry as a case study to provide a detailed example of how companies in the late nineteenth and early twentieth century used internal financing as an instrument of corporate finance. It traces the at first diverse significance of internal financing for the industry and identifies two moments of market concentration that triggered a convergence of corporate finance by a harmonisation of accounting standards that were not predefined by legal frameworks. The article argues that secret reserves and further ways of internal financing were key components of this harmonisation. The industry-wide creation of secret reserves cloaked the companies’ actual financial strength from outsiders who were merely left with an image of the respective firms that was carefully drafted by companies’ managers.