Factory Productivity and the Concession System of Incorporation in Late Imperial Russia, 1894–1908
利用俄国工厂普查新构建的面板数据，研究发现公司制工厂比非公司制工厂更大、生产率更高、机械化程度更高；高生产率工厂更倾向于公司化，公司化后机器动力和劳动生产率进一步提升。
In Imperial Russia, incorporation required an expensive special concession, yet over 4,000 Russian firms incorporated before 1914. I identify the characteristics of incorporating firms and measure the productivity gains and growth in machine power enjoyed by corporations using newly-constructed factory-level panel data compiled from Russian factory censuses. Factories owned by corporations were larger, more productive, and more mechanized than unincorporated factories. Higher productivity factories were more likely to incorporate and, after incorporating, added machine power and became even more labor productive. Russian firms sought the corporate form’s full set of advantages, not just stock markets access, to obtain scarce long-term financing.