Exploring the Limits of the Limited Partnership: The Case of the Bank of Twente, 1860s–1920s
本文详述了1861年成立的荷兰特温特银行的发展史，指出有限合伙制在特定条件下会产生严重代理成本，最终迫使该银行于1917年改制为股份公司。
This paper presents a detailed historical account of the Bank of Twente (Twentsche Bankvereeniging), launched in 1861 and, for most of the subsequent decades, the largest, fastest-growing, and most profitable bank in the Netherlands. It follows the narrative analysis approach to illustrate that the circumscribed use of a limited partnership was rooted in the organizational form having a flaw of its own that, under particular circumstances, created serious agency costs. As the bank grew, so did the agency costs, finally forcing the bank to incorporate in 1917.