| Abstract: | Using case analysis, this article examines the sources of start-up and development capital for 133 entrepreneurs who began commercial enterprises in New Zealand between 1880 and 1910. Though capital markets were immature, entrepreneurs overcame this limitation by employing capital economizing techniques to start firms, and then continued to exert managerial control by reinvesting profits rather than borrowing. The results of this investigation offer a comment on the prevailing firm structure in New Zealand, as well as providing a partial explanation for the capacity building noted by other economic historians during this recessionary period in New Zealand economic history. |
