... , which led to the introduction of a new Companies Act in 1948. These data show that the law ignored the fundamental rationales for the emergent distinction between directors and managers. We then argue that the absence of any positive legal conceptualization of management allowed a series of reforms...

... in after the end of the conflict and the uncertain external environment they had to engage with. The article also examines the stagnant nature of armaments companies’ boards of directors in the 1920s and the ultimate rationalisation of the industry at the close of the decade. Design/methodology/approach...