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.

中文翻译：

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探索有限合伙制的局限性：特温特银行案例，1860 年代至 20 年代

本文详细介绍了屯特银行 (Twentsche Bankvereeniging) 的历史，该银行成立于 1861 年，在随后几十年的大部分时间里，它是荷兰规模最大、发展最快、利润最高的银行。它遵循叙述分析的方法来说明限制使用有限合伙的根源在于组织形式本身存在缺陷，在特定情况下会产生严重的代理成本。随着银行的发展，代理成本也随之增加，最终迫使银行于 1917 年合并。