Cracks in sovereign trust. Accounting and institutional crisis in a public monopoly: The Real Compagnia di Assicurazioni Marittime in the Kingdom of Naples (1751-1802)

Titolo Rivista CONTABILITÀ E CULTURA AZIENDALE
Autori/Curatori Alessio Maria Musella
Anno di pubblicazione 2026 Fascicolo 2025/1
Lingua Inglese Numero pagine 34 P. 9-42 Dimensione file 285 KB
DOI 10.3280/CCA2025-001002
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Introduction: This paper explores the relationship between accounting and in-stitutional crisis by examining how the diffusion of revolutionary ideologies within an absolutist regime can affect the performance of State-owned enter-prises (SOEs). The analysis focuses on the case of the Real Compagnia di Assicurazioni Marittime (RCAM), a marine insurance public monopoly founded by Charles III of Bourbon in the Kingdom of Naples in 1751. Aims of the work: This study examines the accounting system of the RCAM to assess how the institutional disruption that unfolded in Naples at the end of the 18th century – triggered by the spread of reformist ideologies inspired by the French Revolution – contributed to the progressive weakening of the com-pany’s performance. Methodological approach: From a historical institutionalist perspective, the re- search employs an integrated methodological approach combining qualitative (archival) investigation with quantitative (econometric) analysis. The RCAM’s financial statements were complemented by the company’s non-financial doc-umentation, retrieved from the Naples State Archive, and analysed in two stages: (1) a Hidden Markov Model (HMM) to identify latent regime dynamics in the company’s performance, and (2) an Interrupted Time Series (ITS) quasi-experimental model to estimate structural changes associated with the institu-tional disruption. Main findings: The findings demonstrate how the “crack in trust” in the abso-lutist government of King Ferdinand IV of Bourbon affected the RCAM’s fate, within a broader context shaped by reformist currents inspired by Enlighten-ment ideas and by the spread of libertarian thought from revolutionary France into the Kingdom of Naples. Contribution to the literature: This study contributes to the literature by high- lighting accounting’s potential to reflect institutional instability within a public monopoly. It also supports the use of econometrics in accounting history re-search.

Parole chiave:public monopoly, historical institutionalism, quantitative analysis, Southern Italy, marine insurance, state-owned enterprises

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Alessio Maria Musella, Cracks in sovereign trust. Accounting and institutional crisis in a public monopoly: The Real Compagnia di Assicurazioni Marittime in the Kingdom of Naples (1751-1802) in "CONTABILITÀ E CULTURA AZIENDALE" 1/2025, pp 9-42, DOI: 10.3280/CCA2025-001002