Specifics of the management of joint stock company “A. Khanzhonkov & Co” at the beginning of the XX century

Based on the archive materials, memoirs and scientific literature the article describes two approaches to the management of joint stock company “A. Khanzhonkov & Co”. The author considers the specifics of establishing the management bodies, in which apart from Khanzhonkov himself as the main founder, participated the members of his family, relatives and close people. A well-known economist, professor I. Kh. Ozerov, which was out of this circle, was nevertheless included into the management board, since he was useful for the Company because he developed the program of creation of educational and scientific cinema, which helped to increase recognition of the Company and improved its image among the governing circles. However, the initiative of Ozerov to decrease the price of shares and trade them at a stock exchange, which could have allowed to significantly increased the main capital of the Company and its influence on the cinema production and distribution market, as the research shows, was not supported by Khanzhonkov. The main reason for this was the concern of the latter to lose the control over the Company and thus, the Company failed to significantly expand his opportunities during the First World War when a number of foreign companies had to leave Russian market. The management of the Joint stock company failed to use this opportunity and had to leave the market to new companies.