Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/oxford-university-press/financialisation-and-capital-accumulation-in-the-non-financial-Swf49H3ULD
References (89)
-
L. Ndikumana (1999)
Debt Service, Financing Constraints, and Fixed Investment: Evidence from Panel DataJournal of Post Keynesian Economics, 21
-
Ronald Lease, Kose John, A. Kalay, Uri Loewenstein, O. Sarig (2000)
Dividend Policy: Its Impact on Firm Value -
Gustavo Grullon, Roni Michaely (2000)
Dividends, Share Repurchases, and the Substitution HypothesisSamuel Curtis Johnson Graduate School of Management at Cornell University Research Paper Series
-
Marc Schaberg (1999)
Globalization and the erosion of national financial systems -
G. Arrighi (1995)
The Long Twentieth Century; Money, Power and the Origins of Our TimesCapital & Class, 19
-
James Crotty (1993)
Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced InvestmentReview of Radical Political Economics, 25
-
Douglas Gale, M. Hellwig (1985)
Incentive-Compatible Debt Contracts: The One-Period Problem (Revised version now published in Review of Economic Studies, 1985).) -
R. Blundell, Stephen Bond, C. Meghir (1992)
Econometric Models of Company Investment -
L. Panitch, S. Gindin (2005)
SUPERINTENDING GLOBAL CAPITALNew Left Review
-
(2004)
Institutional Shareholder Concentration, Corporate Governance Changes and Diverging Fortunes of Capital and Labor -
James Crotty (2002)
The Effects of Increased Product Market Competition and Changes in Financial Markets on the Performance of Nonfinancial Corporations in the Neoliberal EraIO: Regulation
-
(1995)
Dividend policy, pp -
C. Mayer (1988)
New issues in corporate financeEuropean Economic Review, 32
-
U. Jürgens, K. Naumann, Joachim Rupp (2000)
Shareholder value in an adverse environment: the German caseEconomy and Society, 29
-
G. Dum (2005)
THE REAL AND FINANCIAL COMPONENTS OF PROFITABILITY (USA 1948-2000) -
(1963)
Theory of institutions in the study of investment -
Bengt Holmström, S. Kaplan (2001)
Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990sCorporate
-
R. Boyer (2000)
Is a Finance-led growth regime a viable alternative to Fordism? A preliminary analysisEconomy and Society, 29
-
S. Marglin, A. Bhaduri (1991)
Profit Squeeze and Keynesian Theory -
Steven Fazzari, Bruce Petersen, R. Hubbard (1987)
Financing Constraints and Corporate InvestmentNBER Working Paper Series
-
L. Ndikumana (2005)
Financial Development, Financial Structure and Domestic Investment:International Evidence -
R. Townsend (1979)
Optimal contracts and competitive markets with costly state verificationStaff Report
-
R. Eisner (1974)
ECONOMETRIC STUDIES OF INVESTMENT BEHAVIOR: A COMMENTEconomic Inquiry, 12
-
J. Meyer, E. Kuh (1955)
Acceleration and Related Theories of Investment: An Empirical InquiryThe Review of Economics and Statistics, 37
-
P. Sweezy (1997)
More (or Less) on GlobalizationMonthly Review, 49
-
James Crotty (1990)
Owner–Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin, and MinskyJournal of Post Keynesian Economics, 12
-
Doug Henwood (2003)
After the New Economy -
Robert Chirinko, Steven Fazzari, Andrew Meyer (1999)
How responsive is business capital formation to its user cost?: An exploration with micro dataJournal of Public Economics, 74
-
J. Grahl, P. Teague (2000)
The Régulation School, the employment relation and financializationEconomy and Society, 29
-
(2005)
Hegemony unravelling-2, New Left Review, May–June -
Interest rates, corporate profits -
Constanze Günther, Alexandra Pioch, Vanessa Sahnwald, A. Schmidtsdorff (2005)
The Challenge Of GlobalizationCurator: The Museum Journal, 48
-
Engelbert Stockhammer (2004)
Financialisation and the slowdown of accumulationCambridge Journal of Economics, 28
-
S. Amin, Patrick Camiller (2003)
Obsolescent Capitalism: Contemporary Politics and Global Disorder -
(1997)
AF46, Department of Applied Economics, University of Cambridge Grabel, I -
R. Lowenstein (2004)
Origins of the Crash: The Great Bubble and Its Undoing -
J. Froud, C. Haslam, S. Johal, K. Williams (2000)
Shareholder value and Financialization: consultancy promises, management movesEconomy and Society, 29
-
Nellie Liang, Steven Sharpe (1999)
Share Repurchases and Employee Stock Options and Their Implications for S&P 500 Share Retirements and Expected ReturnsSPGMI: Compustat Fundamentals (Topic)
-
Bengt Holmstrom, S. Kaplan, Steven Neubauer (2001)
Making Sense of the 1980s and 1990s -
Susanne Soederberg (2003)
The promotion of 'Anglo-American' corporate governance in the South: Who benefits from the new international standard?Third World Quarterly, 24
-
M. Dumont (1970)
Comment …Transaction, 7
-
J. Galbraith (1968)
The New Industrial State -
(2002)
Stock market capitalism and its diffusion, New Political Economy, vol -
M. Binswanger (1999)
Stock Markets, Speculative Bubbles and Economic Growth -
(2001)
A new business model -
M. Gertler, Simon Gilchrist (1991)
Monetary Policy, Business Cycles and the Behavior of Small Manufacturing FirmsERN: Business Fluctuations; Cycles (Topic)
-
Ajit Singh (2003)
Competition, Corporate Governance and Selection in Emerging MarketsWiley-Blackwell: Economic Journal
-
Sanjai Bhagat, Richard Jefferis (2002)
The Econometrics of Corporate Governance Studies -
(1992)
A Marxian–Keynesian theory of investment demand: empirical evidence, in Moseley, F -
Greta Krippner (2005)
The Financialization of the American EconomySocio-economic Review, 3
-
William Lazonick, Mary O’Sullivan (2000)
Maximizing shareholder value: a new ideology for corporate governanceEconomy and Society, 29
-
G. Baker, G. Smith (1998)
The New Financial Capitalists: Kohlberg Kravis Roberts and the Creation of Corporate Value -
H. Baker, G. Powell, E. Veit (2003)
Why companies use open-market repurchases: A managerial perspectiveThe Quarterly Review of Economics and Finance, 43
-
Neil Fligstein, L. Markowitz (1993)
Financial Reorganization of American Corporations in the 1980s -
G. Arrighi, Beverly Silver, I. Ahmad (1999)
[Book review] chaos and governance in the modern world system -
F. Takahashi (1973)
On the Distributed Lag Investment Function, 14
-
Jack Glen, Kevin Lee, Ajit Singh (2000)
Competition, Corporate Governance and Financing of corporate Growth in Emerging Markets -
M. Aglietta, Régis Breton (2001)
Financial systems, corporate control and capital accumulationEconomy and Society, 30
-
C. Mayer (1994)
THE ASSESSMENT: MONEY AND BANKING: THEORY AND EVIDENCEOxford Review of Economic Policy, 10
-
A. Eichner (2008)
The Megacorp and Oligopoly: Micro Foundations of Macro Dynamics -
Bob Chirinko (1993)
Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy ImplicationsJournal of Economic Literature, 31
-
H. Minsky (1975)
John Maynard Keynes -
James Crotty (2003)
The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal EraReview of Radical Political Economics, 35
-
J. Agnew (2001)
Chaos and Governance in the Modern World System -
Scott Weisbenner (2000)
Corporate Share Repurchases in the 1990s: What Role Do Stock Options Play?Board of Governors of the Federal Reserve System Research Series
-
(2006)
At Sears, Investing—Not Retail—Drive Profit, Wall Street Journal, 17 November, p -
R. Kopcke, R. Brauman (2001)
The performance of traditional macroeconomic models of businesses' investment spendingNew England Economic Review
-
L. Panitch, S. Gindin (2009)
Finance and American EmpireSocialist Register, 41
-
V. Bhaskar, A. Glyn (1992)
Investment and Profitability: The Evidence from the Advanced Capitalist Countries -
R. Dore (2000)
Stock Market Capitalism: Welfare Capitalism -
H. Baker, G. Powell, E. Veit (2002)
Revisiting the dividend puzzle: Do all of the pieces now fit?Review of Financial Economics, 11
-
Mary O’Sullivan (2000)
The innovative enterprise and corporate governanceCambridge Journal of Economics, 24
-
Michael Jensen, W. Meckling (1976)
Theory of the Firm -
(2003)
THE SOCIAL AND POLITICAL ECONOMY OF GLOBAL TURBULENCE -
D. Jorgenson (1971)
Econometric Studies of Investment Behavior: A SurveyJournal of Economic Literature, 9
-
(2005)
The Late 1990s US Bubble: Financialization in the Extreme -
H. Minsky (1986)
Stabilizing an Unstable Economy -
Corporate America's New Achilles' Heel: Overreliance on profits from finance units may be setting companies up for a fall -
J. Duesenberry (1959)
Business cycles and economic growth -
G. Duménil, D. Lévy (2004)
The Real and Financial Components of Profitability (United States, 1952–2000)Review of Radical Political Economics, 36
-
He Feng, J. Froud, S. Johal, C. Haslam, K. Williams (2001)
A new business model? The capital market and the new economyEconomy and Society, 30
-
G. Arrighi (1996)
The long twentieth century: money, power, and the origins of our timesBritish Journal of Sociology, 47
-
Robert Carpenter, Steven Fazzari, Bruce Petersen (1995)
Three Financing Constraint Hypotheses and Inventory Investment: New Tests With Time and Sectoral HeterogeneitySocial Science Research Network
-
Chenchuramaiah Bathala (2003)
Dividends, Share Repurchases, and the Substitution HypothesisCfa Digest, 33
-
François Morin (2000)
A transformation in the French model of shareholding and managementEconomy and Society, 29
-
A. Jayadev, G. Epstein (2005)
The Rise of the Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity -
M. Aglietta (2000)
Shareholder value and corporate governance: some tricky questionsEconomy and Society, 29
-
Sanford Grossman, O. Hart (1983)
Corporate Financial Structure and Managerial Incentives -
S. Ross (1977)
The determination of financial structure: the incentive-signalling approachThe Bell Journal of Economics, 8
- Publisher
- Oxford University Press
- Copyright
- The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.
- ISSN
- 0309-166X
- eISSN
- 1464-3545
- DOI
- 10.1093/cje/ben009
- Publisher site
- See Article on Publisher Site
Abstract
I discuss the impact of financialisation on real capital accumulation in the US. Using data from a sample of non-financial corporations from 1973 to 2003, I find a negative relationship between real investment and financialisation. Two channels can help explain this negative relationship: first, increased financial investment and increased financial profit opportunities may have crowded out real investment by changing the incentives of firm managers and directing funds away from real investment. Second, increased payments to the financial markets may have impeded real investment by decreasing available internal funds, shortening the planning horizons of the firm management and increasing uncertainty.
Journal
Cambridge Journal of Economics – Oxford University Press
Published: Apr 9, 2008
Keywords: Financialisation Capital accumulation Corporate governance Investment Financial markets