Beyond corporate financialization: From global value chains to the conundrum of intangible investments

Author:

Liagouras George1ORCID

Affiliation:

1. Department of Financial and Management Engineering, University of the Aegean School of Engineering, Chios, Greece

Abstract

The article presents a constructive critique of the ‘financialization of the firm’ hypothesis. Without calling into question the idea that financialization has been a major structural change over the last four decades, it argues that the financialization of the firm argument has been pushed too far, especially regarding its ‘crowding-out’ and ‘drain’ effects on investment. Instead, the capacity of finance to accelerate the process of ‘creative destruction’ through the reallocation of capital has not been sufficiently taken into consideration. Consequently, the corporate financialization approaches tend to underestimate other structural changes in business organization, like the associated rise of Global Value Chains (GVCs) and intangible investments, both conceptualized by the ‘smiling curve’ notion. These secular changes challenge the categories of investment and capital we inherited from industrial capitalism. It remains, however, that we do not know how to measure intangible investment.

Publisher

SAGE Publications

Subject

General Business, Management and Accounting

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Corporate power and the rise of intangibles: A study of Indian firms;Environment and Planning A: Economy and Space;2023-12-08

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