The DOI matches its Crossref record.
A new business model? The capital market and the new economy
Abstract
This paper uses the concepts of business model and financial ecosystem to analyse the relation between the US capital market and corporate business. Under a capital market double standard, from 1995 to 2000, new companies with digital prospects could recover their costs from the capital market; but, after the tech stock crash in 2000, all companies were required to generate profits from the product market. This encourages a blurring of old and new firm identities, because sectoral power is increasingly necessary to secure cost recovery. But this does not imply any return to business as usual when the financial ecosystem for new technology survives the crash and large-scale venture capital investment continues. From this point of view,the new economy illustrated, concretely, the determining role of finance in the broader processes of financialization.
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Each is checked against this paper’s own text: does it say what the citing paper says it does?
In the citing paper
“an expectation that was largely suspended for the wave of tech company IPOs which characterised the dot-com boom (Feng et al., 2001).”
From Platform capitalism: The intermediation and capitalisation of digital economic circulation (2017) · cites this paper as Feng et al., 2001
In the citing paper
“start-ups are typically expected to have begun to demonstrate their capacity for revenue growth and thus cost-recovery to investors”
From Platform capitalism: The intermediation and capitalisation of digital economic circulation (2017) · cites this paper as Feng et al., 2001
Citations
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Platform capitalism: The intermediation and capitalisation of digital economic circulation
Langley, P., & Leyshon, A. (2017) · Finance and Society · doi:10.2218/finsoc.v3i1.1936 · Cited by 989
“To borrow from Feng et al.’s (2001: 501) account of the dot-com boom, the platform business model specifies the “variable form of the relation between [venture capital-backed] innovation and cost-recovery [for investors] in present-day capitalism”.”
Influential
Metadata
- Authors
- Feng, H., Froud, J., Johal, S., Haslam, C., & Williams, K.
- Venue
- Economy and Society
- Publisher
- Informa UK Limited
- Published
- 2001-01
- Volume
- 30
- Issue
- 4
- Pages
- 467-503
- ISSN
- 0308-5147 (ISSN-L)
- 1469-5766
- OpenAlex
- W2105481911
- Cited by
- 117
- References
- 0
- Citations by year
- 2026: 2 · 2025: 4 · 2024: 4 · 2022: 2 · 2021: 2 · 2020: 3 · 2019: 6 · 2017: 3 · 2016: 1 · 2015: 1 · 2014: 5 · 2013: 2 · 2012: 5
- FWCI
- 9.08
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Economy and Society (publishedVersion)
- Research Explorer (The University of Manchester) (publishedVersion)
- University of Hertfordshire Research Archive (University of Hertfordshire) (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
- Social Sciences › Economics, Econometrics and Finance › Finance › Private Equity and Venture Capital
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Keywords
- business models, financial ecosystem, capital markets, new economy, venture capital, financialization, digital companies, cost recovery, corporate finance, US capital markets
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