The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
The effects of financialization on investment: evidence from firm-level data for the UK
Open accessAbstract
This paper estimates the effects of financialization on physical investment in the UK using panel data based on balance sheets of publicly listed non-financial companies supplied by Worldscope for the period 1985–2013. We find robust evidence of an adverse effect of not only financial payments (interests and dividends) but also financial incomes on the rate of accumulation. The negative impacts of financial incomes from interests and dividends are particularly strong for the pre-crisis period. Our findings support the ‘financialization thesis’ that the increasing orientation of the non-financial sector towards financial activities is ultimately leading to lower physical investment, hence to stagnant or fragile growth, as well as long-term concerns for productivity.
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Cites
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
A Simple Approximation of Tobin's q
Chung, K. H., & Pruitt, S. W. (1994) · Financial Management · doi:10.2307/3665623 · Cited by 2,460
Maximizing shareholder value: a new ideology for corporate governance
Lazonick, W., & O'Sullivan, M. (2000) · Economy and Society · doi:10.1080/030851400360541 · Cited by 1,970
Financialisation and the slowdown of accumulation
Stockhammer, E. (2004) · Cambridge Journal of Economics · doi:10.1093/cje/beh032 · Cited by 1,103
Financial Development and Economic Growth: Assessing the Evidence
Arestis, P., & Demetriades, P. (1997) · The Economic Journal · doi:10.1111/1468-0297.00193 · Cited by 989
Dynamic Investment Models and the Firm's Financial Policy
Bond, S., & Meghir, C. (1994) · The Review of Economic Studies · doi:10.2307/2297978 · Cited by 979
Working Capital and Fixed Investment: New Evidence on Financing Constraints
Fazzari, S. M., & Petersen, B. C. (1993) · The RAND Journal of Economics · doi:10.2307/2555961 · Cited by 907
The Macroeconomics of Finance-Dominated Capitalism – and its Crisis
Hein, E. (2012) · doi:10.4337/9781781009161 · Cited by 317
Cited by
Sui, B., & Yao, L. (2023) · Innovation and Green Development · doi:10.1016/j.igd.2022.100032 · Cited by 104
Mapping modern economic rents: the good, the bad, and the grey areas
Mazzucato, M., Ryan-Collins, J., & Gouzoulis, G. (2023) · Cambridge Journal of Economics · doi:10.1093/cje/bead013 · Cited by 54
Metadata
- Authors
- Tori, D., & Onaran, Ö.
- Venue
- Cambridge Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2018-01-24
- Volume
- 42
- Issue
- 5
- Pages
- 1393-1416
- ISSN
- 0309-166X (ISSN-L)
- 1464-3545
- OpenAlex
- W2174122385
- Cited by
- 324
- References
- 9
- FWCI
- 16.84
- Type
- journal article
- Language
- en
- Open access
- green
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- Tori, D., & Onaran, Ö. (2018). The effects of financialization on investment: evidence from firm-level data for the UK. Cambridge Journal of Economics. https://doi.org/10.1093/cje/bex085
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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