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Financial regimes, financialization patterns and industrial performances: preliminary remarks

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  • Giovanni Dosi
  • Valérie Revest
  • Alessandro Sapio

Abstract

?The evolutionary taxonomy of financial systems, outlined by Dosi (1990), argued that market-based systems are comparatively more engaged in exploring new technological paradigms, due to selective market pressure, whereas in credit-based systems their more institutionalized financial allocation provides an advantage for cumulative learning. ? This article offers a preliminary assessment of those conjectures in light of the institutional change associated with the financialization process and the ?maximizing shareholders value? principle. The available evidence suggests that financialization has disconnected the performance of firms on the financial markets from the determinants of firm-level growth and innovation. Selection among companies increasingly occurs on financial markets according to criteria based on short-term returns. As such, financialization has contributed towards compressing and somewhat degrading the specific properties of the finance-innovation nexus of both financial system archetypes, simultaneously deteriorating static and Schumpeterian efficiency.

Suggested Citation

  • Giovanni Dosi & Valérie Revest & Alessandro Sapio, 2016. "Financial regimes, financialization patterns and industrial performances: preliminary remarks," Revue d'économie industrielle, De Boeck Université, vol. 0(2), pages 63-96.
    • Handle: RePEc:cai:reidbu:rei_154_0063
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    Citations

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    Cited by:

    1. Valérie Revest & Alessandro Sapio, 2019. "Alternative equity markets and firm creation," Journal of Evolutionary Economics, Springer, vol. 29(3), pages 1083-1118, July.
    2. Kais Mtar & Walid Belazreg, 2021. "Causal Nexus Between Innovation, Financial Development, and Economic Growth: the Case of OECD Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(1), pages 310-341, March.
    3. Halima Jibril & Annina Kaltenbrunner & Effi Kesidou, 2018. "Financialisation and innovation in emerging economics," FMM Working Paper 27-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Young Soo Lee & Han Sung Kim & Seo Hwan Joo, 2020. "Financialization and Innovation Short-termism in OECD Countries," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(2), pages 259-286, June.
    5. Kun Su & Heng Liu, 2021. "Financialization of manufacturing companies and corporate innovation: Lessons from an emerging economy," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(4), pages 863-875, June.
    6. Valerie Revest & Alessandro Sapio, 2016. "The creation function of a junior listing venue: An empirical test on the Alternative Investment Market," LEM Papers Series 2016/32, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

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