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'Shareholder value' versus the regions: the closure of the Vaux Brewery in Sunderland

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  • Andy Pike

Abstract

'Financialization' and 'shareholder value' loom large in the closure of the Vaux Brewery in Sunderland. They are necessarily intertwined with the geographies of space and place. Geography inevitably enters into assessments of shareholder value by social agents. A geographical political economy approach argues that generalized pressures created by financialization and shareholder value are mediated and contested by specific and particular configurations of spatialized social relations, social agency, and socio-institutional contexts over time, across space, and in place. Geographical political economy frames the analysis of the Vaux Brewery closure in Sunderland. A more spatially sensitive, place aware, and locally and regionally rooted financial infrastructure may be necessary but not sufficient to underpin local and regional development. Copyright 2006, Oxford University Press.

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  • Andy Pike, 2006. "'Shareholder value' versus the regions: the closure of the Vaux Brewery in Sunderland," Journal of Economic Geography, Oxford University Press, vol. 6(2), pages 201-222, April.
    • Handle: RePEc:oup:jecgeo:v:6:y:2006:i:2:p:201-222
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    File URL: http://hdl.handle.net/10.1093/jeg/lbi005
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    Cited by:

    1. Liam Keenan, 2020. "The geographies of the institutional and industrial constraints on the financialization of German brewing," Environment and Planning A, , vol. 52(8), pages 1662-1680, November.
    2. Huasheng Zhu & Yue Ding, 2017. "Going Public and Industrial Upgrading of Traditional Clusters in Developing Countries: Rethinking the Dynamics of the ‘Jinjiang Model’ in China," Sustainability, MDPI, vol. 9(11), pages 1-18, November.
    3. Andy Pike & Kean Birch & Andrew Cumbers & Danny MacKinnon & Robert McMaster, 2009. "A Geographical Political Economy of Evolution in Economic Geography," Economic Geography, Clark University, vol. 85(2), pages 175-182, April.
    4. Claude Dupuy & Stéphanie Lavigne & Dalila Nicet‐Chenaf, 2010. "Does Geography Still Matter? Evidence on the Portfolio Turnover of Large Equity Investors and Varieties of Capitalism," Economic Geography, Clark University, vol. 86(1), pages 75-98, January.
    5. Pietro Alessandrini & Andrea F. Presbitero & Alberto Zazzaro, 2009. "Geographical Organization of Banking Systems and Innovation Diffusion," Springer Books, in: Alberto Zazzaro & Michele Fratianni & Pietro Alessandrini (ed.), The Changing Geography of Banking and Finance, edition 1, chapter 0, pages 75-108, Springer.
    6. Claude DUPUY & Matthieu MONTALBAN & Sylvain MOURA, 2009. "Finance and Industrial Dynamics (In French)," Cahiers du GREThA (2007-2019) 2009-24, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    7. Phillip O’Neill, 2019. "The financialisation of urban infrastructure: A framework of analysis," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1304-1325, May.
    8. Pietro Alessandrini & Andrea F. Presbitero & Alberto Zazzaro, 2010. "Bank size or distance: what hampers innovation adoption by SMEs?," Journal of Economic Geography, Oxford University Press, vol. 10(6), pages 845-881, November.
    9. Andy Pike & Jane Pollard, 2010. "Economic Geographies of Financialization," Economic Geography, Taylor & Francis Journals, vol. 86(1), pages 29-51, January.
    10. Claude Dupuy & Stephanie Lavigne & Dalila Chenaf-Nicet, 2016. "Where Do “Impatient” Mutual Funds Invest? A Special Attraction for Large Proximate Markets and Companies with Strategic Investors," Post-Print hal-03897273, HAL.
    11. Christian Zeller, 2010. "The Pharma-biotech Complex and Interconnected Regional Innovation Arenas," Urban Studies, Urban Studies Journal Limited, vol. 47(13), pages 2867-2894, November.
    12. Jon Swords & Felicity Wray, 2010. "The Connectivity of the Creative Industries in North East England — The Problems of Physical and Relational Distance," Local Economy, London South Bank University, vol. 25(4), pages 305-318, June.
    13. David Burch & Geoffrey Lawrence, 2009. "Towards a third food regime: behind the transformation," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 26(4), pages 267-279, December.
    14. Pietro Alessandrini & Andrea Filippo Presbitero & Alberto Zazzaro, 2008. "Global Banking and Local Markets," Mo.Fi.R. Working Papers 4, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    15. Callum Ward, 2021. "Contradictions of Financial Capital Switching: Reading the Corporate Leverage Crisis through The Port of Liverpool's Whole Business Securitization," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 249-265, March.
    16. Seo, Bongman, 2011. "Geographies of Finance : Centers, Flows, and Relations," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 52(1), pages 69-86, June.
    17. Robert & Claudia Klaerding, 2012. "Theoretical advancement in economic geography by engaged pluralism," Papers in Evolutionary Economic Geography (PEEG) 1202, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Jan 2012.
    18. Battistin, Erich & Graziano, Clara & Parigi, Bruno M., 2012. "Connections and performance in bankers’ turnover," European Economic Review, Elsevier, vol. 56(3), pages 470-487.
    19. Thomas Wainwright & Graham Manville, 2017. "Financialization and the third sector: Innovation in social housing bond markets," Environment and Planning A, , vol. 49(4), pages 819-838, April.

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