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Finance and Industrial Dynamics (In French)

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  • Claude DUPUY (GREThA UMR CNRS 5113)
  • Matthieu MONTALBAN (GREThA UMR CNRS 5113)
  • Sylvain MOURA (GREThA UMR CNRS 5113)

Abstract

The transformations of the finance sector linked to the emergence of new actors (pension funds, mutual funds, hedge funds…) and its globalization have changed the rules of corporate governance and the competitive context of industrial companies. The theme of the influence between finance and industry is not new in the economic literature. The first thesis of the influence of finance on industry born in the United States (with the Veblen thesis) and Europe (Hilferding, 1910) with the development of joint stock companies (corporations in the U.S.) and financial institutions. The recent transformations and crisis of capitalism show the relevance of the old theories of finance. In the first section of the paper we examines how arguments about the domination of finance on industry developed in the early 20th century are still relevant in modern capitalism with the debate of shareholder value. In a second part, we show that globalization is partly a myth because the shareholding structures are localized. Geography and institutions matter in finance for explaining the behaviors.

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Bibliographic Info

Paper provided by Groupe de Recherche en Economie Théorique et Appliquée in its series Cahiers du GREThA with number 2009-24.

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Date of creation: 2009
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Handle: RePEc:grt:wpegrt:2009-24

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Keywords: finance; industry; parasitism; shareholder value; geography of finance;

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