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How the finance invests the future of companies: An analysis of the liquidity devices at work
[Comment la finance investit le futur des entreprises : une analyse des dispositifs de liquidité à l’œuvre]

Author

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  • Isabelle Chambost

    (LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université)

Abstract

This paper examines the effect of the valuation financial model on the future of enterprises in the context of their potential resale. Based on two field surveys, it demonstrates that the financialized future of a public company derives from an endless negotiation game rooted in the present in order to mitigate the risks resulting from the share price volatility. In the case of private companies, the financial outlook is based on a higher expected return and frames the future of the productive operations within a medium-term perspective, in line with the forecasts of investor-analysts.

Suggested Citation

  • Isabelle Chambost, 2018. "How the finance invests the future of companies: An analysis of the liquidity devices at work [Comment la finance investit le futur des entreprises : une analyse des dispositifs de liquidité à l’œu," Post-Print hal-02093710, HAL.
    • Handle: RePEc:hal:journl:hal-02093710
    DOI: 10.3917/rfse.021.0077
    Note: View the original document on HAL open archive server: https://cnam.hal.science/hal-02093710
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    References listed on IDEAS

    as
    1. Pascal Barneto & Isabelle Chambost, 2014. "L'appropriation par les dirigeants des dispositifs financiers : une étude exploratoire de la relation dirigeants-investisseurs," Post-Print hal-02102777, HAL.
    2. Richard G. Barker, 1999. "Survey and Market‐based Evidence of Industry‐dependence in Analysts’ Preferences Between the Dividend Yield and Price‐earnings Ratio Valuation Models," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(3‐4), pages 393-418, April.
    3. Richard G. Barker, 1999. "Survey and Market-based Evidence of Industry-dependence in Analysts' Preferences Between the Dividend Yield and Price-earnings Ratio Valuation Models," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(3-4), pages 393-418.
    4. Nicolas Bedu & Matthieu Montalban, 2009. "Une analyse de la diversité géographique des opérations de private equity en Europe : le rôle des configurations institutionnelles," Post-Print hal-00413066, HAL.
    5. Cédric Durand & Marlène Benquet, 2016. "La financiarisation de la grande distribution," Post-Print hal-01332604, HAL.
    Full references (including those not matched with items on IDEAS)

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