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Industrial Major Firms Investments in a Financialized Context

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  • Yann Guy

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    (GERME - Groupe d'Etudes sur la Régulation et les Mutations des Economies - Université Paris-Diderot - Paris VII)

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Abstract

The evolution of firms' investment behavior is interpreted by heterodox theories as the resultant of the financialization of the accumulation regime. The French School of Regulation thus introduces the notion of patrimonial capitalism. The strategies of productive and financial investments, and the financing mode of these activities, respond to increased shareholder requirements on the return of invested funds. In order to check these assumptions, we have made tests on panel data, starting from a sample on big French groups, quoted in the SBF 250 Price Index.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number hal-00402021.

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Date of creation: 15 Jun 2010
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Handle: RePEc:hal:wpaper:hal-00402021

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Keywords: Finance; Investment; Rate of Profit; Growth Regime; Panel data;

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  7. Claudio H. Dos Santos & Gennaro Zezza, 2005. "A Simplified Stock-Flow Consistent Post-Keynesian Growth Model," Economics Working Paper Archive wp_421, Levy Economics Institute.
  8. Guariglia, Alessandra & Robert E Carpenter, 2003. "Cash flow, investment, and investment opportunities: New tests using UK panel data," Royal Economic Society Annual Conference 2003 94, Royal Economic Society.
  9. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
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  11. Jacques Mairesse & Bronwyn H. Hall & Benoît Mulkay, 2001. "Investissement des entreprises et contraintes financières en France et aux États-Unis," Économie et Statistique, Programme National Persée, vol. 341(1), pages 67-84.
  12. repec:hal:wpaper:hal-00188616 is not listed on IDEAS
  13. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  14. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 9(4), pages 383-403, December.
  15. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
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