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An exploratory study of an early stage R&D-intensive firm under financialization

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  • Pauline Gleadle
  • Colin Haslam

Abstract

The financialization literature considers the impact of financial markets on corporate strategy, governance, financial performance and the distribution of resources between various stakeholder groups. Capital market demands modify strategic priorities, governance and managerial narratives about performance because this helps justify value creation and value absorption in an era of shareholder value. The literature on financialization suggests that managers have a tendency to exaggerate performance to boost valuations especially when their interests align with those of the firm’s shareholders. In this exploratory study of an R&D-intensive firm “Medco” we consider the extent to which managerial narratives and corporate governance of this R&D-intensive firm reflect a process of financialization.

Suggested Citation

  • Pauline Gleadle & Colin Haslam, 2010. "An exploratory study of an early stage R&D-intensive firm under financialization," Accounting Forum, Taylor & Francis Journals, vol. 34(1), pages 54-65, March.
    • Handle: RePEc:taf:accfor:v:34:y:2010:i:1:p:54-65
    DOI: 10.1016/j.accfor.2009.10.002
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    Citations

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    Cited by:

    1. Philipp A. Thompson, 2019. "Financialization and Institutional Environments," Working Papers hal-02139457, HAL.
    2. Andersson, Tord & Gleadle, Pauline & Haslam, Colin & Tsitsianis, Nick, 2010. "Bio-pharma: A financialized business model," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 21(7), pages 631-641.
    3. Siepel, Josh & Nightingale, Paul, 2014. "Anglo-Saxon governance: Similarities, difference and outcomes in a financialised world," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(1), pages 27-35.
    4. Bay, Charlotta & Catasús, Bino & Johed, Gustav, 2014. "Situating financial literacy," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(1), pages 36-45.
    5. Ionel Jianu & Iulia Jianu, 2018. "The Share Price and Investment: Current Footprints for Future Oil and Gas Industry Performance," Energies, MDPI, vol. 11(2), pages 1-15, February.

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