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Connections Between Corporate Governanc E, Corporate Savings And Business Cycles In The Economic Literature Around The Great Depression

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  • Giovanni Scarano

Abstract

Corporate savings , which could play a major role in producing financial crises , receive scant analytic attention today . By contrast, they saw a glorious period of analysis from the late 1920s to the early 1950s, around the Great Depression. D uring the twenties the corpora tions were accused of contributing to the stock exchange boom by lending out part of their cash balances . In the thirties they were accused of contributing to the stagnation of the economic system by holding excess cash balances. Two different approaches d istinguished the study of retained earnings in the forties and fifties. One approached this phenomenon in connection with investigation into cyclical fluctuations in the economy, while the other analysed the relationship between the rights and interests of the stockholders and those of the management in individual enterprises. The paper deals with some of these seminal contributions, including those by Sergei P. Dobrovolsky and Friedrich A. Lutz

Suggested Citation

  • Giovanni Scarano, 2016. "Connections Between Corporate Governanc E, Corporate Savings And Business Cycles In The Economic Literature Around The Great Depression," Departmental Working Papers of Economics - University 'Roma Tre' 0207, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0207
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    File URL: http://dipeco.uniroma3.it/db/docs/wp%20207.pdf
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    References listed on IDEAS

    as
    1. John Jewkes, 1931. "Stock Dividends in Large and Small Companies," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 45(2), pages 352-357.
    2. S. P. Meech, 1928. "Report of Federal Trade Commission on Stock Dividends," The Journal of Business, University of Chicago Press, vol. 1, pages 485-485.
    3. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    4. Norman S. Buchanan, 1938. "Theory and Practice in Dividend Distribution," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 53(1), pages 64-85.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Giovanni Scarano, 2019. "Capital accumulation and corporate portfolio choice between liquidity holdings and financialisation," Departmental Working Papers of Economics - University 'Roma Tre' 0243, Department of Economics - University Roma Tre.
    2. Giovanni Scarano, 2018. "From Long-Term Growth To Secular Stagnation. A Theoretical Comparison Between Régulation Theory, Marxist Approaches And Present Mainstream Interpretations," Departmental Working Papers of Economics - University 'Roma Tre' 0241, Department of Economics - University Roma Tre.

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    More about this item

    Keywords

    Corporate S avings ; Corporate R etained E arnings ; Cash Holding ; Effective Demand; Financial Crisis; Corporate Governance.;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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