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The Impact of Financialization on Management and Employment Outcomes

  • Rosemary Batt

    (Cornell University)

  • Eileen Appelbaum

    (Rutgers University)

Registered author(s):

    This paper examines three questions: 1) How and why have financial models of doing business emerged in the last three decades? 2) What new forms of financial capitalism have become important in the current period? 3) How do new financial intermediaries, such as private equity, and the financial strategies of nonfinancial corporations affect the management of companies and employment outcomes? The paper describes how deregulation and institutional change created the conditions for a new, more powerful role for finance capital in the governance of U.S. companies, and it synthesizes the empirical evidence on the process and outcomes of financialization in large publicly traded corporations, as well as those taken over by private equity. Areas for future research are identified to examine how financialization affects management and employment relations in the postcrisis period.

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    File URL: http://research.upjohn.org/cgi/viewcontent.cgi?article=1208&context=up_workingpapers
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    Paper provided by W.E. Upjohn Institute for Employment Research in its series Upjohn Working Papers and Journal Articles with number 13-191.

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    Date of creation: Feb 2013
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    Handle: RePEc:upj:weupjo:13-191
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    1. Paul A. Gompers & Andrew Metrick, 2001. "Institutional Investors And Equity Prices," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 229-259, February.
    2. Steven N. Kaplan & Per Strömberg, 2008. "Leveraged Buyouts and Private Equity," NBER Working Papers 14207, National Bureau of Economic Research, Inc.
    3. Ulf Axelson & Tim Jenkinson, 2008. "Leverage and Pricing in Buyouts: An Empirical Analysis," Economics Series Working Papers 2008fe20, University of Oxford, Department of Economics.
    4. Thomas I. Palley, 2007. "Financialization: What It Is and Why It Matters," Working Papers wp153, Political Economy Research Institute, University of Massachusetts at Amherst.
    5. Walter Y. Oi, 1962. "Labor as a Quasi-Fixed Factor," Journal of Political Economy, University of Chicago Press, vol. 70, pages 538.
    6. Oliver, Gottschalg & Ludovic, Phalippou, 2006. "The performance of private equity funds," Les Cahiers de Recherche 852, HEC Paris.
    7. Brian J. Hall & Jeffrey B. Liebman, 1998. "Are CEOs Really Paid Like Bureaucrats?," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 653-691, August.
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