Verteilungseffekte von Finanzialisierung

Abstract

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La problemática conceptualización de la financiarización: diferenciando causas, consecuencias y la acción financiarizada de los actores económicos

“…Literature on financialisation reveals a negative effect on labour costs and income distribution (Tridico and Pariboni 2018;Alvarez 2015;Hein and Van Treeck 2010;Crotty 2005). Kohler, Guschanski and Stockhammer (2018) have already reviewed the principal literature on financialisation and income inequality, concluding that there is a negative and significant association that operates through various channels requiring different empirical measures. These contributions confirm the well-known conclusion supported by Lazonick and O'Sullivan (2000) of a shift in corporate strategy from 'retain and reinvest' to 'downsize and distribute' as a consequence of shareholder value maximization.…”

Can green credit policy under the concept of green economy curb corporate financialization to promote sustainable development?

“…Numerous scholars have conducted rich research on corporate financialization. The studies on the economic consequences of corporate financialization include those on the differential impacts of financialized markets on management procedures and risk attitudes (Siepel & Nightingale, 2014), the possible positive impact of financialized markets on corporate governance (Matsumoto, 2020), the decline in entity investment due to financialization (Maria Diez-Esteban et al, 2016;Davis, 2017;Jin et al, 2022), the impact of the financialization of the non-financial sector on its economic growth (Tomaskovic-Devey et al, 2015), the decrease in the financialization of the functional income distribution (Kohler et al, 2018), the possibly negative effect of corporate financialization on corporate environmental responsibility (Li et al, 2020), and the possibility for financialization to lead to a decrease in the share of wages (Kohler et al, 2019). Thus, this demonstrates that the excessive engagement of non-financial capital enterprises in financial business development has certain negative effects on individuals, enterprises, and society, although the development of corporate financialization promotes the rapid development of enterprises to a certain extent; moreover, to curb corporate financialization, it is necessary to explore the reasons behind the influence of corporate financialization.…”