Auvray, T and Rabinovich, J orcid.org/0000-0002-9175-0848 (2019) The financialisation–offshoring nexus and the capital accumulation of US non-financial firms. Cambridge Journal of Economics, 43 (5). pp. 1183-1218. ISSN 0309-166X
Abstract
The financialisation of non-financial corporations has drawn the attention of many scholars who have identified two main channels through which financialisation occurs: a higher proportion of financial assets compared to non-financial ones and a higher amount of resources diverted to financial markets. A consequence of this process is a decrease in investment. Parallel to financialisation, many non-financial corporations have also engaged in an internationalisation of their productive activities, organising them under global value chains. Though offshoring may also explain the decrease in the level of investment of non-financial firms, the intersections between the literature on financialisation and the literature on global value chain remain surprisingly underdeveloped. This paper contributes to fill this gap using panel regressions for US non-financial corporations between 1995 and 2011. We find evidence that both offshoring and financialisation are determinants to the decrease in investment and that financialisation occurs mainly among firms belonging to sectors prone to offshoring.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2019. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. This is an author produced version of a paper published in Cambridge Journal of Economics. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Financialisation of the non-financial corporation, Global value chain, Offshoring, Investment |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 25 Jun 2020 14:46 |
Last Modified: | 04 Feb 2021 01:39 |
Status: | Published |
Publisher: | Oxford University Press (OUP) |
Identification Number: | 10.1093/cje/bey058 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:162315 |