CORPORATE RESTRUCTURING AND FINANCIALIZATION OF NON-FINANCIAL CORPORATIONS: EVIDENCE FROM SPAIN
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ABSTRACT
Organizational changes carried out by firms over the past decades have often involved the segmentation of the corporation into a portfolio of multiple subsidiaries and the consequent proliferation of financial assets of group-related firms. Looking at a sample of large non-financial corporations (NFCS) in Spain, we show that these changes can be related to a greater exposure of nfcs to financial markets, stronger shareholder-value oriented performance metrics and a more active management of corporate assets. Thus, this growing segmentation of the corporation reflects an expansion of the financial view of the firm as another important aspect of the financialization of nfcs, complementary to the extensively documented downsizing processes often studied in the literature on financialization.
REESTRUCTURACIÓN CORPORATIVA Y FINANCIARIZACIÓN DE SOCIEDADES NO FINANCIERAS: EVIDENCIA PARA ESPAÑA
RESUMEN
Los cambios organizativos llevados a cabo por las empresas no financieras en las últimas décadas frecuentemente implican una mayor segmentación de los activos corporativos en una cartera de múltiples filiales y la proliferación de activos financieros intragrupo. Centrándonos en una muestra de grandes empresas no financieras en España mostramos que estos cambios están relacionados con una mayor exposición a los mercados financieros, una mayor orientación a los intereses de los accionistas y una gestión más activa del perímetro corporativo. Así, esta creciente segmentación corporativa refleja la adopción de una visión financiera de la empresa como otro aspecto clave de la financiarización de las empresas no financieras, complementaria a los procesos de downsizing típicamente estudiados en la literatura de la financiarización.
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