Financialisation and the coupon pool
Autor(a) principal: | |
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Data de Publicação: | 2001 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Gestão & Produção |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-530X2001000300005 |
Resumo: | By the late 1990s, shareholder value was the explicit, new priority for the old corporations in the US and UK where the stock market had gained an unprecedented influence on the behaviour of giant corporations. The business press obsessively discussed which managements were, and were not, delivering value and all the major US consulting firms had moved into selling value metrics and implementation packages promising to solve this question. Over this decade, share prices rose unsteadily in a long bull market which ended in the tech stock crash of Spring 2000 which, one year later, had turned into a bear market in a slowing US economy. All this poses new questions about whats at stake in the capital market's pressure on corporations for increased returns; and what's behind higher share prices and their collapse? The intellectual responses widened the debate but has led to increasing conceptual confusion: the journalistic term "shareholder value" has passed into academic usage; while neologisms such as financialisation are used differently by various authors. Against this background, our paper aims to discuss the existing terms and main definitions and to argue for a redefinition of the problem around a new generic concept of coupon pool capitalism. After this, the paper presents a brief empirical analysis of the dynamics of the coupon pool in the USA and UK. This analysis represents part of our answer to the question of what's new and different about the current forms of capitalism. |
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Financialisation and the coupon poolkinds of Capitalismcorporate governancefinacializationkinds of wealthkinds of incomeshareholder revolutionBy the late 1990s, shareholder value was the explicit, new priority for the old corporations in the US and UK where the stock market had gained an unprecedented influence on the behaviour of giant corporations. The business press obsessively discussed which managements were, and were not, delivering value and all the major US consulting firms had moved into selling value metrics and implementation packages promising to solve this question. Over this decade, share prices rose unsteadily in a long bull market which ended in the tech stock crash of Spring 2000 which, one year later, had turned into a bear market in a slowing US economy. All this poses new questions about whats at stake in the capital market's pressure on corporations for increased returns; and what's behind higher share prices and their collapse? The intellectual responses widened the debate but has led to increasing conceptual confusion: the journalistic term "shareholder value" has passed into academic usage; while neologisms such as financialisation are used differently by various authors. Against this background, our paper aims to discuss the existing terms and main definitions and to argue for a redefinition of the problem around a new generic concept of coupon pool capitalism. After this, the paper presents a brief empirical analysis of the dynamics of the coupon pool in the USA and UK. This analysis represents part of our answer to the question of what's new and different about the current forms of capitalism.Universidade Federal de São Carlos2001-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-530X2001000300005Gestão & Produção v.8 n.3 2001reponame:Gestão & Produçãoinstname:Universidade Federal de São Carlos (UFSCAR)instacron:UFSCAR10.1590/S0104-530X2001000300005info:eu-repo/semantics/openAccessFroud,JulieHaslam,ColinJohal,SukhdevWilliams,Kareleng2004-12-06T00:00:00Zoai:scielo:S0104-530X2001000300005Revistahttps://www.gestaoeproducao.com/PUBhttps://old.scielo.br/oai/scielo-oai.phpgp@dep.ufscar.br||revistagestaoemanalise@unichristus.edu.br1806-96490104-530Xopendoar:2004-12-06T00:00Gestão & Produção - Universidade Federal de São Carlos (UFSCAR)false |
dc.title.none.fl_str_mv |
Financialisation and the coupon pool |
title |
Financialisation and the coupon pool |
spellingShingle |
Financialisation and the coupon pool Froud,Julie kinds of Capitalism corporate governance finacialization kinds of wealth kinds of income shareholder revolution |
title_short |
Financialisation and the coupon pool |
title_full |
Financialisation and the coupon pool |
title_fullStr |
Financialisation and the coupon pool |
title_full_unstemmed |
Financialisation and the coupon pool |
title_sort |
Financialisation and the coupon pool |
author |
Froud,Julie |
author_facet |
Froud,Julie Haslam,Colin Johal,Sukhdev Williams,Karel |
author_role |
author |
author2 |
Haslam,Colin Johal,Sukhdev Williams,Karel |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Froud,Julie Haslam,Colin Johal,Sukhdev Williams,Karel |
dc.subject.por.fl_str_mv |
kinds of Capitalism corporate governance finacialization kinds of wealth kinds of income shareholder revolution |
topic |
kinds of Capitalism corporate governance finacialization kinds of wealth kinds of income shareholder revolution |
description |
By the late 1990s, shareholder value was the explicit, new priority for the old corporations in the US and UK where the stock market had gained an unprecedented influence on the behaviour of giant corporations. The business press obsessively discussed which managements were, and were not, delivering value and all the major US consulting firms had moved into selling value metrics and implementation packages promising to solve this question. Over this decade, share prices rose unsteadily in a long bull market which ended in the tech stock crash of Spring 2000 which, one year later, had turned into a bear market in a slowing US economy. All this poses new questions about whats at stake in the capital market's pressure on corporations for increased returns; and what's behind higher share prices and their collapse? The intellectual responses widened the debate but has led to increasing conceptual confusion: the journalistic term "shareholder value" has passed into academic usage; while neologisms such as financialisation are used differently by various authors. Against this background, our paper aims to discuss the existing terms and main definitions and to argue for a redefinition of the problem around a new generic concept of coupon pool capitalism. After this, the paper presents a brief empirical analysis of the dynamics of the coupon pool in the USA and UK. This analysis represents part of our answer to the question of what's new and different about the current forms of capitalism. |
publishDate |
2001 |
dc.date.none.fl_str_mv |
2001-12-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-530X2001000300005 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-530X2001000300005 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
10.1590/S0104-530X2001000300005 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Universidade Federal de São Carlos |
publisher.none.fl_str_mv |
Universidade Federal de São Carlos |
dc.source.none.fl_str_mv |
Gestão & Produção v.8 n.3 2001 reponame:Gestão & Produção instname:Universidade Federal de São Carlos (UFSCAR) instacron:UFSCAR |
instname_str |
Universidade Federal de São Carlos (UFSCAR) |
instacron_str |
UFSCAR |
institution |
UFSCAR |
reponame_str |
Gestão & Produção |
collection |
Gestão & Produção |
repository.name.fl_str_mv |
Gestão & Produção - Universidade Federal de São Carlos (UFSCAR) |
repository.mail.fl_str_mv |
gp@dep.ufscar.br||revistagestaoemanalise@unichristus.edu.br |
_version_ |
1750118201822281728 |