The Financialization of Companies in Italy
Keywords:
Financialization, Shareholder value, Capitalism, Companies, Financiación, valor para el accionista, capitalismo, empresasAbstract
This paper presents an empirical and theoretical analysis of the financialization of companies and the diffusion of shareholder value maximization in Italy. Unlike the anglo-saxon contexts, financial accumulation and short-termism in Italy are not a consequence of institutional investors’ activism: Italian capitalism is still a holigarchic family capitalism, and few blockholders are in control of Italian large firms. Financialization of companies and the orientation to maximize shareholder value in Italy are rather the outcome of isomorphic processes, supported by institutional and legal transformations occurred since 1980s: reforms of finance, company and labour law, the privatization of state firms, the diffusion of finance-oriented accounting rules. The statutory reforms enabled the dominant coalitions within Italian capitalism to operate in a regulatory framework harmonized with a transnational context, largely assimilated to Anglo-Saxon norms, promoting a finance-oriented conception of control and managerial practices.
En este trabajo se presenta un análisis empírico y teórico de la financiarización de las empresas y la difusión de la maximización del valor para los accionistas en Italia. A diferencia de los contextos anglosajones, la acumulación financiera y el cortoplacismo en Italia no son una consecuencia del activismo de los inversores institucionales: el capitalismo italiano es todavía un capitalismo familiar holigarchic, y pocos son blockholders en el control de las grandes empresas italianas. La financiarización de las empresas y la orientación para maximizar el valor para los accionistas en Italia son más bien el resultado de los procesos isomórficos, con el apoyo de las transformaciones institucionales y legales ocurrieron desde 1980: las reformas de las finanzas, empresa y derecho laboral, la privatización de empresas estatales, la difusión de finanzas- normas de contabilidad orientados. Las reformas estatutarias habilitadas las coaliciones dominantes dentro del capitalismo italiano para operar en un marco normativo armonizado con un contexto transnacional, en gran medida asimilada a las normas anglosajonas, la promoción de una concepción orientada a las finanzas de control y prácticas de gestión.
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