Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/98581
Authors: 
Batt, Rosemary L.
Appelbaum, Eileen
Year of Publication: 
2013
Series/Report no.: 
Upjohn Institute Working Paper 13-191
Abstract: 
This paper examines three questions: 1) How and why have financial models of doing business emerged in the last three decades? 2) What new forms of financial capitalism have become important in the current period? 3) How do new financial intermediaries, such as private equity, and the financial strategies of nonfinancial corporations affect the management of companies and employment outcomes? The paper describes how deregulation and institutional change created the conditions for a new, more powerful role for finance capital in the governance of U.S. companies, and it synthesizes the empirical evidence on the process and outcomes of financialization in large publicly traded corporations, as well as those taken over by private equity. Areas for future research are identified to examine how financialization affects management and employment relations in the postcrisis period.
Subjects: 
United States
financialization
market deregulation
institutional change
private equity
institutional investors
management and labor relations
JEL: 
D2
G3
J5
N2
P1
Document Type: 
Working Paper

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