The importance of the business sector of activity in financialisation. A multilevel analysis of British and Spanish corporations

  1. Massó, Matilde 1
  2. Bruna, Fernando 1
  1. 1 Universidade da Coruña, España
Revista:
Revista internacional de sociología

ISSN: 0034-9712

Ano de publicación: 2020

Título do exemplar: Las consecuencias sociales de la financiarización: actores, procesos y estructuras de la economía financiarizada en Europa

Volume: 78

Número: 4

Tipo: Artigo

DOI: 10.3989/RIS.2020.78.4.M20.002 DIALNET GOOGLE SCHOLAR lock_openAcceso aberto editor

Outras publicacións en: Revista internacional de sociología

Obxectivos de Desenvolvemento Sustentable

Resumo

Despite the increase in literature on financialisation, most fails to cross theoretical paradigms with empirical data at firm level. Furthermore, very few sectorial studies have been conducted to date. This paper aims to bridge this gap by estimating the importance of sectorial affiliation in explaining the financialisation of large companies in the United Kingdom and Spain. As the definition of financialisation is often imprecise and unclear, we begin with a discussion of the limitations of indicators used in financialisation literature. Secondly, we build a financialisation ratio based on a unique dataset obtained from balance sheets and income statement variables of the companies listed on the FTSE -100 and Continuous Market index of 2000-2015. Finally, and for the first time in literature, we have applied a multilevel methodology in order to study similarities between the estimated sectoral patterns for Spain and the United Kingdom. Preliminary results reveal a relevant influence of the corporate sector in financialisation ratio variability. The paper opens up a new theoretical and methodological research agenda for analysing financialisation.

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Información de financiamento

This project has received funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Sklodowska-Curie grant agreement No 746622, and the project “Social consequences of financialisation: monetary accumulation, lack of employment, social inequality” funded by the Ministry of the Economy and Com petitiveness- Government of Spain, AEI/FEDER, UE, reference number: CSO2016-78122-R.

Financiadores

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