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Corpataux, José
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Corpataux, José
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Voici les éléments 1 - 10 sur 24
- PublicationAccès libreGouvernance d’entreprise et mobilité/ liquidité du capital : quel ancrage territorial dans une économie financiarisée ?(2011)
; L’industrie financière a construit une disjonction fonctionnelle et spatiale entre investisseurs et entrepreneurs, jetant ainsi les bases de ce que l’on appelle aujourd’hui la corporate governance. Cet article propose une approche territoriale de la gouvernance d’entreprise. Il montre dans un premier temps comment le succès de l’industrie financière est dû à la mobilité/liquidité du capital et au court-circuitage des contraintes locales inhérentes à l’économie réelle, notamment dans le domaine du marché du travail et de l’environnement. En second lieu, il décrit les modalités tout à fait particulières dont la corporate governance ancre le capital mobile dans le territoire., The finance industry has created a functional and spatial separation between business investors and entrepreneurs, thereby laying the foundations of what is now referred to as corporate governance. This article presents a territorial understanding of corporate governance. It shows first that the success of financial markets is probably due to the construction of the “mobility liquidity” of capital and to the short-cutting of local constraints of the real economy, notably of labour markets and environmental resources. Second it suggests that corporate governance is the very particular way how mobile capital anchors in firms and regions today. - PublicationMétadonnées seulement
- PublicationAccès libreLa gouvernance d'entreprise (Corporate governance) : une approche territoriale(2010)
; Jusque dans les années quatre-vingts, l’industrie financière était contenue institutionnellement et géographiquement. L’économie financière était relativement stable et, de plus, subordonnée à l’économie réelle. Or, la montée en puissance des marchés financiers institutionnalise l’émergence d’actionnaires intéressés de plus en plus exclusivement aux seuls rendements financiers et de moins en moins impliqués dans les dimensions sociale et territoriale des activités. En bref, l’industrie financière est parvenue à construire une disjonction fonctionnelle et spatiale entre investisseurs et entrepreneurs, jetant ainsi les bases de ce que l’on appelle aujourd’hui la corporate governance. La thèse de cet article est que l’accroissement de mobilité/liquidité du capital, l’affirmation du principe de diversification et la complexification croissante des circuits financiers sont des éléments qui ont rendu cette disjonction possible. Il en résulte une mise à distance qui rend les investisseurs myopes et passifs envers les caractéristiques réelles (locales) des entreprises. Parallèlement, à cette disjonction entre économies réelle et financière, l’industrie financière va s’autonomiser pour occuper progressivement une position de surplomb par rapport à l’économie réelle, position qu’elle acquiert grâce à une géographie de fonctionnement qui lui permet de court-circuiter les contraintes spatiales de l’économie réelle et de reporter les coûts de la compétitivité sur les sociétés locales ou nationales. - PublicationAccès libreCorporate governance : A territorial approach(2010)
; Until the 1980s, the finance industry was geographically and institutionally contained. The financial economy was relatively stable, and moreover, dependent upon the real economy. Now however, the increasing power of the financial markets is institutionalising the emergence of shareholders whose focus is increasingly narrowly upon the sole aim of financial return and who have less and less involvement in the social and territorial aspects of corporate activity. In short, the finance industry has managed to create a functional and spatial separation between business investors and owners, thereby laying the foundations of what is now referred to as corporate governance. This article posits that the elements which have made this separation possible are the growth of capital mobility/liquidity, the assertion of the principle of diversification and the growing complexification of financial channels. This puts investors at a remove, rendering them short-sighted and passive when it comes to businesses’ real (local) characteristics. At the same time, at this point of separation between the real and financial economies, the finance industry is becoming autonomous, gradually outstripping the real economy through a functional geography which enables it to short-circuit the spatial constraints of the real economy and defer the costs of competition onto local or national companies. - PublicationAccès libreProperty Sector Financialization: The Case of Swiss Pension Funds (1992–2005)Financialization is a major trend in Western economies. This paper shows, on the one hand, how it changes the management criteria and, on the other hand, the limits to financialization in the property sector. Between 1992 and 2004, about 15% of Swiss pension funds' wealth was invested in property. As far as their investment policy is concerned, pension funds have two choices. First, they can directly own, and have management responsibility for, the properties in their portfolios. Alternatively, they can buy shares in mainly Zurich-based investment vehicles. In the first case, pension funds require staff with the relevant expertise along with the knowledge of property markets. Investments have a regional focus and are assessed internally by the funds. In the second case, pension funds are merely investors and investment appraisals and comparisons are made on the basis of market criteria such as yield, diversification in relation to risk and liquidity. In this case, property investments focus solely on the country's main urban areas.
- PublicationAccès libreThe Expansion of the Finance Industry and Its Impact on the Economy: A Territorial Approach Based on Swiss Pension FundsA new economic geography of finance is emerging, and the current "financialization" of contemporary economies has contributed greatly to the reshaping of the economic landscape. How can these changes be understood and interpreted, especially from a territorial point of view? There are two contradictory economic theories regarding the tangible effects of the rise of the finance industry. According to neoclassical financial theorists, the finance industry's success is based on its positive effects on the real economy through its capacity to allocate financial resources efficiently. An alternative approach, adopted here, posits that finance does not merely mirror the real economy and that the financial economy, far from being a simple instrument for the allocation of capital, has its own autonomy, its own logic of development and expansion. A series of complex, and sometimes contradictory, connections link financial markets and the real economy, and there are some tensions between them, calling into question the coherence of the regional and national economies that follow from them. Moreover, the territorial approach shows how the mobility/liquidity of capital and the changing dimensions of new regions and countries are central to the finance industry's functioning. This article builds an understanding of the financial system through the lens of pension funds and highlights the impact of such a system on the real economy and its geography.
- PublicationMétadonnées seulement
- PublicationAccès libreThe Impact of Institutional Investors on Corporate Governance: A View of Swiss Pension Funds in a Changing Financial EnvironmentTheories on corporate governance have developed in line with the development of the financial markets and the increasing power of institutional investors. Indeed, the financial markets' power can be measured by the ability of shareholders, and of institutional investors in particular, to influence businesses and their managers. A number of reforms have been implemented in several countries, Switzerland included, in order to strengthen shareholders' powers. Making specific reference to Swiss case studies, this paper aims to create a better understanding of the role of institutional investors in corporate governance. Indeed, Switzerland is paradoxical in that it is generally considered Rhenish, with banks and families taking a leading role in controlling big business (David et al. 2004; Windolf & Nollert 2001), whilst developing a pension fund system which, since the mid-1980s, has attracted considerable funds and is still experiencing strong growth. How do these two approaches, traditionally at opposite ends of the spectrum as far as the subject's literature is concerned, reconcile themselves in the Swiss market?
- PublicationMétadonnées seulementThe territorial economy, a general approach in order to understand and deal with globalization(Cheltenham: Edward Elgar, 2008)
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