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Financialization French-style (1979-2009). Changes in Large Firms and Conversion of Elites: Traduction de l'article "Une financiarisation à la française (1979-2009). Mutations des grandes entreprises et conversion des élites"

Abstract : In recent decades, the distribution of the value added by the largest French listed companies has seen a dramatic change in favour of shareholders. However, to talk of financialization to describe this phenomenon runs the risk of imagining that finance was absent in the past and is now hegemonic. By systematically comparing data on these companies and their senior executives in 1979 and 2009, we show that the careers of senior executives have remained remarkably stable, and polarized by the division between financiers and others, whilst the shape and business activities of financial companies have radically changed. Yet the changes in the distribution of value added are not so much the result of these alterations of the boundaries or of the shareholders of companies as the effect of a conversion of their senior executives, through their experience of finance, to the norms of shareholder value.
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https://hal-sciencespo.archives-ouvertes.fr/hal-03393256
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Submitted on : Thursday, October 21, 2021 - 10:00:46 PM
Last modification on : Monday, March 14, 2022 - 10:38:10 AM

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Pierre Francois, Claire Lemercier. Financialization French-style (1979-2009). Changes in Large Firms and Conversion of Elites: Traduction de l'article "Une financiarisation à la française (1979-2009). Mutations des grandes entreprises et conversion des élites". Revue française de sociologie, Presse de Sciences Po / Centre National de la Recherche Scientifique, 2017, 57 (2), pp.269 - 320. ⟨10.3917/rfs.572.0269⟩. ⟨hal-03393256⟩

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