Financialization within the industrial promotion regime in Tierra del Fuego? The cases of Mirgor and Newsan
Keywords:
corporate financialization, electronic devices, subordinate financializationAbstract
This paper examines, based on the analysis of their financial statements, the financialization of the firms Mirgor and Newsan, producers of domestic electronics devices, between 2009 and 2019. Observing that the average of the Net Financial Result and of the financial investment are greater than the one of the productive investment for both firms, it is concluded that financialization was part of the accumulation strategy. This financialization is reflected in 3 channels: acquisition of financial assets, orientation towards shareholder value, via dividend distribution, and subordinated financialization, through operations with derivatives related to the exchange rate. The first channel is the largest, although the fact that financial income is not of great importance, rejects the thesis of the shift in accumulation. The channel of subordinated financialization is not very relevant in quantitative terms.
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