Torzulások a pénzügyi piacok által vezérelt beruházási rendszerben
DOI:
https://doi.org/10.35551/PFQ_2024_2_1Kulcsszavak:
befektetés, pénzügyi piacok, részvényesi érték maximalizáció, beruházási magatartás, E38, G12, G21, G35, N20, P10Absztrakt
Az elmúlt néhány évtized során mélyreható változások következtek be a fejlett gazdaságok pénzügyi szektorában, és ez különösen vonatkozik az amerikai pénzgazdaságra. A tanulmány e fejlődési folyamat azon aspektusaival foglalkozik, amelyek szorosan kötődnek a beruházási rendszerben kialakuló torzulásokhoz. A gondolatmenet a részvénytulajdonosi érték maximalizációjából indul ki, ami ideológiai alapja volt a reálgazdaság és a pénzügyi szektor közötti szakadásnak. A tanulmány sokoldalúan elemzi a pénzügyi piacok hatását a befektetési magatartásra, a reáltőke beruházások visszaszorulására, az értékkivonás hátrányos következményeire, s a részvény-visszavásárlás káros hatásaira. Mindaddig, amíg a vállalati tőkeköltség és a minimálisan elvárt megtérülés közötti rés nem szűkül, addig a reáltőke beruházások pozíciója nem fog javulni.
Hivatkozások
Beinhocker, E. D. (2013): Reflexivity, complexity and the nature of social science. Journal of Economic Methodology, Vol 20, 330-342.
Bernstein, P. L. (1998): Stock market risk in a Post Keynesian world. Journal of Post Keynesian Economics, Vol 21, No 1
Bower, J. L.-Paine, L. S. (2017): The Error at the Heart of Corporate Leadership. Harvard Business Review, Vol 95, No 3, 50-60.
Denning, S. (2014): The Unanticipated Risks of Maximizing Shareholder Value. EDT 2014 October 14.
Denning, S. (2014): The Unanticipated Risks of Maximizing Shareholder Value. EDT October 14.
Donaldson, T.-Preston, L. E. (1995): The Stakeholder Theory of the Corporation: Concepts, Evidence and Implications. Academy of Management Review, Vol 20, No 1, 65-91.
Ehret, M. (2014): The Role of Financial Economics in Economic Organisation. Journal of Business Research, Vol 67, Issue 1, 2686-2692.
Free Law Essay/Business Law. Business Bliss Consultant FZE
Friedman, M. (1962): Capitalism and Freedom. Chicago, Illinois: University of Chicago Press10.
Friedman, M. (1970): The Social Responsibility of Business is to Increase Its Profits. New York Times Magazine 32, September 13.
Haugen, R. A.-Heins, A. J. (1975): Risk and the Rate of Return on Financial Assets, Same Old Wine in New Buttles. Journal of Finance and Quantitative Analysis, Vol 10, No 5, 775-784.
Jensen, M.- C. (2002): Value Maximization, Shareholder Theory and the Corpora-te Objective Function. Business Ethics Quarterly, Vol 12, No 2, 235-256.
Jensen, M. C.-Meckling, W. H. (1976): Theory of the Firm: Managerial Behavior. Agency Cost and Ownership Structure. Journal of Financial Economics, Vol 3.
Jomo Kwame Sundarem (2017): International Development Economics Associa-tes. Quantitative Easing of Wealth Distribution
Keynes, J. M. (1931): Essays on Persuasion. London, Macmillan
Krein, J. (2018): Share Buybacks and the Contradictions of Shareholder Capital-ism. American Affairs, December 13, 1-9.2018
Krein, J. (2021): The Value of Nothing: Capital versus Growth. American Affairs, Vol V, No 9, 66-85.
Laux, J. (2010): Topics in Finance Part I – Introduction and Stockholder Wealth Maximization. American Journal of Business Education, Vol 3, No 2, 15-22.
Lawson, T. (2009): The Current Economic Crisis: its Nature and the Course of Academic Economics. Cambridge Journal of Economics, Vol 33, No 4, 759-788.
Lawson, T. (2013): Soros’ Theory of Reflexivity: A Critical Comment. Revue de philosophie economique, Vol 14, 29-48.
Lazonick, W. (2014): Profit Without Prosperity. Harvard Business Review, Vol 92, No 9, 46-55.
Lazonick, W.-Jacobson, K. (2018): End Stock Buybacks Savesave the Economy. New York Times, August 23.
Levitz, E. (2022): Modern Capitalism Is Weirder Then You Think. It Also no lon-ger works as advertised. Intelligencer, March, 15
Lintner, J.(1969): The Aggregation of Investor’s Diverse Judgements and Prefe-rences in Purely Competitive Markets. . Journal of Finance and Quantitative Ana-lysis, Vol IV, No 4, 347-400.
Mandelbrot, B. (1963): The variation of certain speculative prices. Journal of ÍBusiness, Vol 36, 394-419.
Melendez-Hernandez, F. H. (2021): Economics as a Science and the Cost of Leg-acy of John Maynard Keynes. Academia Letters Article 3217 August 2021, 1-7.
Miller, E. M. (1977): Risk, Uncertainty and Divergence of Opinion. The Journal of Finance, Vol 32, No 4, 1151-1168.
Minsky, H. P. (1992): The capital development of the economy and the structure of financial.
Minsky, H. P. (1996): Uncertainty and the Institutional Structure of Capitalist Economics. Working Paper No 155, Jerome Levy Economics Institute
Rasmussen, D. (2018): Private Equity: Overvalued and Overrated? American Affairs, Vol 2, No 1, 3-16.
Schwartz, H. M. (2020): Corporate Profit Strategies and US Economic Stagna-tion. American Affairs, Vol 4, No 3, 3-19.
Sen, S. (2020): Investment decisions under uncertainty. Journal of Post Keynesian Economics, Vol 43, No 2, 267-280.
Soros, G. (2013): Fallibility, reflexivity and the human uncertainty principle. Jour-nal of Economic Methodology, Vol 20, No 4, 309-329.
Stockhammer, E. (2004): Financialization and the Slowdown of Accumulation. Cambridge Journal of Economics, Vol 28, No 5, 719-741.
Storm, S. (2018): Financialization and Economic Development: A Debate on the Social Efficiency of Modern Finance. Development and Change, Vol 49, No 2, 302-329.
Stout, L. A. (2013): The Shareholder Value Myth. Cornell Law Faculty Publica-tions, 4-9-2013, 1-9.
Sweezy, P. M. (1994): The Triumph of Financial Capital. Monthly Review, Vol 46, Issue 2, June
Tabb, W. K. (.....): Financialization, a key contradiction of the neoliberal social structure of the accumulation. In: Handbook on Social Structure of Accumula-tion Theory. Ed. by Donough, T.-Mc Manon, C.-Kotz, D. M. Edward Elgar
Whalen, C. J. (1997): Money Manager Capitalism and the end of shared prospe-rity. Journal of Economic Issues, Vol 31, No 2
Whalen, C. J. (2002): Money Manager Capitalism: Still here, but not quite as ex-pected. Journal of Economic Issues, Vol 36, No 2.
Whalen, C. J. (2013): Money Manager Capitalism. In: The Handbook of Critical Issues in Finance. Edward Elgar, 1-14.
Wray, L. (2009): The rise and fall of money manager capitalism: Minskian appro-ach. Cambridge Journal of Economics, Vol 33, 807-828.
Wray, L. R. (2009): Money manager capitalism and the global financial crisis. Working Paper No 578, Levy Economics Institute of Bard College
Wray, L. R. (2011): Misky’s Money Manager Capitalism and the Global Financial Crisis. Levy Economics Institute of Bard College, Working Paper No 661
Zalewski, D. A.-Whalen, C. J. (2010): Financialization and Income inequality: A post Keynesian Institutionalist analysis. Journal of Economic Issues, Vol 44, No 3