INVESTIGADORES
SANTARCANGELO Juan Eduardo
congresos y reuniones científicas
Título:
Financialization and Productive Investment in Large Non-Financial Corporations in Latin America: A Study Based on Accounting Statements 1995-2015
Autor/es:
JUAN EDUARDO SANTARCANGELO; NICOLÁS ZEOLLA
Lugar:
Londres
Reunión:
Congreso; 33rd Annual Meeting Society for the Advancement of Socio-Economics (SASE); 2021
Institución organizadora:
Society for the Advancement of Socio-Economics (SASE)
Resumen:
Using firm-level information from large non-financial corporations (NFC) from LatinAmerica, this paper studies the impact of financialization on investment determinants inthe last 20 years. After considering the main stylized facts about investment, profits,financial incomes and assets, we estimate an econometric model based on the approachof liquidity constraint to measure the impact of financialization over NFC. In line withdeveloped economies financialization literature, we found that dividends paymentsnegative affect investment, especially in large corporations. Moreover, after 2009 and incoincidence with the carry trade boom in Latin America, we register an increasingcrowding out effect of investment by increase in non-current financial assets holdings.
