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Financialization and Portuguese real investment: a supportive or disruptive relationship?

2015-09Working paper Open access
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dc.contributor.authorBarradas, Ricardo
dc.contributor.authorLagoa, Sérgio
dc.date.accessioned2018-02-26T09:36:57Z
dc.date.available2018-02-26T09:36:57Z
dc.date.issued2015-09
dc.descriptionWorking papers com arbitragem científicapt_PT
dc.description.abstractThe article makes an empirical analysis of the relationship between financialization and real investment by Portuguese nonfinancial corporations from 1979 to 2013. In theory, while financialization leads to a rise in financial investments by nonfinancial corporations and thus deviates funds from real investment, it also intensifies the pressure for financial payments and therefore restricts the funds available for real investment. We estimate an aggregate investment function including control variables (profitability, debt, cost of capital and output growth) and two measures of financialization (financial receipts and financial payments). The study concludes that there is a long-term investment equation, and finds evidence that the process of financialization has hampered real investment largely as a result of financial payments. The article also finds that profitability and debt are both detrimental to real investment.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.doi10.1080/01603477.2017.1286940pt_PT
dc.identifier.issn0160-3477
dc.identifier.urihttps://ciencia.iscte-iul.pt/id/ci-pub-38989
dc.identifier.urihttp://hdl.handle.net/10071/14698
dc.identifier.urihttp://hdl.handle.net/10400.21/8132
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherDinamiacet - IULpt_PT
dc.relationFCTpt_PT
dc.relation.ispartofseriesWorking Paper;2014/06
dc.relation.publisherversionhttps://repositorio.iscte-iul.pt/handle/10071/10731pt_PT
dc.subjectFinancializationpt_PT
dc.subjectInvestmentpt_PT
dc.subjectVector error correction modelpt_PT
dc.titleFinancialization and Portuguese real investment: a supportive or disruptive relationship?pt_PT
dc.typeworking paper
dspace.entity.typePublication
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/5876/UID%2FSOC%2F03127%2F2013/PT
oaire.citation.conferencePlaceLisboapt_PT
oaire.fundingStream5876
person.familyNameBarradas
person.familyNameLagoa
person.givenNameRicardo
person.givenNameSérgio
person.identifier.ciencia-id061D-E6BF-503D
person.identifier.orcid0000-0003-0212-3568
person.identifier.orcid0000-0003-2790-6518
person.identifier.scopus-author-id57131382000
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsopenAccesspt_PT
rcaap.typeworkingPaperpt_PT
relation.isAuthorOfPublicationc0fa42ef-438a-4757-b835-19de30af5ed6
relation.isAuthorOfPublicationa2ba08a2-3a40-47a9-a2e3-84b111ac6b99
relation.isAuthorOfPublication.latestForDiscoveryc0fa42ef-438a-4757-b835-19de30af5ed6
relation.isProjectOfPublication9eae18e7-a900-416b-a011-8bb3cbdd847e
relation.isProjectOfPublication.latestForDiscovery9eae18e7-a900-416b-a011-8bb3cbdd847e

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