La importancia del sector de actividad en la financiarización de las empresas. Un análisis multinivel de empresas británicas y españolas

Matilde  Massó; Fernando  Bruna

doi:10.3989/ris.2020.78.4.m20.002

Autores/as

Matilde Massó Universidade da Coruña https://orcid.org/0000-0003-3163-7023
Fernando Bruna Universidade da Coruña https://orcid.org/0000-0002-6433-0987

DOI:

https://doi.org/10.3989/ris.2020.78.4.m20.002

Palabras clave:

Financiarización, Modelo multinivel, Empresas no financieras, Valor del accionista

Resumen

A pesar del aumento de la literatura sobre financiarización, la mayoría de las contribuciones no ofrecen una vinculación satisfactoria de los paradigmas teóricos con los datos empíricos a nivel de empresa. Además, hasta la fecha se han realizado muy pocos estudios sectoriales. El objetivo de este trabajo es cerrar esta brecha estimando la importancia de la afiliación sectorial en la financiarización de las grandes empresas en el Reino Unido y España. Dado que la definición de financiarización suele ser imprecisa y poco clara, comenzamos con una discusión de las limitaciones de los indicadores utilizados en la literatura sobre financiarización. En segundo lugar, construimos un indicador de financiarización basado en un conjunto de datos único, obtenido de los balances y las variables de las cuentas de resultados de las empresas que cotizan en los índices FTSE -100 y del mercado continuo de 2000-2015. Finalmente, y por primera vez en la literatura, hemos aplicado una metodología multinivel para estudiar las similitudes entre los patrones sectoriales estimados para España y Reino Unido. Los resultados preliminares revelan una influencia relevante del sector empresarial en la variabilidad del indicador de financiarización. El artículo propone una nueva agenda de investigación teórica y metodológica para analizar la financiarización.

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