Finance capital, jobs and restructuring corporate ownership in the United States

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Title Finance capital, jobs and restructuring corporate ownership in the United States
Author Peetz, David Robert; Murray, Georgina
Publication Title Proceedings 25th Conference AIRAANZ Dialogue Downunder
Editor Ray Markey
Year Published 2011
Place of publication Auckland University of Technology
Publisher AUT
Abstract Finance capital, jobs and restructuring corporate ownership in the United States David Peetz & Georgina Murray Griffith University We analyse data on ownership, global employment growth, assets and sale/revenue amongst the 221 largest US industrial corporations (by market capitalisation) to consider their patterns of ownership and how the restructuring of that ownership during the financial crisis may have affected the stability, concentration and composition of finance capital and changes in employment at the firm level. We found that instability associated with the global financial crisis created new patterns of dominance in finance capital, as banks lost their leading position, though less dramatically than some may have expected. We found strong evidence of high and increasing concentration of the ownership and control of leading industrial corporations by leading finance capital firms. Those in the most powerful positions in finance capital during periods of crisis were able to maintain their relative power, despite volatility elsewhere. And we found that employment growth was negatively linked to ownership instability and to ownership by banks in particular.
Peer Reviewed No
Published Yes
Publisher URI http://airaanz.eventsmart.co.nz/conference-papers/
Copyright Statement Copyright 2011 AIRAANZ. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the conference's website for access to the definitive, published version.
ISBN 9781877314978
Conference name Dialogue Downunder
Location Auckland
Date From 2011-02-07
Date To 2011-02-11
URI http://hdl.handle.net/10072/39312
Date Accessioned 2011-01-24
Date Available 2011-06-29T08:13:29Z
Language en_AU
Research Centre Centre for Work, Organisation and Wellbeing
Faculty Arts, Education and Law
Subject Heterodox Economics
Publication Type Conference Publications (Full Written Paper - Non-Refereed)
Publication Type Code e2

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