Corporate strategy financialized: Conjuncture,arbitrage and earnings capacity in the S&P500 |
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| Authors: | Tord Andersson Colin Haslam Edward Lee George Katechos Nick Tsitsianis |
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| Institution: | 1. Sakarya University, Faculty of Arts and Sciences, Department of Physics, 54140 Sakarya, Turkey;2. Ondokuz May?s University, Faculty of Arts and Sciences, Department of Physics, 55139 Samsun, Turkey;3. Ondokuz May?s University, Faculty of Arts and Sciences, Department of Chemistry, 55139 Samsun, Turkey;1. Istanbul Bilgi University, Turkey;2. University of Pittsburgh, United States;1. Queen Mary University of London, United Kingdom;2. University of South Australia, Australia;3. RVA Consulting, Sweden;4. University of Hertfordshire, United Kingdom;1. School of Business, Chonbuk National University, Jeonju Jeonbuk, 561-756, Republic of Korea;2. School of Business, University of Northern British Columbia, Prince George, BC, V2N 4Z9, Canada |
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| Abstract: | The conjuncture that ushered in the era of shareholder value served to embed capital market expectations into corporate governance aligning management and shareholder interests. Market arbitrage focussed on modifying contractual relations with stakeholders to extract a (higher) return on invested capital. In this article we focus on cash earnings on capital employed generated by the S&P 500 survivor group of firms covering the period 1990–2008. We use this financial data to construct three complementary perspectives on corporate financial performance: firm, firm-relative and macro. Within this framework the financial numbers and perspectives are analogous to a ‘hall of mirrors’ where ambiguity and contradiction are in play frustrating straightforward performative narratives that connect purpose with financial transformation an era of shareholder value. |
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