The Financial Function in Cultural Institutions

Antoni Subirà

Chapter 7 in When Business Meets Culture, 2011, pp 102-110 from Palgrave Macmillan

Abstract: Abstract Before focusing specifically on the subject announced by the title of this chapter, we need to make a few distinctions, especially in the context of a crisis in the financial system. First of all, it needs to be recognized that at all levels – in business, politics, and the media, both during the precrisis euphoria and in the post-crisis gnashing of teeth – financial issues have been blown out of proportion. Neither the excesses nor the subsequent debacle had anything to do with the financial function as carried out in cultural institutions, nor (in any significant way) with the financial function as carried out in companies that are not strictly financial companies. I will explain what I mean, briefly, if only to put our specific topic in context. Under normal economic conditions these distinctions would probably be unnecessary, but I think they are useful in the present circumstances, given the prevailing sensitivity to financial matters.

Keywords: Cash Flow; Financial Function; Financial Management; Cultural Institution; Corporate Finance (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29511-7_7

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DOI: 10.1057/9780230295117_7

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