How the finance invests the future of companies: An analysis of the liquidity devices at work

Comment la finance investit le futur des entreprises: une analyse des dispositifs de liquidité à l’œuvre

Isabelle Chambost ()
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Isabelle Chambost: LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM]

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Abstract: This paper examines the effect of the valuation financial model on the future of enterprises in the context of their potential resale. Based on two field surveys, it demonstrates that the financialized future of a public company derives from an endless negotiation game rooted in the present in order to mitigate the risks resulting from the share price volatility. In the case of private companies, the financial outlook is based on a higher expected return and frames the future of the productive operations within a medium-term perspective, in line with the forecasts of investor-analysts.

Keywords: Financial analysts; Valuation devices; Financiarization; LBO Projects; Private equity funds; Financiarisation des entreprises; Financiarisation de l'économie; LBO; Fonds de capital-investissement; Dispositifs financiers; Analystes financiers; Evaluation (search for similar items in EconPapers)
Date: 2018
Note: View the original document on HAL open archive server: https://cnam.hal.science/hal-02093710
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Published in Revue Française de Socio-Economie, 2018, 2 (21), pp.77-103. ⟨10.3917/rfse.021.0077⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02093710

DOI: 10.3917/rfse.021.0077

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