Financial intermediaries and the diversity of financial capitalism: The case of French mergers and acquisitions

Organisations financières et diversité du capitalisme financier: le cas des fusions-acquisitions en France

Sylvain Thine and Yamina Tadjeddine
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Sylvain Thine: CESSP - Centre européen de sociologie et de science politique - UP1 - Université Paris 1 Panthéon-Sorbonne - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique, EHESS - École des hautes études en sciences sociales

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Abstract: Mergers and acquisitions (M&A) are important moments in the capital market because they finalize a market arrangement: the capital of an SME or the subsidiary of a group that did not exist as a freely tradable object in a market is endowed with marketable qualities, a financial value, and is the object of a purchase. In this article, we propose a socioeconomic characterization of financial intermediaries across three scales: organizations, practices, and employees. To approach the M&A sector empirically, we used the Carfi database, which identified 363 M&A transactions in 2010 in France. We have added the level of financial organizations to this database. We conducted a multiple correspondence analysis and an agglomerative hierarchical clustering to characterize financial organizations as a social space built based on economic functions, financial practices, and socially situated individuals. We distinguish three forms of financial capitalism: banking capitalism involving European banks, financial capitalism linked to the presence of investment banks from the English-speaking world in particular, and corporate financial capitalism associated with independent advisers.

Keywords: Financial intermediaries; Mergers and Acquisitions; The Diversity of capitalism; Financialization; Financial Employees; Intermédiaires financiers; Fusions-Acquisitions; Diversité du capitalisme; Financiarisation; Financiers (search for similar items in EconPapers)
Date: 2020
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Published in Revue Française de Socio-Economie, 2020, 1 (24), pp.41-62. ⟨10.3917/rfse.024.0041⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02873574

DOI: 10.3917/rfse.024.0041

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