Financiarización Económica e Inversión Empresarial. El Caso De EE.UU
The elimination of barriers to trade and financial openness globally has resulted over the past 30 years to a strong expansion of the circulation of capital resources, as productive resources and trade in goods and services produced. This strong expansion of financial resources, from the neoclassical approach, guarantees the use of the comparative advantages between countries that occur as a result of a relative allocation of factors of production - capital and/or work - and costs associated with these factors and different among regions, promoting the development of productive specialization.
This unstoppable process of financial globalization has altered the behavior of economic agents and has particularly affected the strategic development of companies and their production and investment decisions. Productive location - aided by the ability to shift financial resources, knowledge and improvements in communications and transport - has become (des) a clear example of this, which has allowed the integration of emerging economies - which includes the recent example of the BRICS - economic development worldwide and increased international competition.
Investors have obtained a greater weight in the strategic control of business decisions, turning those companies that located their capital in packages of assets that are used depending on the rates of performance in the short term that you can get them. This fact has affected the processes of redistribution of income and reinvestment within the companies’ decisions, turning strategic decisions to a short-term vision, to satisfy the yields of financial investment are a priority. In this way, the financial sector lengthen its tentacles more beyond its traditional role of provider of savings for the operation of the productive sector, i.e. "lubricant of the real economy", to assume the role of main results for the capital resource generator.
Thus, priority is given to companies the short term over the long term, influencing decision making that may initially present a cost high for the company, such as investments in research and development that may not generate a return, or at least one immediate. This conflict of interest between the short and long term commits the future development of the companies and deteriorates their competitive capacity. The present study aims to show evidence of how the financialization is affecting on investment and development at microeconomic level, particularly at expenses on R&D. For that proposal we use a sample of US non-finantial companies. Main paper outcome show how US is one of the countries most affected by this process.