Shareholder value orientation and the investment-profit puzzle

References

• Ferderer, J.P. "Does Uncertainty Affect Investment Spending?" Journal of Post Keynesian Economics, Fall 1993, 16 (1), 19-35.
   Google Scholar
• Shleifer, A., and Summers, L. "The Noise Trader Approach to Finance." Journal of Economic Perspectives, 1990, 4 (2), 19-34.
   Google Scholar
• Smithin, J. Macroeconomic Policy and the Future of Capitalism: The Revenge of the Rentiers and the Threat to Prosperity. Aldershot, UK: Edward Elgar, 1996.
   Google Scholar
• Bernstein, P.L. Capital Ideas. New York: John Wiley & Sons, 1996.
   Google Scholar
• ------. "How Long Can You Run and Where Are You Running?" Journal of Post Keynesian Economics, Winter 1997-98, 20 (2), 183-189.
   Google Scholar
• ------. "Stock Market Risk in a Post Keynesian World." Journal of Post Keynesian Economics, Fall 1998, 21 (1), 15-24.
   Google Scholar
• Boyer, R. The Regulation School: A Critical Introduction. New York: Columbia University Press, 1990.
   Google Scholar
• Bhaduri, A., and Steindl, J. "The Rise of Monetarism as a Social Doctrine." In P. Arestis and T. Skouras (eds.), Post Keynesian Economic Theory. Sussex, UK: Wheatsheaf Books, 1985, pp. 56-78.
   Google Scholar
• Boone, L.; Giorno, C.; and Richardson, P. "Stock Market Fluctuations and Consumption Behaviour: Some Recent Evidence." Working Paper No. 208, Organization for Economic Cooperation and Development Economics Department, Paris, 1998.
   Google Scholar
• ------. "Is a Finance-Led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis." Economy and Society, 2000, 29 (1), 111-145.
   Google Scholar
• Case, K.; Shiller, R.; and Quigley, J. "Comparing Wealth Effects: The Stock Market Versus the Housing Market." Working Paper No. W8606, National Bureau of Economic Research, Cambridge, MA, November 2001.
   Google Scholar
• Crotty, J. "Neoclassical and Keynesian Approaches to the Theory of Investment." Journal of Post Keynesian Economics, Summer 1992, 14 (4), 483-497.
   Google Scholar
• ------. "Is New Keynesian Investment Theory Really 'Keynesian'? Reflections on Fazzari and Variato." Journal of Post Keynesian Economics, Spring 1996, 18 (3), 333-368.
   Google Scholar
• Down, E.A., and Pan, W. "Why Does Business Invest? An Analysis of Industry Accounting Data." Journal of Post Keynesian Economics, Fall 1992, 15 (1), 51-61.
   Google Scholar
• Farber, H., and Hallock, K. "Have Employment Reduction Become Good News for Shareholders? The Effect of Job Loss Announcements on Stock Prices 1970-97." Working Paper No. W7295, National Bureau of Economic Research, Cambridge, MA, 1999.
   Google Scholar
• Fazzari, S., and Mott, T. "The Investment Theories of Kalecki and Keynes: An Empirical Study of Firm Data, 1970-1982." Journal of Post Keynesian Economics, Winter 1986-87, 9 (2), 171-187.
   Google Scholar
• Duménil, G., and Levy, D. "Costs and Benefits of Neoliberalism: A Class Analysis." Review of International Political Economy, 2001, 8 (4), 578-607.
   Google Scholar
• Dunn, S. "Fundamental Uncertainty and the Firm in the Long Run." Review of Political Economy, 2000, 12 (4), 419-433.
   Google Scholar
• Dymski, G. "Keynesian Uncertainty and Asymmetric Information: Complementary or Contradictory?" Journal of Post Keynesian Economics, Fall 1993, 16 (1), 49-54.
   Google Scholar
• Eichner, A. Megacorp and Oligopoly: Micro Foundations of Macro Dynamics. Cambridge: Cambridge University Press, 1976.
   Google Scholar
• Fazzari, S., and Variato, A. "Asymmetric Information and Keynesian Theories of Investment." Journal of Post Keynesian Economics, Spring 1994, 16 (3), 351-369.
   Google Scholar
• ------. "Varieties of Keynesian Investment Theories: Further Reflections." Journal of Post Keynesian Economics, Spring 1996, 18 (3), 359-368.
   Google Scholar
• Findlay, M.C., and Williams, E.E. "A Fresh Look at the Efficient Market Hypothesis: How the Intellectual History of Finance Encouraged a Real 'Fraud-on-the-Market.'" Journal of Post Keynesian Economics, Winter 2000-2001, 23 (2), 181-199.
   Google Scholar
• Froud, J.; Haslam, C.; Johal, S.; and Williams, K. "Shareholder Value and Financialization: Consultancy Promises, Management Moves." Economy and Society, 2000, 29 (1), 80-110.
   Google Scholar
• Galbraith, J.K. The New Industrial State. New York: New American Library, 1967.
   Google Scholar
• Glezakos, C., and Nugent, J. "Relative Price Variability, Inflation Rate Uncertainty, and Postwar Investment of the United States." Journal of Post Keynesian Economics, Winter 1996-97, 19 (2), 181-194.
   Google Scholar
• Gordon, D. Fat and Mean: The Corporate Squeeze of Working Americans and the Myth of Managerial "Downsizing." New York: Simon & Schuster, 1996.
   Google Scholar
• Gordon, M. "The Neoclassical and a Post Keynesian Theory of Investment." Journal of Post Keynesian Economics, Summer 1992, 14 (4), 425-444.
   Google Scholar
• Hay, D., and Louri, H. "An Empirical Note on the Investment Behavior of UK Firms, 1960-85." Journal of Post Keynesian Economics, Summer 1995, 17 (4), 579-591.
   Google Scholar
• Lavoie, M. Foundations of Post-Keynesian Economic Analysis. Aldershot, UK: Edward Elgar, 1992.
   Google Scholar
• Jensen, M., and Meckling, W. "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure." Journal of Financial Economics, October 1976, 3 (4), 305-360.
   Google Scholar
• OECD (Organization for Economic Cooperation and Development). "Shareholder Value and the Market in Corporate Control in OECD Countries." Financial Market Trends, March 1998, 69 (1), 15-38.
   Google Scholar
• Setterfield, M., and Cornwall, J. "A Neo-Kaldorian Perspective on the Rise and Decline of the Golden Age." In M. Setterfield (ed.), The Economics of Demand-Led Growth: Challenging the Supply-Side Vision of the Long Run. Cheltenham, UK: Edward Elgar, 2002, pp. 67-86.
   Google Scholar
• Shiller, R. "Human Behavior and the Efficiency of the Financial System." In J. Taylor and M. Woodford (eds.), Handbook of Macroeconomics, vol. 1C. Amsterdam, New York, and Oxford: Elsevier Science, North-Holland, 1999, pp. 1305-1340.
   Google Scholar
• Lazonick, W., and O'Sullivan, M. "Maximising Shareholder Value: A New Ideology for Corporate Governance." Economy and Society, 2000, 29 (1), 13-35.
   Google Scholar
• Mahdavi, S.; Sohrabian, A.; and Kholdy, S. "Cointegration and Error Correction Models: The Temporal Causality Between Investment and Corporate Cash Flow." Journal of Post Keynesian Economics, Spring 1994, 16 (3), 478-498.
   Google Scholar
• Minsky, H. Stabilizing an Unstable Economy. New Haven: Yale University Press, 1986.
   Google Scholar
• Modigliani, R., and Miller, M. "The Cost of Capital, Corporation Finance, and the Theory of Investment." American Economic Review, 1958, 48 (3), 261-297.
   Google Scholar
• Poitras, G. "The Philosophy of Investment: A Post Keynesian Perspective." Journal of Post Keynesian Economics, Fall 2002, 25 (1), 105-121.
   Google Scholar
• Pollin, R. "Anatomy of Clintonomics." New Left Review, May-June 2000, 3, 17-46.
   Google Scholar
• Poterba, J. "Stock Market Wealth and Consumption." Journal of Economic Perspectives, 2000, 14 (2), 99-118.
   Google Scholar
• Seguino, S. "The Investment Function Revisited: Disciplining Capital in South Korea." Journal of Post Keynesian Economics, Winter 1999-2000, 22 (2), 313-338.
   Google Scholar
• ------. "Interest Rates, Profits and Economic Growth." In E.J. Nell and M. Forstater (eds.), Reinventing Functional Finance: Transformational Growth and Full Employment. Cheltenham, UK: Edward Elgar, 2003, pp. 211-223.
   Google Scholar
• Stockhammer, E. "Financialization and the Slowdown of Accumulation." Cambridge Journal of Economics, 2004a, 28 (5), 719-741.
   Google Scholar
• ------. The Rise of Unemployment in Europe: A Keynesian Approach. Cheltenham, UK: Edward Elgar, 2004b.
   Google Scholar
• Thompson, J.; Williams, E.; and Findlay, M. Models for Investors in Real World Markets. Hoboken, NJ: Wiley-Interscience, 2003.
   Google Scholar
• Vickers, D. "The Investment Function: Five Propositions in Response to Professor Gordon." Journal of Post Keynesian Economics, Summer 1992, 14 (4), 445-464.
   Google Scholar
• van Ees, H., and Garretsen, H. "Financial Markets and the Complementarity of Asymmetric Information and Fundamental Uncertainty." Journal of Post Keynesian Economics, Fall 1993, 16 (1), 37-48.
   Google Scholar
• Williams, E. "Investment, Capital, and Finance: Corporate and Entrepreneurial Theories of the Firm." In P. Davidson (ed.), Can the Free Market Pick Winners? What Determines Investment. Armonk, NY: M.E. Sharpe, 1993, pp. 83-130.
   Google Scholar