(Re)definição da riqueza |
Empresa como ativo |
(ANDERSSON et al., 2010ANDERSSON, T. et al. Bio-pharma: A financialized business model. Critical Perspectives on Accounting, v. 21, n. 7, p. 631-641, 2010.; BIRCH, 2017BIRCH, K. Rethinking Value in the Bio-economy: Finance, Assetization, and the Management of Value. Science, Technology, & Human Values, v. 42, n. 3, p. 460-490, 2017.; GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; HOGARTH, 2017HOGARTH, S. Valley of the unicorns: consumer genomics, venture capital and digital disruption. New Genetics and Society, v. 36, n. 3, p. 250-272, 2017.; HOPKINS et al., 2013HOPKINS, M. M. et al. Buying big into biotech: scale, financing, and the industrial dynamics of UK biotech, 1980-2009. Industrial and Corporate Change, v. 22, n. 4, p. 903-952, 2013.) |
Ampliação do financiamento por Venture capital |
(BIRCH, 2017BIRCH, K. Rethinking Value in the Bio-economy: Finance, Assetization, and the Management of Value. Science, Technology, & Human Values, v. 42, n. 3, p. 460-490, 2017.; GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; LAVINAS; GENTIL, 2018LAVINAS, L.; GENTIL, D. Brasil anos 2000: a política social sob regência da financeirização. Novos Estudos - CEBRAP, v. 37, n. 1, p. 191-211, ago. 2018.; LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.; POLLARD et al., 2018POLLARD, J. et al. Financialisation and small firms: A qualitative analysis of bioscience and film and media firms. International Small Business Journal: Researching Entrepreneurship, v. 36, n. 3, p. 247-264, 2018.; TULUM; LAZONICK, 2018) |
Participação de fundos de investimentos (Private equity) |
(ANDERSSON et al., 2010ANDERSSON, T. et al. Bio-pharma: A financialized business model. Critical Perspectives on Accounting, v. 21, n. 7, p. 631-641, 2010.; BELUSSI; SEDITA, 2015BELUSSI, F.; SEDITA, S. R. Going Alone: The “Entrepreneurial-Growth Model” in the Life Science Industry in Italy. European Planning Studies, v. 23, n. 1, p. 188-210, 2015.; BIRCH, 2017BIRCH, K. Rethinking Value in the Bio-economy: Finance, Assetization, and the Management of Value. Science, Technology, & Human Values, v. 42, n. 3, p. 460-490, 2017.; GLEADLE et al., 2014GLEADLE, P. et al. Restructuring and innovation in pharmaceuticals and biotechs: The impact of financialisation. Critical Perspectives on Accounting, v. 25, n. 1, p. 67-77, 2014.; GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; HOGARTH, 2017HOGARTH, S. Valley of the unicorns: consumer genomics, venture capital and digital disruption. New Genetics and Society, v. 36, n. 3, p. 250-272, 2017.; LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.) |
Aumento da participação dos ativos intangíveis |
(BIRCH, 2017BIRCH, K. Rethinking Value in the Bio-economy: Finance, Assetization, and the Management of Value. Science, Technology, & Human Values, v. 42, n. 3, p. 460-490, 2017.; IZHAR BARANES, 2017IZHAR BARANES, A. Financialization in the American Pharmaceutical Industry: A Veblenian Approach. Journal of Economic Issues, v. 51, n. 2, p. 351-358, 2017.) |
Encurtamento do horizonte de planejamento |
(BELUSSI; SEDITA, 2015BELUSSI, F.; SEDITA, S. R. Going Alone: The “Entrepreneurial-Growth Model” in the Life Science Industry in Italy. European Planning Studies, v. 23, n. 1, p. 188-210, 2015.; CROTTY, 2005CROTTY, J. The Neoliberal Paradox: The Impact of Destructive Product Market Competition and “Modern” Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era. In: EPSTEIN, G. A. (Ed.). Financialization and the World Economy. Cheltenham, UK ; Northampton, MA: Edward Elgar, 2005.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.; STOCKHAMMER, 2004STOCKHAMMER, E. Financialisation and the slowdown of accumulation. Cambridge Journal of Economics, v. 28, n. 5, p. 719-741, 2004.) |
Abertura de capital na bolsa de valores |
(LAZONICK, 2010LAZONICK, W. Innovative Business Models and Varieties of Capitalism: Financialization of the U.S. Corporation. Business History Review, v. 84, n. 4, p. 675-702, 2010., 2014, 2019; LAZONICK et al., 2017; LAZONICK; O’SULLIVAN, 2000) |
Gestão da riqueza |
Maximização do valor do acionista |
(LAZONICK; MAZZUCATO, 2013LAZONICK, W.; MAZZUCATO, M. The risk-reward nexus in the innovation-inequality relationship: who takes the risks? Who gets the rewards? Industrial and Corporate Change, v. 22, n. 4, p. 1093-1128, 2013.; LAZONICK; TULUM, 2011; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.; TULUM; LAZONICK, 2018) |
Protagonismo dos acionistas nas decisões da empresa |
(BIRCH, 2017BIRCH, K. Rethinking Value in the Bio-economy: Finance, Assetization, and the Management of Value. Science, Technology, & Human Values, v. 42, n. 3, p. 460-490, 2017.; HOGARTH, 2017HOGARTH, S. Valley of the unicorns: consumer genomics, venture capital and digital disruption. New Genetics and Society, v. 36, n. 3, p. 250-272, 2017.; LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.) |
Alinhamento de interesses entre os proprietários e os gerentes |
(TULUM; LAZONICK, 2018TULUM, Ö.; LAZONICK, W. Financialized Corporations in a National Innovation System: The U.S. Pharmaceutical Industry. International Journal of Political Economy, v. 47, n. 3-4, p. 281-316, 2018.) |
Separação entre proprietários e acionistas controladores |
(BIRCH, 2017BIRCH, K. Rethinking Value in the Bio-economy: Finance, Assetization, and the Management of Value. Science, Technology, & Human Values, v. 42, n. 3, p. 460-490, 2017.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.) |
Governança corporativa pró-finanças |
(BIRCH, 2017BIRCH, K. Rethinking Value in the Bio-economy: Finance, Assetization, and the Management of Value. Science, Technology, & Human Values, v. 42, n. 3, p. 460-490, 2017.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.) |
Intensificação das fusões e aquisições |
(ANDREAZZI; KORNIS, 2008ANDREAZZI, M. DE F. S. DE; KORNIS, G. E. M. Padrões de acumulação setorial: finanças e serviços nas transformações contemporâneas da saúde. Ciência & Saúde Coletiva, v. 13, n. 5, p. 1409-1420, 2008.; BELUSSI; SEDITA, 2015BELUSSI, F.; SEDITA, S. R. Going Alone: The “Entrepreneurial-Growth Model” in the Life Science Industry in Italy. European Planning Studies, v. 23, n. 1, p. 188-210, 2015.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.) |
Desintegração vertical das atividades produtivas e de P&D |
(ANDERSSON et al., 2010ANDERSSON, T. et al. Bio-pharma: A financialized business model. Critical Perspectives on Accounting, v. 21, n. 7, p. 631-641, 2010.; GLEADLE et al., 2014GLEADLE, P. et al. Restructuring and innovation in pharmaceuticals and biotechs: The impact of financialisation. Critical Perspectives on Accounting, v. 25, n. 1, p. 67-77, 2014.; GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.; TULUM; LAZONICK, 2018) |
Terceirização e exteriorização das atividades industriais |
(ANDERSSON et al., 2010ANDERSSON, T. et al. Bio-pharma: A financialized business model. Critical Perspectives on Accounting, v. 21, n. 7, p. 631-641, 2010.; GLEADLE et al., 2014GLEADLE, P. et al. Restructuring and innovation in pharmaceuticals and biotechs: The impact of financialisation. Critical Perspectives on Accounting, v. 25, n. 1, p. 67-77, 2014.; GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.; TULUM; LAZONICK, 2018) |
Participação em organizações de maior flexibilidade |
(ANDERSSON et al., 2010ANDERSSON, T. et al. Bio-pharma: A financialized business model. Critical Perspectives on Accounting, v. 21, n. 7, p. 631-641, 2010.; GLEADLE et al., 2014GLEADLE, P. et al. Restructuring and innovation in pharmaceuticals and biotechs: The impact of financialisation. Critical Perspectives on Accounting, v. 25, n. 1, p. 67-77, 2014.; GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; HOGARTH, 2017HOGARTH, S. Valley of the unicorns: consumer genomics, venture capital and digital disruption. New Genetics and Society, v. 36, n. 3, p. 250-272, 2017.) |
Diminuição do investimento direto em P&D |
(LAZONICK, 2010LAZONICK, W. Innovative Business Models and Varieties of Capitalism: Financialization of the U.S. Corporation. Business History Review, v. 84, n. 4, p. 675-702, 2010., 2014, 2019; LAZONICK et al., 2017; LAZONICK; O’SULLIVAN, 2000) |
Aumento dos pagamentos financeiros |
(GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; IZHAR BARANES, 2017IZHAR BARANES, A. Financialization in the American Pharmaceutical Industry: A Veblenian Approach. Journal of Economic Issues, v. 51, n. 2, p. 351-358, 2017.; LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.) |
Aumento dos lucros financeiros |
(GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; IZHAR BARANES, 2017IZHAR BARANES, A. Financialization in the American Pharmaceutical Industry: A Veblenian Approach. Journal of Economic Issues, v. 51, n. 2, p. 351-358, 2017.; LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.) |
Operação em compra e venda de ativos financeiros |
(LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.; TULUM; LAZONICK, 2018) |
Crescimento do endividamento |
(GLEADLE et al., 2014GLEADLE, P. et al. Restructuring and innovation in pharmaceuticals and biotechs: The impact of financialisation. Critical Perspectives on Accounting, v. 25, n. 1, p. 67-77, 2014.; HOGARTH, 2017HOGARTH, S. Valley of the unicorns: consumer genomics, venture capital and digital disruption. New Genetics and Society, v. 36, n. 3, p. 250-272, 2017.) |
Realização da riqueza |
Mercados globais |
(LAZONICK; MAZZUCATO, 2013LAZONICK, W.; MAZZUCATO, M. The risk-reward nexus in the innovation-inequality relationship: who takes the risks? Who gets the rewards? Industrial and Corporate Change, v. 22, n. 4, p. 1093-1128, 2013.; ONTALBAN; SAKINÇ, 2013; TULUM; LAZONICK, 2018TULUM, Ö.; LAZONICK, W. Financialized Corporations in a National Innovation System: The U.S. Pharmaceutical Industry. International Journal of Political Economy, v. 47, n. 3-4, p. 281-316, 2018.) |
Recompra de ações (buyback) |
(LAZONICK; MAZZUCATO, 2013LAZONICK, W.; MAZZUCATO, M. The risk-reward nexus in the innovation-inequality relationship: who takes the risks? Who gets the rewards? Industrial and Corporate Change, v. 22, n. 4, p. 1093-1128, 2013.; LAZONICK; TULUM, 2011; TULUM; LAZONICK, 2018) |
Pagamento por ações (remuneração variável) |
(GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; MONTALBAN; SAKINÇ, 2013MONTALBAN, M.; SAKINÇ, M. E. Financialization and productive models in the pharmaceutical industry. Industrial and Corporate Change, v. 22, n. 4, p. 981-1030, 2013.) |
Financiamento baseado no mercado de ações em detrimento ao monopólio de créditos bancários |
(GLEADLE et al., 2014GLEADLE, P. et al. Restructuring and innovation in pharmaceuticals and biotechs: The impact of financialisation. Critical Perspectives on Accounting, v. 25, n. 1, p. 67-77, 2014.; HOGARTH, 2017HOGARTH, S. Valley of the unicorns: consumer genomics, venture capital and digital disruption. New Genetics and Society, v. 36, n. 3, p. 250-272, 2017.; LAZONICK; TULUM, 2011LAZONICK, W.; TULUM, Ö. US biopharmaceutical finance and the sustainability of the biotech business model. Research Policy, v. 40, n. 9, p. 1170-1187, 2011.; POLLARD et al., 2018POLLARD, J. et al. Financialisation and small firms: A qualitative analysis of bioscience and film and media firms. International Small Business Journal: Researching Entrepreneurship, v. 36, n. 3, p. 247-264, 2018.) |
Premiação e bonificação com ações da própria empresa |
(GLEADLE; HASLAM, 2010HASLAM, J. The problematics of financialization: Critical reflections. Critical Perspectives on Accounting, v. 21, n. 7, p. 642-645, 2010.; MONTALBAN; SAKINÇ, 2013) |