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The academic paper ” Financialization directing strategy” constructs an account of how financialization is directing strategy in the S&P 500 now that senior managers are required to both deliver value creation and respond to value absorption in an era of shareholder value.
Value absorption arises out of the need to account for the market value of capital market transactions and this modifies reported corporate financials. Value creation and value absorption are directing strategy and financial arbitrage across product, factor and capital markets and between stakeholder groups as managers struggle to hold cash extraction out of sales revenue and maintain an increased share of cash distribution to shareholders.
The paper published in Accounting Forum 2008 was written together with Professor Colin Haslam, Dr Nick Tsitsianis and Dr Edward Lee. Read more about the paper at Accounting Forum – Financialization directing strategy.