Эмпирический анализ влияния финансиализации на инвестиции нефинансового частного сектора Испании

Журнал институциональных исследований. 2020. Т. 12. № 3. С. 60–82.

Кузьмина А. Ф., Rozmainsky I. V.

The authors of the paper start from the idea that financialization - that is, the strengthening of the role of financial markets, financial institutions, financial motives, financial incomes and financial payments - affects the norms of behavior of economic agents. Such an influence, in particular, consists in the fact that economic agents are increasingly guided by the short-term results of their activities. This is one of the most important causes of the adverse effects of financialization on physical investment. Unfortunately, this influence is not taken into account in the prevailing mainstream investment theories – proposed by D. Jorgenson and J. Tobin. The authors of the paper suggest that financialization - measured in the form of both growing financial incomes and growing interest and dividend payments - suppresses real investment activity. This hypothesis is tested on panel data of Spain's publicly quoted non-financial companies for the period 2005–2019. Similar studies were conducted on non-financial companies of some Western countries in English-language publications, but this analysis is carried out for the first time both on data from Spanish companies and in Russian. In general, the hypotheses put forward have been confirmed. Financial payments turned out to be negatively related to investments in fixed assets. The results obtained for companies of different sizes with respect to the influence of income from financial activities were as follows: for large companies there is a negative relationship between financial incomes and real investments, for small companies the relationship between these indicators is similar, although it was initially assumed that small firms will increase investment as their financial income grows. The study may help explain the weakening of investment activity in Spain in recent decades.

Keywords: инвестиции, Испания, Spain, investment, financialization, финансиализация, non-financial sector, нефинансовый сектор