Description
The literature on financialization emphasizes its linkages with production (Epstein, 2005; Krippner, 2005; Palley, 2013; Van der Zwan, 2014) however, its main concern has been to elucidate whether financialization leads to a reduction in productive investment (Orhangazi, 2008; Stockhammer, 2004). In this paper, instead, the focus is on the interrelation between firms' role in the global production organization and their financial strategies. It is assumed that financialization succeeded alongside the restructuring of the global production organization, and both processes shape each other (Kaltenbrunner, 2018; Morgan, 2014).
This interrelationship presents particularities when analyzed in the periphery. Several authors recognize that different roles of the firm in the global production structure and their subordinate position in global finance affect the financial behaviour of Non-Financial Corporations (NFC) (Andreoni et al., 2021; Bonizzi et al., 2022; Kaltenbrunner et al., 2023; Soener, 2020).
The purpose is to examine the relationship between the financialization of Argentine NFCs and their integration into GVCs through balance sheet analysis of four case studies of Argentinean firms from the consumer electronics GVC (international integration subordinated to the leading firms in the chain, specialization in low value-added tasks, and orientation towards the domestic market) and the oilseeds and derivatives GVC (internationally competitive and export orientation).
