The impacts of economy’s financialization on corporate governance, executive management and human relationships in French small and middle-sized companies[Research paper] by Yazid Arifi


The author was part of the "Alternative Management" third year specialization program in HEC in 2012-2013. After having worked in the phosphate industry, in market finance and in a consulting firm, Yazid Arifi is interested in the work of heterodox economists and intellectuals, so as to feed his reflection on the legitimacy of capitalism. He now plans to work in the third sector or in a NGO.

This work aims at exploring and understanding the impacts of economy’s financialization on small and middle sized French companies in terms of governance, management and human relationships. To be more precise, the thesis focuses on one specific financial mechanism named LBO, which stands for Leveraged Buy Out. It consists of buying the shares of a given corporation resorting to massive indebtedness and relying on the firm’s cash flows to pay back the debt. This analysis of LBO gives the opportunity to learn more global and structural lessons about the consequences of financialization on the way economies work and on the unbalances it introduced in the relationship between capital and labor. The last part of the research is meant to suggest a series of institutional shifts that might pave the way for an alternative to LBO and, broadly speaking, to financial hegemony.

Quote article  Yazid Arifi, « The impacts of economy’s financialization on corporate governance, executive management and human relationships in French small and middle-sized companies », 29 september 2013, Alternative Management Observatory (AMO), [Research paper]

In the same section

The White Man's Burden - by William Easterly

[Reading report]

[Reading report] : Guillaume Tellez

The attempts to develop the poor countries through international aid plans have failed since the end of World War II and the independences. Planning and increasing amounts of aid do not lead to development and can even have counter-productive effects. One must leave the development to local actors...

>>Read more

The ruling interest

[Reading report]

[Reading report] : Alice de Rochechouart

Using Baruch Spinoza’s philosophy, Frédéric Lordon studies current political and economical society’s foundations. He creates a new paradigm that enables him to analyze the matters of interest in modern societies.

>>Read more

The development: a radical criticism of one's view of the world


[Essay] : Pablo Nomanza

Who and what does the development refer to? Why, what for? The research and  reflection work done here is an attempt to explore what exactly is the idea of development, what justifies it, what is its basis, what values and concepts it relies on, what promise it embodies, where development leads...

>>Read more

The shaping of economics by accounting - by Eve Chiapello

[Research paper]

[Research paper] : Eve Chiapello

This article is meant to step back from the literal meaning of accounting that is as a mere measuring tool which enables its user to “give an impartial account” of “the economic landscape”. What is asserted here on the other hand is that accounting generates economics. Accounting is indeed...

>>Read more

The question of power in large companies and in entrepreneurial projects : a comparative analysis inspired by Foucault


[Article] : Adrien Couret

Entrepreneurship is often seen as opposed to large companies. Here we analyse such a classical opposition inspired by Foucault's work on power. Two main points arise: first, while large companies are characterised by the panoptic form of power, in SMEs power remains visible and well-identified....

>>Read more

With the same doctype

Research paper

The role of assisted resilience in the... In deprived suburbs, due to the... by Juliette Simon
Different ways of fighting excess food... There are different ways of fighting... by Marie Mourad
Is the motivation at work of young... The nature of executives' work has... by Sébastien Stenger.
Is French alternative agriculture... French agriculture is as criticized as... by Laure Cassaigne
Community-organizing in the US –... The French urban policy are currently... by Laure de Buyer
The arguments of the debates on German... Codetermination is a form of corporate... by Fabien Hildwein
Perceptions of homeless persons and... The person “on the street” has... by Alix Peillon
Adam Smith, l’économiste malgré lui : This master thesis is focusing on the... by François-Xavier Faucounau
Carbon offset operators in France: How... Very different actors participate in... by Néné Maïga
Tourism, business and ethics :... Sustainable tourism is a popular and... by Romain Lhez