Resumo

SOLAZAR GUATIBONZA, Flor Esther  e  ACOSTA, Orlando. FINANCIAUZATION OF NON-FINANCIAL COMPANIES AND EXPANSION OF INTANGIBLE ASSETS IN THE STRUCTURE OF THE BALANCE SHEET. Innovar [online]. 2021, vol.31, n.82, pp.145-159.  Epub 11-Nov-2021. ISSN 0121-5051.  https://doi.org/10.15446/innovar.v31n82.98417.

The financialization of non-financial large corporations has emphasized two facts that have been identified since the 1980s. The specialized literature attributes negative effects on investment to these facts, which are represented by the increase in payments to shareholders and the accumulation of financial assets. In this study, the trend in the composition of assets of large companies will be examined. For that purpose, we will use the financial information available at Compustat North America database for the period 1980-2018, which allows identifying an additional characteristic that consists of the growing participation of intangibles observed in the structure of the balance sheet. The evidence opens the debate on how these assets could account for the way in which the financialization of large companies is implemented, and also has to do with financial reporting regulatory frameworks and their provisions for the recognition of intangibles in balance sheet accounts. As a differentiating aspect, this work contributes to the existing literature on the field by suggesting that the reinforcement of a trend of accumulation of financial and intangible assets is characterizing the financialization process of non-financial firms.

Palavras-chave : Financial assets; intangible assets; financialization; corporate governance; share buybacks.

        · resumo em Português | Espanhol | Francês     · texto em Espanhol     · Espanhol ( pdf )