An exploratory study of an early stage R&D-intensive firm under financialization

Gleadle, Pauline and Haslam, Colin (2010). An exploratory study of an early stage R&D-intensive firm under financialization. Accounting Forum, 34(1) pp. 54–65.



The financialization literature considers the impact of financial markets on corporate strategy, governance, financial performance and the distribution of resources between various stakeholder groups. Capital market demands modify strategic priorities, governance and managerial narratives about performance because this helps justify value creation and value absorption in an era of shareholder value. The literature on financialization suggests that managers have a tendency to exaggerate performance to boost valuations especially when their interests align with those of the firm’s shareholders. In this exploratory study of an R&D-intensive firm “Medco” we consider the extent to which managerial narratives and corporate governance of this R&D-intensive firm reflect a process of financialization.

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