From financialisation to innovation in UK Big Pharma : : AstraZeneca and GlaxoSmithKline / / Öner Tulum, Antonio Andreoni, William Lazonick.
The tension between innovation and financialisation is central to the business corporation. Innovation entails a 'retain-and-reinvest' allocation regime that can form a foundation for stable and equitable economic growth. Driven by shareholder-value ideology, financialisation entails a sh...
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Place / Publishing House: | Cambridge : : Cambridge University Press,, 2022. |
Year of Publication: | 2022 |
Edition: | First edition. |
Language: | English |
Series: | Cambridge elements. Elements in reinventing capitalism
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Physical Description: | 1 online resource (104 pages) :; digital, PDF file(s). |
Notes: | Title from publisher's bibliographic system (viewed on 30 Nov 2022). |
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Tulum, Öner, author. From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / Öner Tulum, Antonio Andreoni, William Lazonick. First edition. Cambridge : Cambridge University Press, 2022. 1 online resource (104 pages) : digital, PDF file(s). text txt rdacontent computer c rdamedia online resource cr rdacarrier Cambridge elements. Elements in reinventing capitalism 2634-8950 Includes bibliographical references. 1. Introduction; 2. Innovation and Competition in the Global Pharmaceutical Industry; 3. The Innovation-Financialisation Tension in the Global Pharmaceutical Industry; 4. AstraZeneca; 5. GlaxoSmithKline; 6. Explaining the Financialisation-to-Innovation Transition at AstraZeneca and GlaxoSmithKline; Appendix; References. Open Access. Unrestricted online access star Title from publisher's bibliographic system (viewed on 30 Nov 2022). The tension between innovation and financialisation is central to the business corporation. Innovation entails a 'retain-and-reinvest' allocation regime that can form a foundation for stable and equitable economic growth. Driven by shareholder-value ideology, financialisation entails a shift to 'downsize-and-distribute'. This Element investigates this tension in global pharmaceuticals, focusing on the two leading UK companies AstraZeneca and GlaxoSmithKline. In the 2000s both adopted US-style governance, including stock buybacks and stock-based executive pay. Over the past decade, however, first AstraZeneca and then GlaxoSmithKline transitioned to innovation. Critical was the cessation of buybacks to refocus capabilities on investing in an innovative drugs pipeline. Enabling this shift were UK corporate-governance institutions that mitigated US-style shareholder-value maximisation. Reinventing capitalism for the sake of stable and equitable economic growth means eliminating value destruction caused by financialisation and supporting value creation through collective and cumulative innovation. This title is also available as Open Access on Cambridge Core. Pharmaceutical industry Great Britain Finance. Biotechnology industries Great Britain Finance. AstraZeneca (Firm) Finance. GlaxoSmithKline Finance. 9781009278164 Andreoni, Antonio, author. Lazonick, William, author. |
language |
English |
format |
eBook |
author |
Tulum, Öner, Andreoni, Antonio, Lazonick, William, |
spellingShingle |
Tulum, Öner, Andreoni, Antonio, Lazonick, William, From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / Cambridge elements. Elements in reinventing capitalism 1. Introduction; 2. Innovation and Competition in the Global Pharmaceutical Industry; 3. The Innovation-Financialisation Tension in the Global Pharmaceutical Industry; 4. AstraZeneca; 5. GlaxoSmithKline; 6. Explaining the Financialisation-to-Innovation Transition at AstraZeneca and GlaxoSmithKline; Appendix; References. |
author_facet |
Tulum, Öner, Andreoni, Antonio, Lazonick, William, Andreoni, Antonio, Lazonick, William, |
author_variant |
o t ot a a aa w l wl |
author_role |
VerfasserIn VerfasserIn VerfasserIn |
author2 |
Andreoni, Antonio, Lazonick, William, |
author2_role |
TeilnehmendeR TeilnehmendeR |
author_sort |
Tulum, Öner, |
title |
From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / |
title_sub |
AstraZeneca and GlaxoSmithKline / |
title_full |
From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / Öner Tulum, Antonio Andreoni, William Lazonick. |
title_fullStr |
From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / Öner Tulum, Antonio Andreoni, William Lazonick. |
title_full_unstemmed |
From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / Öner Tulum, Antonio Andreoni, William Lazonick. |
title_auth |
From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / |
title_new |
From financialisation to innovation in UK Big Pharma : |
title_sort |
from financialisation to innovation in uk big pharma : astrazeneca and glaxosmithkline / |
series |
Cambridge elements. Elements in reinventing capitalism |
series2 |
Cambridge elements. Elements in reinventing capitalism |
publisher |
Cambridge University Press, |
publishDate |
2022 |
physical |
1 online resource (104 pages) : digital, PDF file(s). |
edition |
First edition. |
contents |
1. Introduction; 2. Innovation and Competition in the Global Pharmaceutical Industry; 3. The Innovation-Financialisation Tension in the Global Pharmaceutical Industry; 4. AstraZeneca; 5. GlaxoSmithKline; 6. Explaining the Financialisation-to-Innovation Transition at AstraZeneca and GlaxoSmithKline; Appendix; References. |
isbn |
1-009-27818-5 1-009-27817-7 1-009-27814-2 9781009278164 |
issn |
2634-8950 |
callnumber-first |
H - Social Science |
callnumber-subject |
HD - Industries, Land Use, Labor |
callnumber-label |
HD9667 |
callnumber-sort |
HD 49667.9 A78 T85 42022 |
geographic_facet |
Great Britain |
illustrated |
Not Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
338 - Production |
dewey-full |
338.7/616151/0941 |
dewey-sort |
3338.7 6616151 3941 |
dewey-raw |
338.7/616151/0941 |
dewey-search |
338.7/616151/0941 |
work_keys_str_mv |
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status_str |
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From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / |
author2_original_writing_str_mv |
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