arbiter
JournalsAccount

Shareholders as the main beneficiaries of globalized production: Corporate financialization and value capture along global value chains

Felix Maile & Cornelia Staritz

Competition and Change2026https://doi.org/10.1177/10245294261437984article
AJG 2ABDC B
Weight
0.50

Abstract

Global value chain (GVC) analysis examines the distribution of value between lead firms and suppliers but overlooks profit leakage to actors outside GVCs, especially financial markets. We address this gap by integrating GVC analysis with the corporate financialization literature, examining value capture between shareholders, lead firms, and suppliers. Using S&P Capital IQ data, we analyze lead firms’ financialization of objectives, investments, operations, and value capture across four GVCs (apparel, automotive, copper, and coffee/cocoa) from 1993 to 2022. We show that GVCs serve lead firms as a “source of value” by lowering sourcing costs to increase profit margins and shareholder returns, and as a “source of liquidity,” extending supplier payment terms that enhance working capital. Overall, shareholders emerge as the main beneficiaries of GVCs. While issuing equity plays a minor role in financing lead firms, these firms sustain stock markets through large shareholder payouts, funded through the profits generated in GVCs.

Open via your library →

Cite this paper

https://doi.org/https://doi.org/10.1177/10245294261437984

Or copy a formatted citation

@article{felix2026,
  title        = {{Shareholders as the main beneficiaries of globalized production: Corporate financialization and value capture along global value chains}},
  author       = {Felix Maile & Cornelia Staritz},
  journal      = {Competition and Change},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1177/10245294261437984},
}

Paste directly into BibTeX, Zotero, or your reference manager.

Flag this paper

Shareholders as the main beneficiaries of globalized production: Corporate financialization and value capture along global value chains

Flags are reviewed by the Arbiter methodology team within 5 business days.

Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.