Sociology of the firm and changes in Capitalism
Coordination : Pierre FRANÇOIS
How the Financialization of Firms Occurs :
The Role of Regulation and Management Tools
The Case of Bank Credit
A study of the implementation, in a small mutual bank, of the Basel II Agreements makes it possible to document some processes in the financing of firms. These do not neces- sarily operate through the acquisition of capital in firms by institutional investors whose goal is to create value for shareholders. In the case studied here it was regulatory decisions taken by both the European Union and by the French banking supervisor that led the bank to totally transform its organization and working methods, and to adopt practices informed by prevailing financial theory. These changes then had an effect on its clientele of small- and medium-sized enterprises who thus became subject, via the new credit allocation procedures, to new financial discipline.
Key words. FINANCIALIZATION – CREDIT RISK – BANK – MANAGEMENT TOOLS – EVALUATION – REGULATION