Hostname: page-component-848d4c4894-p2v8j Total loading time: 0 Render date: 2024-05-01T02:56:50.529Z Has data issue: false hasContentIssue false
  • English
  • Français

When Fligstein Meets Chandler: The Chandlerian Origins of Corporate Financialization: The Case of Peugeot’s Financial Restructuring in the 1960s

Published online by Cambridge University Press:  02 May 2023

Quentin Belot Couloumies Open the ORCID record for Quentin Belot Couloumies [Opens in a new window]
Get access Rights & Permissions [Opens in a new window]

Abstract

Reconnecting Fligstein’s and Chandler’s models of long-term organizational change, this article challenges the idea that corporate financialization is alien to the Chandlerian enterprise. Based on the case of the French automotive firm Peugeot Société Anonyme (PSA), it shows that this historical transformation has been intrinsically linked to Chandlerian dynamics. The article first highlights the crucial role played by the French government and financial institutions in the establishment of large multidivisional companies in France. It then draws on PSA, public, and private archives, and an interview with a former financial executive to examine a decisive financial restructuring of the family business in 1965. In describing the challenges faced by the business in the 1960s, the article analyzes how the creation of a multilevel structure of holding companies was meant to deal with Chandlerian challenges while paving the way for the further financialization of the business.

Keywords

FinancializationChandlerFligsteinPeugeotPSAholdings
Type
Article
Information
Enterprise & Society , First View , pp. 1 - 30
Copyright
© The Author(s), 2023. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Bibliography of Works Cited

Aglietta, Michel. Régulation et crises du capitalisme. Paris: Calmann-Lévi, 1978.Google Scholar
Amable, Bruno. The Diversity of Modern Capitalism. Oxford: Oxford University Press, 2003. https://oxford.universitypressscholarship.com/view/10.1093/019926113X.001.0001/acprof-9780199261130CrossRefGoogle Scholar
Batsch, Laurent. Le capitalisme financier. Paris: Reperes, 2002.CrossRefGoogle Scholar
Bensadon, Didier. Presses Universitaires de Rennes—Les comptes de groupe en France (1929–1985) Origines, enjeux et pratiques de la consolidation des comptes. Rennes: Presses Universitaires de Rennes, 2010. http://www.pur-editions.fr/detail.php?idOuv=2241Google Scholar
Cardoni, Fabien, Margairaz, Michel, and de Malberg, Nathalie Carré, eds. Dictionnaire historique des inspecteurs des Finances 1801–2009: Dictionnaire thématique et biographique. Histoire économique et financière–XIXe-XXe. Vincennes: Institut de la gestion publique et du développement économique, 2014. http://books.openedition.org/igpde/3568Google Scholar
Chandler, Alfred D. Strategy and Structure: Chapters in the History of the Industrial Enterprise. Martino Publishing (1963).Google Scholar
Chandler, Alfred D, Amatori, Franco, and Hikino, Takashi, eds. Big Business and the Wealth of Nations. Cambridge: Cambridge University Press, 1997. https://www.cambridge.org/core/books/big-business-and-the-wealth-of-nations/2A108AE0739ADEB9C955DCE8A221E667CrossRefGoogle Scholar
Daumas, Jean-Claude. Dictionnaire historique des patrons français. Paris: Flammarion, 2010.CrossRefGoogle Scholar
Didry, Claude and Annette, Jobert, L’entreprise en restructuration. Dynamiques institutionnelles et mobilisations collectives, Rennes: Presses universitaires de Rennes, 2010.CrossRefGoogle Scholar
Fligstein, Neil. The Architecture of Markets. An Economic Sociology of Twenty-First-Century Capitalist Societies. Princeton, NJ: Princeton University Press, 2001. https://press.princeton.edu/titles/7206.htmlCrossRefGoogle Scholar
Fligstein, Neil. The Transformation of Corporate Control. Cambridge, MA: Harvard University Press, 1990. https://www.amazon.com/Transformation-Corporate-Control-Neil-Fligstein/dp/0674903595Google Scholar
Frerejean, Alain. Les Peugeot. Deux siècles d’aventure. Paris: Flammarion, 2010.Google Scholar
Fridenson, Patrick. Histoire des usines Renault. Naissance de la grande entreprise (1893–1939). Paris: Seuil L’Univers histoire, 1972. https://www.seuil.com/ouvrage/histoire-des-usines-renault-naissance-de-la-grande-entreprise-1893-1939-patrick-fridenson/9782020026727Google Scholar
Froud, Julie, Johal, Sukhdev, Leaver, Adam, and Williams, Karel. Financialization and Strategy: Narrative and Numbers. London: Routledge, 2006.CrossRefGoogle Scholar
Hall, Peter A., and Soskice, David, eds. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press, 2001. https://doi.org/10.1093/0199247757.001.0001CrossRefGoogle Scholar
Kotler, Philip, and Armstrong, Gary. Principles of Marketing, global ed. London: Pearson Education Limited, 2016.Google Scholar
Lemoine, Benjamin. L’ordre de la dette. Paris: La Découverte, 2016.CrossRefGoogle Scholar
Loubet, Jean-Louis. Automobiles Peugeot. Une réussite industrielle. Paris: Economica (programme ReLIRE), 1990. https://doi.org/10.3917/econo.loube.1990.01CrossRefGoogle Scholar
Loubet, Jean-Louis. La maison Peugeot. Perrin: Histoire des entreprises, 2009. https://livre.fnac.com/a2607030/Jean-Louis-Loubet-La-maison-PeugeotGoogle Scholar
Mader, Philip, Mertens, Daniel, and Van der Zwan, Natascha. The Routledge International Handbook of Financialization. London: Routledge, 2021. https://www.routledge.com/The-Routledge-International-Handbook-of-Financialization/Mader-Mertens-Zwan/p/book/9781032174631Google Scholar
Morin, François. La Structure financière du capitalisme français. Paris: Calamann-Levy, 1974. https://www.leslibraires.fr/livre/1297069-la-structure-financiere-du-capitalisme-francais--francois-morin-calmann-levyGoogle Scholar
Ohana, Karine. Les banques de groupe en France. Paris: PUF, 1991. https://gallica.bnf.fr/ark:/12148/bpt6k48108831Google Scholar
Orange, Martine. Ces Messieurs de Lazard. Paris: Albin Michel, 2014.Google Scholar
Quennouëlle-Corre, Laure. La direction du Trésor 1947–1967: L’État-banquier et la croissance. Histoire économique et financière–XIXe-XXe. Vincennes: Institut de la gestion publique et du développement économique, 2013. http://books.openedition.org/igpde/1937Google Scholar
Schwartz, Herman. Subprime Nation: American Power, Global Capital, and the Housing Bubble. Ithaca, NY: Cornell University Press, 2010. https://doi.org/10.7591/9780801459276Google Scholar
Tiratsoo, Nick, and Kipping, Mathias, eds. Americanisation in 20th Century Europe: Business, Culture, Politics, vol. 2. Histoire et littérature du Septentrion. Lille: Publications de l’Institut de recherches historiques du Septentrion, 2018. http://books.openedition.org/irhis/1928Google Scholar
Armstrong, Peter. “The Rise of Accounting Controls in British Capitalist Enterprises.” Accounting, Organizations and Society 12, no. 5 (1987): 415–436. https://doi.org/10.1016/0361-3682(87)90029-8CrossRefGoogle Scholar
Asselain, Jean-Charles. “Le tournant des années cinquante: les prémices de la réouverture de l’économie française.” In L’économie française dans la compétition internationale au XXe siècle, edited by Lévy-Leboyer, Maurice, Comité pour l’histoire économique et financière de la France, 239–288. Vincennes: Institut de la gestion publique et du développement économique, 2006. http://books.openedition.org/igpde/4696CrossRefGoogle Scholar
Baud, Céline, Chiapello, Ève, and Hamilton, Peter. “How the Financialization of Firms Occurs: The Role of Regulation and Management Tools.” Revue Française de Sociologie 56, no. 3 (2015): 439–468.CrossRefGoogle Scholar
Belot Couloumies, Quentin. “Dynamics of Budgetary Control in the French 1970s: A Dynamic Institutionalist Analysis for the implementation of PSA’s Central Control Department in 1972.” Working Paper, IESEG School of Management, Forthcoming.Google Scholar
Couloumies, Belot. “PSA: une financiarisation endogène. Construire le contrôle financier d’une firme industrielle et familiale de 1965 à 2020.” PhD diss., Université Paris-Saclay, 2021. https://tel.archives-ouvertes.fr/tel-03234848Google Scholar
Bozio, Antoine. “La capitalisation boursière en France au XXe siècle.” Ecole Normale Supérieure, master thesis, 2002.Google Scholar
Brouté, Rémi. “La genèse des restructurations en France, le tournant des années soixante.” In L’entreprise en restructuration. Dynamiques institutionnelles et mobilisations collectives. Renne: Presses universitaires de Rennes, 2010.Google Scholar
Bryer, R. A. “The History of Accounting and the Transition to Capitalism in England. Part Two: Evidence.” Accounting, Organizations and Society 25, no. 4 (2000): 327–381. https://doi.org/10.1016/S0361-3682(99)00033-1CrossRefGoogle Scholar
Bryer, R. A. “The Late Nineteenth-Century Revolution in Financial Reporting: Accounting for the Rise of Investor or Managerial Capitalism.” Accounting, Organizations and Society 18, no. 7 (1993): 649–690. https://doi.org/10.1016/0361-3682(93)90048-BCrossRefGoogle Scholar
Burns, John, and Scapens, Robert. “Conceptualizing Management Accounting Change: An Institutional Framework.” Management Accounting Research 11 (March 2000): 3–25 https://www.sciencedirect.com/science/article/abs/pii/S1044500599901191?via%3DihubCrossRefGoogle Scholar
Campbell, John. “Neoliberalism in Crisis: Regulatory Roots of the U.S. Financial Meltdown.” Research in the Sociology of Organizations 30, Part B (2010): 65–101. https://doi.org/10.1108/S0733-558X(2010)000030B007CrossRefGoogle Scholar
Carmo, Marcelo do, Neto, Mario Sacomano, and Donadone, Julio Cesar. “Financialization in the Automotive Industry: Shareholders, Managers, and Salaries.” Journal of Economic Issues 53, no. 3 (2019): 841–862. https://doi.org/10.1080/00213624.2019.1646609CrossRefGoogle Scholar
Carruthers, Bruce. “Financialization and the Institutional Foundations of the New Capitalism.” Socio-Economic Review 13 (2015): 379–398. https://doi.org/10.1093/ser/mwv008CrossRefGoogle Scholar
Chiapello, Ève. “La financiarisation des politiques publiques.” Mondes en développement 178, no. 2 (2017): 23–40.CrossRefGoogle Scholar
Daviet, Jean-Pierre. “La fonction financière, esquisse d’une histoire.” Entreprises et histoire 95, no. 2 (2019): 16–25.CrossRefGoogle Scholar
Davis, Gerald F., Diekmann, Kristina A., and Tinsley, Catherine H.. “The Decline and Fall of the Conglomerate Firm in the 1980s: The Deinstitutionalization of an Organizational Form.” American Sociological Review 59, no. 4 (1994): 547–570. https://doi.org/10.2307/2095931CrossRefGoogle Scholar
Davis, Gerald F., and Kim, Suntae. “Financialization of the Economy.” Annual Review of Sociology 41, no. 1 (2015): 203–221. https://www.annualreviews.org/doi/10.1146/annurev-soc-073014-112402CrossRefGoogle Scholar
Dessaux, Pierre-Antoine, and Mazaud, Jean-Philippe. “Hybridizing the Emerging European Corporation: Danone, Hachette, and the Divisionalization Process in France during the 1970s.” Enterprise and Society 7, no. 2 (2006): 227–265. https://doi.org/10.1093/es/khj036CrossRefGoogle Scholar
Djelic, Marie-Laure. “L’arrivée du management en France: un retour historique sur les liens entre managérialisme et Etat.” Politiques et management public 22, no. 2 (2004): 1–17. https://doi.org/10.3406/pomap.2004.2837CrossRefGoogle Scholar
Dyas, Gareth P., and Thanheiser, Heinz T.. The Emerging European Enterprise. Strategy and Structure in French and German Industry. Basingstoke: Palgrave Macmillan, 1976. https://link.springer.com/book/10.1007/978-1-349-02515-2Google Scholar
Dyas, Gareth P., and Heinz, T. “The Patterns of Transition in France.” In The Emerging European Enterprise: Strategy and Structure in French and German Industry, edited by Dyas, Gareth P. and Thanheiser, Heinz T., 182–197. London: Palgrave Macmillan, 1976. https://doi.org/10.1007/978-1-349-02515-2_12CrossRefGoogle Scholar
Ezzamel, Mahmoud, Willmott, Hugh, and Worthington, Frank. “Manufacturing Shareholder Value: The Role of Accounting in Organizational Transformation.” Accounting, Organizations and Society 33 (2008): 107–140. https://doi.org/10.1016/j.aos.2007.03.001CrossRefGoogle Scholar
Fligstein, Neil. “Chandler and the Sociology of Organizations.” Business History Review 82, no. 2 (2008): 241–250. https://doi.org/10.1017/S0007680500062747CrossRefGoogle Scholar
Fligstein, Neil. “The Spread of the Multidivisional Form Among Large Firms, 1919–1979.” American Sociological Review 50, no. 3 (1985): 377–391. https://doi.org/10.2307/2095547CrossRefGoogle Scholar
Fligstein, Neil, and Shin, Taek-Jin. “Valeur actionnariale et transformations des industries américaines (1984–2000).” In Conflits et pouvoirs dans les institutions du capitalisme, 251–301. Paris: Presses de Sciences Po, 2008. https://www.cairn.info/conflits-et-pouvoirs-dans-les-institutions-du-capi--9782724610727-p-251.htmCrossRefGoogle Scholar
François, Pierre, and Lemercier, Claire. “Élites économiques: à qui profite la financiarisation ?” Pouvoirs, no. 161 (2017): 85–95. https://doi.org/10.3917/pouv.161.0085CrossRefGoogle Scholar
François, Pierre, and Lemercier, Claire. “Une financiarisation à la française (1979–2009).” Revue française de sociologie 57, no. 2 (2016): 269–320. https://doi.org/10.3917/rfs.572.0269CrossRefGoogle Scholar
Fridenson, Patrick. “Le projet de création par Renault d’une banque industrielle et son rejet par l’État (1971-1973).” Enterprise and History 95, no. 2 (2019): 86–110.Google Scholar
Fridenson, Patrick. “Renault face au problème du franc et du risque devise (1957–1981).” In Du franc Poincaré à l’écu, edited by Agliella, Miche, de Boissieu, Christian, Lévy-Leboyer, Maurice, and Plessis, Alain, 583–592. Paris: Comité pour l’histoire économique et financière de la France, 1993.Google Scholar
Froud, Julie, Haslam, C., Johal, S., Williams, Karel, and Clarke, T.. “Shareholder Value and Financialization: Consultancy Promises, Management Moves.” Corporate Governance Volume 2, Anglo American Corporate Governance, 2005. https://www.research.manchester.ac.uk/portal/en/publications/shareholder-value-and-financialization-consultancy-promises-management-moves(54314421-19cb-45a1-94a4-799021ab4d22).htmlGoogle Scholar
Froud, Julie, Johal, Sukhdev, Papazian, Viken, and Williams, Karel. “The Temptation of Houston: A Case Study of Financialisation.” Critical Perspectives on Accounting 15, no. 6‑7‑ (‑2004‑): ‑885–909. https://doi.org/10.1016/j.cpa.2003.05.002CrossRefGoogle Scholar
Gleadle, Pauline, and Cornelius, Nelarine. “A Case Study of Financialization and EVA.” Critical Perspectives on Accounting 19, no. 8 (2008): 1219–1238. https://doi.org/10.1016/j.cpa.2007.03.006CrossRefGoogle Scholar
Graaf, Johan, Kraus, Kalle, and Strömsten, Torkel. “The Problematics of Financialization—On the Important (but Neglected) Horizontal Axis of Organizational Action.” Critical Perspectives on Accounting 89 (2021): 102339. https://doi.org/10.1016/j.cpa.2021.102339Google Scholar
Goldstein, Adam, and Fligstein, Neil. “Financial Markets as Production Markets: The Industrial Roots of the Mortgage Meltdown.” Socio-Economic Review 15, no. 3 (2017): 483–510. https://academic.oup.com/ser/article/15/3/483/2888420Google Scholar
Joly, Hervé. “Les dirigeants des grandes entreprises industrielles françaises au 20e siècle: Des notables aux gestionnaires.” Vingtième Siècle. Revue d’histoire 114, no. 2 (2012): 16. https://doi.org/10.3917/vin.114.0016CrossRefGoogle Scholar
Jones, Geoffrey. “Business Enterprises and Global Worlds.” Enterprise and Society 3 (December 2002): 581–605. https://doi.org/10.1017/S1467222700011915CrossRefGoogle Scholar
Ki, Youn. “Large Industrial Firms and the Rise of Finance in Late Twentieth-Century America.” Enterprise & Society 19, no. 4 (2018): 903–945. https://doi.org/10.1017/eso.2017.71CrossRefGoogle Scholar
Kipping, Matthias. “American Management Consulting Companies in Western Europe, 1920 to 1990: Products, Reputation, and Relationships.” Business History Review 73, no. 2 (1999): 190–220. https://doi.org/10.2307/3116240CrossRefGoogle Scholar
Kraus, Kalle, and Lind, Jonhny. “The Impact of the Corporate Balanced Scorecard on Corporate Control—A Research Note.” Management Accounting Research 21, no. 4 (2010): 265–277. https://doi.org/10.1016/j.mar.2010.08.001CrossRefGoogle Scholar
Kraus, Kalle, and Strömsten, Torkel. “Going Public: The Role of Accounting and Shareholder Value in Making Sense of an IPO.” Management Accounting Research 23, no. 3 (2012): 186–201. https://www.sciencedirect.com/science/article/abs/pii/S1044500512000303CrossRefGoogle Scholar
Krippner, Greta R. “The Financialization of the American Economy.” Socio-economic Review 3, no. 2 (2005): 173–208.CrossRefGoogle Scholar
Lanthier, Pierre. “‘Twenty Years After’: Were the Big French Industrial Enterprises Still Following American Patterns in the Mid-1970s?” In Americanisation in 20th Century Europe: Business, Culture, Politics, vol. 2, edited by Tiratsoo, Nick and Kipping, Mathias, 243–257. Histoire et littérature du Septentrion (IRHiS). Lille: Publications de l’Institut de recherches historiques du Septentrion, 2018. http://books.openedition.org/irhis/1968Google Scholar
Lazonick, William, and O’Sullivan, Mary. “Maximizing Shareholder Value: A New Ideology for Corporate Governance.” Economy and Society 29, no. 1 (2000): 13–35.CrossRefGoogle Scholar
Loubet, Jean-Louis. “Industrie et finance, histoire d’un désamour: Peugeot, 1919–1939.” Revue d’économie financière 104, no. 4 (2011): 71. https://doi.org/10.3917/ecofi.104.0071.CrossRefGoogle Scholar
Loubet, Jean-Louis. “Peugeot: histoire complexe d’une croissance externe (1974–1978).” Histoire, économie et société 20, no. 3 (2001): 405–415. https://www.persee.fr/doc/hes_0752-5702_2001_num_20_3_2235CrossRefGoogle Scholar
MacKenzie, Donald. “The Credit Crisis as a Problem in the Sociology of Knowledge.” 116, no. 6 (2011): 1778–1841. https://doi.org/10.1086/659639CrossRefGoogle Scholar
McKenna, Christopher, Djelic, Marie-Laure, and Ainamo, Antti. “Message and Medium: The Role of Consulting Firms in Globalization and its Load Interpretation.” In Globalization and Institutions, edited by Djelic, M-L and Quack, S., chapter 4. Cheltenham, UK: Edward Elgar Publishing, 2003. https://www.academia.edu/1330742/Message_and_medium_the_role_of_consulting_firms_in_globalization_and_its_local_interpretationGoogle Scholar
Mayer, Michael, and Whittington, Richard. “Après le défi américain: la structure multidivisionnelle dans l’Europe post-McKinsey.” Entreprises et histoire 33, no. 2 (2003): 41–56. https://doi.org/10.3917/eh.033.0041CrossRefGoogle Scholar
Monnet, Éric. “Politique monétaire et politique du crédit en France pendant les Trente Glorieuses, 1945–1973.” PhD diss., Paris, EHESS, 2012. http://www.theses.fr/2012EHES0092Google Scholar
Morales, Jérémy, and Pezet, Anne. “Financialization through Hybridization: The Subtle Power of Financial Controlling.” In Finance: The Discreet Regulator: How Financial Activities Shape and Transform the World, edited by Huault, Isabelle and Richard, Chrystelle, 19–39. London: Palgrave Macmillan, 2012. https://doi.org/10.1057/9781137033604_2CrossRefGoogle Scholar
Morin, François, and Rigamonti, Éric. “Évolution et structure de l’actionnariat en France.” Revue française de gestion no 141, no. 5 (2002): 155–181.Google Scholar
Phillips, Nelson, Lawrence, Thomas B., and Hardy, Cynthia. “Discourse and Institutions.” Academy of Management Review 29, no. 4 (2004): 635–652. https://doi.org/10.5465/amr.2004.14497617.CrossRefGoogle Scholar
Roberts, John, Sanderson, Paul, Barker, Richard, and Hendry, John. “In the Mirror of the Market: The Disciplinary Effects of Company/Fund Manager Meetings.” Accounting, Organizations and Society 31, no. 3 (2006): 277–294. https://doi.org/10.1016/j.aos.2005.02.001.CrossRefGoogle Scholar
Schmidt, Vivien, and Bouyssou, Rachel. “Les beaux restes du capitalisme d’État à la française.” Critique internationale 8, no. 1 (2000): 163–176. https://doi.org/10.3406/criti.2000.1450.CrossRefGoogle Scholar
Thiveaud, Jean-Marie. “Les évolutions du système bancaire français de l’entre-deux-guerres à nos jours: Spécialisation, déspécialisation, concentration, concurrence.” Revue d’économie financière 39, no. 1 (1997): 27–74. https://doi.org/10.3406/ecofi.1997.2290.CrossRefGoogle Scholar
Weinstein, Olivier. “Financiarisation de la grande entreprise et montée de l’idéologie actionnariale.” In Pouvoir, finance et connaissance, 87–109. Paris: La Découverte, 2010. https://www.cairn.info/pouvoir-finance-et-connaissance--9782707156303-p-87.htmCrossRefGoogle Scholar
Wood, Geoffrey, and Wright, Douglas Michael. “An Age of Corporate Governance Failure.” In The Oxford Handbook of Corporate Governance. Oxford: Oxford University Press, 2013. https://doi.org/10.1093/oxfordhb/9780199642007.013.0031Google Scholar
Archives Nationales du Monde du Travail, Roubaix, FranceGoogle Scholar
Bibliothèque Nationale de France archives, Paris, FranceGoogle Scholar
PSA Archives, Hérimoncourt, FranceGoogle Scholar
Archives of Thierry Peugeot (personal).Google Scholar
Archives of Thierry Armengaud (personal).Google Scholar
Philippe Poinso, former PSA financial manager of family holdings in the 1960s, conducted by author in October 2018.Google Scholar
Aglietta, Michel. Régulation et crises du capitalisme. Paris: Calmann-Lévi, 1978.Google Scholar
Amable, Bruno. The Diversity of Modern Capitalism. Oxford: Oxford University Press, 2003. https://oxford.universitypressscholarship.com/view/10.1093/019926113X.001.0001/acprof-9780199261130CrossRefGoogle Scholar
Batsch, Laurent. Le capitalisme financier. Paris: Reperes, 2002.CrossRefGoogle Scholar
Bensadon, Didier. Presses Universitaires de Rennes—Les comptes de groupe en France (1929–1985) Origines, enjeux et pratiques de la consolidation des comptes. Rennes: Presses Universitaires de Rennes, 2010. http://www.pur-editions.fr/detail.php?idOuv=2241Google Scholar
Cardoni, Fabien, Margairaz, Michel, and de Malberg, Nathalie Carré, eds. Dictionnaire historique des inspecteurs des Finances 1801–2009: Dictionnaire thématique et biographique. Histoire économique et financière–XIXe-XXe. Vincennes: Institut de la gestion publique et du développement économique, 2014. http://books.openedition.org/igpde/3568Google Scholar
Chandler, Alfred D. Strategy and Structure: Chapters in the History of the Industrial Enterprise. Martino Publishing (1963).Google Scholar
Chandler, Alfred D, Amatori, Franco, and Hikino, Takashi, eds. Big Business and the Wealth of Nations. Cambridge: Cambridge University Press, 1997. https://www.cambridge.org/core/books/big-business-and-the-wealth-of-nations/2A108AE0739ADEB9C955DCE8A221E667CrossRefGoogle Scholar
Daumas, Jean-Claude. Dictionnaire historique des patrons français. Paris: Flammarion, 2010.CrossRefGoogle Scholar
Didry, Claude and Annette, Jobert, L’entreprise en restructuration. Dynamiques institutionnelles et mobilisations collectives, Rennes: Presses universitaires de Rennes, 2010.CrossRefGoogle Scholar
Fligstein, Neil. The Architecture of Markets. An Economic Sociology of Twenty-First-Century Capitalist Societies. Princeton, NJ: Princeton University Press, 2001. https://press.princeton.edu/titles/7206.htmlCrossRefGoogle Scholar
Fligstein, Neil. The Transformation of Corporate Control. Cambridge, MA: Harvard University Press, 1990. https://www.amazon.com/Transformation-Corporate-Control-Neil-Fligstein/dp/0674903595Google Scholar
Frerejean, Alain. Les Peugeot. Deux siècles d’aventure. Paris: Flammarion, 2010.Google Scholar
Fridenson, Patrick. Histoire des usines Renault. Naissance de la grande entreprise (1893–1939). Paris: Seuil L’Univers histoire, 1972. https://www.seuil.com/ouvrage/histoire-des-usines-renault-naissance-de-la-grande-entreprise-1893-1939-patrick-fridenson/9782020026727Google Scholar
Froud, Julie, Johal, Sukhdev, Leaver, Adam, and Williams, Karel. Financialization and Strategy: Narrative and Numbers. London: Routledge, 2006.CrossRefGoogle Scholar
Hall, Peter A., and Soskice, David, eds. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press, 2001. https://doi.org/10.1093/0199247757.001.0001CrossRefGoogle Scholar
Kotler, Philip, and Armstrong, Gary. Principles of Marketing, global ed. London: Pearson Education Limited, 2016.Google Scholar
Lemoine, Benjamin. L’ordre de la dette. Paris: La Découverte, 2016.CrossRefGoogle Scholar
Loubet, Jean-Louis. Automobiles Peugeot. Une réussite industrielle. Paris: Economica (programme ReLIRE), 1990. https://doi.org/10.3917/econo.loube.1990.01CrossRefGoogle Scholar
Loubet, Jean-Louis. La maison Peugeot. Perrin: Histoire des entreprises, 2009. https://livre.fnac.com/a2607030/Jean-Louis-Loubet-La-maison-PeugeotGoogle Scholar
Mader, Philip, Mertens, Daniel, and Van der Zwan, Natascha. The Routledge International Handbook of Financialization. London: Routledge, 2021. https://www.routledge.com/The-Routledge-International-Handbook-of-Financialization/Mader-Mertens-Zwan/p/book/9781032174631Google Scholar
Morin, François. La Structure financière du capitalisme français. Paris: Calamann-Levy, 1974. https://www.leslibraires.fr/livre/1297069-la-structure-financiere-du-capitalisme-francais--francois-morin-calmann-levyGoogle Scholar
Ohana, Karine. Les banques de groupe en France. Paris: PUF, 1991. https://gallica.bnf.fr/ark:/12148/bpt6k48108831Google Scholar
Orange, Martine. Ces Messieurs de Lazard. Paris: Albin Michel, 2014.Google Scholar
Quennouëlle-Corre, Laure. La direction du Trésor 1947–1967: L’État-banquier et la croissance. Histoire économique et financière–XIXe-XXe. Vincennes: Institut de la gestion publique et du développement économique, 2013. http://books.openedition.org/igpde/1937Google Scholar
Schwartz, Herman. Subprime Nation: American Power, Global Capital, and the Housing Bubble. Ithaca, NY: Cornell University Press, 2010. https://doi.org/10.7591/9780801459276Google Scholar
Tiratsoo, Nick, and Kipping, Mathias, eds. Americanisation in 20th Century Europe: Business, Culture, Politics, vol. 2. Histoire et littérature du Septentrion. Lille: Publications de l’Institut de recherches historiques du Septentrion, 2018. http://books.openedition.org/irhis/1928Google Scholar
Armstrong, Peter. “The Rise of Accounting Controls in British Capitalist Enterprises.” Accounting, Organizations and Society 12, no. 5 (1987): 415–436. https://doi.org/10.1016/0361-3682(87)90029-8CrossRefGoogle Scholar
Asselain, Jean-Charles. “Le tournant des années cinquante: les prémices de la réouverture de l’économie française.” In L’économie française dans la compétition internationale au XXe siècle, edited by Lévy-Leboyer, Maurice, Comité pour l’histoire économique et financière de la France, 239–288. Vincennes: Institut de la gestion publique et du développement économique, 2006. http://books.openedition.org/igpde/4696CrossRefGoogle Scholar
Baud, Céline, Chiapello, Ève, and Hamilton, Peter. “How the Financialization of Firms Occurs: The Role of Regulation and Management Tools.” Revue Française de Sociologie 56, no. 3 (2015): 439–468.CrossRefGoogle Scholar
Belot Couloumies, Quentin. “Dynamics of Budgetary Control in the French 1970s: A Dynamic Institutionalist Analysis for the implementation of PSA’s Central Control Department in 1972.” Working Paper, IESEG School of Management, Forthcoming.Google Scholar
Couloumies, Belot. “PSA: une financiarisation endogène. Construire le contrôle financier d’une firme industrielle et familiale de 1965 à 2020.” PhD diss., Université Paris-Saclay, 2021. https://tel.archives-ouvertes.fr/tel-03234848Google Scholar
Bozio, Antoine. “La capitalisation boursière en France au XXe siècle.” Ecole Normale Supérieure, master thesis, 2002.Google Scholar
Brouté, Rémi. “La genèse des restructurations en France, le tournant des années soixante.” In L’entreprise en restructuration. Dynamiques institutionnelles et mobilisations collectives. Renne: Presses universitaires de Rennes, 2010.Google Scholar
Bryer, R. A. “The History of Accounting and the Transition to Capitalism in England. Part Two: Evidence.” Accounting, Organizations and Society 25, no. 4 (2000): 327–381. https://doi.org/10.1016/S0361-3682(99)00033-1CrossRefGoogle Scholar
Bryer, R. A. “The Late Nineteenth-Century Revolution in Financial Reporting: Accounting for the Rise of Investor or Managerial Capitalism.” Accounting, Organizations and Society 18, no. 7 (1993): 649–690. https://doi.org/10.1016/0361-3682(93)90048-BCrossRefGoogle Scholar
Burns, John, and Scapens, Robert. “Conceptualizing Management Accounting Change: An Institutional Framework.” Management Accounting Research 11 (March 2000): 3–25 https://www.sciencedirect.com/science/article/abs/pii/S1044500599901191?via%3DihubCrossRefGoogle Scholar
Campbell, John. “Neoliberalism in Crisis: Regulatory Roots of the U.S. Financial Meltdown.” Research in the Sociology of Organizations 30, Part B (2010): 65–101. https://doi.org/10.1108/S0733-558X(2010)000030B007CrossRefGoogle Scholar
Carmo, Marcelo do, Neto, Mario Sacomano, and Donadone, Julio Cesar. “Financialization in the Automotive Industry: Shareholders, Managers, and Salaries.” Journal of Economic Issues 53, no. 3 (2019): 841–862. https://doi.org/10.1080/00213624.2019.1646609CrossRefGoogle Scholar
Carruthers, Bruce. “Financialization and the Institutional Foundations of the New Capitalism.” Socio-Economic Review 13 (2015): 379–398. https://doi.org/10.1093/ser/mwv008CrossRefGoogle Scholar
Chiapello, Ève. “La financiarisation des politiques publiques.” Mondes en développement 178, no. 2 (2017): 23–40.CrossRefGoogle Scholar
Daviet, Jean-Pierre. “La fonction financière, esquisse d’une histoire.” Entreprises et histoire 95, no. 2 (2019): 16–25.CrossRefGoogle Scholar
Davis, Gerald F., Diekmann, Kristina A., and Tinsley, Catherine H.. “The Decline and Fall of the Conglomerate Firm in the 1980s: The Deinstitutionalization of an Organizational Form.” American Sociological Review 59, no. 4 (1994): 547–570. https://doi.org/10.2307/2095931CrossRefGoogle Scholar
Davis, Gerald F., and Kim, Suntae. “Financialization of the Economy.” Annual Review of Sociology 41, no. 1 (2015): 203–221. https://www.annualreviews.org/doi/10.1146/annurev-soc-073014-112402CrossRefGoogle Scholar
Dessaux, Pierre-Antoine, and Mazaud, Jean-Philippe. “Hybridizing the Emerging European Corporation: Danone, Hachette, and the Divisionalization Process in France during the 1970s.” Enterprise and Society 7, no. 2 (2006): 227–265. https://doi.org/10.1093/es/khj036CrossRefGoogle Scholar
Djelic, Marie-Laure. “L’arrivée du management en France: un retour historique sur les liens entre managérialisme et Etat.” Politiques et management public 22, no. 2 (2004): 1–17. https://doi.org/10.3406/pomap.2004.2837CrossRefGoogle Scholar
Dyas, Gareth P., and Thanheiser, Heinz T.. The Emerging European Enterprise. Strategy and Structure in French and German Industry. Basingstoke: Palgrave Macmillan, 1976. https://link.springer.com/book/10.1007/978-1-349-02515-2Google Scholar
Dyas, Gareth P., and Heinz, T. “The Patterns of Transition in France.” In The Emerging European Enterprise: Strategy and Structure in French and German Industry, edited by Dyas, Gareth P. and Thanheiser, Heinz T., 182–197. London: Palgrave Macmillan, 1976. https://doi.org/10.1007/978-1-349-02515-2_12CrossRefGoogle Scholar
Ezzamel, Mahmoud, Willmott, Hugh, and Worthington, Frank. “Manufacturing Shareholder Value: The Role of Accounting in Organizational Transformation.” Accounting, Organizations and Society 33 (2008): 107–140. https://doi.org/10.1016/j.aos.2007.03.001CrossRefGoogle Scholar
Fligstein, Neil. “Chandler and the Sociology of Organizations.” Business History Review 82, no. 2 (2008): 241–250. https://doi.org/10.1017/S0007680500062747CrossRefGoogle Scholar
Fligstein, Neil. “The Spread of the Multidivisional Form Among Large Firms, 1919–1979.” American Sociological Review 50, no. 3 (1985): 377–391. https://doi.org/10.2307/2095547CrossRefGoogle Scholar
Fligstein, Neil, and Shin, Taek-Jin. “Valeur actionnariale et transformations des industries américaines (1984–2000).” In Conflits et pouvoirs dans les institutions du capitalisme, 251–301. Paris: Presses de Sciences Po, 2008. https://www.cairn.info/conflits-et-pouvoirs-dans-les-institutions-du-capi--9782724610727-p-251.htmCrossRefGoogle Scholar
François, Pierre, and Lemercier, Claire. “Élites économiques: à qui profite la financiarisation ?” Pouvoirs, no. 161 (2017): 85–95. https://doi.org/10.3917/pouv.161.0085CrossRefGoogle Scholar
François, Pierre, and Lemercier, Claire. “Une financiarisation à la française (1979–2009).” Revue française de sociologie 57, no. 2 (2016): 269–320. https://doi.org/10.3917/rfs.572.0269CrossRefGoogle Scholar
Fridenson, Patrick. “Le projet de création par Renault d’une banque industrielle et son rejet par l’État (1971-1973).” Enterprise and History 95, no. 2 (2019): 86–110.Google Scholar
Fridenson, Patrick. “Renault face au problème du franc et du risque devise (1957–1981).” In Du franc Poincaré à l’écu, edited by Agliella, Miche, de Boissieu, Christian, Lévy-Leboyer, Maurice, and Plessis, Alain, 583–592. Paris: Comité pour l’histoire économique et financière de la France, 1993.Google Scholar
Froud, Julie, Haslam, C., Johal, S., Williams, Karel, and Clarke, T.. “Shareholder Value and Financialization: Consultancy Promises, Management Moves.” Corporate Governance Volume 2, Anglo American Corporate Governance, 2005. https://www.research.manchester.ac.uk/portal/en/publications/shareholder-value-and-financialization-consultancy-promises-management-moves(54314421-19cb-45a1-94a4-799021ab4d22).htmlGoogle Scholar
Froud, Julie, Johal, Sukhdev, Papazian, Viken, and Williams, Karel. “The Temptation of Houston: A Case Study of Financialisation.” Critical Perspectives on Accounting 15, no. 6‑7‑ (‑2004‑): ‑885–909. https://doi.org/10.1016/j.cpa.2003.05.002CrossRefGoogle Scholar
Gleadle, Pauline, and Cornelius, Nelarine. “A Case Study of Financialization and EVA.” Critical Perspectives on Accounting 19, no. 8 (2008): 1219–1238. https://doi.org/10.1016/j.cpa.2007.03.006CrossRefGoogle Scholar
Graaf, Johan, Kraus, Kalle, and Strömsten, Torkel. “The Problematics of Financialization—On the Important (but Neglected) Horizontal Axis of Organizational Action.” Critical Perspectives on Accounting 89 (2021): 102339. https://doi.org/10.1016/j.cpa.2021.102339Google Scholar
Goldstein, Adam, and Fligstein, Neil. “Financial Markets as Production Markets: The Industrial Roots of the Mortgage Meltdown.” Socio-Economic Review 15, no. 3 (2017): 483–510. https://academic.oup.com/ser/article/15/3/483/2888420Google Scholar
Joly, Hervé. “Les dirigeants des grandes entreprises industrielles françaises au 20e siècle: Des notables aux gestionnaires.” Vingtième Siècle. Revue d’histoire 114, no. 2 (2012): 16. https://doi.org/10.3917/vin.114.0016CrossRefGoogle Scholar
Jones, Geoffrey. “Business Enterprises and Global Worlds.” Enterprise and Society 3 (December 2002): 581–605. https://doi.org/10.1017/S1467222700011915CrossRefGoogle Scholar
Ki, Youn. “Large Industrial Firms and the Rise of Finance in Late Twentieth-Century America.” Enterprise & Society 19, no. 4 (2018): 903–945. https://doi.org/10.1017/eso.2017.71CrossRefGoogle Scholar
Kipping, Matthias. “American Management Consulting Companies in Western Europe, 1920 to 1990: Products, Reputation, and Relationships.” Business History Review 73, no. 2 (1999): 190–220. https://doi.org/10.2307/3116240CrossRefGoogle Scholar
Kraus, Kalle, and Lind, Jonhny. “The Impact of the Corporate Balanced Scorecard on Corporate Control—A Research Note.” Management Accounting Research 21, no. 4 (2010): 265–277. https://doi.org/10.1016/j.mar.2010.08.001CrossRefGoogle Scholar
Kraus, Kalle, and Strömsten, Torkel. “Going Public: The Role of Accounting and Shareholder Value in Making Sense of an IPO.” Management Accounting Research 23, no. 3 (2012): 186–201. https://www.sciencedirect.com/science/article/abs/pii/S1044500512000303CrossRefGoogle Scholar
Krippner, Greta R. “The Financialization of the American Economy.” Socio-economic Review 3, no. 2 (2005): 173–208.CrossRefGoogle Scholar
Lanthier, Pierre. “‘Twenty Years After’: Were the Big French Industrial Enterprises Still Following American Patterns in the Mid-1970s?” In Americanisation in 20th Century Europe: Business, Culture, Politics, vol. 2, edited by Tiratsoo, Nick and Kipping, Mathias, 243–257. Histoire et littérature du Septentrion (IRHiS). Lille: Publications de l’Institut de recherches historiques du Septentrion, 2018. http://books.openedition.org/irhis/1968Google Scholar
Lazonick, William, and O’Sullivan, Mary. “Maximizing Shareholder Value: A New Ideology for Corporate Governance.” Economy and Society 29, no. 1 (2000): 13–35.CrossRefGoogle Scholar
Loubet, Jean-Louis. “Industrie et finance, histoire d’un désamour: Peugeot, 1919–1939.” Revue d’économie financière 104, no. 4 (2011): 71. https://doi.org/10.3917/ecofi.104.0071.CrossRefGoogle Scholar
Loubet, Jean-Louis. “Peugeot: histoire complexe d’une croissance externe (1974–1978).” Histoire, économie et société 20, no. 3 (2001): 405–415. https://www.persee.fr/doc/hes_0752-5702_2001_num_20_3_2235CrossRefGoogle Scholar
MacKenzie, Donald. “The Credit Crisis as a Problem in the Sociology of Knowledge.” 116, no. 6 (2011): 1778–1841. https://doi.org/10.1086/659639CrossRefGoogle Scholar
McKenna, Christopher, Djelic, Marie-Laure, and Ainamo, Antti. “Message and Medium: The Role of Consulting Firms in Globalization and its Load Interpretation.” In Globalization and Institutions, edited by Djelic, M-L and Quack, S., chapter 4. Cheltenham, UK: Edward Elgar Publishing, 2003. https://www.academia.edu/1330742/Message_and_medium_the_role_of_consulting_firms_in_globalization_and_its_local_interpretationGoogle Scholar
Mayer, Michael, and Whittington, Richard. “Après le défi américain: la structure multidivisionnelle dans l’Europe post-McKinsey.” Entreprises et histoire 33, no. 2 (2003): 41–56. https://doi.org/10.3917/eh.033.0041CrossRefGoogle Scholar
Monnet, Éric. “Politique monétaire et politique du crédit en France pendant les Trente Glorieuses, 1945–1973.” PhD diss., Paris, EHESS, 2012. http://www.theses.fr/2012EHES0092Google Scholar
Morales, Jérémy, and Pezet, Anne. “Financialization through Hybridization: The Subtle Power of Financial Controlling.” In Finance: The Discreet Regulator: How Financial Activities Shape and Transform the World, edited by Huault, Isabelle and Richard, Chrystelle, 19–39. London: Palgrave Macmillan, 2012. https://doi.org/10.1057/9781137033604_2CrossRefGoogle Scholar
Morin, François, and Rigamonti, Éric. “Évolution et structure de l’actionnariat en France.” Revue française de gestion no 141, no. 5 (2002): 155–181.Google Scholar
Phillips, Nelson, Lawrence, Thomas B., and Hardy, Cynthia. “Discourse and Institutions.” Academy of Management Review 29, no. 4 (2004): 635–652. https://doi.org/10.5465/amr.2004.14497617.CrossRefGoogle Scholar
Roberts, John, Sanderson, Paul, Barker, Richard, and Hendry, John. “In the Mirror of the Market: The Disciplinary Effects of Company/Fund Manager Meetings.” Accounting, Organizations and Society 31, no. 3 (2006): 277–294. https://doi.org/10.1016/j.aos.2005.02.001.CrossRefGoogle Scholar
Schmidt, Vivien, and Bouyssou, Rachel. “Les beaux restes du capitalisme d’État à la française.” Critique internationale 8, no. 1 (2000): 163–176. https://doi.org/10.3406/criti.2000.1450.CrossRefGoogle Scholar
Thiveaud, Jean-Marie. “Les évolutions du système bancaire français de l’entre-deux-guerres à nos jours: Spécialisation, déspécialisation, concentration, concurrence.” Revue d’économie financière 39, no. 1 (1997): 27–74. https://doi.org/10.3406/ecofi.1997.2290.CrossRefGoogle Scholar
Weinstein, Olivier. “Financiarisation de la grande entreprise et montée de l’idéologie actionnariale.” In Pouvoir, finance et connaissance, 87–109. Paris: La Découverte, 2010. https://www.cairn.info/pouvoir-finance-et-connaissance--9782707156303-p-87.htmCrossRefGoogle Scholar
Wood, Geoffrey, and Wright, Douglas Michael. “An Age of Corporate Governance Failure.” In The Oxford Handbook of Corporate Governance. Oxford: Oxford University Press, 2013. https://doi.org/10.1093/oxfordhb/9780199642007.013.0031Google Scholar
Archives Nationales du Monde du Travail, Roubaix, FranceGoogle Scholar
Bibliothèque Nationale de France archives, Paris, FranceGoogle Scholar
PSA Archives, Hérimoncourt, FranceGoogle Scholar
Archives of Thierry Peugeot (personal).Google Scholar
Archives of Thierry Armengaud (personal).Google Scholar
Philippe Poinso, former PSA financial manager of family holdings in the 1960s, conducted by author in October 2018.Google Scholar