Financialization in Non-Financial Companies: A Case Study ofIran's Oil Products Industry

While a stable and efficient financial sector can play a key role in supporting the real sector of the economy, the increased tendency of non-financial companies to engage in non-operational activities called financialization can also have adverse results. The negative consequences of the phenomenon of financialization of non-financial companies on economic and social aspects have encouraged researchers to carefully examine the financialization situation in companies and industries. Considering the lack of an internal study to investigate this phenomenon at the level of Iranian companies in an industry, this research tries to open this research field. In this regard, from three common financing indicators, i.e., the ratio of financial receipts to operating income, the ratio of financial payments to total assets and the ratio of investors of financial institutions to total shareholders, to measure the intensity of financing among ۱۱ companies active in the field of petroleum products of Bazar Group Iran's capital has been used in the period from ۱۳۹۰ to ۱۳۹۳. The results showed that firstly, although the status of companies based on different indicators is not the same, companies with similar behaviors can be identified. Secondly, the average financing intensity among different companies shows that the highest financing intensity was in Lavan, Tehran and Bandar Abbas companies and the lowest financing intensity was in Pars and Isfahan companies.

کلیدواژه ها:

Financialization ، Iranian Oil Product Companies ، Financial Receipts ، Financial Payment ، Shareholder