000			02744nam a2200409 i 4500
001			CR9781009278140
003			UkCbUP
005			20240508141514.0
006			m|||||o||d||||||||
007			cr||||||||||||
008			220317s2022||||enk o ||1 0|eng|d
020			_a9781009278140 (ebook)
020			_z9781009278164 (paperback)
040			_aUkCbUP _beng _erda _cUkCbUP
043			_ae-uk---
050		4	_aHD9667.9.A78 _bT85 2022
082	0	4	_a338.7/616151/0941 _223
100	1		_aTulum, Öner, _eauthor.
245	1	0	_aFrom financialisation to innovation in UK Big Pharma : _bAstraZeneca and GlaxoSmithKline / _cÖner Tulum, Antonio Andreoni, William Lazonick.
264		1	_aCambridge : _bCambridge University Press, _c2022.
300			_a1 online resource (104 pages) : _bdigital, PDF file(s).
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
338			_aonline resource _bcr _2rdacarrier
490	0		_aCambridge elements. Elements in reinventing capitalism _x2634-8950
506	0		_aOpen Access. _fUnrestricted online access _2star
500			_aTitle from publisher's bibliographic system (viewed on 30 Nov 2022).
520			_aThe 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.
610	2	0	_aAstraZeneca (Firm) _xFinance.
610	2	0	_aGlaxoSmithKline _xFinance.
650		0	_aPharmaceutical industry _zGreat Britain _xFinance.
650		0	_aBiotechnology industry _zGreat Britain _xFinance.
700	1		_aAndreoni, Antonio, _eauthor.
700	1		_aLazonick, William, _eauthor.
776	0	8	_iPrint version: _z9781009278164
856	4	0	_uhttps://doi.org/10.1017/9781009278140
999			_c38537 _d38537