Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina
This paper aims to address the corporate emptying practices carried out by subsidiaries of multinationals in the oil sector -YPF S.A. (Repsol management), and Petrobras Argentina S.A.-. The low level of productive investment and the outflow of wealth and income abroad are aspects that characterize t...
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| Formato: | Artículo revista |
| Lenguaje: | Español |
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Centro Universitario Regional Zona Atlántica - Universidad Nacional del Comahue - Argentin
2022
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| Acceso en línea: | https://revele.uncoma.edu.ar/index.php/Sociales/article/view/4201 |
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| Sumario: | This paper aims to address the corporate emptying practices carried out by subsidiaries of multinationals in the oil sector -YPF S.A. (Repsol management), and Petrobras Argentina S.A.-. The low level of productive investment and the outflow of wealth and income abroad are aspects that characterize these two experiences. The Argentine subsidiaries were financially disadvantaged by a series of operations, that included: 1) The sale of assets belonging to the Argentine subsidiaries to their controlling parties abroad; 2) intra-firm loans granted by Argentine subsidiaries to controlling parties to finance purchase-sale of asset; 3) Dividend remittance by subsidiaries in Argentina due to the higher income they obtained from the sale of that assets; 4) sale of the assets acquired by the controlling parties for an amount greater than that which had been acquired, realizing a capital gain at the expense of the losses of the subsidiaries in Argentina. The accounting balances of the selected companies were used as a source of information. The paper is inserted within the discussion that addresses the financialization of non-financial companies in emerging countries. |
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