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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Autor principal: García Zanotti, Gustavo
Formato: Artículo revista
Lenguaje:Español
Publicado: Centro Universitario Regional Zona Atlántica - Universidad Nacional del Comahue - Argentin 2022
Materias:
YPF-Repsol
Petrobras
Argentina
Corporate emptying
Financialization
Vaciamiento corporativo
Financiarización
Acceso en línea:https://revele.uncoma.edu.ar/index.php/Sociales/article/view/4201
Aporte de:
Repositorio de Revistas Electrónicas REVELE (UNComahue) de Universidad Nacional del Comahue
id I22-R128-article-4201
record_format ojs
spelling I22-R128-article-42012024-04-09T11:55:52Z Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina Vaciamiento corporativo en el sector petrolero argentino durante el nuevo milenio: las experiencias de YPF-Repsol y Petrobras Argentina García Zanotti, Gustavo YPF-Repsol Petrobras Argentina Corporate emptying Financialization YPF-Repsol Petrobras Argentina Vaciamiento corporativo Financiarización 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. El presente trabajo pretende abordar las prácticas de vaciamiento corporativo llevadas a cabo por filiales de multinacionales en el sector petrolero -YPF S.A. (gestión Repsol) y Petrobras Argentina S.A.-. Estas experiencias se caracterizaron por el bajo nivel de inversión productiva y la salida de riquezas e ingresos al exterior. Como resultado, las filiales argentinas se vieron desfavorecidas patrimonialmente por una serie de operaciones que incluyeron: 1) La venta de activos pertenecientes a las filiales argentinas a sus controlantes en el exterior; 2) préstamos intra-firma otorgados por las filiales argentinas a las partes adquirientes en el extranjero para financiar dichas transacciones de compra-venta de activos; 3) giro de dividendos por las filiales en Argentina dado los mayores ingresos que estas obtuvieron por la venta de dichos activos; 4) venta de los activos adquiridos por parte de los controlantes por un monto mayor al que habían sido adquiridos, realizando una ganancia patrimonial a expensas de las pérdidas de las filiales en Argentina. Se utilizaron los balances contables de las empresas seleccionadas como fuente de información. El trabajo se encuentra inserto dentro de la discusión que aborda la financiarización de empresas no financieras en países emergentes. Centro Universitario Regional Zona Atlántica - Universidad Nacional del Comahue - Argentin 2022-07-10 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revele.uncoma.edu.ar/index.php/Sociales/article/view/4201 Revista Pilquen. Sección Ciencias Sociales; Vol. 25 Núm. 2 (2022): Revista Pilquen. Sección Ciencias Sociales; 134-159 1851-3123 1666-0579 spa https://revele.uncoma.edu.ar/index.php/Sociales/article/view/4201/61169 Derechos de autor 1998 Revista Pilquen Sección Ciencias Sociales https://creativecommons.org/licenses/by-nc-sa/4.0
institution Universidad Nacional del Comahue
institution_str I-22
repository_str R-128
container_title_str Repositorio de Revistas Electrónicas REVELE (UNComahue)
language Español
format Artículo revista
topic YPF-Repsol
Petrobras
Argentina
Corporate emptying
Financialization
YPF-Repsol
Petrobras
Argentina
Vaciamiento corporativo
Financiarización
spellingShingle YPF-Repsol
Petrobras
Argentina
Corporate emptying
Financialization
YPF-Repsol
Petrobras
Argentina
Vaciamiento corporativo
Financiarización
García Zanotti, Gustavo
Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina
topic_facet YPF-Repsol
Petrobras
Argentina
Corporate emptying
Financialization
YPF-Repsol
Petrobras
Argentina
Vaciamiento corporativo
Financiarización
author García Zanotti, Gustavo
author_facet García Zanotti, Gustavo
author_sort García Zanotti, Gustavo
title Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina
title_short Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina
title_full Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina
title_fullStr Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina
title_full_unstemmed Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina
title_sort corporate emptying in the argentine oil sector during the new millennium: the experiences of ypf-repsol and petrobras argentina
description 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.
publisher Centro Universitario Regional Zona Atlántica - Universidad Nacional del Comahue - Argentin
publishDate 2022
url https://revele.uncoma.edu.ar/index.php/Sociales/article/view/4201
work_keys_str_mv AT garciazanottigustavo corporateemptyingintheargentineoilsectorduringthenewmillenniumtheexperiencesofypfrepsolandpetrobrasargentina
AT garciazanottigustavo vaciamientocorporativoenelsectorpetroleroargentinoduranteelnuevomileniolasexperienciasdeypfrepsolypetrobrasargentina
first_indexed 2022-08-19T20:23:55Z
last_indexed 2024-08-12T23:06:40Z
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