Toyota Motor Corporation: development and growth from the financialization point of view

Type de publication:

Conference Paper


Gerpisa colloquium, Paris (2015)


financialisation, toyota


Initially a recollection of Toyota’s history is made, in which Toyota starts operations toward the end of the 19th Century with the manufacture of Automatic Loom Works, and then after World War II, in the manufacture of automóviles and components. This historical background helps to understand the dynamics, consolidation and success of the firm during the second part of the 20th Century. The firm had a very rapid growth, first in Japan where they have 21 factories, and then outside of Japan, owning 50. Later on, the main objective of this paper is carried out, consisting of the analysis of the main financial items of the Financial Statements in the period from 1991 to 2007, to understand the role that financialization has played in the success of the firm. It was found that in the studied period, the financial assets grew on average three times more than the tangible assets, which, in terms of the theory of financialization, clearly implies the importance of finances to the detriment of long-term productive considerations, as well as the workers’ wage deterioration which, as a consequence, provides great benefits to shareholders and senior executives of the company.

Copyright© Gerpisa
Concéption Tommaso Pardi
Administration Géry Deffontaines

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