publication . Article . 2016

Capital discipline and financial market relations in retail globalization: insights from the case of Tesco plc

Wood, Steven; Wrigley, N; Coe, NM;
Open Access
  • Published: 20 Jan 2016 Journal: Journal of Economic Geography, volume 17, pages 31-57 (issn: 1468-2702, eissn: 1468-2710, Copyright policy)
  • Publisher: Oxford University Press (OUP)
  • Country: United Kingdom
Abstract
This paper provides an in-depth study of leading transnational food retailer Tesco plc to explore how its financial management and relations with the investment community – notably its reputation for capital discipline – underpinned successful expansion. Informed by close dialogue with equity analysts, we investigate how this model deteriorated since the late 2000s with declining returns, leading to high-profile international divestitures. The analysis assesses the drivers of these difficulties, and conceptualises them. It examines how the retailer, pressured by the investment community, reviewed its international strategy and attempted to ‘reset’ its relations ...
Subjects
free text keywords: Geography, Planning and Development, Economics and Econometrics, Reputation, media_common.quotation_subject, media_common, Capital market, Equity (finance), Financial capital, International trade, business.industry, business, Economics, Financial management, Financial market, Globalization, Shareholder value
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publication . Article . 2016

Capital discipline and financial market relations in retail globalization: insights from the case of Tesco plc

Wood, Steven; Wrigley, N; Coe, NM;