Abstract

Pubs in Britain are closing at a rapid rate. While changing regulatory, demographic and consumer trends have weakened the viability of pubs businesses in recent years, less is known about the role of Pub Companies, or ‘pubcos’, in contributing to the decline of the sector. Reflecting the core elements of financialization, pubcos acquire assets through securitization, prioritize shareholder value and operate under short-term financial targets and metrics. Adopting an institutionally sensitive geographical political economy approach, this article analyzes the ways in which pubcos, through financialization and securitization, have transformed the ownership and geographies of pubs in Britain. Foregrounding the firm as the unit of analysis, it emphasizes the importance of firm agency in creating more granular understandings of the geographical causes and implications of securitization. Analyzing the interrelationships between actors involved in the securitization process, particularly tensions between shareholders and bondholders, this article makes a novel contribution around the variegated, contradictory and conflicted nature of firm-level financialization.

中文翻译：

---

英国的金融化，证券化和酒吧数量的下降

摘要

英国的酒吧正在迅速关闭。尽管近年来监管，人口和消费者趋势的变化削弱了酒吧业务的生存能力，但对于酒吧公司（“ pubcos”）在推动该行业下滑中所起的作用知之甚少。反映金融化的核心要素，公共公司通过证券化来获取资产，优先考虑股东价值，并根据短期财务目标和指标来运营。本文采用制度敏感的地理政治经济学方法，分析了公共场所通过金融化和证券化改变英国酒吧所有权和地域的方式。将公司作为分析单位的基础，它强调了公司代理机构在建立对证券化的地理原因和影响的更详尽理解方面的重要性。通过分析参与证券化过程的参与者之间的相互关系，特别是股东和债券持有人之间的紧张关系，本文围绕公司级金融化的多样性，矛盾性和冲突性做出了新的贡献。