Resumen

GARCIA ZANOTTI, Gustavo. Corporate emptying in the Argentine oil sector during the new millennium: the experiences of YPF-Repsol and Petrobras Argentina. Rev. Pilquen. secc. cienc. soc. [online]. 2022, vol.25, n.2, pp.134-159. ISSN 1851-3123.

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.

Palabras clave : YPF-Repsol; Petrobras; Argentina; Corporate emptying; Financialization.

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