France: How has companies’ value added been distributed?

In France, c ompanies ’ use of value added is a frequent subject of debate : is it not too skewed in favour of shareholders at the expense of wage earners and investment ? We examine how the value added of non-financial and financial corporations has been distributed between: The payroll (excluding corporate social contributions); Corporate tax; Profits paid out (dividends) and retained. We also look at the relationship between profits and investment. We note the following salient points for France since 1995: The wage share of value added has risen; The share of profits and dividends has declined slightly; Investment has increased (relative to value added) and profits have not, so debt has increased significantly. The winners are therefore wage earners and investment. This is not always understood.