Have companies made satisfactory use of their earnings?

To assess whether income distribution between wages and earnings is appropriate, acceptable or otherwise (we look at the United States, the euro zone, France, the United Kingdom and Japan), one must look at whether companies are us ing their earnings (cash flows) efficiently. Companies may use them to: Invest; Deleverage; Remunerate shareholders (dividends, share buybacks); Make acquisitions; Accumulate cash reserves. It would obviously be preferable if cash flows are invested. We find that the rise in corporate earnings since 1998 has been used to: Accumulate cash reserves and finance acquisitions everywhere; I ncrease shareholder remuneration in several countries (not in France or the euro zone); Deleverage only in the United Kingdom and Japan; Increase investment nowhere. It has therefore been inefficient on the whole.