What have companies done instead of investing?

When we look at net corporate investment (net of depreciation and consumption of fixed capital) or growth in net corporate capital, we see that investment has declined sharply since the subprime crisis (we look at the United States, the euro zone, Germany and France). Yet corporate profitability has increased over this period. So what have companies done with their earnings instead of investing? Have they deleveraged? Have they increased shareholder remuneration? Have acquisitions increased? Have they increased their cash holdings? We find that earnings have been used to: Increase shareholder remuneration in the United States, but not in Europe; Finance acquisitions and the accumulation of cash reserves everywhere: there is therefore a preference for external growth and high risk aversion.