The financialization theory doesn't exclude those outcomes, quite the opposite in fact. The basic concept is that Corporate managers have taken primarily stock based compensation for themselves and gutted large companies in an effort to increase stock value at all costs. They then issue large buybacks (and to a lesser extend dividends), but they leave before the the repercussions hit the company.

Example article: https://www.marketwatch.com/story/heres-how-share-buybacks-g...