| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Capital Structure and Regulation: Does Ownership Matter? | |
| Carlo Cambini; Bernardo Bortolotti; Laura Rondi; Yossi Spiegel | |
| 发表日期 | 2007 |
| 出处 | Economy and Society |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership structure. We show that firms in our sample increase their leverage after becoming regulated by an independent regulatory agency, but only if they are privately controlled. Moreover, we find that the leverage of these firms has a positive and significant effect on regulated prices, but not vice versa, and it also has a positive and significant effect on their investment levels. Our results are consistent with the theory that privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism. |
| 特色分类 | L51,G31,G32,L33 |
| 关键词 | Regulated Utilities,Regulatory Agencies,Capital Structure,Leverage,Investment,Private and State Ownership |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/capital-structure-and-regulation-does-ownership-matter/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117512 |
| 推荐引用方式 GB/T 7714 | Carlo Cambini,Bernardo Bortolotti,Laura Rondi,et al. Capital Structure and Regulation: Does Ownership Matter?. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2007-094.pdf（339KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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