全球智库信息集成服务系统(G2TT): Regulatory Independence and Political Interference: Evidence from EU Mixed-Ownership Utilities’ Investment and Debt

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Regulatory Independence and Political Interference: Evidence from EU Mixed-Ownership Utilities’ Investment and Debt
	Carlo Cambini; Laura Rondi
发表日期	2010
出处	Economy and Society
出版年	2010
语种	英语
摘要	This paper examines the investment and financial decisions of a sample of 92 EU regulated utilities, taking into account key institutional features of EU public utilities, such as: a) regulation by agencies with various degrees of independence; b) partial ownership of the state in the regulated firm; and c) the government’s political orientation, which may ultimately influence the regulatory climate to be either more pro-firm or more pro-consumers. Our results show that regulatory independence matters for both investment and financial decisions. Investment increases under an Independent Regulatory Agency (IRA), while ownership has no effect. Leverage also increases when the IRA is in place, especially so if the regulated firm is privately controlled. Finally political orientation does matter, as firm investment increases under more conservative (pro-firm) governments, but this effect appears to revert when the IRA is in place.
特色分类	G31;G32;L33;L51;L90
关键词	Regulated Utilities Investment Capital Structure Private and State Ownership Regulatory Independence Government’s Political Orientation
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/regulatory-independence-and-political-interference-evidence-from-eu-mixed-ownership-utilities-investment-and-debt/
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/117850
推荐引用方式 GB/T 7714	Carlo Cambini,Laura Rondi. Regulatory Independence and Political Interference: Evidence from EU Mixed-Ownership Utilities’ Investment and Debt. 2010.

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
20105241629591Nota_d（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
20105241630234NDL201（329KB）	智库出版物		限制开放	CC BY-NC-SA	浏览