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| Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; Spiegel, Yossi. |
| 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... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Regulated utilities; Regulatory agencies; Capital structure; Leverage; Investment; Private and state ownership; Public Economics; L51; G31; G32; L33. |
| Ano: 2007 |
URL: http://purl.umn.edu/7449 |
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| Boyd, James. |
| Improved environmental accounting is increasingly seen by corporate managers and environmental advocates alike as a necessary complement to improved environmental decision-making within the private sector. This paper develops an economic approach to the evaluation of environmental accounting's benefits and derives the value, and determinants, of improved accounting information in several production and capital budgeting contexts. Using concepts from managerial economics, finance, and organizational theory, the analysis identifies the types of environmental accounting improvement that are most likely to yield significant financial and environmental benefits. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Environmental accounting; Capital investment; Corporate decision-making; Environmental Economics and Policy; M41; Q20; G31. |
| Ano: 1998 |
URL: http://purl.umn.edu/10609 |
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| O'Toole, Conor M.; Newman, Carol F.; Hennessy, Thia C.. |
| This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's investment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of financing frictions in determining investment decisions changes in the post-financial crisis period when debt overhang becomes a significant impediment to farm investment. The evidence suggests that farmers increasingly rely on internal liquidity to drive investment. Finally, we find no evidence that farmers... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Credit Constraints; Firm Level Investment; Tobin's Q; Debt; Agricultural Finance; G31; G32; F34. |
| Ano: 2011 |
URL: http://purl.umn.edu/114568 |
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