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Capital Structure and Regulation: Does Ownership Matter?
Social Science Research Network
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 thedoi:10.2139/ssrn.1022342 fatcat:7pajtc4wuvdofjj6fv2s6bw4u4