Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.8/5990 |
Resumo: | We analyze how the government, as a shareholder or as a financier, may mitigate or aggravate institutional inefficiencies in local markets for financial capital that influence the financial performance of electricity distribution companies. On a sample of Brazilian electricity distribution firms, we assess how inefficiencies might hamper firms' performance and propose that governments may provide a market substitution effect. We further evaluate the degree to which equity participation and governmental financing moderates the influence of institutional inefficiencies in financial markets on firms' financial performance. We find that what matters is not the dichotomy of whether or not the government intervenes in financial capital markets but rather the level of equity ownership and the level of governmental financing on firms. When markets are characterized by inefficiencies, short-term financial capital may help improve firms' performance. |
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Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companiesInstitutional inefficienciesElectric powerGovernment interventionFinancial market institutional inefficienciesCapital market institutional inefficienciesWe analyze how the government, as a shareholder or as a financier, may mitigate or aggravate institutional inefficiencies in local markets for financial capital that influence the financial performance of electricity distribution companies. On a sample of Brazilian electricity distribution firms, we assess how inefficiencies might hamper firms' performance and propose that governments may provide a market substitution effect. We further evaluate the degree to which equity participation and governmental financing moderates the influence of institutional inefficiencies in financial markets on firms' financial performance. We find that what matters is not the dichotomy of whether or not the government intervenes in financial capital markets but rather the level of equity ownership and the level of governmental financing on firms. When markets are characterized by inefficiencies, short-term financial capital may help improve firms' performance.ElsevierIC-OnlineSilva, Fernando Moreira daFerreira, Manuel PortugalSerra, Fernando RibeiroPinto, Cláudia Frias2021-08-03T10:23:43Z20192019-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.8/5990eng0957-178710.1016/j.jup.2019.100940metadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-17T15:52:08Zoai:iconline.ipleiria.pt:10400.8/5990Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:49:20.454166Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies |
title |
Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies |
spellingShingle |
Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies Silva, Fernando Moreira da Institutional inefficiencies Electric power Government intervention Financial market institutional inefficiencies Capital market institutional inefficiencies |
title_short |
Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies |
title_full |
Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies |
title_fullStr |
Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies |
title_full_unstemmed |
Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies |
title_sort |
Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies |
author |
Silva, Fernando Moreira da |
author_facet |
Silva, Fernando Moreira da Ferreira, Manuel Portugal Serra, Fernando Ribeiro Pinto, Cláudia Frias |
author_role |
author |
author2 |
Ferreira, Manuel Portugal Serra, Fernando Ribeiro Pinto, Cláudia Frias |
author2_role |
author author author |
dc.contributor.none.fl_str_mv |
IC-Online |
dc.contributor.author.fl_str_mv |
Silva, Fernando Moreira da Ferreira, Manuel Portugal Serra, Fernando Ribeiro Pinto, Cláudia Frias |
dc.subject.por.fl_str_mv |
Institutional inefficiencies Electric power Government intervention Financial market institutional inefficiencies Capital market institutional inefficiencies |
topic |
Institutional inefficiencies Electric power Government intervention Financial market institutional inefficiencies Capital market institutional inefficiencies |
description |
We analyze how the government, as a shareholder or as a financier, may mitigate or aggravate institutional inefficiencies in local markets for financial capital that influence the financial performance of electricity distribution companies. On a sample of Brazilian electricity distribution firms, we assess how inefficiencies might hamper firms' performance and propose that governments may provide a market substitution effect. We further evaluate the degree to which equity participation and governmental financing moderates the influence of institutional inefficiencies in financial markets on firms' financial performance. We find that what matters is not the dichotomy of whether or not the government intervenes in financial capital markets but rather the level of equity ownership and the level of governmental financing on firms. When markets are characterized by inefficiencies, short-term financial capital may help improve firms' performance. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019 2019-01-01T00:00:00Z 2021-08-03T10:23:43Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.8/5990 |
url |
http://hdl.handle.net/10400.8/5990 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0957-1787 10.1016/j.jup.2019.100940 |
dc.rights.driver.fl_str_mv |
metadata only access info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
metadata only access |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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