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Titel:

Production Flexibility, Product Markets, and Capital Structure Decisions

Dokumenttyp:
Zeitschriftenaufsatz
Autor(en):
Reinartz, Sebastian J.; Schmid, Thomas
Nicht-TUM Koautoren:
ja
Kooperation:
international
Abstract:
We examine how production flexibility affects financial leverage. A worldwide sample of energy utilities allows us to apply direct measures for production flexibility based on their power plants. We find that production flexibility increases financial leverage. For identification, we exploit privatizations and deregulations of electricity markets, geographical variations in natural resources, the technological evolution of gas-fired power plants, and differences in electricity prices and recapit...     »
Intellectual Contribution:
Discipline-based Research
Zeitschriftentitel:
Review of Financial Studies
Journal gelistet in FT50 Ranking:
Review of Financial Studies
Jahr:
2016
Band / Volume:
29
Jahr / Monat:
2016-06
Heft / Issue:
6
Seitenangaben Beitrag:
1501-1548
Nachgewiesen in:
Scopus; Web of Science
Volltext / DOI:
doi:10.1093/rfs/hhv126
Urteilsbesprechung:
0
Key publication:
Ja
Peer reviewed:
Ja
International:
Ja
Book review:
Nein
commissioned:
not commissioned
Professional Journal:
Nein
Interdisziplinarität:
Nein
Leitbild:
Energy, Climate, Environment
Ethics und Sustainability:
Ja
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