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Document type:
Zeitschriftenaufsatz
Author(s):
Reinartz, Sebastian J.; Schmid, Thomas
Non-TUM Co-author(s):
ja
Cooperation:
international
Title:
Production Flexibility, Product Markets, and Capital Structure Decisions
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
Journal title:
Review of Financial Studies
Journal listet in FT50 ranking:
Review of Financial Studies
Year:
2016
Journal volume:
29
Year / month:
2016-06
Journal issue:
6
Pages contribution:
1501-1548
Covered by:
Scopus; Web of Science
Judgement review:
0
Key publication:
Ja
Peer reviewed:
Ja
International:
Ja
Book review:
Nein
Commissioned:
not commissioned
Professional Journal:
Nein
Interdisciplinarity:
Nein
Mission statement:
Energy, Climate, Environment
Ethics and Sustainability:
Ja
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