INDEPENDENT AGENCIES, POLITICAL INTERFERENCE, AND FIRM INVESTMENT: EVIDENCE FROM THE EUROPEAN UNION

被引：11

作者：

Cambini, Carlo ^{[1
]}

Rondi, Laura ^{[1
]}

机构：

[1] Politecn Torino, Dept Management, I-10129 Turin, Italy

来源：

ECONOMIC INQUIRY | 2017年 / 55卷 / 01期

关键词：

INSTITUTIONAL FOUNDATIONS; REGULATORY INDEPENDENCE; PANEL-DATA; PRIVATIZATION; COMPETITION; COMMITMENT; ENTRY; INFRASTRUCTURE; ENVIRONMENT; GOVERNMENT;

D O I：

10.1111/ecin.12373

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Investment in network infrastructure is crucial for economic growth. This article studies the impact of the presence of independent regulatory agencies (IRAs) on the investment of European regulated firms. We account for measurement error in formal independence of IRAs by exploiting cross-country heterogeneity in the quality of political institutions. Results show that regulatory independence increases firms' investment rate by around 1.2%-3.3%. The positive effect survives when we control for social capital accumulation, investor protection, and market liberalization. However, the effect of IRAs is not immune to politics, as we find that political interference in regulatory functions persists in the European Union and is detrimental to firm investment. (JEL D78, L50, D92, H1)

引用

页码：281 / 304

页数：24

共 79 条

[41] Product market reforms, labour market institutions and unemployment [J].

Griffith, Rachel ;

Harrison, Rupert ;

Macartney, Gareth .

ECONOMIC JOURNAL, 2007, 117 (519) :C142-C166

[42] Renegotiation of concession contracts in Latin America - Evidence from the water and transport sectors [J].

Guasch, J. Luis ;

Laffont, Jean-Jacques ;

Straub, Stephane .

INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION, 2008, 26 (02) :421-442

[43] Partial privatization and firm performance [J].

Gupta, N .

JOURNAL OF FINANCE, 2005, 60 (02) :987-1015

[44] Regulating infrastructure: The on risk and investment [J].

Guthrie, Graeme .

JOURNAL OF ECONOMIC LITERATURE, 2006, 44 (04) :925-972

[45] The effect of endogenous regulation on telecommunications expansion and efficiency in Latin America [J].

Gutiérrez, LH .

JOURNAL OF REGULATORY ECONOMICS, 2003, 23 (03) :257-286

[46] Measuring the formal independence of regulatory agencies [J].

Hanretty, Chris ;

Koop, Christel .

JOURNAL OF EUROPEAN PUBLIC POLICY, 2012, 19 (02) :198-216

[47] The institutional environment for infrastructure investment [J].

Henisz, WJ .

INDUSTRIAL AND CORPORATE CHANGE, 2002, 11 (02) :355-389

[48]

Henisz WJ, 2001, J ECON MANAGE STRAT, V10, P123, DOI 10.1111/j.1430-9134.2001.00123.x

[49]

Hubbard RG, 1998, J ECON LIT, V36, P193

[50] EXPERT INTERPRETATIONS OF PARTY SPACE AND PARTY LOCATIONS IN 42 SOCIETIES [J].

HUBER, J ;

INGLEHART, R .

PARTY POLITICS, 1995, 1 (01) :73-111

← 1 2 3 4 5 6 7 8 →