R&D investment of electricity-generating firms following industry restructuring

被引：34
作者：
Kim, Jihwan [2 ]
Kim, Yeonbae [1 ]
Flacher, David [3 ]
机构：
[1] Seoul Natl Univ, Technol Management Econ & Policy Program, Seoul 151747, South Korea
[2] Samsung Econ Res Inst, Seoul 137072, South Korea
[3] Univ Paris 13, Ctr Rech Econ, CEPN, CNRS,UMR 7234, F-93430 Villetaneuse, France
来源：
ENERGY POLICY | 2012年 / 48卷
关键词：
Electricity restructuring; R&D investment; Entry liberalization; MANAGERIAL INCENTIVES; IMPACT; PRIVATIZATION; COMPETITION; MARKETS; PANEL; SIZE; LIBERALIZATION; PERSPECTIVE; CONSTRAINTS;
D O I：
10.1016/j.enpol.2012.04.050
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Since electricity market restructuring, questions over adequate levels of R&D investments persisted. Using an unbalanced panel data of 70 electricity-generating firms. across 15 Organisations of Economic Co-operation and Development countries from 1990 to 2008, this paper empirically examines the impacts of entry liberalization (allowing third party access, establishing a wholesale market, and deregulating a retail market), vertical unbundling, privatization, and firm size on R&D investments. Entry liberalization is associated with a decline in R&D investment. Establishing a wholesale market exhibits the greatest negative effects on R&D investment. Regulated TPA and retail market deregulation also decrease R&D. The effect of privatization is not independently salient but interacts with a wholesale pool to lower R&D investments. Large firms spend more on R&D investment than small firms. Results indicate that the restructuring of the electricity industry reduces R&D investment, which may be detrimental to the reliability and the efficiency of the electricity system as well as to the creation and maintenance of the innovation capabilities necessary to address demand and environmental concerns. (C) 2012 Elsevier Ltd. All rights reserved.
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收藏
页码：103 / 117
页数：15
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