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Financial distress in electricity distributors from the perspective of Brazilian regulation

Scalzer, Rodrigo S. ; Rodrigues, Adriano ; Macedo, Marcelo Álvaro da S. ; Wanke, Peter

Energy policy, 2019-02, Vol.125, p.250-259 [Periódico revisado por pares]

Kidlington: Elsevier Ltd

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Título:
Financial distress in electricity distributors from the perspective of Brazilian regulation
Autor: Scalzer, Rodrigo S. ; Rodrigues, Adriano ; Macedo, Marcelo Álvaro da S. ; Wanke, Peter
Assuntos: Balance of trade ; Brazil ; Companies ; Consultation ; Distributors ; Electricity ; Electricity distributors ; Financial distress ; Financial information ; Financial sustainability ; Indicators ; Inference ; Legislation ; Liquidity ; Organizational performance ; Power ; Psychological distress ; Public finance ; Regulation ; Return on assets ; Sustainability
É parte de: Energy policy, 2019-02, Vol.125, p.250-259
Descrição: This study investigates which financial indicators can predict financial distress in Brazilian electricity distributors in relation to the targets established by the regulatory body. Specifically, identification of financial distress is possible based on the calculation of firm performance in relation to the regulatory targets, while its ability to predict is enabled by a multimodel inference for the selection of the best financial indicators based on the financial information data provided by the Brazilian regulator (ANEEL) of all existing 60 companies in the period from 2009 to 2015. Return on Assets (ROA) and liquidity measured by IL (Immediate Liquidity) and CL (Current Liquidity) stand out in their power to predict the companies with the worst regulatory performance. These results present valuable contributions to the development of new regulatory legislation in Brazil which resulted from the recent ANEEL public consultation aiming to implement monitoring of the economic and financial sustainability of Brazilian electricity distributors through financial indicators. •This study investigates financial distress in Brazilian electricity distributors.•Identification of financial distress is based on targets of the regulatory body.•Return on Assets (ROA) stand out in their power to predict companies performance.•The results present contributions to the new regulatory legislation in Brazil.
Editor: Kidlington: Elsevier Ltd
Idioma: Inglês

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Financial distress in electricity distributors from the perspective of Brazilian regulation

Scalzer, Rodrigo S. ; Rodrigues, Adriano ; Macedo, Marcelo Álvaro da S. ; Wanke, Peter

Kidlington: Elsevier Ltd

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