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This book provides a broad overview of the financial, economic and legal implications of energy industry regulations in various countries. In light of significant changes around the globe, it analyses various institutions that are involved in regulative measures, and based on various country studies, it offers insights into how energy sector regulations differ across countries with different market structures and institutions. Covering major topics such as laws and regulations geared to market competition and sustainability and the impact of noncompliance to regulations, from the perspectives of financial markets, and financial risks, the book is divided into four parts: Part I Regulations: price and trade controls; Part II. Non-price & trade control regulations; Part III: Compliance with regulations; and Part IV: Market issues and regulation. It will appeal to scholar in economics, finance and related fields as well as to policymakers and practitioners in the energy industry. This is the seventh volume in a series on energy organized by the Centre for Energy and Value Issues (CEVI). The previous volumes in the series were: Financial Aspects in Energy (2011), Energy Economics and Financial Markets (2012), Perspectives on Energy Risk (2014), Energy Technology and Valuation Issues (2015), Energy and Finance (2016) and Energy Economy, Finance and Geostrategy (2018).

Energy industries --- Law and legislation. --- Industries --- Power resources --- Industrial organization. --- Energy policy. --- Energy and state. --- Corporations—Finance. --- Capital market. --- Industrial Organization. --- Energy Policy, Economics and Management. --- Corporate Finance. --- Capital Markets. --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Energy and state --- State and energy --- Industrial policy --- Energy conservation --- Organization --- Industrial concentration --- Industrial management --- Industrial sociology --- Government policy

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This book provides a broad overview of the financial, economic and legal implications of energy industry regulations in various countries. In light of significant changes around the globe, it analyses various institutions that are involved in regulative measures, and based on various country studies, it offers insights into how energy sector regulations differ across countries with different market structures and institutions. Covering major topics such as laws and regulations geared to market competition and sustainability and the impact of noncompliance to regulations, from the perspectives of financial markets, and financial risks, the book is divided into four parts: Part I Regulations: price and trade controls; Part II. Non-price & trade control regulations; Part III: Compliance with regulations; and Part IV: Market issues and regulation. It will appeal to scholar in economics, finance and related fields as well as to policymakers and practitioners in the energy industry. This is the seventh volume in a series on energy organized by the Centre for Energy and Value Issues (CEVI). The previous volumes in the series were: Financial Aspects in Energy (2011), Energy Economics and Financial Markets (2012), Perspectives on Energy Risk (2014), Energy Technology and Valuation Issues (2015), Energy and Finance (2016) and Energy Economy, Finance and Geostrategy (2018).

Money market. Capital market --- Relation between energy and economics --- Business policy --- Corporate finance --- energiemanagement (economie) --- bedrijven --- financiële markten --- financiering --- industrie

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This research analyses the popular phenomenon that is called the zero-leverage phenomenon, where companies opt to remain unleveraged in their capital structure. This research analyses specifically the influence of culture, using the cultural dimensions of Hofstede, on taking the zero-leverage structure as well as the impact of two institutional variables on the relation between culture and zero-leverage. The final sample consists of 15.985 companies divided over 32 countries for ten years, leading to 159.850 observations. A univariate analysis shows that 8.60% of the sample is assigned as zero-leveraged and 17.66% as almost zero-leveraged. The amount of zero-leverage companies is the highest in Australia and in the United Kingdom and the lowest in the Southern part of Europe. In terms of the amount of zero-leverage companies over time, there is a stable increase with a small decline in 2014. When testing the hypotheses, the results show that power distance has a significant, positive impact and individualism has a significant, negative impact on taking a zero-leverage structure. The last two cultural dimensions, masculinity and uncertainty avoidance, are insignificant according to the results. Furthermore, this research also looks into the role of various institutional factors moderating the influence of cultural factors using the two institutional factors control of corruption and taxation system. These results show that control of corruption has a significant, positive impact on the relation between individualism, masculinity and uncertainty avoidance and the zero-leverage structure and is insignificant for power distance. Taxation system has a significant, negative impact on the relation between power distance, respectively masculinity, and taking the zero-leverage structure. It has a significant, positive impact on the relation between individualism and zero-leverage and is insignificant for uncertainty avoidance. All of the results are robust according to two robustness tests.