Influência de regimes e ambiente regulatório sobre o risco sistemático das empresas reguladas de infraestrutura
Resumo
O objetivo deste estudo é analisar a associação entre regimes e ambientes regulatórios com o risco sistemático de empresas reguladas de setores de infraestrutura. Para tanto, foram utilizados dados de 2010 a 2021, referentes a 174 empresas de 27 países, os quais foram analisados por meio de regressão múltipla com dados em painel. Pesquisas sobre a relação do risco sistemático com o grau de incentivos à eficiência de regimes de regulação, de favorabilidade à competição do ambiente regulatório e de qualidade regulatória utilizando variáveis transversais multipaíses são escassas. Os achados demonstraram que regimes regulatórios com maior poder de incentivo à eficiência e ambientes com maior qualidade regulatória possuem assosicação negativa com o risco sistemático, enquanto ambientes mais favoráveis à competição demonstram associação positiva. Este trabalho contribui com a literatura demonstrar como o risco regulatório pode afetar o risco sistemático e, por consequênciao, o retorno do capital aplicado em empresas reguladas de diferentes setores e países, auxiliando também investidores na sua tomada de decisão. Além disso, contribui empiricamente com reguladores e formuladores de políticas públicas, demonstrando a relevância do ambiente regulatório no que se refere à competição e qualidade regulatória, bem como dos incentivos à eficiência e a repercussão associada ao risco sistemático. Ao evidenciar fatores que podem afetar o preço dos serviços públicos, este trabalho contribui para melhor compreensão do processo regulatório por parte dos consumidores. Por fim, a pesquisa auxilia preparadores e auditores ao demostrar como a regulação está associada ao nível de risco sistemático assumido pelas empresas, de modo a subsidiar escolhas contábeis nesse cenário.
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