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Environmental policy and firm financial performance
Horváthová, Eva ; Lízal, Lubomír (advisor) ; Janda, Karel (referee) ; Pavel, Jan (referee)
In my PhD thesis I investigate the relationship between corporates' financial and environmental performances. The concept of quantitative environmental performance measures was introduced to enable to compare and analyse environmental impacts of different socioeconomic units e.g. companies, countries, regions. In my dissertation, I use environmental performance measures to examine their effect on the financial performance of different companies. In the first chapter, I apply a metaanalysis to examine the results of the previous studies which investigate the impact of firms' environmental performance on their financial performance. The outcomes propose that it is important to account for the omitted variable bias such as unobserved firm heterogeneity. The results suggest that it takes time for the environmental regulation to materialize into the financial performance, too. In the subsequent two chapters I study Czech firms over 20042008. First I study the intertemporal effects of corporates' environmental performance on financial ...
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Environmental policy and firm financial performance
Horváthová, Eva ; Lízal, Lubomír (advisor) ; Janda, Karel (referee) ; Pavel, Jan (referee)
In my PhD thesis I investigate the relationship between corporates' financial and environmental performances. The concept of quantitative environmental performance measures was introduced to enable to compare and analyse environmental impacts of different socioeconomic units e.g. companies, countries, regions. In my dissertation, I use environmental performance measures to examine their effect on the financial performance of different companies. In the first chapter, I apply a metaanalysis to examine the results of the previous studies which investigate the impact of firms' environmental performance on their financial performance. The outcomes propose that it is important to account for the omitted variable bias such as unobserved firm heterogeneity. The results suggest that it takes time for the environmental regulation to materialize into the financial performance, too. In the subsequent two chapters I study Czech firms over 20042008. First I study the intertemporal effects of corporates' environmental performance on financial ...
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Network Industry Liberalization: The Case of the England and Wales Electricity Market
Tashpulatov, Sherzod ; Lízal, Lubomír (advisor) ; Green, Richard (referee) ; Newbery, David (referee)
The dissertation consists of a general introduction on network industries and three chap- ters. The first and second chapters analyze the behavior of electricity producers at a uniform price auction. In the first chapter I examine market power manifested in sub- mitting price bids in excess of marginal production costs. The theoretical model allows identifying the incentive and disincentive to exercise market power. Then an empirical analysis is performed at the level of producer and production unit of various input types used in electricity production. I examine how the incentive and disincentive to exercise market power change during different regulatory regime periods and draw conclusions regarding the effectiveness of regulatory reforms to improve competition. The second chapter, which is coauthored with Lubomír Lízal, investigates another possible means of increasing prices. In particular, we examine if producers apply a capacity cutting strategy to increase prices. This strategy may be feasible when a significantly large increase in demand is forecasted so that a market operator will have to use high-cost (and sometimes even less efficient), i.e., expensive, production facilities to satisfy demand. The major purpose of this research is to analyze whether the regulatory reforms decreased the extent...
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Essays on Individual Perceptions of Economic Reforms
Popova, Olga ; Lízal, Lubomír (advisor) ; Filer, Randall (referee) ; Kahanec, Martin (referee)
Happiness economics is a relatively new field that has attracted the attention of researchers from many areas. Happiness economics explores the relationships between different aspects of individual life such as socioeconomic characteristics, attitudes, beliefs and individual well-being. In this field, life satisfaction is frequently used as an indicator of the level of individual well-being. Although subjective data can provide meaningful information regarding different aspects of individual life, their usefulness for policy purposes is still undervalued. In this dissertation, several issues are addressed. First, the impact of two corruption measures, state capture and individual perceptions of corruption, on voters' behavior and on the outcomes of elections is examined. Second, the effects of economic reforms on life satisfaction of religious and non-religious people are analyzed. Third, the impact of the euro introduction on life satisfaction is evaluated. The first chapter examines to what extent voting behavior of people with different employment status and the distribution of votes are affected by regional differences in corruption. Using data from the Russian Parliamentary (State Duma) Elections of 1999 and 2003, I develop and estimate a SUR system of equations which takes into account...
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Empirical Essays on Crises, Reforms and Growth
Stankov, Petar ; Lízal, Lubomír (advisor) ; Kraft, Evan (referee) ; Babecký, Jan (referee)
Introduction This work addresses three policy-relevant empirical issues. First, how do banking crises affect financial reforms? It turns out that banking crises pro- duce a variety of reform patterns in the financial sector over time. Second, do countries which reform their financial, product, and labor markets grow similarly? The results suggest that some countries benefit more from market- oriented reforms than others. Third, if some countries benefit more, could it be because various economies have markedly different firm-size distributions, and firms of different size grow differently after identical reforms? If firms of different size indeed grow differently after identical reforms, this could produce diverse growth outcomes across countries after similar reforms. The first study has been motivated by the fact that a number of coun- tries have gone through banking crises since the early 1970s. It links those episodes with the patterns of various financial reforms within those countries. As banking crises are endogenous, crisis exposures to major trading partners help identify the causality between crises and reforms. Consistent with the previous literature, the results of this work demonstrate that systemic bank- ing crises reverse most financial reforms. However, they do so with various lags, whereas the impact of...
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Essays on Foreign Capital, Extenal Finance and Trade of European Firms
Tóth, Peter ; Lízal, Lubomír (advisor) ; Lubyová, Martina (referee) ; Halpern, László (referee)
This dissertation is composed of three chapters studying empirical questions of corporate finance, European integration and international trade using firm-level data. The first chapter is focused on the macroeconomic and firm-specific determinants of attracting foreign investors to Czech firms before Czech EU membership. The second chapter tests the effect of introducing the European single currency on the likelihood of equity and corporate debt issues by firms in the eurozone. The third chapter asks to what extent cheaper imported inputs may offset the loss in export sales due to domestic currency appreciation in Czech manufacturing firms around the EU accession period. In the first chapter we study what factors attracted foreign capital to Czech firms during the mid-transition, pre-EU-accession period 1997-2002. While the foreign own- ers' influence on firm performance has been widely studied, the same is not true for the opposite direction of causality. We consider macroeconomic, industry- and firm-level indicators of a firm's attractiveness to foreign capital. Using panel data techniques, we es- timate linear models, limited dependent variable models and a hazard model with foreign ownership as the response variable. We find that foreign investors are likely to come from countries with higher corporate taxes...
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