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Erschienen in:
Introduction: Financial Implications of Regulations in the Energy Industry Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

The Determinants of Systematic Risk of Renewable Energy Firms

verfasst von : Lars J. Hesselink, Lammertjan Dam, Wim Westerman

Erschienen in: Regulations in the Energy Industry

Verlag: Springer International Publishing

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Abstract

Conventional asset pricing theory predicts that expected stock returns are driven by systematic risk. In this context, we investigate the determinants of systematic risk of renewable energy firms. To do so, we estimate a dynamic beta model using a cross-country panel data set of 578 renewable energy firms from 52 countries for the period 2005–2016. We employ both global and country-specific factors to explain both variation over time and variation between firms in their systematic risk. The results show that systematic risk of renewable energy firms is negatively influenced by oil returns and that country-level net-imports, environmental policy stringency, and environmental policy stability explain differences in risk at the country level.

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Metadaten
Titel
The Determinants of Systematic Risk of Renewable Energy Firms
verfasst von
Lars J. Hesselink
Lammertjan Dam
Wim Westerman
Copyright-Jahr
2020
Verlag
Springer International Publishing
Buch
Regulations in the Energy Industry

Print ISBN: 978-3-030-32295-3

Electronic ISBN: 978-3-030-32296-0

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-32296-0_12