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

2020 | OriginalPaper | Buchkapitel

The Financing Decision of Oil and Gas Companies: The Role of Country Level Shareholder Protection

verfasst von : Halit Gonenc, Oleksandr Lebediev, Wim Westerman

Erschienen in: Regulations in the Energy Industry

Verlag: Springer International Publishing

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Abstract

This chapter investigates the financing decisions of oil and gas companies in various countries for the period from 2001 to 2015. We focus on the determinants of proportions of both internal (cash flows) and external (debt and equity) funds used in the financing of capital expenditures and aim to understand which theories explain the financing decisions of oil and gas companies. The results provide strong support to the dynamic trade-off theory and partial support to the pecking order and market timing theories. The choice of financing source depends on the shareholder protection at the country level. Companies in countries with a high level of shareholder protection are willing to issue more equity than companies in countries with a low level of shareholder protection.

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Vorheriges Kapitel Tapping the Potential: Turkey and Renewable Energy Sources
Nächstes Kapitel Attitudes of SMEs Toward the Elements of Eco-efficiency: The Turkish Case
Fußnoten
1
This restriction controls the effects of possible capital structure differences of the IPO (Initial Public Offering) firms on our analysis in few years after they went to the public.
 
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Metadaten
Titel
The Financing Decision of Oil and Gas Companies: The Role of Country Level Shareholder Protection
verfasst von
Halit Gonenc
Oleksandr Lebediev
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_8