The impact of production characteristics on capital structure and mergers & acquisitions:
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2013
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| Subjects: | |
| Online Access: | Volltext https://nbn-resolving.org/urn:nbn:de:bvb:91-diss-20131106-1161068-0-7 Inhaltsverzeichnis |
| Physical Description: | 241 S. graph. Darst. |
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| 100 | 1 | |a Reinartz, Sebastian Johannes |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The impact of production characteristics on capital structure and mergers & acquisitions |c Sebastian Johannes Reinartz |
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Record in the Search Index
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|---|---|
| adam_text | CONTENTS
SUMMARY 1
SHORT TABLE OF CONTENTS 3
TABLE OF CONTENTS 5
LIST OF FIGURES 11
LIST OF TABLES 13
LIST OF ABBREVIATIONS 17
1. INTRODUCTION 1
1.1. RESEARCH QUESTIONS 2
1.2. STRUCTURE 3
2. LITERATURE REVIEW 5
2.1. CAPITAL STRUCTURE, FLEXIBILITY AND ASSET CHARACTERISTICS 5
2.1.1. ESTABLISHED THEORY AND EMPIRICAL DETERMINANTS OF THE CAPITAL
STRUCTURE . . 5
2.1.1.1. OPTIMAL TARGET LEVEL OF LEVERAGE 6
2.1.1.2. ESTABLISHED EMPIRICAL DETERMINANTS OF CAPITALS STRUCTURE 8
2.1.2. FINANCIAL FLEXIBILITY 10
2.1.3. ASSET CHARACTERISTICS 12
2.1.3.1. PRODUCTION FLEXIBILITY, OPERATING LEVERAGE AND THE SUBSTITUTION
EFFECT 14
2.1.3.2. ASSET SALABILITY 19
2.2. DEBT MATURITY, YIELD SPREAD OF DEBT AND ASSET MATURITY 23
2.2.1. ESTABLISHED DETERMINANTS OF DEBT MATURITY 23
2.2.2. RELATION BETWEEN DEBT AND ASSET MATURITY 24
2.2.2.1. BALANCE SHEET PERSPECTIVE 26
2.2.2.2. DEBT ISSUE PERSPECTIVE 30
2.2.3. DETERMINANTS OF THE YIELD SPREAD OF NEW DEBT ISSUES 31
2.3. MERGERS AND ACQUISITIONS AND DIVERSIFICATION 34
2.3.1. RATIONALS FOR DIVERSIFICATION 34
2.3.2. IMPACT OF DIVERSIFICATION ON FIRM VALUE 36
2.3.2.1. DIVERSIFICATION DISCOUNT 36
2.3.2.2. DIVERSIFICATION PREMIUM 38
2.3.3. STOCK RETURNS FROM M&A DEALS 38
2.4. REGULATION AND THE UTILITY INDUSTRY 42
2.4.1. TREATMENT OF UTILITY COMPANIES IN FINANCE RESEARCH 42
5
HTTP://D-NB.INFO/1046537393
CONTENTS
2.4.2. FINDINGS ON UTILITY COMPANIES FROM SEMINAL PAPERS IN FINANCE
RESEARCH . . 44
2.4.3. DEVELOPMENTS IN PRIVATIZATION AND REGULATION OF THE INDUSTRY 47
DEVELOPMENT OF HYPOTHESES 51
3.1. PRODUCTION CHARACTERISTICS AND THE CAPITAL STRUCTURE DECISION 51
3.1.1. IMPACT HYPOTHESIS 51
3.1.2. FIRST-ORDER IMPORTANCE HYPOTHESIS 53
3.1.3. SUBSTITUTION HYPOTHESIS 54
3.1.4. ASSET SALABILITY/ LEVERAGE HYPOTHESIS 55
3.1.5. EXPECTED EFFECTS OF ASSET AGE 56
3.2. IMPACT OF THE REMAINING LIFETIME OF ASSETS ON DEBT MATURITY 57
3.2.1. DEBT/ ASSET MATURITY MATCHING HYPOTHESIS 57
3.2.1.1. BALANCE SHEET 57
3.2.1.2. DEBT ISSUANCE 63
3.2.2. MISMATCH PREMIUM HYPOTHESIS 64
3.2.3. ASSET SALABILITY/ DEBT MATURITY HYPOTHESIS 66
3.3. DIVERSIFICATION IN MERGERS AND ACQUISITIONS 67
PRODUCTION DATA AND SAMPLE CONSTRUCTION 69
4.1. ORIGIN OF PRODUCTION DATA 69
4.2. MATCHING PROCEDURE 71
4.3. OVERVIEW, ON MATCHED PRODUCTION DATA 74
4.4. SAMPLE CONSTRUCTION 75
4.5. SAMPLE DESCRIPTION 76
EMPIRICAL RESULTS 78
5.1. PRODUCTION CHARACTERISTICS, FLEXIBILITY AND THE CAPITAL STRUCTURE
78
5.1.1. INTRODUCTION 78
5.1.2. DATA AND METHODOLOGY 79
5.1.2.1. SAMPLE CONSTRUCTION 80
5.1.2.2. PRODUCTION CHARACTERISTICS 80
5.1.2.3. FINANCIAL VARIABLES 83
5.1.2.4. METHODOLOGY 83
5.1.2.5. DEFINITION OF VARIABLES 85
5.1.3. EMPIRICAL RESULTS 85
5.1.3.1. DESCRIPTIVE STATISTICS 85
5.1.3.2. CAPITAL STRUCTURE DECISIONS IN THE UTILITY INDUSTRY 91
5.1.3.3. PRODUCTION FLEXIBILITY AND THE CAPITAL STRUCTURE DECISION ....
92
5.1.3.4. CAUSALITY BETWEEN PRODUCTION FLEXIBILITY AND LEVERAGE 93
5.1.3.5. SUBSTITUTION EFFECT BETWEEN PRODUCTION AND FINANCIAL
FLEXIBILITY 95
5.1.3.6. ECONOMIC IMPORTANCE 102
CONTENTS
7
5.1.3.7. INFLUENCE ON THE QUALITY OF THE MODEL 103
5.1.4. ROBUSTNESS TESTS 104
5.1.4.1. GENERAL ROBUSTNESS TESTS 104
5.1.4.2. LEVERAGE DEFINITIONS 105
5.1.4.3. ADDITIONAL CONTROL VARIABLES 106
5.1.4.4. DIVERSIFICATION IN PRODUCTION TECHNOLOGIES 108
5.1.4.5. SUB-SAMPLES 109
5.1.4.6. ESTIMATION METHODOLOGY 113
5.1.4.7. SALABILITY AS A DETERMINANT OF LEVERAGE 116
5.1.4.8. OPERATING LEVERAGE AND THE SHARE OF VARIABLE COSTS 118
5.1.5. SUMMARY AND IMPLICATIONS 121
5.2. DEBT AND ASSET MATURITY MATCHING AND THE YIELD SPREAD OF DEBT 124
5.2.1. INTRODUCTION 124
5.2.2. DATA AND METHODOLOGY 124
5.2.2.1. SAMPLE CONSTRUCTION 124
5.2.2.2. PRODUCTION CHARACTERISTICS 126
5.2.2.3. DEBT DATA 128
5.2.2.4. METHODOLOGY 129
5.2.2.5. DEFINITION OF VARIABLES 129
5.2.3. EMPIRICAL RESULTS 131
5.2.3.1. DESCRIPTIVE STATISTICS AND OVERVIEW OF DEBT STRUCTURE IN THE
UTIL
ITY INDUSTRY 131
5.2.3.2. ASSET MATURITY AS A DETERMINANT OF DEBT MATURITY 137
5.2.3.2.1. BALANCE SHEET PERSPECTIVE 137
5.2.3.2.2. DEBT ISSUE PERSPECTIVE 145
5.2.3.3. ROBUSTNESS TESTS - DEBT AND ASSET MATURITY MATCHING 149
5.2.3.4. ASSET SALABILITY AS A DETERMINANT OF DEBT MATURITY 151
5.2.3.5. MEASURE ROBUSTNESS TESTS - NET PP&E, FIXED ASSETS AND CUR
RENT ASSETS 152
5.2.3.6. MISMATCH OF DEBT AND ASSET MATURITY AS A DETERMINANT OF THE
YIELD SPREAD ON DEBT AT ISSUANCE 157
5.2.3.7. ROBUSTNESS TESTS - DEBT YIELD SPREAD PREMIUM FROM MATURITY
MISMATCH 161
5.2.3.7.1. FIRM CHARACTERISTICS AS ADDITIONAL DETERMINANTS .... 161
5.2.3.7.2. TIME-TO-MATURITY AS ADDITIONAL DETERMINANT 161
5.2.3.7.3. MISMATCH-GAP-CLOSING DUMMY AS ADDITIONAL DETERMI
NANT 165
5.2.3.8. MEASURE ROBUSTNESS TESTS - NET PP&E, FIXED ASSETS AND CUR
RENT ASSETS 167
5.2.3.9. ROBUSTNESS TEST - OFFER PRICE 170
8
CONTENTS
5.2.3.10. CAUSALITY BETWEEN ASSET MATURITY AND DEBT MATURITY 173
5.2.4. SUMMARY AND IMPLICATIONS 174
5.3. DIVERSIFICATION IN PRODUCTION IN MERGERS & ACQUISITIONS 175
5.3.1. INTRODUCTION 175
5.3.2. DATA AND METHODOLOGY 176
5.3.2.1. SAMPLE CONSTRUCTION 176
5.3.2.2. M&A DEAL SPECIFIC DATA AND DIVERSIFICATION MEASURES 177
5.3.2.3. METHODOLOGY 183
5.3.2.4. DEFINITION OF VARIABLES 185
5.3.3. EMPIRICAL RESULTS 186
5.3.3.1. DESCRIPTIVE STATISTICS AND OVERVIEW ON M&A ACTIVITY OF LISTED
ELECTRIC UTILITY COMPANIES 186
5.3.3.2. UNIVARIATE CUMULATIVE ABNORMAL ACQUIRER RETURN ANALYSES . . 190
5.3.3.2.1. ONE-SIDED TESTS 190
5.3.3.2.2. TWO-SIDED TESTS 194
5.3.3.2.3. DIVERSIFICATION EFFECT HYPOTHESIS 194
5.3.3.3. MULTIVARIATE CUMULATIVE ABNORMAL ACQUIRER RETURN ANALYSES . 197
5.3.3.3.1. DETERMINANTS OF CUMULATIVE ABNORMAL ACQUIRER RETURNS
197
5.3.3.3.2. DIVERSIFICATION AS A DETERMINANT OF CUMULATIVE ABNOR
MAL ACQUIRER RETURNS 199
5.3.3.4. DIVERSIFICATION AS CRITERION IN TARGET SELECTION 199
5.3.3.5. OTHER RELATED ANALYSES 203
5.3.4. SUMMARY AND IMPLICATIONS 203
6. CONCLUSION 205
6.1. SUMMARY OF RESULTS 205
6.2. MAJOR CONTRIBUTIONS TO THE ACADEMIC LITERATURE 206
6.3. RELEVANCE FOR PRACTITIONERS AND IMPLICATIONS FOR REGULATORS 207
6.3.1. RELEVANCE FOR PRACTITIONERS 207
6.3.2. IMPLICATIONS FOR REGULATORS 207
6.4. CHALLENGES FOR FUTURE RESEARCH 207
A. APPENDIX 209
A.L. NON-U.S. NYSE
UTILITY COMPANIES 209
A.2. OWNER- AND OPERATORSHIP OF POWER PLANTS IN THE U.S 209
A.3. SAMPLE CONSTRUCTION 212
A.4. CALCULATION OF COMPANY SPECIFIC PRODUCTION DATA 213
A.5.
ROBUSTNESS TESTS 215
A.6. ACCOUNTING STANDARDS APPLIED BY SAMPLE COMPANIES 216
A.7. DETERMINANTS OF DEBT MATURITY AND THE YIELD SPREAD OF DEBT ISSUES
218
A.8. UNIVARIATE STATISTICS FOR M&A IN THE UTILITY INDUSTRY 222
CONTENTS
BIBLIOGRAPHY
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| spelling | Reinartz, Sebastian Johannes Verfasser aut The impact of production characteristics on capital structure and mergers & acquisitions Sebastian Johannes Reinartz 2013 241 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier München, Techn. Univ., Diss., 2013 Mit einer kurzen Zssfassung in dt. Sprache (DE-588)4113937-9 Hochschulschrift gnd-content Erscheint auch als Online-Ausgabe urn:nbn:de:bvb:91-diss-20131106-1161068-0-7 http://mediatum.ub.tum.de/node?id=1161068 Verlag kostenfrei Volltext https://nbn-resolving.org/urn:nbn:de:bvb:91-diss-20131106-1161068-0-7 Resolving-System DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026895979&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Reinartz, Sebastian Johannes The impact of production characteristics on capital structure and mergers & acquisitions |
| subject_GND | (DE-588)4113937-9 |
| title | The impact of production characteristics on capital structure and mergers & acquisitions |
| title_auth | The impact of production characteristics on capital structure and mergers & acquisitions |
| title_exact_search | The impact of production characteristics on capital structure and mergers & acquisitions |
| title_full | The impact of production characteristics on capital structure and mergers & acquisitions Sebastian Johannes Reinartz |
| title_fullStr | The impact of production characteristics on capital structure and mergers & acquisitions Sebastian Johannes Reinartz |
| title_full_unstemmed | The impact of production characteristics on capital structure and mergers & acquisitions Sebastian Johannes Reinartz |
| title_short | The impact of production characteristics on capital structure and mergers & acquisitions |
| title_sort | the impact of production characteristics on capital structure and mergers acquisitions |
| topic_facet | Hochschulschrift |
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