Results for profitability (ROA) of Brazilian electricity generating companies, 2002–2021
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| Foreign | 0.016** (0.007) | 0.015** (0.010) | |||
| Reg1 | −0.025*** (0.008) | −0.018** (0.008) | −0.016** (0.008) | ||
| Foreign*Reg1 | 0.006 (0.012) | ||||
| Ranking | −0.0002* (0.0001) | ||||
| PDI | −0.013** (0.007) | ||||
| Exper | 0.0004 (0.0006) | 0.0004 (0.001) | |||
| EBITDAMg | 0.035*** (0.013) | 0.034*** (0.013) | 0.034*** (0.005) | −0.023 (0.027) | −0.022 (0.030) |
| Inv/Eq | 0.023*** (0.006) | 0.024*** (0.006) | 0.025*** (0.007) | −0.032** (0.015) | −0.032** (0.016) |
| Capex/Deprec | 0.00002 (0.00002) | 0.00002 (0.00002) | 0.00002 (0.00002) | 0.00005* (0.0001) | 0.0001 (0.00003) |
| CurrLiq | −0.008** (0.004) | −0.008** (0.004) | −0.007* (0.004) | 0.001 (0.007) | 0.0005 (0.007) |
| NWC | 0.171*** (0.058) | 0.179*** (0.055) | 0.173*** (0.032) | −0.039 (0.071) | −0.034 (0.067) |
| NetMg | 0.013*** (0.003) | 0.021*** (0.003) | 0.012*** (0.002) | 0.152*** (0.036) | 0.149*** (0.036) |
| LogRev | 0.0007 (0.003) | 0.0008 (0.003) | 0.002 (0.002) | 0.009 (0.007) | 0.008 (0.007) |
| Debt | −0.007* (0.004) | −0.006 (0.004) | −0.007** (0.003) | −0.012 (0.007) | −0.011 (0.008) |
| VarIEEX | 0.000001** (0.0000003) | 0.000001** (0.0000003) | 0.000001** (0.0000004) | 0.0000002 (0.0000003) | 0.0000002 (0.0000003) |
| Pandemic | 0.004 (0.011) | 0.003 (0.011) | 0.012 (0.009) | −0.005 (0.013) | −0.005 (0.012) |
| ROALLt-1 | 0.299*** (0.050) | 0.277*** (0.048) | 0.261*** (0.037) | 0.200 (0.113) | 0.199 (0.128) |
| Constant | 0.018 (0.051) | 0.010 (0.049) | 0.002 (0.038) | −0.079 (0.106) | −0.063 (0.105) |
| sample size | 419 | 419 | 419 | 180 | 180 |
| R-squared | 0.496 | 0.505 | 0.522 | 0.533 | 0.532 |
| Wald test | 1,523*** | 763*** | 442*** | 2,558*** | 2,314*** |
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| Foreign | 0.016** (0.007) | 0.015** (0.010) | |||
| Reg1 | −0.025*** (0.008) | −0.018** (0.008) | −0.016** (0.008) | ||
| Foreign*Reg1 | 0.006 (0.012) | ||||
| Ranking | −0.0002* (0.0001) | ||||
| PDI | −0.013** (0.007) | ||||
| Exper | 0.0004 (0.0006) | 0.0004 (0.001) | |||
| EBITDAMg | 0.035*** (0.013) | 0.034*** (0.013) | 0.034*** (0.005) | −0.023 (0.027) | −0.022 (0.030) |
| Inv/Eq | 0.023*** (0.006) | 0.024*** (0.006) | 0.025*** (0.007) | −0.032** (0.015) | −0.032** (0.016) |
| Capex/Deprec | 0.00002 (0.00002) | 0.00002 (0.00002) | 0.00002 (0.00002) | 0.00005* (0.0001) | 0.0001 (0.00003) |
| CurrLiq | −0.008** (0.004) | −0.008** (0.004) | −0.007* (0.004) | 0.001 (0.007) | 0.0005 (0.007) |
| NWC | 0.171*** (0.058) | 0.179*** (0.055) | 0.173*** (0.032) | −0.039 (0.071) | −0.034 (0.067) |
| NetMg | 0.013*** (0.003) | 0.021*** (0.003) | 0.012*** (0.002) | 0.152*** (0.036) | 0.149*** (0.036) |
| LogRev | 0.0007 (0.003) | 0.0008 (0.003) | 0.002 (0.002) | 0.009 (0.007) | 0.008 (0.007) |
| Debt | −0.007* (0.004) | −0.006 (0.004) | −0.007** (0.003) | −0.012 (0.007) | −0.011 (0.008) |
| VarIEEX | 0.000001** (0.0000003) | 0.000001** (0.0000003) | 0.000001** (0.0000004) | 0.0000002 (0.0000003) | 0.0000002 (0.0000003) |
| Pandemic | 0.004 (0.011) | 0.003 (0.011) | 0.012 (0.009) | −0.005 (0.013) | −0.005 (0.012) |
| ROALLt-1 | 0.299*** (0.050) | 0.277*** (0.048) | 0.261*** (0.037) | 0.200 (0.113) | 0.199 (0.128) |
| Constant | 0.018 (0.051) | 0.010 (0.049) | 0.002 (0.038) | −0.079 (0.106) | −0.063 (0.105) |
| sample size | 419 | 419 | 419 | 180 | 180 |
| R-squared | 0.496 | 0.505 | 0.522 | 0.533 | 0.532 |
| Wald test | 1,523*** | 763*** | 442*** | 2,558*** | 2,314*** |
Notes:
Robust standard error in ( ). *significant at 10%; **significant at 5%; ***significant at 1%
Source: Table by authors
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