Percorrer por autor "Ricciardi, Luis de Sousa Coutinho"
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- Understanding capital structures for companies in the renewable energy marketPublication . Ricciardi, Luis de Sousa Coutinho; Reis, Ricardo César Ribeiro Ventura FerreiraIn order to understand renewable energy companies’ financing decisions, we analyzed 33 E.U. and 17 U.S. renewable energy producers from 2007 to 2014 and later analyzed EDP Renováveis and some of its peers in order to identify any patterns concerning their financing decisions. Our results were inconclusive but possibly suggest that pecking order theory partially explains capital structure decisions. Moreover, we believe business risk is an important determinant of financial structures. It seems that leverage is influenced by the way firms sell energy to the market and the way governments support their activity. The longer is the regulatory guidance provided by governments, the greater is the certainty concerning future expected cash flows which will consequently translate into higher levels of leverage.