Abstract
This study examines how the government affects the financial performance of utility companies, both as a regulator and shareholder. We address government-led legislative changes affecting the electricity sector, privatization initiatives, and state interventionism in an emerging market country during the period 2010–2015, when the electricity sector was subjected to an exogenous shock. Working within an institutional economics framework, we hypothesize about government influence on the financial performance of electricity providers. Using the differences in differences (diff-in-diff) technique as a regression model for fixed-effects of panel data, we found support for our hypothesis.
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