Zhang, Dengjun; Xie, Jinghua - In: Cogent economics & finance 5 (2017) 1, pp. 1-11
applied to relate their allowed revenues (revenue cap) to cost efficiency and investment. Incentive regulation varies cross … on firms’ investment. The panel data model includes common time-varying factors to control firm heterogeneity. The cross …-section dependence test is further employed to test the relationship between investment and revenue cap in different regulation regimes …