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Institutions and performance of regulated firms: Evidence from electricity distribution in India

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  • Jamasb, Tooraj
  • Llorca, Manuel
  • Khetrapal, Pavan
  • Thakur, Tripta

Abstract

It is commonly accepted in the economic literature that institutions influence economic development. But can we detect the effect of quality of institutions on the performance of specific economic sectors in the regions of a country? There is a significant gap in knowledge and evidence of this in the literature. Since the 1990s, India has adopted a set of reform steps to improve the efficiency of its electricity sector. However, there remain significant performance differences among the regulated network utilities. We apply a stochastic frontier analysis to examine the performance of electricity distribution utilities in 24 Indian states. Our estimated heteroscedastic cost frontier model allows us to identify determinants of performance related to state-level institutional and economic factors. The findings confirm that economic development and institutional quality positively affect the performance of electricity distribution utilities. Additionally, we simulate the potential cost savings from institutional enhancements. The results support the need to strengthen the institutions, for example, through reform and bolstering of independent regulatory agencies.

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  • Jamasb, Tooraj & Llorca, Manuel & Khetrapal, Pavan & Thakur, Tripta, 2021. "Institutions and performance of regulated firms: Evidence from electricity distribution in India," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 68-82.
    • Handle: RePEc:eee:ecanpo:v:70:y:2021:i:c:p:68-82
    DOI: 10.1016/j.eap.2021.02.002
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    More about this item

    Keywords

    Quality of state institutions; Electricity distribution in India; Heteroscedastic stochastic frontier models; Inefficiency determinants;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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