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Regulatory risk and return on capital in regulated industries: a systematica literature review

Vanessa Rodrigues dos Santos Cardoso, Paulo Augusto Pettenuzzo de Britto


The study aims to review the literature on regulated industries’ regulatory risk and return with special regard to infrastructure utilities, identifying research opportunities. A systematic review of 51 articles identified from the search strategy in a scientific database was carried out, which were classified according to research hypotheses, adding the main findings about the influence of different aspects on the regulated companies’ risk. This study contributes by providing an in-depth understanding of the topic, evidencing gaps, and research opportunities, as well as different concepts and sources of regulatory risk and methods most used to identify it. There is no consensus regarding the concept and the measurement of regulatory risk; as well as research method, although the CAPM is the most adopted model for its identification. The most researched countries have been the United States and the United Kingdom, and few studies go beyond this axis, especially those that address emerging countries. This study presents the ways and contexts in which the academy has investigated the subject, focusing on the possibility of future research. In addition, it can assist in the architecture of regulatory impact analysis, as required in many jurisdictions. Knowing the dynamics of the relationship between regulatory risk and capital return of regulated companies can benefit society in the exercise of social control and participation in public discussions on related aspects arising from the provision and consumption of regulated public infrastructure services.

Texto Completo: PDF

ISSN da versão on-line (atual): 1984-3291
Periodicidade: Quadrimestral
Classificação CAPES: A3