Cash flow investment, external funding and the energy transition: Evidence from large US energy firms
We examine the relationship between cash flow and investment in the US energy sector from 1988 to 2020. Our analysis incorporates firms’ financial constraints and the type of energy production in which they are engaged, distinguishing between brown and green generation. Our findings reveal a positiv...
Saved in:
| Published in | Energy policy Vol. 181; p. 113720 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier Ltd
01.10.2023
|
| Subjects | |
| Online Access | Get full text |
Cover
Loading…
| Abstract | We examine the relationship between cash flow and investment in the US energy sector from 1988 to 2020. Our analysis incorporates firms’ financial constraints and the type of energy production in which they are engaged, distinguishing between brown and green generation. Our findings reveal a positive relationship between investment and cash flow for green energy firms, which behave similarly to constrained energy firms. While traditional brown energy firms tend to use higher cash flow to increase dividend payments and repurchase equity, green and constrained firms use it to repay debt and to fund investment. Our results suggest that policies aimed at strengthening the linkages between financial intermediaries and green firms could unlock cash flow resources for investment and innovation, facilitating the scaling up of operations during the energy transition. To ensure the sustainability of the transition, it is critical to reduce the reliance of green energy firms on internally generated cash flow, which is subject to volatility and cyclical macroeconomic conditions.
•Analysis of US energy sector investment-cashflow sensitivity: 1988–2020.•Constrained energy firms show a positive investment-cashflow sensitivity.•Green energy firms exhibit a positive investment-cashflow relationship.•Brown energy firms use higher cash flows for dividend payments and equity buybacks.•Strengthening links between intermediaries and green firms might unlock cash flow. |
|---|---|
| AbstractList | We examine the relationship between cash flow and investment in the US energy sector from 1988 to 2020. Our analysis incorporates firms’ financial constraints and the type of energy production in which they are engaged, distinguishing between brown and green generation. Our findings reveal a positive relationship between investment and cash flow for green energy firms, which behave similarly to constrained energy firms. While traditional brown energy firms tend to use higher cash flow to increase dividend payments and repurchase equity, green and constrained firms use it to repay debt and to fund investment. Our results suggest that policies aimed at strengthening the linkages between financial intermediaries and green firms could unlock cash flow resources for investment and innovation, facilitating the scaling up of operations during the energy transition. To ensure the sustainability of the transition, it is critical to reduce the reliance of green energy firms on internally generated cash flow, which is subject to volatility and cyclical macroeconomic conditions.
•Analysis of US energy sector investment-cashflow sensitivity: 1988–2020.•Constrained energy firms show a positive investment-cashflow sensitivity.•Green energy firms exhibit a positive investment-cashflow relationship.•Brown energy firms use higher cash flows for dividend payments and equity buybacks.•Strengthening links between intermediaries and green firms might unlock cash flow. We examine the relationship between cash flow and investment in the US energy sector from 1988 to 2020. Our analysis incorporates firms’ financial constraints and the type of energy production in which they are engaged, distinguishing between brown and green generation. Our findings reveal a positive relationship between investment and cash flow for green energy firms, which behave similarly to constrained energy firms. While traditional brown energy firms tend to use higher cash flow to increase dividend payments and repurchase equity, green and constrained firms use it to repay debt and to fund investment. Our results suggest that policies aimed at strengthening the linkages between financial intermediaries and green firms could unlock cash flow resources for investment and innovation, facilitating the scaling up of operations during the energy transition. To ensure the sustainability of the transition, it is critical to reduce the reliance of green energy firms on internally generated cash flow, which is subject to volatility and cyclical macroeconomic conditions. |
| ArticleNumber | 113720 |
| Author | Uribe, Jorge M. Restrepo, Natalia |
| Author_xml | – sequence: 1 givenname: Natalia orcidid: 0000-0001-7755-945X surname: Restrepo fullname: Restrepo, Natalia email: natalia.x.restrepo@correounivalle.edu.co organization: Universidad del Valle, Colombia – sequence: 2 givenname: Jorge M. orcidid: 0000-0002-5844-2771 surname: Uribe fullname: Uribe, Jorge M. organization: Universitat Oberta de Catalunya, Spain |
| BookMark | eNqF0D9vGyEYx3FUOVIdJ6-gC2OGnsPD4eOuUofKyj_JUoYkM8LwnIN1By5gJ373OcfNkiGdYPh9kfickpEPHgn5AWwKDKrL9RT9JnRTzng5BSglZ9_IGGpZFpWUckTGrGRQCA6z7-Q0pTVjTNSNGBOc6_RM2y68UOd3mHKPPv-k-Joxet3Rduut8yuqvaX5GSl6jKs9zVH75LIL_he92jmL3iBtY-hpp-MK6dPDx7J1sU9n5KTVXcLzf-eEPF1fPc5vi8X9zd38z6IwAkQurDRLbWVVVRwaFLapsLVlIzhfGiM1mErPGs1rI-RwZ2ULDdcAYqkNCmC2nJCL47ubGP5uh9-o3iWDXac9hm1SvK5lBbOZ4MO0PE5NDClFbNUmul7HvQKmDqhqrd5R1QFVHVGHqvlUGZf1wWEQcd1_2t_HFgeBncOoknEHOOsimqxscF_2b1aXlwI |
| CitedBy_id | crossref_primary_10_1016_j_eneco_2023_107059 crossref_primary_10_1007_s10668_024_05045_y crossref_primary_10_1016_j_enpol_2024_114392 crossref_primary_10_1016_j_energy_2025_134760 crossref_primary_10_1016_j_eneco_2024_107749 |
| Cites_doi | 10.1007/s11356-022-22429-7 10.1016/j.ememar.2012.08.002 10.1111/j.1468-036X.2007.00420.x 10.1016/j.respol.2013.07.003 10.1561/104.00000002 10.1108/SAJBS-06-2018-0073 10.1093/rfs/hhu066 10.1016/S0304-405X(99)00041-0 10.1016/S0304-405X(02)00252-0 10.1093/rfs/hhp031 10.1016/j.jbankfin.2011.11.015 10.1111/j.1540-6261.1984.tb03646.x 10.1111/1540-6261.00600 10.1016/0304-3932(95)01223-0 10.1016/j.enpol.2019.04.005 10.1016/j.jfineco.2005.12.008 10.1016/j.jcorpfin.2008.02.002 10.1016/j.enpol.2013.04.034 10.1016/j.jcorpfin.2004.09.002 10.1093/rfs/15.1.1 10.1016/j.enpol.2009.06.056 10.2307/2534426 10.1111/j.1540-6261.2009.01549.x 10.1086/260061 10.1016/j.resourpol.2020.101808 10.1016/j.jclepro.2020.120102 10.1016/j.techfore.2017.05.021 10.1111/j.1540-6261.2008.01421.x 10.1016/j.jbankfin.2007.12.014 10.2307/2118465 10.1017/S002210901600065X 10.1016/S0378-4266(97)00059-9 10.1111/0022-1082.00036 10.1016/S0929-1199(01)00022-0 10.1016/j.jcorpfin.2009.04.001 10.1093/oep/gpp015 10.1162/003355397555163 10.1111/j.1540-6261.1973.tb01415.x 10.1111/1540-6261.00542 10.1016/j.jcorpfin.2014.10.012 10.1016/S0304-405X(01)00044-7 10.1016/0304-405X(84)90023-0 10.2307/1913610 10.1111/j.1354-7798.2005.00294.x 10.1016/j.jbankfin.2012.03.025 10.1111/jofi.12047 10.1016/j.jfineco.2011.08.009 10.1162/003355398555676 10.2307/3440134 |
| ContentType | Journal Article |
| Copyright | 2023 The Authors |
| Copyright_xml | – notice: 2023 The Authors |
| DBID | 6I. AAFTH AAYXX CITATION 7S9 L.6 |
| DOI | 10.1016/j.enpol.2023.113720 |
| DatabaseName | ScienceDirect Open Access Titles Elsevier:ScienceDirect:Open Access CrossRef AGRICOLA AGRICOLA - Academic |
| DatabaseTitle | CrossRef AGRICOLA AGRICOLA - Academic |
| DatabaseTitleList | AGRICOLA |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Economics Engineering Environmental Sciences |
| EISSN | 1873-6777 |
| ExternalDocumentID | 10_1016_j_enpol_2023_113720 S0301421523003051 |
| GroupedDBID | --K --M --Z -~X .~1 0R~ 1B1 1RT 1~. 1~5 29G 4.4 457 4G. 5GY 5VS 6I. 7-5 71M 8P~ 9JM 9JN 9JO AABNK AACTN AAEDT AAEDW AAFFL AAFJI AAFTH AAHCO AAIAV AAIKJ AAKOC AALRI AAOAW AAQFI AAQXK AARJD AAXUO ABFNM ABFRF ABFYP ABJNI ABLST ABMAC ABMMH ABTAH ABXDB ABYKQ ACBEA ACDAQ ACGFO ACGFS ACHQT ACIWK ACRLP ACROA ADBBV ADEZE ADFHU ADIYS ADMUD AEBSH AEFWE AEKER AENEX AEYQN AFKWA AFODL AFRAH AFTJW AFXIZ AGHFR AGTHC AGUBO AGYEJ AHEUO AHHHB AHIDL AIEXJ AIIAU AIKHN AITUG AJBFU AJOXV AJWLA AKIFW AKYCK ALMA_UNASSIGNED_HOLDINGS AMFUW AMRAJ AOMHK ASPBG AVARZ AVWKF AXJTR AXLSJ AZFZN BEHZQ BELTK BEZPJ BGSCR BKOJK BKOMP BLECG BLXMC BNTGB BPUDD BULVW BZJEE CS3 DU5 EBS EFJIC EFLBG EJD EO8 EO9 EP2 EP3 F5P FA8 FDB FEDTE FGOYB FIRID FNPLU FYGXN G-2 G-Q GBLVA HMC HVGLF HZ~ H~9 IHE IXIXF J1W JARJE KCYFY KOM LY6 LY9 M41 MO0 MS~ N9A O-L O9- OAUVE OHT OZT P-8 P-9 P2P PC. PQQKQ PRBVW Q38 R2- RIG ROL RPZ SAC SCC SDF SDG SDP SEN SES SEW SPC SPCBC SSB SSF SSJ SSO SSR SSZ T5K TAE TN5 U5U WH7 WUQ ZY4 ~02 ~G- AAHBH AATTM AAXKI AAYWO AAYXX ABWVN ACRPL ACVFH ADCNI ADNMO ADXHL AEGFY AEIPS AEUPX AFJKZ AFPUW AGCQF AGQPQ AGRNS AIGII AIIUN AKBMS AKRWK AKYEP ANKPU APXCP BNPGV CITATION SSH 7S9 L.6 |
| ID | FETCH-LOGICAL-c414t-d7cbad7666219e4d96efd39422bcc7a1c6a59a28c471c603f192a114bace410d3 |
| IEDL.DBID | .~1 |
| ISSN | 0301-4215 |
| IngestDate | Fri Jul 11 12:08:05 EDT 2025 Tue Jul 01 02:14:03 EDT 2025 Thu Apr 24 23:12:20 EDT 2025 Fri Feb 23 02:37:27 EST 2024 |
| IsDoiOpenAccess | true |
| IsOpenAccess | true |
| IsPeerReviewed | true |
| IsScholarly | true |
| Keywords | O13 Ecological transition C22 Internal funding Constrained energy firms G32 Q40 External debt |
| Language | English |
| License | This is an open access article under the CC BY-NC-ND license. |
| LinkModel | DirectLink |
| MergedId | FETCHMERGED-LOGICAL-c414t-d7cbad7666219e4d96efd39422bcc7a1c6a59a28c471c603f192a114bace410d3 |
| Notes | ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 23 |
| ORCID | 0000-0001-7755-945X 0000-0002-5844-2771 |
| OpenAccessLink | https://www.sciencedirect.com/science/article/pii/S0301421523003051 |
| PQID | 2887615542 |
| PQPubID | 24069 |
| ParticipantIDs | proquest_miscellaneous_2887615542 crossref_primary_10_1016_j_enpol_2023_113720 crossref_citationtrail_10_1016_j_enpol_2023_113720 elsevier_sciencedirect_doi_10_1016_j_enpol_2023_113720 |
| ProviderPackageCode | CITATION AAYXX |
| PublicationCentury | 2000 |
| PublicationDate | October 2023 2023-10-00 20231001 |
| PublicationDateYYYYMMDD | 2023-10-01 |
| PublicationDate_xml | – month: 10 year: 2023 text: October 2023 |
| PublicationDecade | 2020 |
| PublicationTitle | Energy policy |
| PublicationYear | 2023 |
| Publisher | Elsevier Ltd |
| Publisher_xml | – name: Elsevier Ltd |
| References | Kaplan, Zingales (bib38) 1997; 112 Alti (bib2) 2003; 58 Carpenter, Guariglia (bib8) 2008; 32 Hovakimian, Hovakimian (bib32) 2009; 15 Gilchrist, Himmelberg (bib26) 1995; 36 Boyle, Guthrie (bib6) 2003; 58 Chen, Chen (bib11) 2012; 103 Gupta, Mahakud (bib29) 2020; 9 Myers (bib44) 1984; 39 Restrepo, Uribe, Manotas (bib49) 2020; 69 Jalonen (bib36) 2011; 4 Lewellen, Lewellen (bib40) 2016; 51 Colombo, Croce, Guerini (bib12) 2013; 42 Denis, Sibilkov (bib14) 2010; 23 (bib34) 2023 Kraus, Litzenberger (bib39) 1973; 28 Cull, Li, Sun, Xu (bib13) 2015; 32 Sung, Park, Choi (bib53) 2023; 30 Fama, French (bib17) 1998; 53 Shin, Stulz (bib51) 1998; 113 Kadapakkam, Kumar, Riddick (bib37) 1998; 22 Liu, He, Liang, Yang, Xia (bib41) 2020; 255 Byoun, Stambaugh, Martin, Petty, Rich, Richenstein, Rose, Seward, Tipton (bib7) 2008; 63 Stambaugh (bib52) 1999; 54 Ding, Guariglia, Knight (bib15) 2013; 37 Fazzari, Hubbard, Petersen, Blinder, Poterba (bib20) 1988; 1 (bib35) 2023 Frank, Goyal, Bechmann, Chirinko, Dasgupta, Hadlock, Head, Maksimovic, Titman, Wruck (bib22) 2003; 67 Mazzucato, Semieniuk (bib42) 2018; 127 Gatchev, Pulvino, Tarhan (bib23) 2010; 65 Graham, Harvey, Allen (bib28) 2001; 60 Bhagat, Moyen, Suh (bib5) 2005; 11 Chang, Zeng, Wang, Wu (bib9) 2019; 130 Pawlina, Renneboog (bib47) 2005; 11 Newey, West (bib46) 1987; 55 Attig, Cleary, El Ghoul, Guedhami (bib3) 2012; 36 Mclean, Zhao (bib43) 2014; 69 Rashid (bib48) 2013; 59 Baum, Caglayan, Talavera (bib4) 2009; 62 Wei, Zhang (bib54) 2008; 14 Fama, French (bib19) 2012; 1 Almeida, Campello, Weisbach (bib1) 2011; 17 Gertler, Gilchrist (bib24) 1993; 95 Fama, French (bib18) 2002; 15 Fama, MacBeth (bib16) 1973; 81 Goergen, Renneboog (bib27) 2001; 7 Gupta, Mahakud, Verma (bib30) 2021; 17 Chang, Dasgupta, Wong, Yao (bib10) 2014; 27 (bib33) 2020 Rout, Blesl, Fahl, Remme, Voß (bib50) 2009; 37 Francis, Hasan, Song, Waisman (bib21) 2013; 15 Hennessy, Levy, Whited (bib31) 2007; 83 Gertler, Gilchrist, Cix (bib25) 1994; 109 Myers, Majluf (bib45) 1984; 13 Rashid (10.1016/j.enpol.2023.113720_bib48) 2013; 59 Denis (10.1016/j.enpol.2023.113720_bib14) 2010; 23 Hennessy (10.1016/j.enpol.2023.113720_bib31) 2007; 83 Attig (10.1016/j.enpol.2023.113720_bib3) 2012; 36 Wei (10.1016/j.enpol.2023.113720_bib54) 2008; 14 Fama (10.1016/j.enpol.2023.113720_bib18) 2002; 15 Frank (10.1016/j.enpol.2023.113720_bib22) 2003; 67 Shin (10.1016/j.enpol.2023.113720_bib51) 1998; 113 Stambaugh (10.1016/j.enpol.2023.113720_bib52) 1999; 54 Byoun (10.1016/j.enpol.2023.113720_bib7) 2008; 63 Gupta (10.1016/j.enpol.2023.113720_bib30) 2021; 17 Carpenter (10.1016/j.enpol.2023.113720_bib8) 2008; 32 Almeida (10.1016/j.enpol.2023.113720_bib1) 2011; 17 Gertler (10.1016/j.enpol.2023.113720_bib24) 1993; 95 Lewellen (10.1016/j.enpol.2023.113720_bib40) 2016; 51 Gatchev (10.1016/j.enpol.2023.113720_bib23) 2010; 65 Ding (10.1016/j.enpol.2023.113720_bib15) 2013; 37 Liu (10.1016/j.enpol.2023.113720_bib41) 2020; 255 Newey (10.1016/j.enpol.2023.113720_bib46) 1987; 55 Baum (10.1016/j.enpol.2023.113720_bib4) 2009; 62 Kadapakkam (10.1016/j.enpol.2023.113720_bib37) 1998; 22 Kaplan (10.1016/j.enpol.2023.113720_bib38) 1997; 112 Myers (10.1016/j.enpol.2023.113720_bib45) 1984; 13 Bhagat (10.1016/j.enpol.2023.113720_bib5) 2005; 11 Fama (10.1016/j.enpol.2023.113720_bib16) 1973; 81 Hovakimian (10.1016/j.enpol.2023.113720_bib32) 2009; 15 Jalonen (10.1016/j.enpol.2023.113720_bib36) 2011; 4 Graham (10.1016/j.enpol.2023.113720_bib28) 2001; 60 Mclean (10.1016/j.enpol.2023.113720_bib43) 2014; 69 Rout (10.1016/j.enpol.2023.113720_bib50) 2009; 37 Gilchrist (10.1016/j.enpol.2023.113720_bib26) 1995; 36 Myers (10.1016/j.enpol.2023.113720_bib44) 1984; 39 Restrepo (10.1016/j.enpol.2023.113720_bib49) 2020; 69 Chang (10.1016/j.enpol.2023.113720_bib10) 2014; 27 Colombo (10.1016/j.enpol.2023.113720_bib12) 2013; 42 Gertler (10.1016/j.enpol.2023.113720_bib25) 1994; 109 Kraus (10.1016/j.enpol.2023.113720_bib39) 1973; 28 Cull (10.1016/j.enpol.2023.113720_bib13) 2015; 32 Gupta (10.1016/j.enpol.2023.113720_bib29) 2020; 9 Fazzari (10.1016/j.enpol.2023.113720_bib20) 1988; 1 Fama (10.1016/j.enpol.2023.113720_bib17) 1998; 53 Goergen (10.1016/j.enpol.2023.113720_bib27) 2001; 7 Sung (10.1016/j.enpol.2023.113720_bib53) 2023; 30 Francis (10.1016/j.enpol.2023.113720_bib21) 2013; 15 Alti (10.1016/j.enpol.2023.113720_bib2) 2003; 58 Chen (10.1016/j.enpol.2023.113720_bib11) 2012; 103 Fama (10.1016/j.enpol.2023.113720_bib19) 2012; 1 Mazzucato (10.1016/j.enpol.2023.113720_bib42) 2018; 127 Pawlina (10.1016/j.enpol.2023.113720_bib47) 2005; 11 Boyle (10.1016/j.enpol.2023.113720_bib6) 2003; 58 Chang (10.1016/j.enpol.2023.113720_bib9) 2019; 130 |
| References_xml | – volume: 69 year: 2020 ident: bib49 article-title: Dynamic capital structure under changing market conditions in the oil industry: an empirical investigation publication-title: Resour. Pol. – volume: 39 start-page: 574 year: 1984 end-page: 592 ident: bib44 article-title: The capital structure puzzle publication-title: J. Finance – volume: 17 start-page: 589 year: 2021 end-page: 618 ident: bib30 article-title: CEO's education and investment-cash flow sensitivity: an empirical investigation publication-title: Int. J. Manag. Finance – volume: 54 start-page: 375 year: 1999 end-page: 421 ident: bib52 article-title: Predictive regressions publication-title: J. Financ. Econ. – volume: 62 start-page: 286 year: 2009 end-page: 306 ident: bib4 article-title: On the sensitivity of firms’ investment to cash flow and uncertainty publication-title: Oxf. Econ. Pap. – volume: 27 start-page: 3628 year: 2014 end-page: 3657 ident: bib10 article-title: Cash-flow sensitivities and the allocation of internal cash flow publication-title: Rev. Financ. Stud. – volume: 255 year: 2020 ident: bib41 article-title: Is there any difference in the impact of economic policy uncertainty on the investment of traditional and renewable energy enterprises? – a comparative study based on regulatory effects publication-title: J. Clean. Prod. – volume: 37 start-page: 4927 year: 2009 end-page: 4942 ident: bib50 article-title: Uncertainty in the learning rates of energy technologies: an experiment in a global multi-regional energy system model publication-title: Energy Pol. – volume: 109 start-page: 309 year: 1994 end-page: 340 ident: bib25 article-title: Monetary policy, business cycles, and the behavior of small manufacturing firms publication-title: Q. J. Econ. – year: 2023 ident: bib35 article-title: Low-cost finance for the energy transition – volume: 17 start-page: 675 year: 2011 end-page: 693 ident: bib1 article-title: Corporate financial and investment policies when future financing is not frictionless publication-title: J. Corp. Finance – volume: 67 start-page: 217 year: 2003 end-page: 248 ident: bib22 article-title: Testing the pecking order theory of capital structure publication-title: J. Financ. Econ. – volume: 65 start-page: 725 year: 2010 end-page: 763 ident: bib23 article-title: The interdependent and intertemporal nature of financial decisions: an application to cash flow sensitivities publication-title: J. Finance – volume: 32 start-page: 1894 year: 2008 end-page: 1906 ident: bib8 article-title: Cash flow, investment, and investment opportunities: new tests using UK panel data publication-title: J. Bank. Finance – volume: 95 start-page: 43 year: 1993 end-page: 64 ident: bib24 article-title: The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence publication-title: Scand. J. Econ. – volume: 103 start-page: 393 year: 2012 end-page: 410 ident: bib11 article-title: Investment-cash flow sensitivity cannot be a good measure of financial constraints: evidence from the time series publication-title: J. Financ. Econ. – volume: 53 start-page: 819 year: 1998 end-page: 843 ident: bib17 article-title: Taxes, financing decisions, and firm value publication-title: J. Finance – volume: 37 start-page: 1490 year: 2013 end-page: 1507 ident: bib15 article-title: Investment and financing constraints in China: does working capital management make a difference? publication-title: J. Bank. Finance – volume: 63 start-page: 3069 year: 2008 end-page: 3096 ident: bib7 article-title: How and when do firms adjust their capital structures toward targets? publication-title: J. Finance – volume: 59 start-page: 792 year: 2013 end-page: 799 ident: bib48 article-title: Risks and financing decisions in the energy sector: an empirical investigation using firm-level data publication-title: Energy Pol. – volume: 113 start-page: 531 year: 1998 end-page: 552 ident: bib51 article-title: Are internal capital markets efficient? publication-title: Q. J. Econ. – volume: 127 start-page: 8 year: 2018 end-page: 22 ident: bib42 article-title: Financing renewable energy: who is financing what and why it matters publication-title: Technol. Forecast. Soc. Change – volume: 36 start-page: 1164 year: 2012 end-page: 1180 ident: bib3 article-title: Institutional investment horizon and investment-cash flow sensitivity publication-title: J. Bank. Finance – volume: 4 year: 2011 ident: bib36 article-title: The uncertainty of innovation: a systematic review of the literature publication-title: J. Manag. Res. – volume: 130 start-page: 438 year: 2019 end-page: 447 ident: bib9 article-title: The effects of credit policy and financial constraints on tangible and research & development investment: firm-level evidence from China’s renewable energy industry publication-title: Energy Pol. – volume: 15 start-page: 1 year: 2002 end-page: 33 ident: bib18 article-title: Testing trade-off and pecking order predictions about dividends and debt publication-title: Rev. Financ. Stud. – volume: 42 start-page: 1605 year: 2013 end-page: 1623 ident: bib12 article-title: The effect of public subsidies on firms’ investment-cash flow sensitivity: transient or persistent? publication-title: Resour. Pol. – volume: 7 start-page: 257 year: 2001 end-page: 284 ident: bib27 article-title: Investment policy, internal financing and ownership concentration in the UK publication-title: J. Corp. Finance – volume: 69 start-page: 1377 year: 2014 end-page: 1409 ident: bib43 article-title: The business cycle, investor sentiment, and costly external finance publication-title: J. Finance – volume: 15 start-page: 47 year: 2009 end-page: 65 ident: bib32 article-title: Cash flow sensitivity of investment publication-title: Eur. Financ. Manag. – volume: 15 start-page: 57 year: 2013 end-page: 71 ident: bib21 article-title: Corporate governance and investment-cash flow sensitivity: evidence from emerging markets publication-title: Emerg. Mark. Rev. – volume: 13 start-page: 187 year: 1984 end-page: 221 ident: bib45 article-title: Corporate financing and investment decisions when firms have information that investors do not have publication-title: J. Financ. Econ. – volume: 9 start-page: 19 year: 2020 end-page: 42 ident: bib29 article-title: The impact of macroeconomic condition on investment-cash flow sensitivity of Indian firms: do business group affiliation and firm size matter? publication-title: South Asian J. Bus Stud. – volume: 30 start-page: 3367 year: 2023 end-page: 3382 ident: bib53 article-title: Do public subsidies trigger firms’ overinvestment? Evidence from the Korean renewable energy technology industry publication-title: Environ. Sci. Pollut. Res. – volume: 58 start-page: 707 year: 2003 end-page: 722 ident: bib2 article-title: How sensitive is investment to cash flow when financing is frictionless? publication-title: J. Finance – volume: 23 start-page: 247 year: 2010 end-page: 269 ident: bib14 article-title: Financial constraints, investment, and the value of cash holdings publication-title: Rev. Financ. Stud. – volume: 55 start-page: 703 year: 1987 end-page: 708 ident: bib46 article-title: A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix publication-title: Econometrica – volume: 112 start-page: 169 year: 1997 end-page: 215 ident: bib38 article-title: Do investment-cash flow sensitivities provide useful measures of financing constraints? publication-title: Q. J. Econ. – volume: 83 start-page: 691 year: 2007 end-page: 717 ident: bib31 article-title: Testing Q theory with financing frictions publication-title: J. Financ. Econ. – year: 2023 ident: bib34 article-title: World energy investment – volume: 11 start-page: 449 year: 2005 end-page: 472 ident: bib5 article-title: Investment and internal funds of distressed firms publication-title: J. Corp. Finance – year: 2020 ident: bib33 article-title: Energy investing: exploring risk and return in the capital markets – volume: 1 start-page: 141 year: 1988 end-page: 296 ident: bib20 article-title: Financing constraints and corporate investment publication-title: Brookings Pap. Econ. Activ. – volume: 81 start-page: 607 year: 1973 end-page: 636 ident: bib16 article-title: Risk, return, and equilibrium: empirical tests publication-title: J. Polit. Econ. – volume: 36 start-page: 541 year: 1995 end-page: 572 ident: bib26 article-title: Evidence on the role of cash flow for investment publication-title: J. Monetary Econ. – volume: 51 start-page: 1135 year: 2016 end-page: 1164 ident: bib40 article-title: Investment and cash flow: new evidence publication-title: J. Financ. Quant. Anal. – volume: 22 start-page: 293 year: 1998 end-page: 320 ident: bib37 article-title: The impact of cash flows and firm size on investment: the international evidence publication-title: J. Bank. Finance – volume: 14 start-page: 118 year: 2008 end-page: 132 ident: bib54 article-title: Ownership structure, cash flow, and capital investment: evidence from East Asian economies before the financial crisis publication-title: J. Corp. Finance – volume: 32 start-page: 271 year: 2015 end-page: 294 ident: bib13 article-title: Government connections and financial constraints: evidence from a large representative sample of Chinese firms publication-title: J. Corp. Finance – volume: 1 start-page: 59 year: 2012 end-page: 101 ident: bib19 article-title: Capital structure choices publication-title: Crit. Finance Rev. – volume: 60 start-page: 187 year: 2001 end-page: 243 ident: bib28 article-title: The theory and practice of corporate finance: evidence from the field publication-title: J. Financ. Econ. – volume: 11 start-page: 483 year: 2005 end-page: 513 ident: bib47 article-title: Is investment-cash flow sensitivity caused by agency costs or asymmetric information? Evidence from the UK publication-title: Eur. Financ. Manag. – volume: 58 start-page: 2143 year: 2003 end-page: 2166 ident: bib6 article-title: Investment, uncertainty, and liquidity publication-title: J. Finance – volume: 28 start-page: 911 year: 1973 end-page: 922 ident: bib39 article-title: A state-preference model of optimal financial leverage publication-title: J. Finance – volume: 17 start-page: 589 year: 2021 ident: 10.1016/j.enpol.2023.113720_bib30 article-title: CEO's education and investment-cash flow sensitivity: an empirical investigation publication-title: Int. J. Manag. Finance – volume: 30 start-page: 3367 year: 2023 ident: 10.1016/j.enpol.2023.113720_bib53 article-title: Do public subsidies trigger firms’ overinvestment? Evidence from the Korean renewable energy technology industry publication-title: Environ. Sci. Pollut. Res. doi: 10.1007/s11356-022-22429-7 – volume: 15 start-page: 57 year: 2013 ident: 10.1016/j.enpol.2023.113720_bib21 article-title: Corporate governance and investment-cash flow sensitivity: evidence from emerging markets publication-title: Emerg. Mark. Rev. doi: 10.1016/j.ememar.2012.08.002 – volume: 15 start-page: 47 year: 2009 ident: 10.1016/j.enpol.2023.113720_bib32 article-title: Cash flow sensitivity of investment publication-title: Eur. Financ. Manag. doi: 10.1111/j.1468-036X.2007.00420.x – volume: 42 start-page: 1605 year: 2013 ident: 10.1016/j.enpol.2023.113720_bib12 article-title: The effect of public subsidies on firms’ investment-cash flow sensitivity: transient or persistent? publication-title: Resour. Pol. doi: 10.1016/j.respol.2013.07.003 – volume: 1 start-page: 59 year: 2012 ident: 10.1016/j.enpol.2023.113720_bib19 article-title: Capital structure choices publication-title: Crit. Finance Rev. doi: 10.1561/104.00000002 – volume: 9 start-page: 19 year: 2020 ident: 10.1016/j.enpol.2023.113720_bib29 article-title: The impact of macroeconomic condition on investment-cash flow sensitivity of Indian firms: do business group affiliation and firm size matter? publication-title: South Asian J. Bus Stud. doi: 10.1108/SAJBS-06-2018-0073 – volume: 27 start-page: 3628 year: 2014 ident: 10.1016/j.enpol.2023.113720_bib10 article-title: Cash-flow sensitivities and the allocation of internal cash flow publication-title: Rev. Financ. Stud. doi: 10.1093/rfs/hhu066 – volume: 54 start-page: 375 year: 1999 ident: 10.1016/j.enpol.2023.113720_bib52 article-title: Predictive regressions publication-title: J. Financ. Econ. doi: 10.1016/S0304-405X(99)00041-0 – volume: 67 start-page: 217 year: 2003 ident: 10.1016/j.enpol.2023.113720_bib22 article-title: Testing the pecking order theory of capital structure publication-title: J. Financ. Econ. doi: 10.1016/S0304-405X(02)00252-0 – volume: 23 start-page: 247 year: 2010 ident: 10.1016/j.enpol.2023.113720_bib14 article-title: Financial constraints, investment, and the value of cash holdings publication-title: Rev. Financ. Stud. doi: 10.1093/rfs/hhp031 – volume: 36 start-page: 1164 year: 2012 ident: 10.1016/j.enpol.2023.113720_bib3 article-title: Institutional investment horizon and investment-cash flow sensitivity publication-title: J. Bank. Finance doi: 10.1016/j.jbankfin.2011.11.015 – volume: 39 start-page: 574 year: 1984 ident: 10.1016/j.enpol.2023.113720_bib44 article-title: The capital structure puzzle publication-title: J. Finance doi: 10.1111/j.1540-6261.1984.tb03646.x – volume: 58 start-page: 2143 issue: 5 year: 2003 ident: 10.1016/j.enpol.2023.113720_bib6 article-title: Investment, uncertainty, and liquidity publication-title: J. Finance doi: 10.1111/1540-6261.00600 – volume: 36 start-page: 541 year: 1995 ident: 10.1016/j.enpol.2023.113720_bib26 article-title: Evidence on the role of cash flow for investment publication-title: J. Monetary Econ. doi: 10.1016/0304-3932(95)01223-0 – volume: 130 start-page: 438 year: 2019 ident: 10.1016/j.enpol.2023.113720_bib9 article-title: The effects of credit policy and financial constraints on tangible and research & development investment: firm-level evidence from China’s renewable energy industry publication-title: Energy Pol. doi: 10.1016/j.enpol.2019.04.005 – volume: 4 year: 2011 ident: 10.1016/j.enpol.2023.113720_bib36 article-title: The uncertainty of innovation: a systematic review of the literature publication-title: J. Manag. Res. – volume: 83 start-page: 691 year: 2007 ident: 10.1016/j.enpol.2023.113720_bib31 article-title: Testing Q theory with financing frictions publication-title: J. Financ. Econ. doi: 10.1016/j.jfineco.2005.12.008 – volume: 14 start-page: 118 year: 2008 ident: 10.1016/j.enpol.2023.113720_bib54 article-title: Ownership structure, cash flow, and capital investment: evidence from East Asian economies before the financial crisis publication-title: J. Corp. Finance doi: 10.1016/j.jcorpfin.2008.02.002 – volume: 59 start-page: 792 year: 2013 ident: 10.1016/j.enpol.2023.113720_bib48 article-title: Risks and financing decisions in the energy sector: an empirical investigation using firm-level data publication-title: Energy Pol. doi: 10.1016/j.enpol.2013.04.034 – volume: 11 start-page: 449 year: 2005 ident: 10.1016/j.enpol.2023.113720_bib5 article-title: Investment and internal funds of distressed firms publication-title: J. Corp. Finance doi: 10.1016/j.jcorpfin.2004.09.002 – volume: 15 start-page: 1 issue: 1 year: 2002 ident: 10.1016/j.enpol.2023.113720_bib18 article-title: Testing trade-off and pecking order predictions about dividends and debt publication-title: Rev. Financ. Stud. doi: 10.1093/rfs/15.1.1 – volume: 37 start-page: 4927 year: 2009 ident: 10.1016/j.enpol.2023.113720_bib50 article-title: Uncertainty in the learning rates of energy technologies: an experiment in a global multi-regional energy system model publication-title: Energy Pol. doi: 10.1016/j.enpol.2009.06.056 – volume: 1 start-page: 141 year: 1988 ident: 10.1016/j.enpol.2023.113720_bib20 article-title: Financing constraints and corporate investment publication-title: Brookings Pap. Econ. Activ. doi: 10.2307/2534426 – volume: 65 start-page: 725 year: 2010 ident: 10.1016/j.enpol.2023.113720_bib23 article-title: The interdependent and intertemporal nature of financial decisions: an application to cash flow sensitivities publication-title: J. Finance doi: 10.1111/j.1540-6261.2009.01549.x – volume: 81 start-page: 607 issue: 3 year: 1973 ident: 10.1016/j.enpol.2023.113720_bib16 article-title: Risk, return, and equilibrium: empirical tests publication-title: J. Polit. Econ. doi: 10.1086/260061 – volume: 69 year: 2020 ident: 10.1016/j.enpol.2023.113720_bib49 article-title: Dynamic capital structure under changing market conditions in the oil industry: an empirical investigation publication-title: Resour. Pol. doi: 10.1016/j.resourpol.2020.101808 – volume: 255 year: 2020 ident: 10.1016/j.enpol.2023.113720_bib41 article-title: Is there any difference in the impact of economic policy uncertainty on the investment of traditional and renewable energy enterprises? – a comparative study based on regulatory effects publication-title: J. Clean. Prod. doi: 10.1016/j.jclepro.2020.120102 – volume: 127 start-page: 8 year: 2018 ident: 10.1016/j.enpol.2023.113720_bib42 article-title: Financing renewable energy: who is financing what and why it matters publication-title: Technol. Forecast. Soc. Change doi: 10.1016/j.techfore.2017.05.021 – volume: 63 start-page: 3069 year: 2008 ident: 10.1016/j.enpol.2023.113720_bib7 article-title: How and when do firms adjust their capital structures toward targets? publication-title: J. Finance doi: 10.1111/j.1540-6261.2008.01421.x – volume: 32 start-page: 1894 year: 2008 ident: 10.1016/j.enpol.2023.113720_bib8 article-title: Cash flow, investment, and investment opportunities: new tests using UK panel data publication-title: J. Bank. Finance doi: 10.1016/j.jbankfin.2007.12.014 – volume: 109 start-page: 309 year: 1994 ident: 10.1016/j.enpol.2023.113720_bib25 article-title: Monetary policy, business cycles, and the behavior of small manufacturing firms publication-title: Q. J. Econ. doi: 10.2307/2118465 – volume: 51 start-page: 1135 year: 2016 ident: 10.1016/j.enpol.2023.113720_bib40 article-title: Investment and cash flow: new evidence publication-title: J. Financ. Quant. Anal. doi: 10.1017/S002210901600065X – volume: 22 start-page: 293 year: 1998 ident: 10.1016/j.enpol.2023.113720_bib37 article-title: The impact of cash flows and firm size on investment: the international evidence publication-title: J. Bank. Finance doi: 10.1016/S0378-4266(97)00059-9 – volume: 53 start-page: 819 issue: 3 year: 1998 ident: 10.1016/j.enpol.2023.113720_bib17 article-title: Taxes, financing decisions, and firm value publication-title: J. Finance doi: 10.1111/0022-1082.00036 – volume: 7 start-page: 257 year: 2001 ident: 10.1016/j.enpol.2023.113720_bib27 article-title: Investment policy, internal financing and ownership concentration in the UK publication-title: J. Corp. Finance doi: 10.1016/S0929-1199(01)00022-0 – volume: 17 start-page: 675 year: 2011 ident: 10.1016/j.enpol.2023.113720_bib1 article-title: Corporate financial and investment policies when future financing is not frictionless publication-title: J. Corp. Finance doi: 10.1016/j.jcorpfin.2009.04.001 – volume: 62 start-page: 286 year: 2009 ident: 10.1016/j.enpol.2023.113720_bib4 article-title: On the sensitivity of firms’ investment to cash flow and uncertainty publication-title: Oxf. Econ. Pap. doi: 10.1093/oep/gpp015 – volume: 112 start-page: 169 year: 1997 ident: 10.1016/j.enpol.2023.113720_bib38 article-title: Do investment-cash flow sensitivities provide useful measures of financing constraints? publication-title: Q. J. Econ. doi: 10.1162/003355397555163 – volume: 28 start-page: 911 year: 1973 ident: 10.1016/j.enpol.2023.113720_bib39 article-title: A state-preference model of optimal financial leverage publication-title: J. Finance doi: 10.1111/j.1540-6261.1973.tb01415.x – volume: 58 start-page: 707 issue: 2 year: 2003 ident: 10.1016/j.enpol.2023.113720_bib2 article-title: How sensitive is investment to cash flow when financing is frictionless? publication-title: J. Finance doi: 10.1111/1540-6261.00542 – volume: 32 start-page: 271 year: 2015 ident: 10.1016/j.enpol.2023.113720_bib13 article-title: Government connections and financial constraints: evidence from a large representative sample of Chinese firms publication-title: J. Corp. Finance doi: 10.1016/j.jcorpfin.2014.10.012 – volume: 60 start-page: 187 year: 2001 ident: 10.1016/j.enpol.2023.113720_bib28 article-title: The theory and practice of corporate finance: evidence from the field publication-title: J. Financ. Econ. doi: 10.1016/S0304-405X(01)00044-7 – volume: 13 start-page: 187 year: 1984 ident: 10.1016/j.enpol.2023.113720_bib45 article-title: Corporate financing and investment decisions when firms have information that investors do not have publication-title: J. Financ. Econ. doi: 10.1016/0304-405X(84)90023-0 – volume: 55 start-page: 703 issue: 3 year: 1987 ident: 10.1016/j.enpol.2023.113720_bib46 article-title: A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix publication-title: Econometrica doi: 10.2307/1913610 – volume: 11 start-page: 483 year: 2005 ident: 10.1016/j.enpol.2023.113720_bib47 article-title: Is investment-cash flow sensitivity caused by agency costs or asymmetric information? Evidence from the UK publication-title: Eur. Financ. Manag. doi: 10.1111/j.1354-7798.2005.00294.x – volume: 37 start-page: 1490 year: 2013 ident: 10.1016/j.enpol.2023.113720_bib15 article-title: Investment and financing constraints in China: does working capital management make a difference? publication-title: J. Bank. Finance doi: 10.1016/j.jbankfin.2012.03.025 – volume: 69 start-page: 1377 year: 2014 ident: 10.1016/j.enpol.2023.113720_bib43 article-title: The business cycle, investor sentiment, and costly external finance publication-title: J. Finance doi: 10.1111/jofi.12047 – volume: 103 start-page: 393 year: 2012 ident: 10.1016/j.enpol.2023.113720_bib11 article-title: Investment-cash flow sensitivity cannot be a good measure of financial constraints: evidence from the time series publication-title: J. Financ. Econ. doi: 10.1016/j.jfineco.2011.08.009 – volume: 113 start-page: 531 year: 1998 ident: 10.1016/j.enpol.2023.113720_bib51 article-title: Are internal capital markets efficient? publication-title: Q. J. Econ. doi: 10.1162/003355398555676 – volume: 95 start-page: 43 year: 1993 ident: 10.1016/j.enpol.2023.113720_bib24 article-title: The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence publication-title: Scand. J. Econ. doi: 10.2307/3440134 |
| SSID | ssj0004894 |
| Score | 2.4614215 |
| Snippet | We examine the relationship between cash flow and investment in the US energy sector from 1988 to 2020. Our analysis incorporates firms’ financial constraints... |
| SourceID | proquest crossref elsevier |
| SourceType | Aggregation Database Enrichment Source Index Database Publisher |
| StartPage | 113720 |
| SubjectTerms | Constrained energy firms debt Ecological transition energy energy industry energy policy External debt Internal funding macroeconomics renewable energy sources |
| Title | Cash flow investment, external funding and the energy transition: Evidence from large US energy firms |
| URI | https://dx.doi.org/10.1016/j.enpol.2023.113720 https://www.proquest.com/docview/2887615542 |
| Volume | 181 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnV3NS8MwFH_IPKgH0elwfowIHle3JWm7ehtDmQpe5sBbSNMEJ7MTu-HNv928tHEq4sFjy3ul5CXvg7zf7wGcJSrhMWVhQEPGA6773UAybQIWpiY0Jg6j1HX53kWjCb95CB_WYOixMNhWWfn-0qc7b1296VSr2XmZTjtjVw3gWFbmEmGHYOcx7vLz91WbB-8nJYWULZtR2jMPuR4vnNeO9w-U4WyTGId-_x6dfvhpF3yudmC7yhrJoPyxXVjTeR02PKi4qMPWF17BOjQuV_A1q1ad32IP9FAWj8TM5m9k6gg2UKJNPBU0sVEOYxmReUZsZki0QwaSBQY019t1QfwYUoLAFDLDRnIyGXtJM319LvZhcnV5PxwF1aCFQPEeXwRZrFKZxbaSsf5L8yyJtMlYwilNlYplT0UyTCTtKxvJVNRlxqaF0hZSqVSa97oZa0Atn-f6AAgivvsIOrGe1NZCyCdvqNOkPWlr8SZQv8BCVSzkOAxjJny72ZNwVhFoFVFapQntT6WXkoTjb_HIW05820vChom_FU-9nYU9ZXh1InM9XxaCWl-MN7icHv7340ewiU9lI-Ax1BavS31iE5pF2nI7tgXrg-vb0d0HSt_zvg |
| linkProvider | Elsevier |
| linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnV07b9swED4YyZB0CBI3QfNmgY5WbZOUZGULDAfOo1lsA9kIiiJRF64cRA6y5bfnjhLrtigydJXuBIFH3gO8-z6AL5nJZMpFHPFYyEjaQS_SwrpIxLmLnUvjJPddvvfJeCZvHuKHFgzDLAy1VTa-v_bp3ls3T7rNanYf5_PuxFcDRMsqfCKMJdCmxONLNAZfX9d9HnKQ1RhSWDeTeIAe8k1eRNhOFxBcELlJSqzf_w5PfzlqH32udmGnSRvZZf1ne9CyZRu2wlRx1YYPvwELtuFgtJ5fQ7XmAFcfwQ519Z25xfKFzT3CBkl0WMCCZhjmKJgxXRYMU0Nm_WggW1FE881dFyzwkDKaTGEL6iRns0mQdPOnn9U-zK5G0-E4apgWIiP7chUVqcl1kWIpgw7MyiJLrCtEJjnPjUl13yQ6zjQfGAxlJukJh3mhxkoq18bKfq8QB7BRLkv7CRiNfA9o6gRdKRZDBCjvuNfkfY3F-CHwsMDKNDDkxIaxUKHf7IfyVlFkFVVb5RA6v5QeaxSO98WTYDn1x2ZSGCfeV_wc7KzwmNHdiS7t8rlSHJ0xXeFKfvS_Hz-HrfH02526u76_PYZtelN3BZ7Axurp2Z5idrPKz_zufQPd0PVM |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Cash+flow+investment%2C+external+funding+and+the+energy+transition%3A+Evidence+from+large+US+energy+firms&rft.jtitle=Energy+policy&rft.au=Restrepo%2C+Natalia&rft.au=Uribe%2C+Jorge+M.&rft.date=2023-10-01&rft.pub=Elsevier+Ltd&rft.issn=0301-4215&rft.eissn=1873-6777&rft.volume=181&rft_id=info:doi/10.1016%2Fj.enpol.2023.113720&rft.externalDocID=S0301421523003051 |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0301-4215&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0301-4215&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0301-4215&client=summon |