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ID: 179708

Analyzing the ambitions of renewable energy policy in the EU and its Member States / Strunz, Sebastian

Strunz, Sebastian	Journal Article
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This paper investigates whether the EU's governance framework facilitates an ambitious transition to renewable energy sources (RES) in the EU and its Member States. First, we propose a comprehensive concept of ambition based on targets, target achievement and enforcement procedure. Second, we analyze empirical evidence regarding these aspects for RES policy in the EU. In particular, Member States' progress towards the 2020 RES targets suggests a modest effect of the EU governance framework on national RES ambitions. Instead, national RES expansion trajectories seem to be strongly path-dependent. Meanwhile, frontrunner Member States' over-achievements enable the EU to close in on its 2020 target.

Key Words

Energy Policy ; Renewable energy sources ; Ambition ; Frontrunners ; Governance Constraints ; Laggards

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ID: 188159

Life-cycle Dynamics of Zombie Companies amongst Listed Firms in China / Bowman, Joel

Bowman, Joel	Journal Article
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This paper analyses the life-cycle dynamics of zombie companies – broadly defined as businesses that are consistently unable to meet their interest expenses from current profits – amongst listed firms in China over the period 2008–2019. A large share of zombie companies subsequently return to nonzombie status. This proportion is higher for firms undergoing a major restructuring event, low leverage levels, and with smaller operating expense ratios. However, zombie firms that return to nonzombie status continue to have lower levels of profitability compared with their industry peers and have a higher probability of relapsing into zombie status compared with firms that have never been classified as zombie. Concerted efforts to revive zombie companies using major restructuring events appear insufficient in overcoming the longer term scarring effects of zombification on firms' profitability. The results highlight the potential benefits of the ongoing efforts by Chinese regulators to improve the delisting process.

Key Words

China ; Survival Analysis ; Laggards ; Zombie Companies

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