Analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in Argentina
The main objective of the present analysis is to identify the impact that the regulatory policy generated on the profitability and efficiency of Argentine gas distribution companies. The study is developed in two methodological approaches: a) determination of the relative efficiency of Argentine com...
| Main Author: | |
|---|---|
| Format: | Online |
| Language: | spa |
| Published: |
Facultad de Ciencias Económicas. Instituto de Economía y Finanzas
2022
|
| Subjects: | |
| Online Access: | https://revistas.unc.edu.ar/index.php/acteconomica/article/view/38888 |
| _version_ | 1811172335545221120 |
|---|---|
| author | Ceballos Ferroglio, Carlos Fernando |
| author_facet | Ceballos Ferroglio, Carlos Fernando |
| author_sort | Ceballos Ferroglio, Carlos Fernando |
| collection | Portal de Revistas |
| description | The main objective of the present analysis is to identify the impact that the regulatory policy generated on the profitability and efficiency of Argentine gas distribution companies. The study is developed in two methodological approaches: a) determination of the relative efficiency of Argentine companies through Efficiency Frontiers; b) analysis of the regulatory impact (RIA) on the profitability of Argentine companies, measured through a series of financial, accounting and commercial indicators. It is concluded that, for the period analyzed, Argentine companies were relatively more efficient than the rest of the companies in the Latin American region. This greater efficiency occurred both in operating costs (Opex) and total costs (Totex). This efficiency did not translate into higher profitability; on the contrary, it was the fall in profitability margins that forced Argentine companies to become more efficient. The adjustment, in order to maintain margins, led to a reduction in the number of new clients, as well as to a general disinvestment policy in the industry. |
| format | Online |
| id | oai:ojs.revistas.unc.edu.ar:article-38888 |
| institution | Universidad Nacional de Cordoba |
| language | spa |
| publishDate | 2022 |
| publisher | Facultad de Ciencias Económicas. Instituto de Economía y Finanzas |
| record_format | ojs |
| spelling | oai:ojs.revistas.unc.edu.ar:article-388882022-10-09T19:16:07Z Analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in Argentina Análisis de los efectos de la política regulatoria sobre la eficiencia relativa y la rentabilidad en la distribución de gas natural en Argentina Ceballos Ferroglio, Carlos Fernando regulatory policy efficency costs profitability natural gas Argentina política regulatoria eficiencia costos rentabilidad gas natural Argentina The main objective of the present analysis is to identify the impact that the regulatory policy generated on the profitability and efficiency of Argentine gas distribution companies. The study is developed in two methodological approaches: a) determination of the relative efficiency of Argentine companies through Efficiency Frontiers; b) analysis of the regulatory impact (RIA) on the profitability of Argentine companies, measured through a series of financial, accounting and commercial indicators. It is concluded that, for the period analyzed, Argentine companies were relatively more efficient than the rest of the companies in the Latin American region. This greater efficiency occurred both in operating costs (Opex) and total costs (Totex). This efficiency did not translate into higher profitability; on the contrary, it was the fall in profitability margins that forced Argentine companies to become more efficient. The adjustment, in order to maintain margins, led to a reduction in the number of new clients, as well as to a general disinvestment policy in the industry. El objetivo principal del presente análisis es identificar el impacto que la política regulatoria generó sobre la rentabilidad y eficiencia de las empresas distribuidoras de gas argentinas. El estudio se aborda desde dos enfoques metodológicos: a) determinación de la eficiencia relativa de las empresas argentinas mediante Fronteras de Eficiencia; b) análisis de impacto regulatorio (RIA) sobre la rentabilidad de las empresas argentinas, medido a través de una serie de indicadores financieros, contables y comerciales. Se concluye que, las empresas argentinas, para el período analizado, resultaron relativamente más eficientes que el resto de las empresas de la región latinoamericana. Esta mayor eficiencia se dio tanto en costos operacionales (Opex), como en costos totales (Totex). Esta eficiencia no se vio trasladada hacia una mayor rentabilidad, por el contrario, fue la caída en los márgenes de rentabilidad la que obligó a las empresas argentinas a tornarse más eficientes. El ajuste, para mantener los márgenes, se trasladó en una reducción en el número de nuevos clientes, como así también en una política de desinversión general de la industria. Facultad de Ciencias Económicas. Instituto de Economía y Finanzas 2022-10-09 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Articles Artículos application/pdf https://revistas.unc.edu.ar/index.php/acteconomica/article/view/38888 Actualidad Económica; Vol. 32 No. 107 (2022): May - August; 9-38 Actualidad Económica; Vol. 32 Núm. 107 (2022): Mayo - Agosto; 9-38 2250-754X 0327-585X spa https://revistas.unc.edu.ar/index.php/acteconomica/article/view/38888/38918 https://creativecommons.org/licenses/by-nc-nd/4.0 |
| spellingShingle | regulatory policy efficency costs profitability natural gas Argentina política regulatoria eficiencia costos rentabilidad gas natural Argentina Ceballos Ferroglio, Carlos Fernando Analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in Argentina |
| title | Analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in Argentina |
| title_alt | Análisis de los efectos de la política regulatoria sobre la eficiencia relativa y la rentabilidad en la distribución de gas natural en Argentina |
| title_full | Analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in Argentina |
| title_fullStr | Analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in Argentina |
| title_full_unstemmed | Analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in Argentina |
| title_short | Analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in Argentina |
| title_sort | analysis of the effects of regulatory policy on the relative efficiency and profitability of natural gas distribution in argentina |
| topic | regulatory policy efficency costs profitability natural gas Argentina política regulatoria eficiencia costos rentabilidad gas natural Argentina |
| topic_facet | regulatory policy efficency costs profitability natural gas Argentina política regulatoria eficiencia costos rentabilidad gas natural Argentina |
| url | https://revistas.unc.edu.ar/index.php/acteconomica/article/view/38888 |
| work_keys_str_mv | AT ceballosferrogliocarlosfernando analysisoftheeffectsofregulatorypolicyontherelativeefficiencyandprofitabilityofnaturalgasdistributioninargentina AT ceballosferrogliocarlosfernando analisisdelosefectosdelapoliticaregulatoriasobrelaeficienciarelativaylarentabilidadenladistribuciondegasnaturalenargentina |