An Empirical Study on the Determinants of Regulation and the Relationship between Regulation and Performance

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The main purpose of this study is to organize information about the regulatory policy and regulatory reforms of public utility industries, to investigate the determinants of regulation, and to determine how the degree of regulation affects the performance of firms in Japan. The main findings from these analyses are as follows: (1) regulations and regulatory reforms vary among public utilities and the results achieved by reform differ, (2) regulation factors do not affect the cost structures in the analysis of public utility and manufacturing firms, and (3) as for the determinants of regulations in public utility industries, the results show that about 25% are factors related to "public interest" and about 75% are factors related to "private interest."