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EXAMINING EPIRA AND ITS EFFECT ON TECHNICAL AND OPERATIONAL EFFICIENCIES OF THE TOP FIVE PRIVATE DISTRIBUTION UTILITIES IN THE PHILIPPINES: SFA AND DEA APPROACHES
Corresponding Author(s) : Kathrine Joyce R. Acebedo
Humanities & Social Sciences Reviews,
Vol. 8 No. 4 (2020): July
Abstract
Electric Industry. After two decades of EPIRA’s enactment, it is essential to assess where in the Distribution Sector, the reform’s trajectory has stalled. The study aimed to examine and assess the technical and operational efficiencies of the top five electric private distribution utilities (PDUs) in the Philippines under the regulatory policy.
Methodology: This is a causal-comparative study using a panel data structure on technical and operational efficiencies of the top five PDUs in the Philippines from 1995 to 2014, employing quantitative measurement. This study used Data Envelopment Analysis (DEA) as the non-parametric test while Stochastic Frontier Analysis (SFA) as the parametric approach.
Main Findings: Using the Stochastic Frontier Analysis (SFA) model showed that the implementation of EPIRA (post-EPIRA: 2001 to 2014) made the top five electric private distribution utilities in the Philippines more technically efficient in their operations than without the reform (pre-EPIRA: 1995 to 2000). It was also noted that PDUs with bigger franchise areas and older in existence were technically efficient in their operations than their smaller and younger PDUs counterpart, respectively.
Applications: This study will enhance public awareness in the various assessment of regulatory policy arenas in PEI. Moreover, this study will also render useful insights into the management of DUs in the Philippines.
Novelty/Originality of this study: An up-to-date empirical analysis of the situation to substantiate the claim of the reform’s efficiency in the Philippines is lacking in the literature. This paper is thus providing a comprehensive theoretical debate by examining some indications of EPIRA's efficiency in the Distribution Sector in the Philippines.
Keywords
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- Amornkitvikai, Y. & Harvie, C. (2010).Identifying and measuring technical inefficiency factors: evidence from unbalanced panel data for Thai listed manufacturing enterprises. Economics Working Paper Series, University of Wollongong.
- Anaya, K. L., & Pollitt, M. G. (2017).Using stochastic frontier analysis to measure the impact of weather on the efficiency of electricity distribution businesses in developing economies. European Journal of Operational Research, 263, 1078 - 1094. https://doi.org/10.1016/j.ejor.2017.05.054 DOI: https://doi.org/10.1016/j.ejor.2017.05.054
- Antonio, M. L., & Calara, S. P. (2014). Application of DEA in the electricity sector: the case of Meralco distribution sectors. In Ali Emrouznejad and Emilyn Cabanda (eds.), Managing service productivity, international series in operations research & management science, (pp. 213-224). Springer. https://doi.org/10.1007/978-3-662-43437-6_12 DOI: https://doi.org/10.1007/978-3-662-43437-6_12
- Arcos-Vargas, A., Nuñez-Hernandez, F., & Villa-Caro, G. (2017). A DEA analysis of electricity distribution in Spain: An industrial policy recommendation. Energy Policy, 102, 583-592. https://doi.org/10.1016/j.enpol.2017.01.004 DOI: https://doi.org/10.1016/j.enpol.2017.01.004
- Aris, H., Mohd Zawawi, I. S., & Jørgensen, B. N. (2020). The Philippines’ and Singapore’s Journeys towards Liberalised Electricity Supply Industries—Takeaways for Malaysia. Energies, 13(14), 3514-3523. https://doi.org/10.3390/en13143514 DOI: https://doi.org/10.3390/en13143514
- Aryeetey, E. & Ahene, A. A. (2005). Utility regulation in Ghana (Working Paper No. 111). Centre of Regulation and Competition
- Ashrafi, A., Jaafar, A. B., Lee, L.S., & Abu Bakar, M. R. (2011). A Slacks-Based Measure of efficiency in two-stage Data Envelopment Analysis. International Journal of Math. Analysis, 5, 1435-1444.
- Azadeh, A., Ghaderi, S.F., Omrani, H., & Eivazy, H. (2009). An integrated DEA-COLS-SF: A algorithm for optimization and policy making of electricity distribution units. Energy Policy, 37, 2605-2618. https://doi.org/10.1016/j.enpol.2009.02.021 DOI: https://doi.org/10.1016/j.enpol.2009.02.021
- Banker, R. (2016). The returns to scale assumption in incentive rate regulation. https://sites.temple.edu/banker/files/2017/06/The-Returns-to-Scale-Assumption-in-Incentive-Rate-Regulation-20160705.pdf
- Barroco, J., & Herrera, M. (2019). Clearing barriers to project finance for renewable energy in developing countries: A Philippines case study. Energy Policy, 135, 11-18. https://doi.org/10.1016/j.enpol.2019.111008 DOI: https://doi.org/10.1016/j.enpol.2019.111008
- Becker-Blease, J. R., Kaen, F. R., Etebari, A., & Baumann, H. (2010). Employees, firm size, and profitability in U.S. manufacturing industries.Investment Management and Financial Innovations, 7, 7-23.
- Bertheau, P., Dionisio, J., Jütte, C., & Aquino, C. (2020). Challenges for implementing renewable energy in a cooperative-driven off-grid system in the Philippines. Environmental Innovation and Societal Transitions, 35, 333-345. https://doi.org/10.1016/j.eist.2019.03.002 DOI: https://doi.org/10.1016/j.eist.2019.03.002
- Blumsack, S. (2018).Lesson 6 – restructuring and deregulation in the electric power industry. EME 801 Energy Markets, Policy, and Regulation. https://www.e-education.psu.edu/eme801/node/612
- Brucal, A. Z., & Ancheta, J. A. (2018). Assessment of the Philippine electric power industry reform act (No. 2018-21). PIDS Discussion Paper Series.
- Cardona, K. P. & Garcia, D. R. (2015). Self-sufficiency in rice: analysis of production, consumption, and importation of the rice-producing regions in the Philippines. International Journal of Economics and Research, 6, 1-15.
- Coelli, T., Rao, D. S. P., O’Donnell, C. J., & Battese, G. E. (2005). An introduction to efficiency and productivity analysis. Springer.
- Cook, P. (1999). Privatisation and utility regulation in developing countries: Lessons so far. Annals of Public and Cooperative Economics, 70(4), 549-587. https://doi.org/10.1111/1467-8292.00124 DOI: https://doi.org/10.1111/1467-8292.00124
- Das, T. K. & Nanduri, V. (2009). A survey of critical research areas in the energy segment of restructured electric power markets.International Journal of Electrical Power and Energy Systems, 31, 181-191. https://doi.org/10.1016/j.ijepes.2009.01.004 DOI: https://doi.org/10.1016/j.ijepes.2009.01.004
- De Quadros Martins, V., Diehl, C. A., Rempel, C., & Tagliari, M (2018). Evaluation of technical efficiency of Brazilian distribution companies of electrical energy through Data Envelopment Analysis (DEA). Contaduria y Administracion, 63, 1-18. https://doi.org/10.22201/fca.24488410e.2018.10311
- Department of Energy (2018). Distribution development plan 2016-2025.
- Dubash, N. (2007). The Electricity-Groundwater Conundrum: Case for a Political Solution to a Political Problem. Economic and Political Weekly, 42, 45-55.
- Erdogdu, E. (2011). What happened to efficiency in electricity industries after reforms? Energy Policy, 39, 6551-6560. https://doi.org/10.1016/j.enpol.2011.07.059 DOI: https://doi.org/10.1016/j.enpol.2011.07.059
- Fabella, R. V., & Ducanes, G. (2019). (DP 2019-01) Power Industry Disruptors and Prospects of the Electricity Demand in the Greater Metro-Manila Area. UPSE Discussion Papers, 1(1), 1-12.
- Gabis, M. G. V. (2020). Assessing the “Renewable Energy 2040†target: Roadblocks and recommendations for the Philippines. Journal of Korean Solar Power Generation Society, 6(1), 35-44.
- Gabo-Ratio, J. A., & Tabios-Hillebrecht, A. L. (2019). The Philippine experience in geothermal energy development. In Geothermal energy and society (pp. 217-238). Springer. https://doi.org/10.1007/978-3-319-78286-7_14 DOI: https://doi.org/10.1007/978-3-319-78286-7_14
- Goto, M., & Sueyoshi, T. (2011). Operational synergy in the US electric utility industry under an influence of deregulation policy: A linkage to financial performance and corporate value. Energy Policy, 39, 699-713. https://doi.org/10.1016/j.enpol.2010.10.043 DOI: https://doi.org/10.1016/j.enpol.2010.10.043
- Gutiérrez, L. H. (2003). Regulatory governance in the Latin American telecommunications sector. Utilities Policy, 11(4), 225–240. https://doi.org/10.1016/S0957-1787(03)00062-6 DOI: https://doi.org/10.1016/S0957-1787(03)00062-6
- Horowitz, I. (2006). A law enforcement perspective of electricity deregulation. Energy, 31, 905-907. https://doi.org/10.1016/j.energy.2005.10.003 DOI: https://doi.org/10.1016/j.energy.2005.10.003
- Jalilian, H., Parker, D. & Wilson, F. (2003). Creating the conditions for international business expansion: The impact of regulation on economic growth in developing countries - A cross-country analysis (Centre on Regulation and Competition Working Paper Series No. 41).
- Jarvis, D. S. L. & Sovacool, B. K. (2011). Conceptualizing and evaluating best practices in electricity and water regulatory governance. Energy, 36(7), 4340–4352. https://doi.org/10.1016/j.energy.2011.04.007 DOI: https://doi.org/10.1016/j.energy.2011.04.007
- Jarzebowski, S. (2013). Parametric and non-parametric efficiency measurement – the comparison of results. Quantitative Methods in Economics, 14, 170-179.
- Laqui, I. J. S., & An, I. L. (2014). Performance of Batangas II Electric Cooperative, Inc. (Batelec II) in the Wholesale Electricity Spot Market. Asia Pacific Journal of Multidisciplinary Research, 2, 14-12.
- Mihaiu, D. M., Opreana, A., & Cristescu, M. P. (2010). Efficiency, effectiveness and performance of the public sector. Romanian Journal of Economic Forecasting, 4, 132-147.
- Mirza, Faisal Mehmood & Mushtaq, Iqra & Ullah, Kafait (2017). Assessing the efficiency dynamics of post reforms electric distribution utilities in Pakistan, Utilities Policy, Elsevier, vol. 47(C),18-28. https://doi.org/10.1016/j.jup.2017.06.003 DOI: https://doi.org/10.1016/j.jup.2017.06.003
- Mouton, M. (2015). The Philippine electricity sector reform and the urban question: How metro Manila's utility is tackling urban poverty. Energy Policy, 78. 225-234. https://doi.org/10.1016/j.enpol.2014.11.005 DOI: https://doi.org/10.1016/j.enpol.2014.11.005
- Ninan, K. N. (2012). Electricity pricing reforms in Karnataka, India: An appraisal. Journal of Institute of Public Enterprise, 35(3/4), 67-80.
- Ozcan, Y. A. (2014). Health care benchmarking and performance evaluation. International Series in Operations Research & Management Science, 210, 15-46. https://doi.org/10.1007/978-1-4899-7472-3_2 DOI: https://doi.org/10.1007/978-1-4899-7472-3_2
- Pinheiro, T. M. (2012). Regulation by incentive to quality: Comparison of efficiency between electricity distributors in Brazil(Unpublished Master's Thesis). Universidade de BrasÃlia.
- Posadas, R. C., & Cabanda, E. (2007). Assessing productivity performance of regional electric cooperatives in the Philippines. International Business & Economics Research Journal, 6, 73-80. https://doi.org/10.19030/iber.v6i8.3398 DOI: https://doi.org/10.19030/iber.v6i8.3398
- Rempel, C, Diehl, C.A., de Quadros Martins, V., & Hansen, P. B. (2017). Analysis of the relative technical efficiency of Brazilian electricity distribution companies: A DEA approach. Florianopolis, 14, 33-54. ttps://doi.org/10.5007/2175-8069.2017v14n33p3 DOI: https://doi.org/10.5007/2175-8069.2017v14n33p33
- Rezaei, S., Zandian, H., Baniasadi, A., Moghadam, T. Z., Delavari, Somayeh, & Delavari, Sajad (2016). Measuring the Efficiency of a Hospital based on the Econometric Stochastic Frontier Analysis (SFA) Method. Electron Physician, 8, 2025 – 2029. https://doi.org/10.19082/2025 DOI: https://doi.org/10.19082/2025
- Rudnick, H., & Velasquez, C. (2019). Learning from developing country power market experiences: the case of the Philippines. The World Bank. https://doi.org/10.1596/1813-9450-8721 DOI: https://doi.org/10.1596/1813-9450-8721
- Steiner, F. (2000). Regulation, industry structure and performance in electricity supply industry (Working Paper No. 238). OECD Economics Department. https://doi.org/10.2139/ssrn.223648 DOI: https://doi.org/10.2139/ssrn.223648
- Stern, J. & Holder, S. (1999). Regulatory governance: Criteria for assessing the performance of regulatory systems. An application to infrastructure in the developing countries of Asia. Utilities Policy, 8, 33–50. https://doi.org/10.1016/S0957-1787(99)00008-9 DOI: https://doi.org/10.1016/S0957-1787(99)00008-9
- Stern, J. (2000). Electricity and telecommunications regulation in small and developing countries (Regulation Initiative Working Paper Series No. 41). https://ssrn.com/abstract=319643
- Stern, J. (2010). The evaluation of regulatory agencies. The Oxford Handbook of Regulation, 16(16), pp. 1–31.
- Subiyantoro, S., Sulistyo, E. T., Yulianto, N., &Prameswari, N. G. (2017). A study of the level of management knowledge of woodcraft artisans in Indonesia. Journal of Advances in Humanities and Social Sciences, 3(5), 238-246. https://doi.org/10.20474/jahss-3.5.1 DOI: https://doi.org/10.20474/jahss-3.5.1
- Urpelainen, J., & Yang, J. (2019). Global patterns of power sector reform, 1982–2013. Energy Strategy Reviews, 23, 152-162. https://doi.org/10.1016/j.esr.2018.12.001 DOI: https://doi.org/10.1016/j.esr.2018.12.001
- Yap, J., Escresa-Guillermo, L., & Paras, Y. G. M. (2020). Access to Sustainable Energy in the Philippines: Market Failure and Political Economy Considerations (ASOG Working Paper APER 20-006). https://doi.org/10.2139/ssrn.3578493 DOI: https://doi.org/10.2139/ssrn.3578493
- Zeb, A., Haider, A., & Shaheen, F. (2015). Improving energy regulatory framework of Pakistan. International Journal of Renewable Energy Research (IJRER), 5(4), 1069-1079.
- Zorzo, L. S., Diehl, C. A., Verturini, J. C., & Zambon, E. P. (2017). The relationship between the focus on innovation and economic efficiency: A study on Brazilian electric power distribution companies. RAI Revista de Administracao e Inovacao, 14, 235-249. https://doi.org/10.1016/j.rai.2017.03.011 DOI: https://doi.org/10.1016/j.rai.2017.03.011
References
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Anaya, K. L., & Pollitt, M. G. (2017).Using stochastic frontier analysis to measure the impact of weather on the efficiency of electricity distribution businesses in developing economies. European Journal of Operational Research, 263, 1078 - 1094. https://doi.org/10.1016/j.ejor.2017.05.054 DOI: https://doi.org/10.1016/j.ejor.2017.05.054
Antonio, M. L., & Calara, S. P. (2014). Application of DEA in the electricity sector: the case of Meralco distribution sectors. In Ali Emrouznejad and Emilyn Cabanda (eds.), Managing service productivity, international series in operations research & management science, (pp. 213-224). Springer. https://doi.org/10.1007/978-3-662-43437-6_12 DOI: https://doi.org/10.1007/978-3-662-43437-6_12
Arcos-Vargas, A., Nuñez-Hernandez, F., & Villa-Caro, G. (2017). A DEA analysis of electricity distribution in Spain: An industrial policy recommendation. Energy Policy, 102, 583-592. https://doi.org/10.1016/j.enpol.2017.01.004 DOI: https://doi.org/10.1016/j.enpol.2017.01.004
Aris, H., Mohd Zawawi, I. S., & Jørgensen, B. N. (2020). The Philippines’ and Singapore’s Journeys towards Liberalised Electricity Supply Industries—Takeaways for Malaysia. Energies, 13(14), 3514-3523. https://doi.org/10.3390/en13143514 DOI: https://doi.org/10.3390/en13143514
Aryeetey, E. & Ahene, A. A. (2005). Utility regulation in Ghana (Working Paper No. 111). Centre of Regulation and Competition
Ashrafi, A., Jaafar, A. B., Lee, L.S., & Abu Bakar, M. R. (2011). A Slacks-Based Measure of efficiency in two-stage Data Envelopment Analysis. International Journal of Math. Analysis, 5, 1435-1444.
Azadeh, A., Ghaderi, S.F., Omrani, H., & Eivazy, H. (2009). An integrated DEA-COLS-SF: A algorithm for optimization and policy making of electricity distribution units. Energy Policy, 37, 2605-2618. https://doi.org/10.1016/j.enpol.2009.02.021 DOI: https://doi.org/10.1016/j.enpol.2009.02.021
Banker, R. (2016). The returns to scale assumption in incentive rate regulation. https://sites.temple.edu/banker/files/2017/06/The-Returns-to-Scale-Assumption-in-Incentive-Rate-Regulation-20160705.pdf
Barroco, J., & Herrera, M. (2019). Clearing barriers to project finance for renewable energy in developing countries: A Philippines case study. Energy Policy, 135, 11-18. https://doi.org/10.1016/j.enpol.2019.111008 DOI: https://doi.org/10.1016/j.enpol.2019.111008
Becker-Blease, J. R., Kaen, F. R., Etebari, A., & Baumann, H. (2010). Employees, firm size, and profitability in U.S. manufacturing industries.Investment Management and Financial Innovations, 7, 7-23.
Bertheau, P., Dionisio, J., Jütte, C., & Aquino, C. (2020). Challenges for implementing renewable energy in a cooperative-driven off-grid system in the Philippines. Environmental Innovation and Societal Transitions, 35, 333-345. https://doi.org/10.1016/j.eist.2019.03.002 DOI: https://doi.org/10.1016/j.eist.2019.03.002
Blumsack, S. (2018).Lesson 6 – restructuring and deregulation in the electric power industry. EME 801 Energy Markets, Policy, and Regulation. https://www.e-education.psu.edu/eme801/node/612
Brucal, A. Z., & Ancheta, J. A. (2018). Assessment of the Philippine electric power industry reform act (No. 2018-21). PIDS Discussion Paper Series.
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Coelli, T., Rao, D. S. P., O’Donnell, C. J., & Battese, G. E. (2005). An introduction to efficiency and productivity analysis. Springer.
Cook, P. (1999). Privatisation and utility regulation in developing countries: Lessons so far. Annals of Public and Cooperative Economics, 70(4), 549-587. https://doi.org/10.1111/1467-8292.00124 DOI: https://doi.org/10.1111/1467-8292.00124
Das, T. K. & Nanduri, V. (2009). A survey of critical research areas in the energy segment of restructured electric power markets.International Journal of Electrical Power and Energy Systems, 31, 181-191. https://doi.org/10.1016/j.ijepes.2009.01.004 DOI: https://doi.org/10.1016/j.ijepes.2009.01.004
De Quadros Martins, V., Diehl, C. A., Rempel, C., & Tagliari, M (2018). Evaluation of technical efficiency of Brazilian distribution companies of electrical energy through Data Envelopment Analysis (DEA). Contaduria y Administracion, 63, 1-18. https://doi.org/10.22201/fca.24488410e.2018.10311
Department of Energy (2018). Distribution development plan 2016-2025.
Dubash, N. (2007). The Electricity-Groundwater Conundrum: Case for a Political Solution to a Political Problem. Economic and Political Weekly, 42, 45-55.
Erdogdu, E. (2011). What happened to efficiency in electricity industries after reforms? Energy Policy, 39, 6551-6560. https://doi.org/10.1016/j.enpol.2011.07.059 DOI: https://doi.org/10.1016/j.enpol.2011.07.059
Fabella, R. V., & Ducanes, G. (2019). (DP 2019-01) Power Industry Disruptors and Prospects of the Electricity Demand in the Greater Metro-Manila Area. UPSE Discussion Papers, 1(1), 1-12.
Gabis, M. G. V. (2020). Assessing the “Renewable Energy 2040†target: Roadblocks and recommendations for the Philippines. Journal of Korean Solar Power Generation Society, 6(1), 35-44.
Gabo-Ratio, J. A., & Tabios-Hillebrecht, A. L. (2019). The Philippine experience in geothermal energy development. In Geothermal energy and society (pp. 217-238). Springer. https://doi.org/10.1007/978-3-319-78286-7_14 DOI: https://doi.org/10.1007/978-3-319-78286-7_14
Goto, M., & Sueyoshi, T. (2011). Operational synergy in the US electric utility industry under an influence of deregulation policy: A linkage to financial performance and corporate value. Energy Policy, 39, 699-713. https://doi.org/10.1016/j.enpol.2010.10.043 DOI: https://doi.org/10.1016/j.enpol.2010.10.043
Gutiérrez, L. H. (2003). Regulatory governance in the Latin American telecommunications sector. Utilities Policy, 11(4), 225–240. https://doi.org/10.1016/S0957-1787(03)00062-6 DOI: https://doi.org/10.1016/S0957-1787(03)00062-6
Horowitz, I. (2006). A law enforcement perspective of electricity deregulation. Energy, 31, 905-907. https://doi.org/10.1016/j.energy.2005.10.003 DOI: https://doi.org/10.1016/j.energy.2005.10.003
Jalilian, H., Parker, D. & Wilson, F. (2003). Creating the conditions for international business expansion: The impact of regulation on economic growth in developing countries - A cross-country analysis (Centre on Regulation and Competition Working Paper Series No. 41).
Jarvis, D. S. L. & Sovacool, B. K. (2011). Conceptualizing and evaluating best practices in electricity and water regulatory governance. Energy, 36(7), 4340–4352. https://doi.org/10.1016/j.energy.2011.04.007 DOI: https://doi.org/10.1016/j.energy.2011.04.007
Jarzebowski, S. (2013). Parametric and non-parametric efficiency measurement – the comparison of results. Quantitative Methods in Economics, 14, 170-179.
Laqui, I. J. S., & An, I. L. (2014). Performance of Batangas II Electric Cooperative, Inc. (Batelec II) in the Wholesale Electricity Spot Market. Asia Pacific Journal of Multidisciplinary Research, 2, 14-12.
Mihaiu, D. M., Opreana, A., & Cristescu, M. P. (2010). Efficiency, effectiveness and performance of the public sector. Romanian Journal of Economic Forecasting, 4, 132-147.
Mirza, Faisal Mehmood & Mushtaq, Iqra & Ullah, Kafait (2017). Assessing the efficiency dynamics of post reforms electric distribution utilities in Pakistan, Utilities Policy, Elsevier, vol. 47(C),18-28. https://doi.org/10.1016/j.jup.2017.06.003 DOI: https://doi.org/10.1016/j.jup.2017.06.003
Mouton, M. (2015). The Philippine electricity sector reform and the urban question: How metro Manila's utility is tackling urban poverty. Energy Policy, 78. 225-234. https://doi.org/10.1016/j.enpol.2014.11.005 DOI: https://doi.org/10.1016/j.enpol.2014.11.005
Ninan, K. N. (2012). Electricity pricing reforms in Karnataka, India: An appraisal. Journal of Institute of Public Enterprise, 35(3/4), 67-80.
Ozcan, Y. A. (2014). Health care benchmarking and performance evaluation. International Series in Operations Research & Management Science, 210, 15-46. https://doi.org/10.1007/978-1-4899-7472-3_2 DOI: https://doi.org/10.1007/978-1-4899-7472-3_2
Pinheiro, T. M. (2012). Regulation by incentive to quality: Comparison of efficiency between electricity distributors in Brazil(Unpublished Master's Thesis). Universidade de BrasÃlia.
Posadas, R. C., & Cabanda, E. (2007). Assessing productivity performance of regional electric cooperatives in the Philippines. International Business & Economics Research Journal, 6, 73-80. https://doi.org/10.19030/iber.v6i8.3398 DOI: https://doi.org/10.19030/iber.v6i8.3398
Rempel, C, Diehl, C.A., de Quadros Martins, V., & Hansen, P. B. (2017). Analysis of the relative technical efficiency of Brazilian electricity distribution companies: A DEA approach. Florianopolis, 14, 33-54. ttps://doi.org/10.5007/2175-8069.2017v14n33p3 DOI: https://doi.org/10.5007/2175-8069.2017v14n33p33
Rezaei, S., Zandian, H., Baniasadi, A., Moghadam, T. Z., Delavari, Somayeh, & Delavari, Sajad (2016). Measuring the Efficiency of a Hospital based on the Econometric Stochastic Frontier Analysis (SFA) Method. Electron Physician, 8, 2025 – 2029. https://doi.org/10.19082/2025 DOI: https://doi.org/10.19082/2025
Rudnick, H., & Velasquez, C. (2019). Learning from developing country power market experiences: the case of the Philippines. The World Bank. https://doi.org/10.1596/1813-9450-8721 DOI: https://doi.org/10.1596/1813-9450-8721
Steiner, F. (2000). Regulation, industry structure and performance in electricity supply industry (Working Paper No. 238). OECD Economics Department. https://doi.org/10.2139/ssrn.223648 DOI: https://doi.org/10.2139/ssrn.223648
Stern, J. & Holder, S. (1999). Regulatory governance: Criteria for assessing the performance of regulatory systems. An application to infrastructure in the developing countries of Asia. Utilities Policy, 8, 33–50. https://doi.org/10.1016/S0957-1787(99)00008-9 DOI: https://doi.org/10.1016/S0957-1787(99)00008-9
Stern, J. (2000). Electricity and telecommunications regulation in small and developing countries (Regulation Initiative Working Paper Series No. 41). https://ssrn.com/abstract=319643
Stern, J. (2010). The evaluation of regulatory agencies. The Oxford Handbook of Regulation, 16(16), pp. 1–31.
Subiyantoro, S., Sulistyo, E. T., Yulianto, N., &Prameswari, N. G. (2017). A study of the level of management knowledge of woodcraft artisans in Indonesia. Journal of Advances in Humanities and Social Sciences, 3(5), 238-246. https://doi.org/10.20474/jahss-3.5.1 DOI: https://doi.org/10.20474/jahss-3.5.1
Urpelainen, J., & Yang, J. (2019). Global patterns of power sector reform, 1982–2013. Energy Strategy Reviews, 23, 152-162. https://doi.org/10.1016/j.esr.2018.12.001 DOI: https://doi.org/10.1016/j.esr.2018.12.001
Yap, J., Escresa-Guillermo, L., & Paras, Y. G. M. (2020). Access to Sustainable Energy in the Philippines: Market Failure and Political Economy Considerations (ASOG Working Paper APER 20-006). https://doi.org/10.2139/ssrn.3578493 DOI: https://doi.org/10.2139/ssrn.3578493
Zeb, A., Haider, A., & Shaheen, F. (2015). Improving energy regulatory framework of Pakistan. International Journal of Renewable Energy Research (IJRER), 5(4), 1069-1079.
Zorzo, L. S., Diehl, C. A., Verturini, J. C., & Zambon, E. P. (2017). The relationship between the focus on innovation and economic efficiency: A study on Brazilian electric power distribution companies. RAI Revista de Administracao e Inovacao, 14, 235-249. https://doi.org/10.1016/j.rai.2017.03.011 DOI: https://doi.org/10.1016/j.rai.2017.03.011