As far as I remember , for a transformer the performance of coupling between primary and secondary is important and the power factor aspect . With no-load this dependency (that is pf) is known .
Coming to DC machines or TL (especially) the distribution of components are not pure L . They can be collectively looked at as say Zc . Load or Line regulation can be easily calculated by load's Z
Transformet is highly efficient static device and its chacteristics doesn't much varies as far as loading changes.
But in case of machines their characteristics highly sensible to load changes as wellwell as type of transmission line used
Even though there are two answers I see here I am not clear about your question. For getting clarityvwe have to look into definition of regulation and see where we stand.
A definition of voltage regulation (V.R) might help.
For electrical machines,
V.R = (No load voltage - Full load voltage)/No load voltage.
For transmission line,
V.R = (Sending end voltage - Receiving end voltage)/Sending end voltage.
In simple terms there is no mean of voltage deviation/regulation without actually connecting load. Thats why we find VR with full load.
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