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Purpose: The Polish energy sector faces the need to change the production structure generates high demands, among others, on the sector's staff. Therefore the aim of the article is to analyse the efficiency of human capital in energy sector enterprises in Poland in the period 2010-2023. Design/methodology/approach: The model chosen to estimate the efficiency and value of human capital is Pulic’ VAIC™, which was compared with employee performance indicators. The study was conducted for six energy companies. Findings: The research results indicate an increase in the efficiency and value of human capital, although they vary in individual companies. The basic factors determining the diversity of the results obtained are changes in the level of employment, different shares of coal in energy production and different shareholding structures. VAIC™ has proven to be stable method for estimating human capital efficiency in both the long and short term. Research limitations/implications: The study was conducted with reference to energy entities operating in the Polish economic and energy specifics. In the perspective of further research, it is appropriate to expand the study entities to companies operating in other markets. Practical implications: The VAIC™ approach and employee productivity indicators indicate a different hierarchy of companies in terms of human capital efficiency, therefore they should be used together, as complementary, and interpreted appropriately. Originality/value: The contribution of the article to the existing literature is the repetition of research aimed at verifying the use-fulness of the VAIC™ model in estimating the efficiency of human capital and the confrontation of this indicator with employee performance indicators. [ABSTRACT FROM AUTHOR]

The 2030 Agenda for Sustainable Development of the United Nations General Assembly focuses on economic development, poverty cessation, environmental sustainability, and good governance at all levels, including peace and safety. For electric power distribution concessionary companies in Brazil, it is necessary to evaluate their sustainability and performance according to the parameters laid by the National Electric Power Agency (ANEEL). For that purpose, sixty-two indicators were assembled that were directly and indirectly associated with sustainability for 38 companies in the period–2013-2021. This study proposes a new application with a conditional risk matrix and decision rules aimed at the integrated assessment of sustainability and performance of electric power companies using the conditional probability of indicators in the ascent or descent of the companies’ classification. A set of “if..., then...” decision rules were inferred by the algorithm VC-DomLEM using concepts from the Rough Sets Theory and the Dominance principle, Dominance-based Rough Set Approach (DRSA).

Digitization has become a core engine for China's energy companies to achieve green transition in a competitive marketplace. Using the panel data of China's A-share listed energy companies, this study explores the impact of digitalization on energy companies' green transition. The finding demonstrates that digitalization can significantly drive energy companies' green transition. This finding remains valid following a series of robustness tests. Moreover, digitalization can indirectly enhance energy companies' green transition by enhancing technological innovation and optimizing operational capacity. Further research demonstrates that the promoting effect of digitalization on green transition in the state-owned companies, growing and mature energy companies and companies in the east are more fully released. This research could assist policymakers and professionals in energy companies with decision-making references to promote green transition. [ABSTRACT FROM AUTHOR]

Purpose: This study examines changes in the volume and specificity of environmental risk factor disclosures in the 10-K reports of U.S. energy companies between 2017 and 2021. Methodology/approach: A total of 210 reports were analyzed using the content analysis method, a specificity index, the Wilcoxon signed-rank test and the Pearson correlation coefficient. Findings: Starting from the 2019 reports, the volume of environmental risk factor disclosures increased significantly year on year. In the 2021 reports, energy companies provided, on average, 31% more information than in 2017 reports (measured by word count). This growth was due to changes in the volume of disclosures on climate-related risk factors. However, the increase was not accompanied by an increase in detail. The level of specificity in the disclosure of both climate-related and other environmental risk factors was low (with the former being higher) and did not change significantly over the period considered. In general, boilerplate language was often used when dis-cussing environmental risk factors. Research limitations/implications: The findings suggest the need for regulators to detail requirements for specific disclosures on environmental risk factors. Originality/value: Previous studies based on 10-K reports examined the disclosures regarding any risk, tax risk, mergers and acquisitions risk, and security risk. This pa-per is the first to analyze the volume and specificity of disclosures devoted to environ-mental risk factors. In addition, it provides a more complete picture of environmental risk reporting practices by considering climate-related and non-climate-related risk factors separately.

During production and operation, enterprises are faced with occurrences of production accidents. One of the prerequisites for enterprises to achieve sustainable development is building an intelligent emergency command platform. To establish a scientific and advanced emergency management information system and address the challenges related to managing emergency plans to ensure production safety, such as ambiguous roles and responsibilities, inefficient application processes, independent resources, and slow responses by enterprises with multiple types of operations and disasters, an intelligent emergency command platform was built for multiple types of operations and disasters, and this platform was extended to include rescue steps. The structure and digital management of emergency plans under multiple coupled disasters and multipoint cogeneration were determined. Similar emergency plans were automatically recommended by crawler technology and an SVM algorithm based on a public information data lake, and the effectiveness of the plans was evaluated via a fuzzy analytic hierarchy process to promote the preparation of more efficient and scientific emergency plans. Finally, the analysis of pipeline leakage and emergency drill scenarios proved that the system is scientific and reliable. The results are of great significance for improving the deep integration of modern emergency-related information technology and emergency management businesses, promoting institutional and mechanical innovation, to provide a reference for other multibusiness enterprises, wchih can also be integrated into methods for urban safety and rescue. [ABSTRACT FROM AUTHOR]

In recent years, geographical scholarship has paid an increasing amount of attention to the accumulation strategies of energy and public utility companies. This article contributes to these debates by emphasizing the multiscalar nature of profit extraction by transnational energy companies through financialization, dependent power relations, and state regulation regarding transnational energy companies. Empirically, this article analyzes German energy companies' activities in Hungary. These energy giants bought Hungarian gas and electricity providers, networks, and power plants during the privatization waves of the 1990s, and largely left the Hungarian market after the 2010s re-nationalization process. Previous literature emphasized nation-state agency in the Hungarian energy sector's development. This study—based on an analysis of companies' annual reports, media coverage, and financial statements—draws attention to firm-level strategies in understanding techniques and strategies of accumulation by German energy companies in Hungary. [ABSTRACT FROM AUTHOR]

The article explores the role of eco-marketing in shaping competitive strategies within the energy sector, highlighting its impact on pricing, sales, and operational costs. Topics discussed include the integration of eco-marketing into business strategies, its effects on competitive advantage, and its influence on sustainable practices in energy companies.

Çalışmanın amacı, Borsa İstanbul'da (BIST) işlem gören enerji şirketlerinin 2022 dönemi finansal performansının hibrit ÇKKV yöntemleri kullanılarak araştırılmasıdır. Bu çalışmada, seçilen şirketlerin finansal performansını incelemek için LOPCOW-CRITIC ve CoCoSo'ya dayalı yeni bir model önerilmektedir. Kriterler bu alanda daha önce yapılan araştırmalara dayanarak belirlenmiştir. Finansal performans değerlendirmesi, on üç kriter ve yirmi iki şirket dikkate alınarak gerçekleştirilmiştir. Kriterlerin ağırlıklarının hesaplanmasında LOPCOW ve CRITIC olmak üzere iki farklı objektif ağırlıklandırma yöntemi kullanılmıştır. Daha sonra kriter ağırlıkları toplu ağırlıklandırma yöntemi (AWM) kullanılarak birleştirilmiştir. AWM yönteminden elde edilen sonuçlara göre stok devir hızı ve ATR sırasıyla en önemli ve en az önemli kriter olarak bulunmuştur. Kriterlerin ağırlıkları belirlendikten sonra alternatifler CoCoSo yöntemi kullanılarak sıralanmıştır. CoCoSo yönteminden elde edilen sonuçlara göre MAGEN ve PAMEL'in sırasıyla en yüksek ve en düşük finansal performansa sahip olduğu tespit edilmiştir. Ayrıca önerilen model duyarlılık analizi kullanılarak test edilmiştir. Önerilen modelin sağlamlığı ve güvenilirliği on farklı senaryo altında izlenmiştir. Genel sonuçlar, 2022 yılında MAGEN, ZEDUR ve KARYE'nin en yüksek finansal performansa sahip olduğunu, en düşük finansal performansı ise sırasıyla ARASE, AKSEN ve PAMEL'in gösterdiğini ortaya koymuştur.

The aim of the article is to improve approaches to strategic planning of activities of domestic oil and gas companies on the basis of studying the leading foreign practices in this area. The article examines approaches to strategic planning based on scenario analysis, which are common in foreign energy companies, on the example of Royal Dutch/Shell Group, which was the first to apply this methodical approach. As a result of the study of the features of strategic planning in oil and gas companies in the world practice, it is found that its basic instrument is scenario analysis, which involves the development of adaptive and flexible strategies based on several alternative scenarios that provide energy companies with sustainable functioning and development in a dynamic and difficult predictable industry. On the basis of the study of foreign experience of strategic planning and modeling of the energy system, the following set of measures to improve the process of strategic planning in the domestic oil and gas sector has been proposed: introduction into the practice of strategic planning of individual elements of scenario analysis according to the methodology of the international energy corporation Royal Dutch/Shell Group; optimization of the regulations of the strategic planning process in domestic oil and gas companies, taking into account the volatility and cyclical nature of the oil and petroleum products market; introduction of key indicators of scenario analysis (demand, supply, price of oil and oil products) and methods of adaptive forecasting into the forecasting practice of domestic oil and gas companies. The implementation of the proposed measures will allow domestic oil and gas companies to improve the strategic planning process, and therefore increase the level of adaptability in conditions of uncertainty and improve their competitive position in both the local and the global energy markets.

Abstract This study investigates volatility spillovers and network connectedness among four cryptocurrencies (Bitcoin, Ethereum, Tether, and BNB coin), four energy companies (Exxon Mobil, Chevron, ConocoPhillips, and Nextera Energy), and four mega-technology companies (Apple, Microsoft, Alphabet, and Amazon) in the US. We analyze data for the period November 15, 2017–October 28, 2022 using methodologies in Diebold and Yilmaz (Int J Forecast 28(1):57–66, 2012) and Baruník and Křehlík (J Financ Economet 16(2):271–296 2018). Our analysis shows the COVID-19 pandemic amplified volatility spillovers, thereby intensifying the impact of financial contagion between markets. This finding indicates the impact of the pandemic on the US economy heightened risk transmission across markets. Moreover, we show that Bitcoin, Ethereum, Chevron, ConocoPhilips, Apple, and Microsoft are net volatility transmitters, while Tether, BNB, Exxon Mobil, Nextera Energy, Alphabet, and Amazon are net receivers Our results suggest that short-term volatility spillovers outweigh medium- and long-term spillovers, and that investors should be more concerned about short-term repercussions because they do not have enough time to act quickly to protect themselves from market risks when the US market is affected. Furthermore, in contrast to short-term dynamics, longer term patterns display superior hedging efficiency. The net-pairwise directional spillovers show that Alphabet and Amazon are the highest shock transmitters to other companies. The findings in this study have implications for both investors and policymakers.

Copyright of Journal of Selçuk University Social Sciences Vocational School is the property of Journal of Selcuk University Social Sciences Vocational School and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Zeszyty Teoretyczne Rachunkowości is the property of Stowarzyszenie Ksiegowych w Polsce Rada Naukowa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Many existing studies on the digitalization of the energy sector often overlook the intertwined roles of human capital and advanced information and communication technologies (ICTs) in driving the transition to renewable energy sources (RES). This paper addresses this gap by quantitatively analyzing the impact of human capital investments on the innovation and digital competitiveness of energy companies, with a particular focus on the Russian energy sector. Employing a combination of bibliographical and network literature analysis, along with an ordinal regression model, this research analyzes data of 820 managers from the Russian energy companies collected via online surveys between June and December 2023. The study finds that a one-point increase in human capital investment scores leads to a significant improvement in the company's innovation capabilities and digital adaptation, which is critical for leveraging renewable energy technologies. Moreover, the results underscore the necessity of state interventions to bolster human capital in energy companies, thereby enhancing sustainable economic development aligned with the SDGs and Agenda 2030. Our findings not only highlight the critical role of human capital in the energy sector's transition but also suggest policy measures to support this transformation efficiently.

The study aims to fill the research gap by examining the relationship between ESG ratings and firm value in energy companies and whether company profitability controls this relationship. The study uses multiple regression models to test this hypothesis and examines the impact of Tobin's Q, profitability, and ESG ratings on firm value. The study sample is energy sector companies listed on the Indonesia Stock Exchange from 2015-2022. The result of this paper is a negative relationship between Tobin's Q and ESG performance, indicating that firms with higher market valuations may prioritize shareholder value over ESG considerations. On the other hand, there is a positive relationship between NPM and ESG performance, suggesting that companies with higher profitability may have more resources to invest in sustainable and socially responsible practices. The lack of a significant relationship between ROE and ESG performance suggests that the financial returns to equity shareholders may not directly impact on a company's ESG initiatives. The positive relationship between ROA and ESG Performance aligns with the idea that companies with efficient asset utilization are better positioned to invest in sustainable practices. The negative relationship between GPM and ESG Performance suggests that companies with higher gross profit margins may face pressure to cut costs, potentially at the expense of environmental or social responsibility.

The regions of activity of energy companies are also the traditional areas of residence of the Indigenous peoples of the North (IPN). Commercial activities in these territories violate the environment and adversely impact the lives of the IPN. This study seeks to fill a gap regarding the position the IPN take while communicating with energy companies and the representative image the energy companies hold of the IPN. We consider the complex process of communication between oil companies and the IPN; the role assigned to the IPN in this process; the strategies adopted to preserve the IPN and why these strategies are prioritized; and the implications of the concept of “traditional life” of the IPN for each of the participants in the communication process. We analyzed the period 2010–2020 as it reflects the current situation.We applied the hermeneutic method by comparing data from the reports of Gazprom, Lukoil, and Rosneft; analyzed documents related to the socio-economic development of the respective Russian regions; and used information from the official websites of organizations representing the interests of the IPN.In the complex system of interaction between energy companies and the IPN, the latter, on the one hand, acts as a homogeneous unity, as differentiation between groups of people is rarely carried out. On the other hand, the interpretation of the identity of the IPN occurs through “traditional culture,” which is gradually equated to something that is worthy of a place in a museum. This trend is a matter of concern, as real socio-economic challenges run the risk of being overlooked in the process of musealization of Indigenous peoples. Rosneft, Gazprom and Lukoil communicate with IPN as with an ethnic unit, which considered to be preserved as an ethnic-cultural unit.

In recent years, the global business landscpae has witnessed a paradigm shift toward sustainable and responsible corporate practices. This transition has been particulalrly pronounced in the energy sector where companies are increasingly recongzing the importance of Non-Financial Reporting Initiatives (NFRI) in shaping their operational strategies. The current study endeavors to delive into the intricate relationship between NFRI and the Weighted Average Cost of Capital (WACC) for energy companies in Pakistan. The current study relied on Partial Least Square Structural Equation Modeling (PLS-SEM) technique to extract useful information about the study topic. The data collected for the period 1999 to 2020 from World Development Indicators. The findings of the study revealed that energy consuption factors are responsiblee for around 31.32% variations in WACC, while economic factors contribute 43.98% variations. The financial factors showed to have 35.72% variations in the WACC. The findings of current study revealed to implement policies fostering sustainable energy practices, robust economic growth, and prudent financial management to positively influence the Weighted Average Cost of Capital (WACC) for enhanced business competitiveness and investment attractiveness. [ABSTRACT FROM AUTHOR]

Theoretical background: The research conducted is part of a global debate on ESG reporting and its value for companies and their stakeholders. The considerations are embedded in the concept of CG mechanisms. These open up a new area of research concerning – whether and to what extent ESG reports of individual companies should be comparable among themselves? Purpose of the article: Large companies have been obliged by law to prepare ESG reports. ESG reporting can be considered an effective corporate governance (CG) mechanism, assuming comparability of reports prepared by different companies. In this regard, two questions have been raised: 1) To what extent are ESG reports of energy companies fulfilling the role of a CG mechanism?, and 2) To what extent are ESG reports of energy companies comparable among themselves? The goal of the research is thus to show common features and distinctions in the non-financial data disclosed in the ESG reports. Research methods: The research focuses on non-financial reports of energy companies quoted by the Warsaw Stock Exchange (Poland). The study examines the scope of non-financial data disclosed in ESG reports. The research method used in the study is content analysis. NVivo qualitative analysis software was used in the content analysis. Main findings: Based on the research conducted, it was found that ESG reports are not an effective CG mechanism. They do, however, overcome the information asymmetry in the scope to which they relate. A comparison of ESG reports of listed public joint stock companies in the energy sector shows that they differ in structure and different emphasis. However, the range of issues addressed in the reports is very similar. All ESG reports of the surveyed companies apply the GRI standards. [ABSTRACT FROM AUTHOR]

Following recent financial, health, and geopolitical events, concerns are growing regarding the systemic risk of global energy companies. We assess the impact of environmental, social, and governance (ESG) performance on the systemic risk of leading energy firms. For 158 energy firms from 16 countries for 2010–2021, we evidence that while ESG shows positive association with default risk, squared values of ESG performance are negatively significant, consistent with an inverted U-shaped association. Moreover, better ESG disclosure and carbon performance also reduce default risk. We interpret our results as the beneficial impact of ESG on lowering default risk depends on the threshold level of ESG investment. Results, holding only for the post GFC period, for firms with more than one environmental controversy, and for countries with higher levels of education, are consistent with an evolving need for energy firms to employ genuine ESG commitment to establish reputational capital towards enhancing resiliency. [ABSTRACT FROM AUTHOR]

The disclosure of information on sustainability by energy companies is a guarantee of increasing their competitiveness in achieving Sustainable Development Goal 7 and the post-war recovery of the Ukrainian energy sector. This paper aims to evaluate the sustainability transparency reporting of energy companies in Ukraine and connect the level of such transparency and their competitiveness. The study used the Transparency Index to analyze information disclosure on sustainability by 50 energy companies in Ukraine, the largest taxpayers. It is based on SDG, CSR, and ESG criteria and shows the companies’ ratings. It was found that companies with a low disclosure of SDG, CSR, and ESG criteria have the largest specific weight (76%) among the respondents. The undisputed leader in sustainability transparency is Energoatom, while only 11 companies out of 50 surveyed have an A and B rating (the highest and higher level of transparency). The index was used as a factor variable in the non-parametric modeling of the relationship between the sustainability transparency of energy companies in Ukraine and their competitiveness (company return, profitability, and profit margin of taxes paid). A close, statistically significant, and inverse relationship was revealed between the Sustainability Transparency Index of energy companies and indicators illustrating their competitiveness besides profitability. The results of rating and clustering companies according to SDG, CSR, and ESG criteria can be used to improve their positive and negative investment screening procedures and increase their competitiveness on the way to SDG 7. AcknowledgmentInna Makarenko gratefully acknowledges support from the Supreme Council of Ukraine (0122U201796).

The speed of global changes, which are forcing energy companies to take proactive initiatives so as to take advantage of market opportunities, increase the importance of organizational agility as a key strategic alignment mechanism. The second most important mechanism determining the development of companies in the energy sector is social responsibility, which by nature should be proactive and embedded in the development strategy. Drawing on research linking organizational agility to social responsibility, this article aims to explain how strategic CSR initiatives and a proactive approach to CSR affect organizational agility in energy sector companies. Data collected from 197 Central European energy firms using CAWI and CATI methods was analyzed using SEM modeling. The results confirm the direct impact of strategic CSR initiatives on organizational agility, through the mediating variable – social dimension of proactive CSR. The study also suggests a direct impact of strategic CSR initiatives on particular types of proactive CSR.

Energy poverty is one of the most critical social challenges in the debate about energy transformation. Reducing the risk of this challenge and mitigating the effects are at the heart of public policies. However, not only the government sector can support people who experience or are at risk of energy poverty. The business sector, especially energy companies, which are the main actors in predefining energy systems in individual countries, can actively participate in this process, among others, through socially responsible activities. The article aims to examine to what extent the problem of energy poverty is an element of social responsibility projects undertaken by energy companies. In addition, it was examined to what extent national climate policies address this issue. The study was conducted using content analysis. The results indicate energy companies' weak interest and engagement in the energy poverty problem. They treat it very peripherally and do not include material topics on the list. The article ends with a set of conclusions for business sector representatives to help develop projects supporting energy poverty combat. [ABSTRACT FROM AUTHOR]

Purpose: This study investigates the relationship between executive compensation and firm performance in Chinese new energy companies. Design/Methodology/Approach: The financial data of 122 Chinese-listed energy companies from 2010-2021 is selected for the empirical study. Findings: Executives' monetary compensation and executives' shareholding ratio are positively related to corporate performance. Overseas background and financial background play a moderating role in the effect of executives' monetary compensation and their shareholding ratio on corporate performance. Conclusion: The fact that executives' salaries and shareholding both have a significant positive impact on business performance demonstrates the effectiveness of pay incentives and equity-based incentive. The research additionally demonstrates that an executive's financial knowledge and experience in other countries alter the impact of cash and equity pay on company performance. Research Limitations/Implications: The research excludes a large number of key energy businesses, especially rising ones in the clean energy sector, as it solely targets publicly traded businesses for ease of data collection. Practical Implications: The survey results help to further understand the key factors of compensation incentives for managers in energy companies and are informative for the effectiveness of compensation incentives in energy companies. Contribution to Literature: This study provides empirical results on the impact of managerial compensation on firm performance in energy firms in the Chinese context, adding a new step to the existing literature. [ABSTRACT FROM AUTHOR]

For some years, energy companies (ECs) have been increasingly pressured to address a broader set of social and environmental responsibilities that respond adequately to citizens' expectations, local and international regulatory frameworks, and transnational initiatives such as the Sustainable Development Goals (SDGs). Thus, ECs have invested considerable resources to reduce the environmental and social impact in their activities. This study aims to verify the measures that ECs have actually adopted by analyzing their social and sustainability reports. These reports constitute an official tool, and they are also supported by specific mandatory regulations such as EU Directive 2014/95, in which companies provide a non-financial disclosure aimed at demonstrating how their pursuit of the conditions of economic and financial equilibrium is increasingly and closely linked with the ability to assure sustainable development. This study considers eight major ECs operating in the Italian market. It compares the findings with two important foreign ECs that draw up a very structured and innovative report: the integrated report. The outcomes confirm that these ECs are making significant progress in the environmental and social spheres, although the path to full sustainable development is still unreached. The policy implications emerging from this study can contribute to this direction. [ABSTRACT FROM AUTHOR]

For over one hundred years, hydropower expansion has taken place in Sápmi, the land of the Indigenous Sámi people in Northern Fenno-Scandia and the Kola Peninsula. In modern energy company narratives, certain parts of history remain unmentioned. Among these are the narratives belonging to Sámi people who were negatively impacted by hydropower expansion. Thus, the aim of this article is to analyse three state-owned energy companies' narratives about their hydropower expansion in Sápmi and compare them with challenging voices or counter-narratives. The sources used are the companies' websites and the official documents and material found there, as well as other documentary sources, literature, and research spanning a time period of 1910 to 2021. The overall questions are: To what extent and in what ways are Sámi experiences regarding hydropower expansion part of the companies' narratives. This study uses counter-narrative and narrative justice as conceptual framework and shows that the full impact that hydropower expansion has had on Sámi people's situations is insufficiently communicated in the companies' narratives. Instead, the companies mainly construct their narratives as hydropower expansion in Sápmi being a phenomenon located in history without connection to ongoing consequences on Sámi lands and lives. [ABSTRACT FROM AUTHOR]

The article emphasizes the challenges facing Ukraine's energy sector, in particular, the energy crisis caused by Russian strikes on critical infrastructure facilities and their wear and tear. To overcome them, Ukraine needs significant investments in the energy sector to restore, modernize and expand this infrastructure, developing new energy sources and implementing energy-efficient measures. By disclosing ESG criteria and aligning their activities with the Sustainable Development Goals in their reports, companies can demonstrate their commitment to sustainability initiatives, the achievement of global goals and responsible business conduct, thereby increasing their own investment attractiveness and attracting more investment for the energy sector. The work also emphasizes the importance of energy efficiency and green energy for increasing Ukraine’s energy independence and reducing dependence on imports, which can be achieved with the help of the proposals of the UN General Assembly and the Marshall Plan for post-war recovery of Ukraine. The peculiarities, advantages and disadvantages of the methodologies of scientists are considered, in particular: Analytic Hierarchy Process (AHP), Data Envelopment Analysis (DEA), Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) and Preference Ranking Organization Method for Enrichment Evaluations (PROMETHEE). Transparency and commitment to sustainable development at the corporate level is covered by various ratings. The methodologies of Energy Transparency Index 2021 (II international edition), DJSI, MSCI ESG Ratings, FTSE4Good Index and Corporate Knights’ index 100 most sustainable corporations were analyzed. The article highlights the differences in approaches and sets of criteria used by different rating agencies, as well as the advantages and disadvantages of each approach. A multi-criteria metric system is proposed for evaluating the activity of energy companies in Ukraine taking into account ESG criteria and the stages of development of such a system are outlined, namely the selection of research objects, criteria for analysis, data collection, scoring of companies, comparison of indices, consideration of quality factors, analysis, verification and generalization of research results.

In this article, we tackle the complex relationship between a triangle assessment: energy companies, investment portfolios, and the energy consumption sector. The first objective of this paper was to underline several important features of oil price evolution in the pandemic period, with a special focus both on the 2020 and 2022 periods, in order to reveal some aspects of new passengers’ cars registered, and some important energy sources worldwide. Second, it is highlighted several important features of energy-listed companies on the Bucharest Stock Exchange and of oil prices upon different operators. Third, we analyze important aspects of the influence of the crises regarding the energy industry and several important evolutions upon the stock market. The main findings of this study reveal the nexus between oil shock prices, the energy industry, and the stock market with an empirical focus on constructing an optimal investment portfolio’ by considering several consumption sectors. Future research on this topic will encounter consequently comparisons between several business models of different types of sectors.

The energy sector is essential to a country's economy and social life. In recent years, the energy market in Romania has experienced a certain dynamism, influenced by multiple factors such as regional conflicts, national and EU energy legislation, liberalization of the energy market, and increasing demand for energy products. These factors determined a sharp increase in electricity, gas, and oil prices in Romania in recent years. Based on the above, the present study aims to analyze Romanian energy companies' financial performances and determine whether there is any correlation between their governance and their performance. In order to fulfill the research objectives, financial performance data were extracted and analyzed for a number of 43 energy companies in Romania, considering the financial statements prepared up to 31 December 2021. Using the scoring method, governance indices were determined for each company. Finally, using a linear regression model, we analyzed the correlation between governance and performance of the 43 companies. The results of the study indicate that there is a direct correlation of moderate intensity between the two variables, with the performance of energy companies being higher if they have implemented a governance system. [ABSTRACT FROM AUTHOR]

Sustainable development is one of the key challenges of the modern world. Concerning enterprises, it means undertaking economic, social, and environmental development activities. The sustainable development of enterprises depends on several endogenous and exogenous factors. The task of energy economy instruments is to support the energy transformation of economies and enterprises. The article's main goal is to assess the impact of selected energy economy instruments on the sustainable development of energy companies in Poland in 2008-2020. Energy economy instruments include financial outlays on environmental protection (F), environmental taxes (Pśr), outlays on renewable energy sources (Oz), prices of futures contracts for CO2 emissions (CO2), outlays on R&D (BR) and the EU System Trade-in Emissions (UEH).). I created to assess the sustainable development of energy enterprises (Zr) and their three pillars: economic (E), social (S) and environmental (Śr). I used the Classical Least Squares (KMNK) method and the Seemingly Unrelated Regression: SUR method to assess the relationships between the variables. The study consists of an introduction, a review of the literature on the subject, a discussion of the research method, research results and conclusions.

Subject and purpose of work: This study investigates the effectiveness of equity investment in renewable energy companies. The aim of the research is to compare the effectiveness of investing in the stocks of companies from the conventional and renewable energy sector on the Warsaw Stock Exchange.

A study of the efficiency of the energy companies that are listed on the Polish capital market, which will be the object of the analysis in this paper, is focused on assessing the degree of accomplishment of their basic financial objectives, namely, the maximization of their market values. The main research methods that are used in the article are methods for analyzing and evaluating the literature (in order to present the current scientific achievements in the field under study) and descriptive statistics and mathematical statistical methods for analyzing the interdependence of the phenomena (used to characterize and compare the analyzed energy-sector companies, as well as to quantify the determinants of the value-creation efficiency of these companies). This article is focused on the conditions and problems that are related to the decision-making processes that are aimed at increasing efficiency in the area of building enterprise-value. These require the use of tools for efficiency measurement that enable management to quantify and assess changes in an enterprise's market value and the efficiency of its creation. Within the conducted research, it has also been proven that this is the market perspective that is of key significance from the point of view of the criteria of making financial management decisions. The market perspective reflects the expectations of the majority of company stakeholders, to the fullest. The study showed that the allocation of capital in the listed energy companies during the period of 2014–2020 was subject to a relatively high risk of losing the economic value of the invested capital. In terms of asset value, dividing the studied group of companies into portfolios of two groups of companies additionally showed that the volatility of the market and equity returns for the smaller companies was higher than it was for the larger companies. [ABSTRACT FROM AUTHOR]

This paper presents a literature review in which methodologies employed for the forecast of the price of stock companies and raw materials in the fields of electricity, oil, gas and energy are studied. This research also makes an analysis of which data variables are employed for training the forecasting models. Three scientific databases were consulted to perform the present research: The Directory of Open Access Journals, the Multidisciplinary Digital Publishing Institute and the Springer Link. After running the same query in the three databases and considering the period from January 2017 to December 2021, a total of 1683 articles were included in the analysis. Of these, only 13 were considered relevant for the topic under study. The results obtained showed that when compared with other areas, few papers focus on the forecasting of the prices of raw materials and stocks of companies in the field under study. Furthermore, most make use of either machine learning methodologies or time series analysis. Finally, it is also remarkable that some not only make use of existing algorithms but also develop and test new methodologies. [ABSTRACT FROM AUTHOR]

Environmental protection and governance have become a topic of global concern. Sustainable development and green development are the unshakable ideas of China’s social and economic development. Under this premise, the energy industry, as a pillar industry in China, has the disadvantages of high energy consumption and heavy pollution. Therefore, the quality of environmental information disclosure in energy industry needs to be improved urgently. This paper selects 66 samples from 22 energy companies in Shanghai and Shenzhen stock markets from 2018 to 2020 as the research object, establishes two potential variables and 13 observed variables of environmental awareness and environmental information disclosure respectively, and constructs structural equation model to study the impact of corporate environmental awareness on environmental information disclosure. The research shows that the environmental awareness of enterprises is positively related to the level of environmental information disclosure. The conclusion is helpful to improve the enthusiasm and consciousness of energy companies to disclose environmental information. A better role in supervising the quality of environmental information disclosure by the government, enterprises and the public can be played.

The energy sector of Ukraine is an important component of the European economic space. However, in recent years, there has been a decrease in the share of equity capital of companies in the industry. That is why it is quite important to analyze and assess the state of financial support for the sustainable development of energy companies in order to determine directions for its improvement. An urgent issue is also the development of an approach to modeling scenarios of the formation of free cash flow, which is an indicator of the company's ability to sustainable development. The purpose of this study is an analytical assessment of the state of financial support of energy enterprises. Such an assessment will provide an opportunity to determine the factors affecting the formation of equity capital and, on this basis, to form priorities for the further development of the industry. The source of information for the study was data from the financial statements of enterprises for 2019 - 2020. It is proposed to use the free cash flow method to assess financial support for the development of energy companies. Which is used by us as a decision-making tool regarding strategic changes in the financing of energy companies. The authors proposed an approach to modeling the optimization of free cash flows of enterprises, taking into account the specified criteria and restrictions, using software processing "Search for solutions". The adaptation of the approach made it possible to assess the company's ability for sustainable development. According to the results of the approbation of the cash flow optimization model, the priority directions for improving the financial support of energy companies have been determined. Based on the analysis of generalized indicators characterizing the state of financial support for the activities of leading Ukrainian energy companies, the factors and limitations affecting the potential of financial support are determined. The elements of financial support as a factor of sustainable development of energy companies are evaluated. The role and instruments of state support for the development of enterprises of the energy complex have been determined. The components of the sustainable development of the energy complex enterprise as a function of financial support are substantiated. The priorities of financing the sustainable development of enterprises with an emphasis on self-financing have been determined. According to the results of the analysis of the activities of the leading energy companies of Ukraine, it was determined that one of the obstacles to the implementation of the country's energy independence policy is the insufficient level of financial support for their development. Other reasons for the ineffective development of energy companies include: systematic violations of the principles of legality in connection with the existence of the monopoly of large companies; limitation of reproduction of financial potential due to insufficient own financial resources; low state support; availability of a high share of borrowed credit resources; high financial risks of the industry. The proposed author's methodology will allow monitoring the activities of energy companies and making the necessary management decisions in a timely manner. [ABSTRACT FROM AUTHOR]