Exploring the Nexus Between Fundamental Strength and Market Value in Energy Companies: Evidence From Environmental, Social, and Corporate Governance Perspective in Poland

Łuniewska, Małgorzata; Flaga-Gieruszyńska, Kinga; Ankiewicz, Magda

doi:10.3389/fenrg.2022.910921

Cited by 3 publications

(2 citation statements)

References 54 publications

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“…One of modern civilization's megatrends is sustainable development, which emphasizes the need to balance social, environmental, and economic objectives [26,27]. Furthermore, it is emphasized that meeting the needs of future generations should not be viewed through the prism of their excessive consumption [28,29].…”

Section: Rail Transport In the Light Of Sustainable Development Energ...mentioning

confidence: 99%

“…This subject is given considerable attention in an era of increasing shocks, including crises and disturbances, particularly those connected to the scarcity of energy resources [34][35][36][37]. The Sustainable Development Goals (SDGs) are a wake-up call for the world to adopt a sustainable perspective [27,[38][39][40]. A prominent policy agenda for addressing global environmental issues and promoting sustainability is energy intensity improvement [41][42][43][44].…”

Section: Rail Transport In the Light Of Sustainable Development Energ...mentioning

confidence: 99%

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Convergence of Energy Intensity of the Export of Goods by Rail Transport: Linkages with the Spatial Integration and Economic Condition of Countries

et al. 2023

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This article concerns the identification of connections between the energy intensity of rail transport and spatial integration (convergence processes in the EU and spatial proximity) and the economic situation of countries that are in international export–import trade relations. Three research questions are formulated in the article: (1) Does the improvement of the economic situation of the importing country reduce the energy intensity of the Polish export of goods by rail transport to the partner country? (2) Does EU integration contribute to reducing the energy intensity of the export of goods by rail transport? (3) Is there a positive spatial effect (convergence) of reducing the energy intensity of the export of goods by rail transport? This study concerned 14 geographical destinations (export destinations from Poland) during the years 2010–2020. A comprehensive study of convergence was used by building a spatial (club) and type β convergence model and using an unconventional method (panel stationarity analysis). It has been verified that there is a convergence in the energy intensity of goods exportation by rail transport in EU countries. The rate of spatial (club) convergence is 8.66% per year, while the period after which this convergence will be halfway between the initial state and the long-term equilibrium point is 8 years.

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Section: Rail Transport In the Light Of Sustainable Development Energ...mentioning

confidence: 99%

Section: Rail Transport In the Light Of Sustainable Development Energ...mentioning

confidence: 99%

Convergence of Energy Intensity of the Export of Goods by Rail Transport: Linkages with the Spatial Integration and Economic Condition of Countries

et al. 2023

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ESG risk rating and company valuation: The case of the Warsaw Stock Exchange

Chmielewska,

Kluza

2024

10.14746/rpeis

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This research investigates whether investors on the Warsaw Stock Exchange are willing to pay a premium to invest in large companies with a relatively more favourable environmental, social and governance (ESG) risk profile. The theory is that lower exposure to ESG risks and better ESG risk management practices are perceived by investors as a signal of potentially lower financial uncertainty and improved ability of companies to grow future earnings. The analysis was conducted for companies included in the mWIG40 and WIG20 indices. The relationship between market ratios reflecting company valuation, such as price to net book value and enterprise value to EBITDA, and their ESG risk ratings was modelled using regression models. Those were estimated using ordinary and generally least squares techniques. Although ESG management practices are still at a relatively early stage of implementation in Central Europe (including Poland), the results of the analysis confirm a strong negative relationship between the severity of ESG risks and the relative valuation of the company, accompanied by the existence of significant valuation differences across industries. Of particular note is the impact of a favourable ESG risk rating on a higher Enterprise Value to EBITDA ratio. This ratio is important because it is very often used as a valuation basis in corporate buy-sell transactions. The research confirms that investors are willing to pay more for companies that have built business models that are less vulnerable to future ESG risks and have a quality management culture. As a result, the research provides evidence that consciously investing in climate risk mitigation and improving corporate governance practices in large companies pays off for shareholders.

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A Comprehensive Exploration of Hellwig’s Taxonomic Measure of Development and Its Modifications—A Systematic Review of Algorithms and Applications

Roszkowska

2024

Applied Sciences

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This paper presents an original and comprehensive investigation into the Taxonomic Measure of Development (TMD), introduced by Hellwig in 1968, enriching both its theoretical foundations and practical applications. It provides an overview of various variants of the Hellwig method, including their extensions and applications, while also exploring recent trends across multiple research domains. Primarily developed as a method for multidimensional analysis, TMD has evolved into a pivotal tool in multi-criteria decision-making. It is widely used for evaluating and ranking alternatives, particularly in the analysis of complex socio-economic phenomena and decision-making scenarios involving multiple criteria. This study systematically reviews the original algorithm and its subsequent extensions and modifications, including adaptations for fuzzy sets, intuitionistic fuzzy sets, and interval-valued fuzzy sets. Furthermore, it explores an integrated multi-criteria approach based on Hellwig’s method and its practical applications across various domains. This paper introduces an original approach by conducting a detailed, step-by-step analysis of the TMD framework. This process-oriented analysis is a novel contribution that sets this study apart from typical reviews based on statistical or bibliometric data. By examining key steps in the TMD framework—such as data collection, criterion weighting, data normalization, ideal value determination, distance calculation, and normalization factor—this paper highlights the method’s versatility in addressing complex, real-world decision-making problems. Although similar to the widely used Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method in its reliance on distance to evaluate alternatives, Hellwig’s approach is unique in focusing exclusively on proximity to an ideal solution, without considering distance from a negative ideal. This distinctive emphasis has led to numerous adaptations and extensions that address specific issues such as criterion dependencies, uncertainty, and rank reversal. The findings underscore the continued relevance of the Hellwig method, its recent extensions, and its growing international recognition.

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Exploring the Nexus Between Fundamental Strength and Market Value in Energy Companies: Evidence From Environmental, Social, and Corporate Governance Perspective in Poland

Cited by 3 publications

References 54 publications

Convergence of Energy Intensity of the Export of Goods by Rail Transport: Linkages with the Spatial Integration and Economic Condition of Countries

Convergence of Energy Intensity of the Export of Goods by Rail Transport: Linkages with the Spatial Integration and Economic Condition of Countries

ESG risk rating and company valuation: The case of the Warsaw Stock Exchange

A Comprehensive Exploration of Hellwig’s Taxonomic Measure of Development and Its Modifications—A Systematic Review of Algorithms and Applications

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