IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v14y2021i15p4526-d602263.html
   My bibliography  Save this article

Determinants of Investments in Energy Sector in Poland

Author

Listed:
  • Robert Lisowski

    (AGH University of Science and Technology, 30-059 Kraków, Poland)

  • Maciej Woźniak

    (AGH University of Science and Technology, 30-059 Kraków, Poland)

  • Paweł Jastrzębski

    (AGH University of Science and Technology, 30-059 Kraków, Poland)

  • Simeon Karafolas

    (Department of Accounting and Finance, University of Western Macedonia, 501 00 Kozani, Greece)

  • Marek Matejun

    (Faculty of Management, University of Lodz, 90-137 Łódź, Poland)

Abstract

There is much research about the determinants of investments, but there is a shortage of similar studies for Poland. Therefore, the overall goal of the paper is to analyze the determinants of investments made by enterprises from the energy sector as well as their delays in Poland in the years 2000–2019. In this period, a strong growth of investments in energy was observed in the country. In connection to this, the authors set four hypotheses and verified them with the following statistical methods: canonical analysis, linear and causality correlation, autocorrelation and cointegration tests. The paper found that there is a relationship between public consumption and investment spending of small enterprises in Poland. That means that only some macroeconomic parameters are connected with investments. Moreover, the changes in the value of past investments has a negative influence in current investments.

Suggested Citation

  • Robert Lisowski & Maciej Woźniak & Paweł Jastrzębski & Simeon Karafolas & Marek Matejun, 2021. "Determinants of Investments in Energy Sector in Poland," Energies, MDPI, vol. 14(15), pages 1-17, July.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:15:p:4526-:d:602263
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/14/15/4526/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/14/15/4526/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Archibugi, Daniele & Filippetti, Andrea & Frenz, Marion, 2013. "The impact of the economic crisis on innovation: Evidence from Europe," Technological Forecasting and Social Change, Elsevier, vol. 80(7), pages 1247-1260.
    2. Daniel Ştefan Armeanu & Georgeta Vintilă & Ştefan Cristian Gherghina, 2017. "Does Renewable Energy Drive Sustainable Economic Growth? Multivariate Panel Data Evidence for EU-28 Countries," Energies, MDPI, vol. 10(3), pages 1-21, March.
    3. Maciej Wozniak & Robert Lisowski & Marek Dudek, 2021. "Relationships between Macroeconomics Indicators and Investments of Enterprises: Evidence from Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(2B), pages 555-567.
    4. Carraro, Carlo & Favero, Alice & Massetti, Emanuele, 2012. "“Investments and public finance in a green, low carbon, economy”," Energy Economics, Elsevier, vol. 34(S1), pages 15-28.
    5. Sytnik Inessa & Stopochkin Artem & Janusz Wielki, 2019. "Analysis of Macroeconomic Factors Affecting the Investment Potential of an Enterprise," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 140-167.
    6. Zubair, Siraz & Kabir, Rezaul & Huang, Xiaohong, 2020. "Does the financial crisis change the effect of financing on investment? Evidence from private SMEs," Journal of Business Research, Elsevier, vol. 110(C), pages 456-463.
    7. Marek Giebel & Kornelius Kraft, 2019. "The impact of the financial crisis on capital investments in innovative firms," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 28(5), pages 1079-1099.
    8. Akbar, Saeed & Rehman, Shafiq ur & Ormrod, Phillip, 2013. "The impact of recent financial shocks on the financing and investment policies of UK private firms," International Review of Financial Analysis, Elsevier, vol. 26(C), pages 59-70.
    9. Teresa Grijó & Isabel Soares, 2016. "Solar photovoltaic investments and economic growth in EU: Are we able to evaluate the nexus?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 18(5), pages 1415-1432, October.
    10. Zofia Gródek-Szostak & Marcin Suder & Rafał Kusa & Anna Szeląg-Sikora & Joanna Duda & Marcin Niemiec, 2020. "Renewable Energy Promotion Instruments Used by Innovation Brokers in a Technology Transfer Network. Case Study of the Enterprise Europe Network," Energies, MDPI, vol. 13(21), pages 1-13, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Joanna Kurowska-Pysz & Grzegorz Kunikowski, 2021. "The ESCO Formula as Support for Public and Commercial Energy Projects in Poland," Energies, MDPI, vol. 14(23), pages 1-23, December.
    2. Małgorzata Sztorc, 2022. "The Implementation of the European Green Deal Strategy as a Challenge for Energy Management in the Face of the COVID-19 Pandemic," Energies, MDPI, vol. 15(7), pages 1-21, April.
    3. Iwona Szczepaniak & Piotr Szajner, 2022. "Challenges of Energy Management in the Food Industry in Poland in the Context of the Objectives of the European Green Deal and the “Farm to Fork” Strategy," Energies, MDPI, vol. 15(23), pages 1-17, November.
    4. Joanna Rosak-Szyrocka & Justyna Żywiołek, 2022. "Qualitative Analysis of Household Energy Awareness in Poland," Energies, MDPI, vol. 15(6), pages 1-16, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fernández de Guevara, Juan & Maudos, Joaquín & Salvador, Carlos, 2021. "Effects of the degree of financial constraint and excessive indebtedness on firms’ investment decisions," Journal of International Money and Finance, Elsevier, vol. 110(C).
    2. Isabel Busom & Jorge-Andrés Vélez-Ospina, 2021. "Subsidising innovation over the business cycle," Industry and Innovation, Taylor & Francis Journals, vol. 28(6), pages 773-803, July.
    3. Kuşkaya, Sevda & Bilgili, Faik & Muğaloğlu, Erhan & Khan, Kamran & Hoque, Mohammad Enamul & Toguç, Nurhan, 2023. "The role of solar energy usage in environmental sustainability: Fresh evidence through time-frequency analyses," Renewable Energy, Elsevier, vol. 206(C), pages 858-871.
    4. Teirlinck, Peter, 2022. "Enhancing R&D employment slack during environmental turbulence: Triggers and firm performance consequences for R&D-active SMEs," Technovation, Elsevier, vol. 118(C).
    5. Harith Hadi Mohammed Al-Darraji & Amir Bakir, 2020. "The Impact of Renewable Energy Investment on Economic Growth," Journal of Social Sciences (COES&RJ-JSS), , vol. 9(2), pages 234-248, April.
    6. Agnieszka Kuś & Dorota Grego-Planer, 2021. "A Model of Innovation Activity in Small Enterprises in the Context of Selected Financial Factors: The Example of the Renewable Energy Sector," Energies, MDPI, vol. 14(10), pages 1-17, May.
    7. Zouaghi, Ferdaous & Sánchez, Mercedes & Martínez, Marian García, 2018. "Did the global financial crisis impact firms' innovation performance? The role of internal and external knowledge capabilities in high and low tech industries," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 92-104.
    8. Taghizadeh-Hesary, Farhad & Rasoulinezhad, Ehsan & Shahbaz, Muhammad & Vinh Vo, Xuan, 2021. "How energy transition and power consumption are related in Asian economies with different income levels?," Energy, Elsevier, vol. 237(C).
    9. Katarzyna Chudy-Laskowska & Tomasz Pisula, 2022. "An Analysis of the Use of Energy from Conventional Fossil Fuels and Green Renewable Energy in the Context of the European Union’s Planned Energy Transformation," Energies, MDPI, vol. 15(19), pages 1-23, October.
    10. Erika Urbankova & David Krizek, 2020. "Homogeneity of Determinants in the Financial Sector and Investment in EU Countries," Economies, MDPI, vol. 8(1), pages 1-17, February.
    11. Sandra M. Leitner & Robert Stehrer, 2016. "R&D and Non-R&D Innovators During the Global Financial Crisis: The Role of Binding Credit Constraints," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 53(1), pages 1-38, December.
    12. Paweł Kut & Katarzyna Pietrucha-Urbanik, 2023. "Bibliometric Analysis of Renewable Energy Research on the Example of the Two European Countries: Insights, Challenges, and Future Prospects," Energies, MDPI, vol. 17(1), pages 1-23, December.
    13. Tsoy Lyubov & Almas Heshmati, 2023. "Impact Of Financial Crises On The Dynamics Of Capital Structure: Evidence From Korean Listed Companies," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 68(03), pages 867-898, June.
    14. Xi, Xun & Xi, Baoxing & Miao, Chenglin & Yu, Rongjian & Xie, Jie & Xiang, Rong & Hu, Feng, 2022. "Factors influencing technological innovation efficiency in the Chinese video game industry: Applying the meta-frontier approach," Technological Forecasting and Social Change, Elsevier, vol. 178(C).
    15. Garcia Martinez, Marian & Zouaghi, Ferdaous & Garcia Marco, Teresa & Robinson, Catherine, 2019. "What drives business failure? Exploring the role of internal and external knowledge capabilities during the global financial crisis," Journal of Business Research, Elsevier, vol. 98(C), pages 441-449.
    16. Iorember, Paul Terhemba & Usman, Ojonugwa & Jelilov, Gylych, 2019. "Asymmetric Effects of Renewable Energy Consumption, Trade Openness and Economic Growth on Environmental Quality in Nigeria and South Africa," MPRA Paper 96333, University Library of Munich, Germany, revised 2019.
    17. Pruethsan Sutthichaimethee & Boonton Dockthaisong, 2018. "A Relationship of Causal Factors in the Economic, Social, and Environmental Aspects Affecting the Implementation of Sustainability Policy in Thailand: Enriching the Path Analysis Based on a GMM Model," Resources, MDPI, vol. 7(4), pages 1-26, December.
    18. Daniela Nicoleta Sahlian & Adriana Florina Popa & Raluca Florentina Creţu, 2021. "Does the Increase in Renewable Energy Influence GDP Growth? An EU-28 Analysis," Energies, MDPI, vol. 14(16), pages 1-16, August.
    19. Waters, James, 2014. "Introduction of innovations during the 2007-8 financial crisis: US companies compared with universities," MPRA Paper 59016, University Library of Munich, Germany.
    20. Jaros³aw Brodny & Magdalena Tutak, 2023. "The level of implementing sustainable development goal "Industry, innovation and infrastructure" of Agenda 2030 in the European Union countries: Application of MCDM methods," Oeconomia Copernicana, Institute of Economic Research, vol. 14(1), pages 47-102, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:14:y:2021:i:15:p:4526-:d:602263. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.