IDEAS home Printed from https://ideas.repec.org/a/ksa/szemle/2145.html
   My bibliography  Save this article

Állami energiavállalatok pénzügyi teljesítménye Magyarországon a koronavírus-járvány előtt és alatt
[Financial performance of publicly owned energy companies in Hungary before and during the COVID crisis]

Author

Listed:
  • Kristóf, Tamás
  • Márton, András
  • Fiáth, Attila

Abstract

Az energiaszektor pénzügyi teljesítménye nagymértékben befolyásolja a gazdasági folyamatok stabilitását, valamint a környezetbarát energiatechnológiák bevezetésének lehetőségeit. A Magyarországra 2020-ban begyűrűző koronavírus-járvány, valamint az annak nyomán kialakuló válsághelyzet számos iparágat és szektort megrendített. Jelen tanulmány célja a hazai energetikai nagyvállalatok - kiemelten az állami tulajdonúak - pénzügyi stabilitását vizsgálva választ adni arra a kérdésre, hogy a világjárvány által előidézett válság milyen mértékben érintette rövid távon (2020 végéig) az energiaszektort. A vizsgálatot egy kiterjedt vállalati adatbázison alapuló logisztikus regressziós modellel végeztük el. Az empirikus eredmények rámutattak, hogy az állami energetikai vállalatok pénzügyi teljesítménye között profilonként voltak eltérések, de a csődvalószínűségük 5 százalék alatt maradt a vizsgált időszakban, ami összességében erős pénzügyi stabilitásra, valamint a koronavírus-járvány okozta válságnak való ellenálló képességre utal. Következtetésünk szerint a járvány keltette gazdasági események önmagukban kevésbé gátolták a hazai energetikai szereplők részvételét az energiaátmenetben.* Journal of Economic Literature (JEL) kód: JEL: G33, Q47, C53.

Suggested Citation

  • Kristóf, Tamás & Márton, András & Fiáth, Attila, 2023. "Állami energiavállalatok pénzügyi teljesítménye Magyarországon a koronavírus-járvány előtt és alatt [Financial performance of publicly owned energy companies in Hungary before and during the COVID ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1057-1076.
    • Handle: RePEc:ksa:szemle:2145
    DOI: 10.18414/KSZ.2023.10.1057
    as

    Download full text from publisher

    File URL: http://www.kszemle.hu/tartalom/letoltes.php?id=2145
    Download Restriction: Registration and subscription. 3-month embargo period to non-subscribers.
    File URL: https://libkey.io/10.18414/KSZ.2023.10.1057?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Christiane Rosen and Reinhard Madlener, 2016. "Regulatory Options for Local Reserve Energy Markets: Implications for Prosumers, Utilities, and other Stakeholders," The Energy Journal, International Association for Energy Economics, vol. 0(Bollino-M).
    2. Evens Salies, 2010. "A Test of the Schumpeterian Hypothesis in a Panel of European Electric Utilities," Chapters, in: Jean-Luc Gaffard & Evens Salies (ed.), Innovation, Economic Growth and the Firm, chapter 6, Edward Elgar Publishing.
    3. Markard, Jochen & Truffer, Bernhard, 2006. "Innovation processes in large technical systems: Market liberalization as a driver for radical change?," Research Policy, Elsevier, vol. 35(5), pages 609-625, June.
    4. Costa-Campi, M.T. & Duch-Brown, N. & García-Quevedo, J., 2014. "R&D drivers and obstacles to innovation in the energy industry," Energy Economics, Elsevier, vol. 46(C), pages 20-30.
    5. Farhad Taghizadeh-Hesary & Naoyuki Yoshino, 2020. "Sustainable Solutions for Green Financing and Investment in Renewable Energy Projects," Energies, MDPI, vol. 13(4), pages 1-18, February.
    6. Stuart L. Hart & Gautam Ahuja, 1996. "Does It Pay To Be Green? An Empirical Examination Of The Relationship Between Emission Reduction And Firm Performance," Business Strategy and the Environment, Wiley Blackwell, vol. 5(1), pages 30-37, March.
    7. Elie, Luc & Granier, Caroline & Rigot, Sandra, 2021. "The different types of renewable energy finance: A Bibliometric analysis," Energy Economics, Elsevier, vol. 93(C).
    8. Nyitrai, Tamás & Virág, Miklós, 2019. "The effects of handling outliers on the performance of bankruptcy prediction models," Socio-Economic Planning Sciences, Elsevier, vol. 67(C), pages 34-42.
    9. Egli, Florian, 2020. "Renewable energy investment risk: An investigation of changes over time and the underlying drivers," Energy Policy, Elsevier, vol. 140(C).
    10. Mazzucato, Mariana & Semieniuk, Gregor, 2018. "Financing renewable energy: Who is financing what and why it matters," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 8-22.
    11. Emanuele Campiglio & Yannis Dafermos & Pierre Monnin & Josh Ryan-Collins & Guido Schotten & Misa Tanaka, 2018. "Climate change challenges for central banks and financial regulators," Nature Climate Change, Nature, vol. 8(6), pages 462-468, June.
    12. Chun-Ping Chang & Gen-Fu Feng & Mingbo Zheng, 2021. "Government Fighting Pandemic, Stock Market Return, and COVID-19 Virus Outbreak," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(8), pages 2389-2406, June.
    13. Steffen, Bjarne, 2018. "The importance of project finance for renewable energy projects," Energy Economics, Elsevier, vol. 69(C), pages 280-294.
    14. Polzin, Friedemann, 2017. "Mobilizing private finance for low-carbon innovation – A systematic review of barriers and solutions," Renewable and Sustainable Energy Reviews, Elsevier, vol. 77(C), pages 525-535.
    15. Jordi Surroca & Josep A. Tribó & Sandra Waddock, 2010. "Corporate responsibility and financial performance: the role of intangible resources," Strategic Management Journal, Wiley Blackwell, vol. 31(5), pages 463-490, May.
    Full references (including those not matched with items on IDEAS)

    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. Polzin, Friedemann & Sanders, Mark & Serebriakova, Alexandra, 2021. "Finance in global transition scenarios: Mapping investments by technology into finance needs by source," Energy Economics, Elsevier, vol. 99(C).
    2. Thomas Baldauf & Patrick Jochem, 2024. "Project finance or corporate finance for renewable energy? an agent-based insight," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 19(4), pages 759-805, October.
    3. Waidelich, Paul & Steffen, Bjarne, 2024. "Renewable energy financing by state investment banks: Evidence from OECD countries," Energy Economics, Elsevier, vol. 132(C).
    4. Li, Minyang & Lin, Boqiang, 2024. "Clean energy business expansion and financing availability: The role of government and market," Energy Policy, Elsevier, vol. 191(C).
    5. Mosquera-López, Stephania & Uribe, Jorge M., 2022. "Pricing the risk due to weather conditions in small variable renewable energy projects," Applied Energy, Elsevier, vol. 322(C).
    6. Steffen, Bjarne & Karplus, Valerie & Schmidt, Tobias S., 2022. "State ownership and technology adoption: The case of electric utilities and renewable energy," Research Policy, Elsevier, vol. 51(6).
    7. Sarah Hafner & Olivia James & Aled Jones, 2019. "A Scoping Review of Barriers to Investment in Climate Change Solutions," Sustainability, MDPI, vol. 11(11), pages 1-19, June.
    8. Polzin, Friedemann & Sanders, Mark, 2020. "How to finance the transition to low-carbon energy in Europe?," Energy Policy, Elsevier, vol. 147(C).
    9. D'Orazio, Paola, 2022. "Mapping the emergence and diffusion of climate-related financial policies: Evidence from a cluster analysis on G20 countries," International Economics, Elsevier, vol. 169(C), pages 135-147.
    10. Tonmoy Choudhury & Muhammad Kamran & Hadrian Geri Djajadikerta & Tapan Sarker, 2023. "Can Banks Sustain the Growth in Renewable Energy Supply? An International Evidence," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 35(1), pages 20-50, February.
    11. Firouzi, Afshin & Meshkani, Ali, 2021. "Risk-based optimization of the debt service schedule in renewable energy project finance," Utilities Policy, Elsevier, vol. 70(C).
    12. Elie, Luc & Granier, Caroline & Rigot, Sandra, 2021. "The different types of renewable energy finance: A Bibliometric analysis," Energy Economics, Elsevier, vol. 93(C).
    13. Joanna Rakowska & Mariusz Maciejczak & Iwona M. Batyk & Eliza Farelnik, 2022. "Rural–Urban Differences in Solar Renewable Energy Investments Supported by Public Finance in Poland," Energies, MDPI, vol. 15(22), pages 1-19, November.
    14. Gregor Semieniuk & Emanuele Campiglio & Jean‐Francois Mercure & Ulrich Volz & Neil R. Edwards, 2021. "Low‐carbon transition risks for finance," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 12(1), January.
    15. Wang, Nan & Mogi, Gento, 2017. "Deregulation, market competition, and innovation of utilities: Evidence from Japanese electric sector," Energy Policy, Elsevier, vol. 111(C), pages 403-413.
    16. Lee, Chien-Chiang & He, Zhi-Wen & Xiao, Fu, 2022. "How does information and communication technology affect renewable energy technology innovation? International evidence," Renewable Energy, Elsevier, vol. 200(C), pages 546-557.
    17. Liu, Yang & Zhao, Xiaomeng & Dong, Kangyin & Jiang, Qingzhe, 2023. "Assessing the role of green finance in sustainable energy investments by power utilities: Evidence from China," Utilities Policy, Elsevier, vol. 84(C).
    18. Friedemann Polzin & Mark Sanders & Bjarne Steffen & Florian Egli & Tobias S. Schmidt & Panagiotis Karkatsoulis & Panagiotis Fragkos & Leonidas Paroussos, 2021. "The effect of differentiating costs of capital by country and technology on the European energy transition," Climatic Change, Springer, vol. 167(1), pages 1-21, July.
    19. Lin, Boqiang & Li, Minyang, 2024. "Micro Mechanisms Driving China's Clean Energy Flourish: Business Expansion and Financing," International Review of Financial Analysis, Elsevier, vol. 92(C).
    20. Steffen, Bjarne, 2020. "Estimating the cost of capital for renewable energy projects," Energy Economics, Elsevier, vol. 88(C).

    More about this item

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

    Statistics

    Access and download statistics

    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:ksa:szemle:2145. 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: Odon Sok (email available below). General contact details of provider: http://www.kszemle.hu .

    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.