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A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (31 January 2022) | Viewed by 19893
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Special Issue Editor

Prof. Dr. Tomasz Korol

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Guest Editor

Faculty of Management and Economics, Gdansk University of Technology, 80-233 Gdansk, Poland
Interests: the phenomenon of the bankruptcy of enterprises; forecasting consumer bankruptcy; artificial intelligence in economic analysis; the use of fuzzy sets in finance; scoring models; early warning systems for the financial crisis of enterprises

Special Issue Information

Dear Colleagues,

The Guest Editor is inviting submissions to a Special Issue of Energies on the subject area captured in the title, ‘Challenge and Research Trends of Forecasting Financial Energy’. The measurement of economic entities' financial strength is one of the significant challenges of modern economic and financial research. With increased financial globalization, faster economic changes, and a new dimension of increased financial risk in the context of the COVID-19 pandemic crisis due to its biological nature and broad scope, affecting the whole world simultaneously, the issue of forecasting financial energy is gaining much more importance currently.

This Special Issue is devoted to the broad research area of forecasting financial energy of economic units such as enterprises, households, local governments, etc. Conceptualizing the term of financial energy, we aim to capture a wide spectrum of predicting and evaluating the financial standing, including various aspects of corporate finance, personal finance, and public finance.

We expect publications of a theoretical discussion, methodological deliberations, and application considerations that will be an important contribution to the development of literature on this topic.

Prof. Dr. Tomasz Korol
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

financial forecasting
financial risk
corporate finance
personal finance
public finance
households
financial forecasting methods
statistical models
artificial intelligence
financial crisis
economic consequences of COVID-19

Published Papers (7 papers)

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Research

16 pages, 13063 KiB

Open AccessArticle

Directions and Prospects for the Development of the Electric Car Market in Selected ASEAN Countries

by Krystyna Gomółka and Piotr Kasprzak

Energies 2021, 14(22), 7509; https://0-doi-org.brum.beds.ac.uk/10.3390/en14227509 - 10 Nov 2021

Cited by 3 | Viewed by 3326

Abstract

The purpose of this article is to present the current situation and evaluate the opportunities for the development of the electric car market in selected Southeast Asian countries in the context of the current situation in the rest of the world. Currently, the electric car market is at an advanced stage of development in regions such as Western Europe, the USA, and China. It should be noted, however, that the number of electric cars in a given country results not only from market demand and access to vehicle charging networks but also from nonmarket mechanisms such as subsidies and tax or administrative solutions. It turns out that these are important elements that influence the final shape of a country’s market. This article analyses the current situation on the electric car market taking into account the legal, administrative, and tax conditions that affect the final number of vehicles and the infrastructure necessary for the operation and use of electric cars in selected Asian countries. Full article

(This article belongs to the Special Issue Challenge and Research Trends of Forecasting Financial Energy)

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15 pages, 301 KiB

Open AccessArticle

Socioemotional Wealth (SEW) of Family Firms and CEO Behavioral Biases in the Implementation of Sustainable Development Goals (SDGs)

by Elżbieta Bukalska, Marek Zinecker and Michał Bernard Pietrzak

Energies 2021, 14(21), 7411; https://0-doi-org.brum.beds.ac.uk/10.3390/en14217411 - 07 Nov 2021

Cited by 9 | Viewed by 2072

Abstract

Agreed upon by the UN member states, Agenda 2030 assumes joint action for long-term sustainable development. These actions are focused on the implementation of 17 Sustainable Development Goals (SDGs), where actions are assumed to lead to the suppression of negative externalities of human activity. It is stressed that the objectives of sustainable development can only be achieved through deep institutional changes in most dimensions of the economy, including the entrepreneurship dimension. Entrepreneurship plays a pivotal role in the sustainable transformation of the community, as the related activities of companies are the source of the desired structural changes. Entrepreneurial projects make the biggest contribution to the objectives of sustainable development through research and development, investment in new technologies, and innovation. The biggest threat to sustainable entrepreneurship is firms’ aggressive corporate financial strategy, which most often results from CEO overconfidence and aggressive financial behavior. The aim of the article is to indicate differences in corporate financial strategies regarding the status of the company (family or non-family) and CEO characteristics (overconfident or non-overconfident). The fulfilment of this aim by analyzing a selected EU member country (Poland) found more aggressive behavior of overconfident CEOs in non-family firms. It was also found that family firms are a fairly coherent group of companies that implement a more conservative corporate financial strategy regardless of CEO characteristics. We can state that family power can curb CEO overconfidence and its impact on aggressive financial strategy. This means that family firms are much more able to create sustainable entrepreneurship and contribute to Sustainable Development Goals (SDGs) within a market framework. Full article

(This article belongs to the Special Issue Challenge and Research Trends of Forecasting Financial Energy)

16 pages, 384 KiB

Open AccessArticle

Hold-Up Problems in International Gas Trade: A Case Study

by Guych Nuryyev, Tomasz Korol and Ilia Tetin

Energies 2021, 14(16), 4984; https://0-doi-org.brum.beds.ac.uk/10.3390/en14164984 - 13 Aug 2021

Cited by 1 | Viewed by 1527

Abstract

The infrastructure required for international natural gas trade is considerable, which often leads to hold-up problems and supply disruptions. This study discusses disruptions of gas supply from Algeria, Indonesia, Russia, and Turkmenistan since the early 1980s. The novelty of this study is its focus on the issues related to transit countries, which are rarely considered in the literature. The results of the study classify supply disruptions into six types, show the evolution of supply disruptions over time, and discuss mitigation strategies. The six types of disruptions include political change, price demands, debts, technical issues, transit fees, theft of gas. The evolution of the disruptions shows that the issues related to transit countries have become more frequent in the last two decades. Mitigation strategies tailored to transit countries include using an international organisation, designing contracts with price mechanisms that might reduce the possibility of disputes and reducing the number of parties involved in the trade. Full article

(This article belongs to the Special Issue Challenge and Research Trends of Forecasting Financial Energy)

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19 pages, 1969 KiB

Open AccessArticle

The Financialization of Crude Oil Markets and Its Impact on Market Efficiency: Evidence from the Predictive Ability and Performance of Technical Trading Strategies

by Cristiana Tudor and Andrei Anghel

Energies 2021, 14(15), 4485; https://0-doi-org.brum.beds.ac.uk/10.3390/en14154485 - 24 Jul 2021

Cited by 11 | Viewed by 2213

Abstract

Oil price forecasts are of crucial importance for many policy institutions, including the European Central Bank and the Federal Reserve Board, but projecting oil market evolutions remains a complicated task, further exacerbated by the financialization process that characterizes the crude oil markets. The efficiency (in Fama’s sense) of crude oil markets is revisited in this research through the investigation of the predictive ability of technical trading rules (TTRs). The predictive ability and trading performance of a plethora of TTRs are explored on the crude oil markets, as well as on the energy sector ETF XLE, while taking a special focus on the turbulent COVID-19 pandemic period. We are interested in whether technical trading strategies, by signaling the right timing of market entry and exits, can predict oil market movements. Research findings help to confidently conclude on the weak-form efficiency of the WTI crude oil and the XLE fund markets throughout the 1999–2021 period relative to the universe of TTRs. Moreover, results attest that TTRs do not add value to the Brent market beyond what may be expected by chance over the pre-pandemic 1999–2019 period, confirming the efficiency of the market before 2020. Nonetheless, research findings also suggest some temporal inefficiency of the Brent market during the 1 and ¼ years of pandemic period, with important consequences for energy markets’ practitioners and issuers of policy. Research findings further imply that there is evidence of a more intense financialization of the WTI crude oil market, which requires tighter measures from regulators during distressed markets. The Brent oil market is affected mainly by variations in oil demand and supply at the world level and to a lesser degree by financialization and the activity of market practitioners. As such, we conclude that different policies are needed for the two oil markets and also that policy issuers should employ distinct techniques for oil price forecasting. Full article

(This article belongs to the Special Issue Challenge and Research Trends of Forecasting Financial Energy)

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17 pages, 1433 KiB

Open AccessArticle

Determinants of COVID-19 Impact on the Private Sector: A Multi-Country Analysis Based on Survey Data

by Magdalena Olczyk and Marta Ewa Kuc-Czarnecka

Energies 2021, 14(14), 4155; https://0-doi-org.brum.beds.ac.uk/10.3390/en14144155 - 09 Jul 2021

Cited by 7 | Viewed by 2356

Abstract

Our paper aims to investigate the impact of COVID-19 on private sector companies in terms of sales, production, finance and employment. We check whether the country and industry in which companies operate, government financial support and loan access matter to the behaviour and performances of companies during the pandemic. We use a microdata set from a worldwide survey of more than 15,729 companies conducted between April and September 2020 by the World Bank. Logistic regression is used to assess which factors increase the likelihood of businesses suffering due to the COVID-19 pandemic. Our results show that COVID-19 negatively impacts the performance of companies in almost all countries analysed, but a stronger effect is observed among firms from developing countries. The pandemic is more harmful to firms providing services than those representing the manufacturing sector. Due to the pandemic, firms suffer mainly in sales and liquidity decrease rather than employment reduction. The increase in the number of temporary workers is an important factor that significantly reduces the probability of sales, exports or supply decline. The analysis results indicate policy tools supporting enterprises during the pandemic, such as increasing the flexibility of the labour market or directing aid to developing countries. Full article

(This article belongs to the Special Issue Challenge and Research Trends of Forecasting Financial Energy)

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17 pages, 865 KiB

Open AccessArticle

Debt as a Source of Financial Energy of the Farm—What Causes the Use of External Capital in Financing Agricultural Activity? A Model Approach

by Danuta Zawadzka, Agnieszka Strzelecka and Ewa Szafraniec-Siluta

Energies 2021, 14(14), 4124; https://0-doi-org.brum.beds.ac.uk/10.3390/en14144124 - 08 Jul 2021

Cited by 5 | Viewed by 1729

Abstract

The aim of this study was to identify and assess the factors influencing the increase in the financial energy of a farm through the use of external capital, taking into account the farmer’s and farm characteristics. For its implementation, a logistic regression model and a classification-regression tree analysis (CRT) were used. The study was conducted on a group of farms in Central Pomerania (Poland) participating in the system of collecting and using data from farms (Farm Accountancy Data Network—FADN). Data on 348 farms were used for the analyses, obtained through a survey conducted in 2020 with the use of a questionnaire. Based on the analysis of the research results presented in the literature to date, it was established that the use of external capital in a farm as a factor increasing financial energy is determined, on the one hand, by the socio-demographic characteristics of the farmer and the characteristics of the farm, and on the other hand, by the availability of external financing sources. Factors relating to the first of these aspects were taken into account in the study. Using the logistic regression model, it was established that the propensity to indebtedness of farms is promoted by the following factors: gender of the head of the household (male, GEND), younger age of the head of the household (AGE), having a successor who will take over the farm in the future (SUC), higher value of generated production (PROD_VALUE), larger farm area (AREA) and multi-directional production of the farm (production diversification), as opposed to targeting plant or animal production only (farm specialization—SPEC). The results of the analysis carried out with the use of classification and regression trees (CRT) showed that the key factors influencing the use of outside capital as a source of financial energy in the agricultural production process are, first of all, features relating to an agricultural holding: the value of generated production (PROD_VALUE), agricultural area (AREA) and production direction (SPEC). The age of the farm manager (AGE) turned out to be of key importance among the farmer’s features favoring the tendency to take debt in order to finance agricultural activity. Full article

(This article belongs to the Special Issue Challenge and Research Trends of Forecasting Financial Energy)

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14 pages, 2050 KiB

Open AccessArticle

Evaluation of the Macro- and Micro-Economic Factors Affecting the Financial Energy of Households

by Tomasz Korol

Energies 2021, 14(12), 3512; https://0-doi-org.brum.beds.ac.uk/10.3390/en14123512 - 13 Jun 2021

Cited by 4 | Viewed by 5140

Abstract

This paper is an evaluation of the common macro-economic, micro-economic, and social factors affecting households’ financial situations. Moreover, the author’s objective was to develop a fuzzy logic model for forecasting fluctuations in the number of nonperforming consumer loans in a country using the example of Poland. This study represents one of the first attempts in the global literature to develop such a forecasting model based on macro-economic factors. The findings confirm the usefulness of the proposed innovative approach to forecasting the volume of household insolvencies in a country. Full article

(This article belongs to the Special Issue Challenge and Research Trends of Forecasting Financial Energy)

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