Energy Efficiency and Sustainable Development: An Analysis of Financial Reliability in Energy Service Companies Industry


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Abstract

The aim of this study is twofold: (i) at first, the authors would like to analyze the financial reliability of ESCO industry in Italy by using the Z''-score model by Altman (1995) and (ii) secondly, observing the trend of Z'' values from the year 2010 to the year 2014, they would try to connect these changes to specific business behaviors. An empirical research on a sample of 68 Italian ESCOs has been carried out. By analyzing balance sheet indicators, the authors identify the causes that entail the transition of firms from a specific solvency situation to another. Findings show that in most cases Z''-score increased over the years thanks to the acquisition of White Certificates, that represents an efficient instrument to promote energy saving. Research results allow to hope in a future development of ESCO industry.Keywords: financial reliability, ESCo, Z-score, Italian companiesJEL Classifications: C20; G33; M41

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Author Biography

Gianpaolo Iazzolino, University of Calabria, Italy

Gianpaolo Iazzolino is Assistant Professor in Business Economics at the Department of Mechanical, Energy and Management Engineering at the University of Calabria, Italy. He is currently a member of the Faculty of Management Engineering at the same University.His research interests are in Business Performance Evaluation Models, Evaluation of Innovation and Intangibles, Knowledge Management Systems.

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Published

2016-04-17

How to Cite

Iazzolino, G., & Gabriele, R. (2016). Energy Efficiency and Sustainable Development: An Analysis of Financial Reliability in Energy Service Companies Industry. International Journal of Energy Economics and Policy, 6(2), 222–233. Retrieved from https://www.econjournals.com/index.php/ijeep/article/view/1926

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