@article{Iazzolino_Gabriele_2016, title={Energy Efficiency and Sustainable Development: An Analysis of Financial Reliability in Energy Service Companies Industry}, volume={6}, url={https://www.econjournals.com/index.php/ijeep/article/view/1926}, abstractNote={<p>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 <em>Z’’-score</em> model by Altman (1995) and (ii) secondly, observing the trend of <em>Z’’</em> 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 <em>Z’’-score</em> 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.</p><p><strong>Keywords</strong>: financial reliability, ESCo, Z-score, Italian companies</p><p><strong>JEL Classifications: </strong>C20; G33; M41<strong></strong></p>}, number={2}, journal={International Journal of Energy Economics and Policy}, author={Iazzolino, Gianpaolo and Gabriele, Rossella}, year={2016}, month={Apr.}, pages={222–233} }