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  • 1
    Publication Date: 2020-09-16
    Description: Our knowledge of discount rates plays an important role both in the discounted cash flow decision-making process and in the later phases of a project’s lifetime. It is useful than both for management and cash-flow monitoring purposes at operating stages. Investors putting money into power generation projects expect an appropriate rate of return to compensate them for a minimum acceptable real return available in the market (risk-free rate of interest) and the project’s specific risk. Due to its essential nature in the financial and economic evaluation of projects (it is the only parameter that reflects the risk), it is reasonable to assume that investors would also be interested in constituent components of that indicator. The discount rate is one parameter in the discounted cash flow analysis that takes into account the risk of a venture. Further, the previous research in this area has focused mainly on the dimension of this variable, and the structure of this parameter has not been dealt with any other studies. The proposed idea of this study met the expectations of the industry—it aimed to present a typical project implemented in the energy industry, a relatively simple methodology that allowed estimating the components within the cost of equity capital of the enterprise. In the power generation sector, one can find various types of discount rates—assessed for multiple technologies, at different development stages, and expressed differently. Owing to the know-how and decades-long experience, coal-fired power projects’ remarks may be a good benchmark for alternative low carbon technologies. That is why, in this work, a discount rate for valuing investment in new coal-fired power projects was evaluated. This assessment was made on the “bare-bones” assumption, meaning evaluations at 100% equity, after-tax, in constant (real) currency units. The analysis of the discount rate structure was performed by applying the procedure of the classical sensitivity analysis having the accuracy of key input parameters. Finally, the risk factors within the risk-adjusted discount rate were calculated. The obtained results showed the importance of individual risk factors within the risk-adjusted discount rate used in coal energy projects, which would enable a more pragmatic approach to controlling this parameter by decision-makers and understanding the risk.
    Electronic ISSN: 1996-1073
    Topics: Energy, Environment Protection, Nuclear Power Engineering
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  • 2
    Publication Date: 2019-09-12
    Description: The analysis of the experiences of cross-border countries shall facilitate the identification of the most helpful and useful tools to improve the process of adaptation of young people into the labor market. The goal of the higher education system, as part of cross-border cooperation, is to develop professionally competent, service-oriented, principled and productive citizens in Poland and Slovakia. There are a lot of factors influencing the possibility of undertaking rewarding jobs by students and graduates that are related to their degree, especially the supply and demand of business related jobs which plays a significant role in the process. The analysis of degree programs, the views of working students, graduates and employers, followed by the preparation of a research report and relevant recommendations may have a beneficial effect on the profile and quality of education and the future of graduates in the countries included in the study, as well as in other countries which are interested in the outcomes of the project. The objective of this article is to present the results of research on how graduates of higher education business studies develop in terms of the skills, knowledge and characteristics which enable them to be employable in Poland and Slovakia. The applied research methodology combines the analysis of subject-related literature with empirical research. The questionnaires for data collection constituted a survey for independent completion. The adopted method allowed a numerical description of trends, attitudes and opinions in a selected group. It also facilitated a comparison of the results of the studies of Polish graduates and Slovakian graduates.
    Electronic ISSN: 2071-1050
    Topics: Energy, Environment Protection, Nuclear Power Engineering
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  • 3
    Publication Date: 2020-02-15
    Description: The enhancement of the financial sector significantly drives a nation’s economy and thereby increase energy intensity. Considering this situation, the current study aims to examine the link between globalization and financial advancements with the energy intensity of the top 5 ASEAN (Association of Southeast Asian Nations) economies. The development structure of the ASEAN region is considered significant for having stable growth. The authors used the annual data from 1990 to 2018 for five of the largest ASEAN economies: Singapore, Malaysia, Thailand, Indonesia, and the Philippines. The present study used novel methodology, the Adaptive Neuro-Fuzzy Inference System (ANFIS), to examine the nonlinear behaviour among globalization, financial development, and energy intensity in the top 5 ASEAN countries. The study results using ANFIS confirm that globalization and financial development are positively correlated and have a significant impact on the energy intensity level in the top ASEAN countries. The results further suggest that globalization and financial development increase the level of energy intensity more in the countries that are developed relative to their peers in the top ASEAN countries. Moreover, the outcomes of ANFIS also suggest that those countries, which are more globalized and financially developed, have more potential to increase the level of energy intensity. Therefore, the government needs to focus more on projects that involve renewable energy and are environmentally friendly.
    Electronic ISSN: 1996-1073
    Topics: Energy, Environment Protection, Nuclear Power Engineering
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  • 4
    Publication Date: 2021-03-25
    Description: The purpose of the study is to assess the level of energy supply to the population of the Eastern Europe, Caucasus, and Central Asian (EECCA) countries, taking into account their financial risk and energy efficiency for households as potential socially vulnerable consumers. The research methodology is based on three approaches to determining the energy poverty of the population, as well as the integral index of energy supply to socially vulnerable segments of the population. Based on the results of the three approaches to assessing the level of energy supply to the population of EECCA countries, it has been revealed that its critical indicators are found in Armenia, Georgia, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, and Ukraine. The multivariate analysis of variance has revealed that, in all EECCA countries, both financial risk and energy efficiency levels have a significant impact. In Azerbaijan, Kazakhstan, and Russia, financial risk has the greatest impact on the level of energy supply to socially vulnerable segments of the population, while in other EECCA countries the energy efficiency factor has the strongest impact. In a number of EECCA countries, households have poor energy supply and require efficient and reliable operation, the introduction of energy-efficient technologies for home maintenance, and the improvement of related programs. The novelty of this study lies in the proposed methodological approach to assessing the supply of energy resources to socially unprotected segments of the population, which makes it possible to determine the impact of financial risk and energy efficiency in EECCA countries.
    Electronic ISSN: 1996-1073
    Topics: Energy, Environment Protection, Nuclear Power Engineering
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  • 5
    Publication Date: 2021-02-10
    Description: The decentralization of the large-scale energy sector, its replacement with pro-ecological, dispersed production sources and building a citizen dimension of the energy sector are the directional objectives of the energy transformation in the European Union. Building energy self-sufficiency at a local level is possible, based on the so-called Energy Communities, which include energy clusters and energy cooperatives. Several dozen pilot projects for energy clusters have been implemented in Poland, while energy cooperatives, despite being legally sanctioned and potentially a simpler formula of operation, have not functioned in practice. This article presents the coopetitive nature of Energy Communities. The authors analysed the principles and benefits of creating Energy Communities from a regulatory and practical side. An important element of the analysis is to indicate the managerial, coopetitive nature of the strategies implemented within the Energy Communities. Their members, while operating in a competitive environment, simultaneously cooperate to achieve common benefits. On the basis of the actual data of recipients and producers, the results of simulations of benefits in the economic dimension will be presented, proving the thesis of the legitimacy of creating coopetitive structures of Energy Communities.
    Electronic ISSN: 1996-1073
    Topics: Energy, Environment Protection, Nuclear Power Engineering
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  • 6
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    Taylor & Francis | Routledge
    Publication Date: 2024-04-03
    Description: The central task of contemporary strategic management is to look for sources of value and to achieve above- average firm performance. The effective implementation of a value creation strategy requires a comprehensive approach, including the creation of a systemic management structure aimed at increasing company value. The concept of value- based management involves consciously inspiring, undertaking, and implementing value- oriented actions. Value creation takes place at all levels of management and in all organisational units of the company; therefore, the implementation of all management functions should be assigned to this goal. Thus, the role of managers is gaining importance, especially those who are capital- linked to companies, who set goals and verify them by means of informed decisions aimed at maximising value in the long term. The book presents a multidimensional analysis of shareholders’ impact on company value creation. The authors chose the IT sector as the area of study; this sector, being one in which modern technologies are essential, acquires special significance for the global economy. The book features a review of notions and concepts related to the management of company value and methods of measuring it, the shareholder’s impact on the creation of company value, and factors affecting long- term value creation; an analysis of the places of occurrence, power and direction of a shareholder’s impact on building the long- term capacity of an IT sector company for creating the value thereof, as well as the conceptualisation and operationalisation of such impact; an analysis of the role of shareholders in IT sector companies, a profile of shareholder competence which makes the role of a shareholder unique to the company and fulfils the “value- creating owner” postulate; an analysis of the role of hired managers cooperating with the shareholders with an indication of the significance of mutual development and the supplementation of one’s own skills. The book is dedicated to scientists in the field of strategic management, valuebased management, and leadership; shareholders; students of EMBA and MBA programmes; practitioners in strategic management; and current shareholders of modern technology companies (in particular from the IT sector) and future investors, for all of whom it may offer a valuable outlook on the management principles and practices in the sectors, particularly with respect to the long- term creation of company value.
    Keywords: Strategic Management ; Value Creation ; Shareholders ; Shareholder Value Creation ; Shareholder Theory ; Leadership ; Managerial Competencies ; IT Sector ; thema EDItEUR::K Economics, Finance, Business and Management::KC Economics ; thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJQ Business mathematics and systems ; thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJC Business strategy ; thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation ; thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJU Organizational theory and behaviour ; thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMV Management of specific areas
    Language: English
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