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

Gianpaolo Iazzolino and Rossella Gabriele
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Gianpaolo Iazzolino: Department of Mechanical, Energy and Management Engineering, University of Calabria, Building 46/C, 87036 Rende (CS), Italy
Rossella Gabriele: Department of Mechanical, Energy and Management Engineering, University of Calabria, Building 46/C, 87036 Rende (CS), Italy

International Journal of Energy Economics and Policy, 2016, vol. 6, issue 2, 222-233

Abstract: The aim of this study is twofold: (i) At first, the authors would like to analyze the financial reliability of Energy Service Companies (ESCO) industry in Italy by using the Z - score model by Altman et al. (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; Energy Service Companies; Z-score; Italian Companies (search for similar items in EconPapers)
JEL-codes: C20 G33 M41 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (5)

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