The Impact of Economic Factors on the Sustainable Development of Energy Enterprises: The Case of Bulgaria, Czechia, Estonia and Poland

Anna Misztal (), Magdalena Kowalska and Anita Fajczak-Kowalska
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Anna Misztal: Faculty of Economics and Sociology, University of Lodz, 90-214 Lodz, Poland
Magdalena Kowalska: Faculty of Economics and Sociology, University of Lodz, 90-214 Lodz, Poland
Anita Fajczak-Kowalska: Institute of Information Technology, Lodz University of Technology, 90-924 Lodz, Poland

Energies, 2022, vol. 15, issue 18, 1-19

Abstract: The sustainable development of enterprises is based on three pillars: economic, social, and environmental. Sustainable development aims to limit climate change and its negative impact on the natural environment. The main aim of this paper is to assess the impact of selected energy economy factors (government expenditure, environmental taxes, outlays on renewable energy sources, prices of futures contracts for CO 2 emissions, outlays on R&D, and the EU Emissions Trading System (ETS EU )) on the sustainable development of the energy sectors in Bulgaria, Czechia, Estonia, and Poland, from 2008 to 2022. We use the correlation coefficients, the Ordinary Least Squares (OLS), Vector Autoregressive (VAR) Models, and the simultaneous equation. The research results indicate a variation in the direction and strength of the influence of individual economic factors in the studied countries ( p < 0.05). The results can support operational and strategic decisions sustaining the sustainable development of enterprises in the analyzed countries. The results indicate the need to reform selected economic factors, with an emphasis on the increased importance of environmental taxes and the reform of the EU ETS, which is a key tool for reducing greenhouse gas emissions cost-effectively.

Keywords: sustainable development; climate change; economic factors; energy sector (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
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