Distributing Enterprise Value to Stakeholders in the Range of Sustainable Development on the Basis of the Energy Industry in Poland

Sylwia Lorenc and Arkadiusz Kustra
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Sylwia Lorenc: Department of Economy and Management in Industry, AGH University of Science and Technology, 30-059 Kraków, Poland
Arkadiusz Kustra: Department of Economy and Management in Industry, AGH University of Science and Technology, 30-059 Kraków, Poland

Sustainability, 2021, vol. 13, issue 4, 1-18

Abstract: The aim of this paper is to analyse and compare the process of distributing value to stakeholders in energy industry enterprises in the range of sustainable transition. The analysis focuses on the four largest energy companies in Poland: ENEA Group, ENERGA Group, PGE Group and TAURON Polish Energy. Directions of value distribution in these companies have been presented for the years 2009–2018. The paper identifies the main groups of stakeholders of the above companies, i.e., owners, employees, suppliers, capital providers, the state budget and the budgets of local government units. The value dedicated to these stakeholders was estimated based on the free cash flow (FCF) methodology. According to the presented analysis, in the years 2009–2018, the energy industry in Poland realised a total of 236.2 billion PLN for selected stakeholders. PGE Group generated the most financial benefits, providing nearly 120 billion PLN. The smallest value was realised by ENERGA Group in the amount of over 28 billion PLN. Identification of added value according to the proposed methodology may support the process of making decisions related to the continuation or cessation of energy-related activities in the light of continued or lost potential stakeholder benefits.

Keywords: sustainable development; sustainable value; economic value added; energy market; energy economics; energy transition; stakeholders; value distribution (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:13:y:2021:i:4:p:2130-:d:500593

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