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Does CSR Affect the Profitability and Valuation of Energy Companies? An Example from Poland

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  • Mariusz Zieliński

    (Faculty of Economics and Management, Opole University of Technology, 45-758 Opole, Poland)

  • Izabela Jonek-Kowalska

    (Faculty of Organization and Management, The Silesian University of Technology, 44-100 Gliwice, Poland)

Abstract

The article refers to the issues of financial profitability of undertaking CSR activities, which is widely reported in literature. The four largest electricity producing companies in Poland were selected for the analysis. The research period covers the years 2009–2019, when the index of socially responsible companies was operating on the Warsaw Stock Exchange. The main purpose of the article is to compare the profitability ratios and quotations of energy companies in Poland declaring themselves socially responsible with companies of the same sector that have not expressed such a declaration. The results obtained on the basis of descriptive statistics, concerning profitability ratios and stock market quotations, indicate no relationship between their level and stability and the companies’ declarations of compliance with social responsibility. Companies declaring themselves socially responsible were placed in the ranking between the results of companies that did not belong to the indicated index. This may be the result of the specific situation of energy companies in Poland.

Suggested Citation

  • Mariusz Zieliński & Izabela Jonek-Kowalska, 2021. "Does CSR Affect the Profitability and Valuation of Energy Companies? An Example from Poland," Energies, MDPI, vol. 14(12), pages 1-24, June.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:12:p:3668-:d:578312
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    Cited by:

    1. Hanna E. Czaja-Cieszyńska & Dominika Kordela, 2023. "Sustainability Reporting in Energy Companies—Is There a Link between Social Disclosures, the Experience and Market Value?," Energies, MDPI, vol. 16(9), pages 1-15, April.
    2. Mateusz Trzeciak & Izabela Jonek-Kowalska, 2021. "Monitoring and Control in Program Management as Effectiveness Drivers in Polish Energy Sector. Diagnosis and Directions of Improvement," Energies, MDPI, vol. 14(15), pages 1-25, July.
    3. Izabella Lecka & Janusz Gudowski & Tomasz Wołowiec, 2022. "CSR in Poland and the Implementation of Sustainable Development Goals in the Energy Sector during the COVID-19 Pandemic," Energies, MDPI, vol. 15(19), pages 1-25, September.
    4. Monika Wieczorek-Kosmala & Joanna Błach & Iwona Gorzeń-Mitka, 2021. "Does Capital Structure Drive Profitability in the Energy Sector?," Energies, MDPI, vol. 14(16), pages 1-15, August.
    5. Mariusz Zieliński & Małgorzata Adamska, 2022. "ESG Assessment from the Perspective of the Management Board and Trade Unions on the Example of the Opole Power Plant," Energies, MDPI, vol. 15(21), pages 1-21, October.

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