IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i4p2130-d500593.html
   My bibliography  Save this article

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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Sylwia Lorenc & Arkadiusz Kustra, 2021. "Distributing Enterprise Value to Stakeholders in the Range of Sustainable Development on the Basis of the Energy Industry in Poland," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:4:p:2130-:d:500593
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/4/2130/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/4/2130/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Markus Milne & Rob Gray, 2013. "W(h)ither Ecology? The Triple Bottom Line, the Global Reporting Initiative, and Corporate Sustainability Reporting," Journal of Business Ethics, Springer, vol. 118(1), pages 13-29, November.
    2. Meyar-Naimi, H. & Vaez-Zadeh, S., 2012. "Sustainable development based energy policy making frameworks, a critical review," Energy Policy, Elsevier, vol. 43(C), pages 351-361.
    3. Antonis Skouloudis & Konstantinos Evangelinos & Chrisovaladis Malesios, 2015. "Priorities and Perceptions for Corporate Social Responsibility: An NGO Perspective," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 22(2), pages 95-112, March.
    4. Jeffrey S. Harrison & Douglas A. Bosse & Robert A. Phillips, 2010. "Managing for stakeholders, stakeholder utility functions, and competitive advantage," Strategic Management Journal, Wiley Blackwell, vol. 31(1), pages 58-74, January.
    5. Satya Widya Yudha & Benny Tjahjono, 2019. "Stakeholder Mapping and Analysis of the Renewable Energy Industry in Indonesia," Energies, MDPI, vol. 12(4), pages 1-19, February.
    6. Cristina Raluca Gh. Popescu & Gheorghe N. Popescu, 2019. "An Exploratory Study Based on a Questionnaire Concerning Green and Sustainable Finance, Corporate Social Responsibility, and Performance: Evidence from the Romanian Business Environment," JRFM, MDPI, vol. 12(4), pages 1-79, October.
    7. Marian Garcia Martinez, 2014. "Co‐creation of Value by Open Innovation: Unlocking New Sources of Competitive Advantage," Agribusiness, John Wiley & Sons, Ltd., vol. 30(2), pages 132-147, March.
    8. Xiaoling Wang & Jatin Nathwani & Chunyou Wu, 2016. "Visualization of International Energy Policy Research," Energies, MDPI, vol. 9(2), pages 1-14, January.
    9. Akalu, M.M. & Turner, J.R., 2002. "Adding Shareholder Value through Project Performance Measurement, Monitoring & Control," ERIM Report Series Research in Management ERS-2002-38-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    10. Lidia Gawlik & Eugeniusz Mokrzycki, 2019. "Changes in the Structure of Electricity Generation in Poland in View of the EU Climate Package," Energies, MDPI, vol. 12(17), pages 1-19, August.
    11. Anna Bluszcz & Anna Manowska, 2020. "Differentiation of the Level of Sustainable Development of Energy Markets in the European Union Countries," Energies, MDPI, vol. 13(18), pages 1-20, September.
    12. Tiba, Sofien & Omri, Anis, 2017. "Literature survey on the relationships between energy, environment and economic growth," Renewable and Sustainable Energy Reviews, Elsevier, vol. 69(C), pages 1129-1146.
    13. Kanagawa, Makoto & Nakata, Toshihiko, 2008. "Assessment of access to electricity and the socio-economic impacts in rural areas of developing countries," Energy Policy, Elsevier, vol. 36(6), pages 2016-2029, June.
    14. Inta Kotane, 2015. "Use Of Financial And Non-Financial Indicators In Evaluation Of Company’S Performance," CBU International Conference Proceedings, ISE Research Institute, vol. 3(0), pages 224-233, September.
    15. Suwala, Wojciech, 2008. "Modelling adaptation of the coal industry to sustainability conditions," Energy, Elsevier, vol. 33(7), pages 1015-1026.
    16. Tetyana Pimonenko & Yuriy Bilan & Jakub Horák & Liudmyla Starchenko & Waldemar Gajda, 2020. "Green Brand of Companies and Greenwashing under Sustainable Development Goals," Sustainability, MDPI, vol. 12(4), pages 1-15, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Radu-Alexandru Șerban & Diana Marieta Mihaiu & Mihai Țichindelean, 2022. "Environment, Social, and Governance Score and Value Added Impacts on Market Capitalization: A Sectoral-Based Approach," Sustainability, MDPI, vol. 14(4), pages 1-25, February.
    2. Constantinescu Daniela, 2021. "Sustainability disclosure and its impact on firm's value for Energy and Healthcare industry," Central European Economic Journal, Sciendo, vol. 8(55), pages 313-329, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Anna Bluszcz & Anna Manowska, 2020. "Differentiation of the Level of Sustainable Development of Energy Markets in the European Union Countries," Energies, MDPI, vol. 13(18), pages 1-20, September.
    2. Tran, Nguyen Van & Tran, Quyet Van & Do, Linh Thi Thuy & Dinh, Linh Hong & Do, Ha Thi Thu, 2019. "Trade off between environment, energy consumption and human development: Do levels of economic development matter?," Energy, Elsevier, vol. 173(C), pages 483-493.
    3. Irene Eleonora Lisi, 2018. "Determinants and Performance Effects of Social Performance Measurement Systems," Journal of Business Ethics, Springer, vol. 152(1), pages 225-251, September.
    4. Mirela Sichigea & Marian Ilie Siminica & Daniel Circiumaru & Silviu Carstina & Nela-Loredana Caraba-Meita, 2020. "A Comparative Approach of the Environmental Performance between Periods with Positive and Negative Accounting Returns of EEA Companies," Sustainability, MDPI, vol. 12(18), pages 1-18, September.
    5. Federico Barnabè & Maria Cleofe Giorgino & Martin Kunc, 2019. "Visualizing and managing value creation through integrated reporting practices: a dynamic resource-based perspective," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(2), pages 537-575, June.
    6. Carlos Ferro-Soto & Luz Amparo Macías-Quintana & Paula Vázquez-Rodríguez, 2018. "Effect of Stakeholders-Oriented Behavior on the Performance of Sustainable Business," Sustainability, MDPI, vol. 10(12), pages 1-27, December.
    7. Anna Stankiewicz-Mróz, 2019. "Influence of Interlocking Directorates on Integration after the Acquisition of Warsaw Stock Exchange—Listed Companies," Sustainability, MDPI, vol. 11(24), pages 1-22, December.
    8. Fábio Albuquerque & Ana Isabel Dias & Alexandra Domingos, 2023. "The Students’ Intrinsic Motivation for Learning Non-Financial Information Matters from Their Self-Identification as Global Citizens," Sustainability, MDPI, vol. 15(10), pages 1-19, May.
    9. Bezerra, Paula & Cruz, Talita & Mazzone, Antonella & Lucena, André F.P. & De Cian, Enrica & Schaeffer, Roberto, 2022. "The multidimensionality of energy poverty in Brazil: A historical analysis," Energy Policy, Elsevier, vol. 171(C).
    10. Franck Brulhart & Sandrine Gherra & Bertrand V. Quelin, 2019. "Do Stakeholder Orientation and Environmental Proactivity Impact Firm Profitability?," Journal of Business Ethics, Springer, vol. 158(1), pages 25-46, August.
    11. Merriam Haffar & Cory Searcy, 2018. "Target‐setting for ecological resilience: Are companies setting environmental sustainability targets in line with planetary thresholds?," Business Strategy and the Environment, Wiley Blackwell, vol. 27(7), pages 1079-1092, November.
    12. David Almorza-Gomar & Rafael Ravina-Ripoll & Cristina Raluca Gh. Popescu & Araceli Galiano-Coronil, 2022. "Evaluation of an Experience of Academic Happiness through Football at University," IJERPH, MDPI, vol. 19(11), pages 1-13, May.
    13. Gallear, David & Ghobadian, Abby & Chen, Weifeng, 2012. "Corporate responsibility, supply chain partnership and performance: An empirical examination," International Journal of Production Economics, Elsevier, vol. 140(1), pages 83-91.
    14. Piotr Gradziuk & Aleksandra Siudek & Anna M. Klepacka & Wojciech J. Florkowski & Anna Trocewicz & Iryna Skorokhod, 2022. "Heat Pump Installation in Public Buildings: Savings and Environmental Benefits in Underserved Rural Areas," Energies, MDPI, vol. 15(21), pages 1-16, October.
    15. Agga, Ali & Abbou, Ahmed & Labbadi, Moussa & El Houm, Yassine, 2021. "Short-term self consumption PV plant power production forecasts based on hybrid CNN-LSTM, ConvLSTM models," Renewable Energy, Elsevier, vol. 177(C), pages 101-112.
    16. Marcos Carchano & Inmaculada Carrasco & Angela González, 2025. "Examining environmental proactivity in the Spanish wine industry: The moderating role of size," Agribusiness, John Wiley & Sons, Ltd., vol. 41(1), pages 127-157, January.
    17. Kazadi, Kande & Lievens, Annouk & Mahr, Dominik, 2016. "Stakeholder co-creation during the innovation process: Identifying capabilities for knowledge creation among multiple stakeholders," Journal of Business Research, Elsevier, vol. 69(2), pages 525-540.
    18. Ashish Kumar Sedai, Rabindra Nepal, and Tooraj Jamasb, 2022. "Electrification and Socio-Economic Empowerment of Women in India," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
    19. Mihaela Păceşilă & Sofia Elena Colesca, 2020. "Insights on Social Responsibility of NGOS," Systemic Practice and Action Research, Springer, vol. 33(3), pages 311-339, June.
    20. Céline Nauges, 2018. "Correction to: Water Hauling and Girls’ School Attendance: Some New Evidence from Ghana," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 69(2), pages 447-447, February.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:4:p:2130-:d:500593. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.