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Analysing the impact of the biomass sector on economic growth in Romania using econometric modelling

Author

Listed:
  • Busu Cristian

    (Bucharest University of Economic Studies, Bucharest, Romania)

  • Busu Mihail

    (Bucharest University of Economic Studies, Bucharest, Romania)

  • Goia Simona

    (Bucharest University of Economic Studies, Bucharest, Romania)

  • Nedelcu Catalina Alexandra

    (Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

The growing importance of sustainable energy sources, driven by environmental concerns and energy security, has led to increased interest in the biomass sector's impact on economic growth. This study employs multiple linear regression analysis to examine how the biomass sector influences Romania's economic landscape. The aim of this research is to unravel the sector's dynamics, understanding its contribution to the national economy, and exploring its potential in advancing sustainable development objectives. A comprehensive literature review delves into past studies probing the relationship between the biomass sector and economic growth, with an emphasis on the Romanian context. Key economic indicators and variables are identified and included in the regression model. The empirical analysis is based on data obtained from various sources, allowing for a robust examination, and the results of the multiple linear regression analysis reveal significant insights into the dynamics of the biomass sector's impact on economic growth in Romania. Furthermore, potential confounding factors are considered, and their influence on the findings is discussed. The paper also includes a stakeholder analysis for using black pellets as the biomass option of choice in the energy sector. Contributing to existing knowledge, the research sheds light on Romania’s biomass sector specific context, while discussing practical and policy implications, and offering guidance to stakeholders and policymakers in sustainable energy and economic development. Emphasising the pivotal role of biomass in economic growth, the study underscores the need for informed decision making and policy development to nurture this sector in Romania.

Suggested Citation

  • Busu Cristian & Busu Mihail & Goia Simona & Nedelcu Catalina Alexandra, 2024. "Analysing the impact of the biomass sector on economic growth in Romania using econometric modelling," Management & Marketing, Sciendo, vol. 19(3), pages 520-537.
    • Handle: RePEc:vrs:manmar:v:19:y:2024:i:3:p:520-537:n:1007
    DOI: 10.2478/mmcks-2024-0023
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    References listed on IDEAS

    as
    1. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, December.
    2. Alina Mihaela Dima & Mihail Busu & Vanesa Madalina Vargas, 2022. "The mediating role of students’ ability to adapt to online activities on the relationship between perceived university culture and academic performance," Oeconomia Copernicana, Institute of Economic Research, vol. 13(4), pages 1253-1281, December.
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