Drivers of Firms’ Financial Performance in the Energy Sector: A Comparative Approach between the Conventional and Renewable Energy Fields

Gratiela Georgiana Noja; Mirela Cristea; Marilen Gabriel Pirtea; Mirela Panait; Raluca Mihaela  Drăcea; Denisa Abrudan

doi:10.5755/j01.ee.34.2.31274

Authors

Gratiela Georgiana Noja Faculty of Economics and Business Administration, West University of Timisoara, Romania https://orcid.org/0000-0002-9201-3057
Mirela Cristea Faculty of Economics and Business Administration, University of Craiova, Romania
Marilen Gabriel Pirtea Faculty of Economics and Business Administration, West University of Timisoara, Romania
Mirela Panait 3Faculty of Economic Sciences, Petroleum-Gas University of Ploiesti; Institute of National Economy, Romanian Academy, Romania https://orcid.org/0000-0002-5158-753X
Raluca Mihaela Drăcea Faculty of Agrifood and Environmental Economics, Bucharest University of Economic Studies, Romania https://orcid.org/0000-0003-0927-7009
Denisa Abrudan Faculty of Economics and Business Administration, West University of Timisoara, Romania https://orcid.org/0000-0001-8310-7011

DOI:

https://doi.org/10.5755/j01.ee.34.2.31274

Keywords:

Fossil Fuels Companies, Renewable Energy, Corporate Social Responsibility, Financial Performance, Econometric Procedures

Abstract

Given the sizeable importance of companies from the energy sector, and the economic, social, and environmental implications generated by their activity, an in-depth assessment of the relationship between financial performance and Corporate Social Responsibility (CSR) initiatives becomes essential for this sector. In this paper, we investigate the shaping factors of the financial performance of companies in the energy field, with a particular focus on the renewable energy sector, in a comparative approach with the conventional ones. The data were gathered from the Refinitiv Eikon database. The methodology applied consists of several advanced econometric procedures, namely robust regression and structural equation modelling. Our findings bring to the fore the distinctiveness of the main drivers of financial performance of companies from the renewable energy sector, compared with the conventional ones, for which specific policies and strategies are needed to comply with the CSR dimensions, as predictors of financial performance in the energy sector.

Author Biographies

Gratiela Georgiana Noja, Faculty of Economics and Business Administration, West University of Timisoara, Romania

Gratiela Georgiana Noja is an Associate Professor at the West University of Timisoara (Romania), Faculty of Economics and Business Administration, Department of Marketing and International Economic Relations. She completed her studies at the West University of Timisoara, respectively PhD habilitation and PhD in Economics, Master in Management and European integration, BA in International Economic Relations. Her main research and teaching activities are developed within the framework of Economics and International Business area, with a focus on World Economy, Globalization, and European economic integration.

Mirela Cristea, Faculty of Economics and Business Administration, University of Craiova, Romania

Mirela Cristea is a Professor at the University of Craiova (Romania), Faculty of Economics and Business Administration, Department of Finance, Banking and Economic Analysis. Her main research directions and teaching activities are Insurance and Private pension funds, Banking administration, Interdisciplinary research in economics. She obtained the scientific title of PhD in Economics at the University of Craiova, graduated the Post-Doctoral School in Economics and Applied Sciences in Economics at the Romanian Academy from Bucharest, and PhD habilitation in Economics. In addition, she is a reviewer and member of the scientific and organizational committees for numerous journals and conferences.

Marilen Gabriel Pirtea, Faculty of Economics and Business Administration, West University of Timisoara, Romania

Marilen Gabriel Pirtea has been the Rector of the West University of Timisoara since 2012 (after being Chancellor, Vice-Dean and Dean of the Faculty of Economics and Business Administration in Timisoara). He is a Professor and Doctoral Adviser in the field of Finance, his main interests being in company financial management, direct investment and business financing, international finance, and corporate governance. He is the main author of 4 books and co-author of 13 books, as well as the author or co-author of more than 150 scientific articles and studies, and manager or part of the teams of 35 research projects.

Mirela Panait, 3Faculty of Economic Sciences, Petroleum-Gas University of Ploiesti; Institute of National Economy, Romanian Academy, Romania

Mirela Panait currently holds the position of PhD Professor at Faculty of Economic Sciences, Petroleum-Gas University of Ploiesti (Romania). Starting with 2021, Mirela Panait is also a scientific researcher at the Institute of National Economy and PhD advisor at the doctoral school of the Romanian Academy. The research results are represented by publishing 7 books and over 100 scientific papers in the field of interest: foreign investment, capital market, corporate social responsibility and sustainable development. On the editorial level, she is acting as associate editor, guest editor or reviewer at prestigious journals within Emerald, Wiley, MDPI and IGI Global groups.

Raluca Mihaela Drăcea, Faculty of Agrifood and Environmental Economics, Bucharest University of Economic Studies, Romania

Raluca Mihaela Drăcea is an Associate Professor at the Bucharest University of Economic Studies (Romania), Faculty of Agri-Food and Environmental Economics. She has a degree in Banking Finance from the University of Craiova, where she also obtained the scientific title of PhD in Economics. Since 2021 she has been habilitated in Economics at the Bucharest University of Economic Studies. His areas of interest are green finance and business finance.

Denisa Abrudan, Faculty of Economics and Business Administration, West University of Timisoara, Romania

Denisa Abrudan is an Associate Professor at the West University of Timișoara (Romania), Faculty of Economics and Business Administration, Department of Management. She completed her studies at the West University of Timișoara, respectively PhD in Management, Master in Diagnostic Analysis and Business Evaluation, BA in Management. In addition, she graduated from the Post-Doctoral School at the Romanian Academy in Bucharest with a thesis about Innovation in Education. Her main research and teaching activities are developed within the framework of the Management area, with a focus on HRM, Performance Management, and Leadership.