Fiscal Pressure as a Trigger of Financial Performance for the Energy Industry: An Empirical Investigation across a 16-Year Period
| Autor: | Mircea-Iosif Rus, Ioan Dan Morar, Ema Masca, Larissa Batrancea |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Technology
Control and Optimization Energy (esotericism) Energy Engineering and Power Technology Monetary economics financial performance Return on equity Return on investment 0502 economics and business Excise 050207 economics Electrical and Electronic Engineering Engineering (miscellaneous) 050208 finance Financial performance Return on assets Renewable Energy Sustainability and the Environment business.industry 05 social sciences fiscal pressure energy industry Electricity business Energy (miscellaneous) Panel data |
| Zdroj: | Energies, Vol 14, Iss 3769, p 3769 (2021) Energies; Volume 14; Issue 13; Pages: 3769 |
| ISSN: | 1996-1073 |
| Popis: | Taxation exerts pressure on the economic activities of all companies, including economic entities that operate in the energy industry. This study examined the degree to which fiscal pressure influenced the financial performance of 88 publicly listed companies from the energy industry during a time frame of 16 years (2005Q1–2020Q3). By modelling financial data from the oil, gas and electricity sectors with panel data techniques, our results showed that fiscal pressure had a significant effect on the evolution of company financial performance measured by return on assets, return on equity and return on investment. The study revealed that fiscal pressure had a more positive impact on the financial performance of energy companies than a negative impact. This conclusion is important for overall taxation in the energy industry since corporate taxes, excise duties and mandatory labor contributions are basic resources for state budgets. Our empirical results imply important research directions on the prospect of analyzing company performance. |
| Databáze: | OpenAIRE |
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