Pursuing Firm Economic Sustainability through Debt Restructuring Agreements in Italy: An Empirical Analysis

Danovi, Alessandro; Magno, Francesca; Dossena, Giovanna

doi:10.3390/su10124830

Cited by 3 publications

(1 citation statement)

References 37 publications

(66 reference statements)

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“…The occurring changes distort companies' internal and external equilibrium [52] (p. 114), and their survival and expansion are conditioned by adjustment measures (restructuring), which are frequently very intense and rapid [53]. Recovering the state of equilibrium with the environment is effected through a specific strategy [54] (p. 266), which sets directions for a company's development, and restructuring is one of such strategies [55]. However, contemporary companies' strategies, on an increasing scale, depart from development continuity concepts [56] (pp.…”

Section: The Nature Of Restructuringmentioning

confidence: 99%

The Balance of Outlays and Effects of Restructuring Hard Coal Mining Companies in Terms of Energy Policy of Poland PEP 2040

Kaczmarek

2022

Energies

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The article aimed to present the balance of outlays and the effects of restructuring Polish hard coal mining companies in the face of directions of the Energy Policy of Poland PEP 2040. The research problem is defined by the following question: have the goals of restructuring coal mining companies been achieved (and to what extent), and has the restructuring-related expenditure been economically rational? An answer to this question is based on the verification of five research hypotheses, in particular, have the incurred costs of restructuring contributed to changes to the energy mix (its desired time and degree), reducing related expenditure? The scope of research comprises all companies engaged in the extraction of solid mineral energy resources (the entire industry). An assessment of the restructuring process was conducted from two perspectives related to its time and scope. The first perspective was the restructuring programme as a sub-process of the economic transformation (1990–2020), and economic forecasts until the planned coal phase-out (2021–2049). The second perspective was an analysis of the mechanism that determines companies’ performance after carrying out typical and direct restructuring activities (2007–2021). Two multivariate measures were developed for methodological purposes, and the analysis also made use of a logit prediction model and several financial analysis ratios. The analysis led to the general conclusion that the restructuring of hard coal mining companies was not effective—it did not ensure their independent and effective functioning. In particular, the analysis led to the following conclusions: (1) the restructuring process had different levels of intensity, which allowed for its periodization; (2) the main and increasingly important factor of changes was human labour productivity (as opposed to objectified labour—machines and equipment); (3) the identified mechanism of creating results pointed to the areas of inappropriate management; (4) the previous restructuring costs did not contribute to changing the energy mix, and they are likely to rise until coal phase-out.

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Section: The Nature Of Restructuringmentioning

confidence: 99%

The Balance of Outlays and Effects of Restructuring Hard Coal Mining Companies in Terms of Energy Policy of Poland PEP 2040

Kaczmarek

2022

Energies

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Evolutionary Game Analysis of Debt Restructuring Involved by Asset Management Companies

2022

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Based on the evolutionary game theory, this article constructs a quartet evolutionary game model for debt restructuring with the participation of asset management companies; studies the interactive mechanism of complex behaviors among the government, banks, asset management companies, and enterprises; and analyzes the stability of the strategies of each game subject. It also analyzes the stability of the equilibrium points in the system and finds the stable points that maximize the interests of each subject. Research shows that the government chooses to give specific support, banks choose debt-to-equity swaps, asset management companies choose to provide liquidity, and enterprises choose to work hard, which can better promote the debt restructuring process. Finally, using Matlab2018 software to analyze the impact of each essential element in the debt restructuring on the stability of system evolution, the research results provide a basis for the successful debt restructuring of the enterprises.

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Restructuring of the Coal Mining Industry and the Challenges of Energy Transition in Poland (1990–2020)

2022

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The European Union’s climate policy and the energy transition associated with it force individual countries, their economies and their industrial sectors to carry out thorough changes, often of a deep, high-cost and restructuring nature. The aim of the article is to provide a multidimensional assessment of the forms and effects of the restructuring of coal mining companies in Poland in light of the current energy transition process. The research problem is encapsulated within the following two interdependent questions: Has the restructuring process allowed the coal mining industry to achieve sufficient efficiency to sustainably compete in the open market, and to what extent, if at all, have the objectives of restructuring been achieved from the perspective of changes in the energy mix? The research covers all coal mining companies included in the official statistics. It adopts a long-term perspective (1990–2020), dating from the beginning of the systemic transformation in Poland. The research involved the use of multivariate financial analysis methods, including the logit model for predicting the degree of financial threat, as well as taxonomic methods for assessing the dissimilarity of structures and their concentration. The general conclusion of the research is that there has been a lack of consistency (follow-up) between the forms and effects of restructuring in coal mining companies in Poland on the one hand and changes in the composition of the country’s energy mix as a result of the energy transition on the other. In particular, this means that such restructuring, being neither effective nor efficient, has failed to accelerate change in the energy mix.

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Pursuing Firm Economic Sustainability through Debt Restructuring Agreements in Italy: An Empirical Analysis

Cited by 3 publications

References 37 publications

The Balance of Outlays and Effects of Restructuring Hard Coal Mining Companies in Terms of Energy Policy of Poland PEP 2040

The Balance of Outlays and Effects of Restructuring Hard Coal Mining Companies in Terms of Energy Policy of Poland PEP 2040

Evolutionary Game Analysis of Debt Restructuring Involved by Asset Management Companies

Restructuring of the Coal Mining Industry and the Challenges of Energy Transition in Poland (1990–2020)

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