Corporate failure prediction in the European energy sector: A multicriteria approach and the effect of country characteristics

被引：37

作者：

Doumpos, Michalis ^{[1
]}

Andriosopoulos, Kostas ^{[3
]}

Galariotis, Emilios ^{[2
]}

Makridou, Georgia ^{[3
]}

Zopounidis, Constantin ^{[1
,2
]}

机构：

[1] Tech Univ Crete, Sch Prod Engn & Management, Financial Engn Lab, Univ Campus, Khania 73100, Greece

[2] Audencia Business Sch, Inst Finance, 8 Route Joneliere, F-44312 Nantes, France

[3] ESCP Europe Business Sch, Res Ctr Energy Management, 527 Finchley Rd, London NW3 7BG, England

来源：

EUROPEAN JOURNAL OF OPERATIONAL RESEARCH | 2017年 / 262卷 / 01期

关键词：

Multiple criteria analysis; Financial distress; Energy sector; Energy management; ART CLASSIFICATION ALGORITHMS; PREFERENCE DISAGGREGATION; ELECTRICITY DISTRIBUTION; BANKRUPTCY PREDICTION; FINANCIAL PERFORMANCE; EFFICIENCY; PROFITABILITY; PRODUCTIVITY; TECHNOLOGY; INDICATORS;

D O I：

10.1016/j.ejor.2017.04.024

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This study examines the development of corporate failure prediction models for European firms in the energy sector, using a large dataset from 18 countries. The construction of the models is based on a multiple criteria decision aid (MCDA) approach taking into account both ordinal criteria and nominal country-sector effects. The analysis is based on different modeling specifications. First, traditional financial variables are examined, which are then extended with additional country-level data related to the economic and business environment, as well as data about the energy efficiency policies of the countries and the characteristics of their energy markets and networks, The results indicate that energy-related attributes have high discriminating power and add valuable information compared to the other attributes. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：347 / 360

页数：14

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