Greek’s electricity supply industry financial health investigation comparing different bankruptcy prediction models

Postgraduate Thesis uoadl:3364463 49 Read counter

Unit:
Κατεύθυνση Διοικητική Επιχειρήσεων και Τραπεζών
Library of the Faculty of Economics and of the Faculty of Business Administration
Deposit date:
2023-11-12
Year:
2023
Author:
Sotiriou Anastasios
Supervisors info:
Δασκαλάκης Νικόλαος, Επίκουρος Καθηγητής Χρηματοοικονομικής και Λογιστικής, Πάντειο Πανεπιστήμιο
Original Title:
Ανάλυση βιωσιμότητας για τον κλάδο προμήθειας ηλεκτρικής ενέργειας μέσω συγκριτικής αξιολόγησης μοντέλων πρόβλεψης πτώχευσης εταιρειών
Languages:
Greek
Translated title:
Greek’s electricity supply industry financial health investigation comparing different bankruptcy prediction models
Summary:
In this thesis the financial health sustainability of Greek electricity supply Industry and its companies is investigated. For the investigation existing bankruptcy prediction models have been selected, according to the special requirements of this study. In the analysis the ten largest companies of the industry by consumption volume have been included and the investigation period has been set to 2019-2021. According to the results of the linear probability model of Grammatikos & Gloubos (1984), the industry as a whole faces sustainability problems for the specific period and six out of ten companies are classified as unsustainable. However, applying the updated corresponding Logit model developed by Daskalakis et al. (2022) the sustainability level of the industry improves, and two companies are classified as unsustainable. To furhter investigate sustainability, the logistic regression model of Altman (2017), updating the widespread Z'' Score model (1983), was additionally used. According to the results of 2021 the industry falls into the Gray Zone of the classification table identified for this model and two companies were classified as unsustainable. In order to check whether the results are affected by the companies' activity, which in many cases is quite different from the supply of electricity, the separated financial statements were used, which companies in the sector are required to publish based on a RAE decision. According to the results, using data derived only from the electricity supply activity, the industry as a whole falls into the unsustainable area and four companies are classified as unsustainable.
Main subject category:
Social, Political and Economic sciences
Keywords:
Bankruptcy prediction models, financial distress investigation, electricity supply industry, linear probability model, Altman Logit model.
Index:
No
Number of index pages:
0
Contains images:
Yes
Number of references:
19
Number of pages:
72
ΑΝΑΛΥΣΗ ΒΙΩΣΙΜΟΤΗΤΑΣ ΓΙΑ ΤΟΝ ΚΛΑΔΟ ΠΡΟΜΗΘΕΙΑΣ ΗΛΕΚΤΡΙΚΗΣ ΕΝΕΡΓΕΙΑΣ ΜΕΣΩ ΣΥΓΚΡΙΤΙΚΗΣ ΑΞΙΟΛΟΓΗΣΗΣ ΜΟΝΤΕΛΩΝ ΠΡΟΒΛΕΨΗΣ ΠΤΩΧΕΥΣΗΣ ΕΤΑΙΡΕΙΩΝ.pdf (902 KB) Open in new window