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

Doumpos Michael, Andriosopoulos Kostas, Galariotis, Emilios, Makridou Georgia, Zopounidis Konstantinos

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URI: http://purl.tuc.gr/dl/dias/6989003F-988A-4B6C-9BE0-AB6BA51F563A
Year 2017
Type of Item Peer-Reviewed Journal Publication
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Bibliographic Citation M. Doumpos, K. Andriosopoulos, E. Galariotis, G. Makridou and C. Zopounidis, "Corporate failure prediction in the European energy sector: A multicriteria approach and the effect of country characteristics," Eur. J. Oper. Res., vol.262, no.1, pp. 347-360, Oct. 2017. doi:10.1016/j.ejor.2017.04.024 https://doi.org/10.1016/j.ejor.2017.04.024
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Summary

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.

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