Total factor productivity in the HSE and comparable companies
Gospodarska gibanja 467
During the period of the last financial crisis, the value-added in major European energy companies from seven countries strongly fluctuated around a stagnant trend. The differences in the results were caused by past investment decisions and by their business models. The analysis, based on Cobb-Douglas production function, shows that among these enterprises HSE uses relatively more work and less capital (assets) to create the same amount of value- added. In 2012, HSE slipped to the last place among nine observed energy companies, regarding measured total factor productivity. Yet in 2009 this result in HSE did not differ from the average of other observed electric power producers. The deterioration in total factor productivity in HSE took place over the decline in its electricity production and value-added in 2011.
Industrial organization and macroeconomics, Electric utilities, Energy and Macroeconomics
L16, L94, Q43
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