Search Results (237)

The board of directors appoints the audit committee to assess the financial performance of the firm. The audit committee uses reports provided by audit firms, such as Form 10Ks, and annual reports to assess firm financial performance. The degree of audit oversight quality is a governance measure, which, if effective, may reduce firm risk. This study measures the effect of three measures of audit oversight quality on insolvency risk, systematic risk, and volatility of return on assets for a sample of U.S. pharmaceutical firms and energy firms from 2010 to 2022. All measures of audit oversight quality reduced firm risk, with the first measure reducing both systematic risk and volatility of return on assets, the second measure reducing systematic risk, and the third measure reducing volatility of return on assets. As institutional ownership is also a governance measure, we tested whether its joint effect with audit oversight quality reduced firm risk. This hypothesis was supported for all three measures of audit oversight quality for systematic risk and for the third audit oversight quality measure for volatility of assets. Robustness was established by replicating the regressions with an alternate governance measure, which yielded similar results. Endogeneity of all audit oversight quality measures was absent due to lack of significance of leverage, firm size, equity multiplier, and firm value in reducing risk through their effect on audit oversight quality. Full article

This paper aims to evaluate corporate governance in relation to enterprise performance indicators in order to enhance it. The intention is not only to align with the interests of shareholders, but also to foster competitive, sustainable, and inclusive growth. For this purpose, the leading energy producer in each of the five countries—Denmark, Estonia, Latvia, Lithuania, and Sweden—was investigated to evaluate their corporate governance performance. An analysis was conducted, employing regression analysis, Pearson correlation, and descriptive statistics. The influence of corporate governance on the performance of chosen enterprises was examined, utilising specifically developed models. The findings reveal that the corporate governance variables are diverse, and financial metrics exhibit significant variability, reflecting the complexity of the energy industry. The research results confirm that larger and more varied boards positively impact the performance of state-owned power suppliers and increase their net income. The presence of independent members was also found to contribute to the net income growth of state-owned power suppliers. However, the study indicated that the frequency of audit meetings does not necessarily increase earnings. Still, larger audit committees can contribute to CG decision-making processes concerning debt management. The results also implied the need to consider the qualifications of the board members and its composition for proper power interruption management to minimise the frequency and duration of power outages. Therefore, it must be of pivotal focus for respective corporate governance duties. In this respect, the need for more specific and regular assessments was also found to be justified regarding industry-specific challenges related to power system disruptions. Customer-centric strategies should deserve relevant attention as well. The enforcement of the management audit function could be a solution. Consequently, assessing the governance structures and decision-making processes must be systematic for energy producers due to the business dynamics leading to the revaluation of the evolving challenges and possible solutions aimed at the competitive and sustainable development of the energy sector. Full article

Robotic manipulators play a key role in modern industrial manufacturing processes. Monitoring their operational health is of paramount importance. In this paper, a novel anomaly detection framework named U-TFF is introduced for energy consumption auditing of robotic manipulators. It comprises a cascade of Time–Frequency Fusion (TFF) blocks to extract both time and frequency domain features from time series data. The block applies the Fast Fourier Transform to convert the input to the frequency domain, followed by two separate dense layers to process the resulting real and imaginary components, respectively. The frequency and time features are then combined to reconstruct the input. A U-shaped architecture is implemented to link corresponding TFF blocks of the encoder and decoder at the same level through skip connections. The semi-supervised model is trained using data exclusively from normal operations. Significant errors were generated during testing for anomalies with data distributions deviating from the training samples. Consequently, a threshold based on the magnitude of reconstruction errors was implemented to identify anomalies. Experimental validation was conducted using a custom dataset, including physical attacks as abnormal cases. The proposed framework achieved an accuracy and recall of approximately 0.93 and 0.83, respectively. A comparison with other benchmark models further verified its superior performance. Full article

In Europe, it is estimated that 14% of existing buildings were built before 1919, whereas 26% were built before 1945. In Romania, about 31% of the buildings date from before 1961, contributing to the current stock of old buildings with historic and architectural value in the country. This paper illustrates the current state of buildings with historic and architectural value in Romania, alongside a case study of a representative administrative building in Câmpulung, Romania. The analysis of the Town Hall building in Câmpulung, Romania, demonstrates that potential energy savings of up to 47.53% can be achieved by implementing interventions such as upgrading windows, insulating the attic, and installing photovoltaic panels. The highest energy reduction is obtained by replacing the window glass with a value of 18.16% with attic insulation with a value of 16.1%. This paper also presents indoor measurements of temperature and humidity in different offices positioned in the north and the south. The study conducted on the south façade office revealed consistent temperatures ranging from 21.7 °C to 24.4 °C, with an average of 23.31 °C. However, the humidity levels fluctuated considerably, ranging from 17.1% to 39.1%, with an average of 26.89%. The sun-exposed section of the building saw relatively stable temperature conditions, but the varying humidity levels could have a detrimental impact on the quality of the indoor atmosphere and potentially decrease the effectiveness of the workforce. By contrast, the north façade office exhibited lower and more fluctuating temperatures, ranging from 19.8 °C to 23.6 °C, with an average of 21.74 °C. Additionally, it had higher and more stable humidity levels, ranging between 19.5% and 41.7%, with an average of 29.83%. A thermographic analysis was performed on the north façade of the Câmpulung Town Hall, utilizing thermal imaging technology to detect areas of heat loss, and thus identifying the energy inefficiency problems of the building’s exterior. The investigation found notable variations in temperature, especially around the windows, where temperatures could be as high as 14.1 °C, highlighting the insufficiency of the building’s antiquated timber-framed windows in preventing energy loss. Full article

This study investigates the integration of Green Building Technologies and Solutions within UAEU’s Maqam Campus, focusing on assessing sustainable design effectiveness. Using a mixed-method approach, the research comprehensively evaluates indoor environmental quality (IEQ) from June 2022 to January 2023. Data collection, user insights, on-site audits, and analysis inform the assessment. Initial survey findings reveal a preference for manual control among students, emphasizing user agency. Subsequent surveys and environmental monitoring identify areas for improvement, notably in thermal comfort and lighting quality. The study highlights the significance of holistic occupant satisfaction and IEQ in green building design, advocating for user-centric solutions and advanced technologies to enhance energy efficiency and create harmonious environments in educational buildings like the C6 building. Full article

The article proposes indicators to evaluate a thermal insulation investment in a building, such as net present value (NPV), profitability index, discounted payback period, and ecological cost efficiency. Economic and ecological aspects were taken into account. Life Cycle Assessment (LCA) was used in the ecological analysis. The following heat sources in the building were considered: condensing gas boiler and heat pump. The developed indicators also depend on the pre-set temperature in residential premises. A methodology to determine the optimum thermal insulation thickness for both economic and ecological reasons was also proposed. A case study was analyzed, and a reference building, typical for Polish construction conditions, was used for research. Various solutions were suggested regarding the type of thermal insulation material and heat sources. The values of the indicators were determined for the proposed variants and for the economically and ecologically optimum thermal insulation thicknesses. Based on the conducted research, it was found that air temperatures maintained in the rooms of the building undergoing thermal modernization should be taken into account in the energy audit. The energy demand of the building for a room temperature of 26 °C is higher by 61% compared to the demand for the same building at the design temperature (20 °C). The innovation in the proposed approach to the economic and ecological assessment of a building is the combination of a wide range of temperatures potentially maintained in living spaces with ecological cost-effectiveness. Full article

A comprehensive energy audit of a light rail maintenance facility was performed to assess its energy performance and identify potential scope for improvements. The facility’s energy use intensity (EUI) for 2022 was 404 kWh/m²—more than double the benchmark EUI for maintenance facilities (151 kWh/m²) recommended by EnergyStar. Furthermore, the load factor was 0.22—significantly lower than the recommended minimum of 0.75 for an efficient building. The energy audit encompassed an in-depth evaluation of the facility’s structural and operational characteristics, comprising HVAC systems, lighting, the building envelope, and energy-intensive machinery. An energy model of the facility was developed to emulate the facility’s energy performance in 2022. Following the energy model’s validation, an analysis was conducted to identify opportunities for improving energy efficiency. Post-implementation of energy efficiency measures for the facility, the projected annual reductions are 1086 MWh of electricity, 5034 GJ of natural gas, utility savings of USD 162,402, and net GHG emissions reductions of 584 metric tons of CO_2e. A subsequent 30% reduction in EUI to 283.6 kWh/m² could be achieved with an 86% improvement in load factor, that is, increasing it from 0.22 to 0.41. This study emphasizes the need for energy audits and modeling for maintenance facilities to reduce Scope 1 and 2 emissions. Full article

Audit committees are appointed by the board of directors of corporations to oversee the financial reporting process, monitor financial control processes, hire and assess independent auditors, and communicate findings with management and auditors. We propose two new measures of audit oversight quality. The first measure is purely subjective, in that it scores audit committees on a scale based on their ability to fulfill one or more of their responsibilities, as mentioned in annual reports, Form 10-K and DEF 13A. The second measure concerns audit committee activity, as it measures the number of times the term ‘audit committee’ is mentioned in these documents. Both measures were obtained for U.S. pharmaceutical companies and energy companies from 2010 to 2022. The audit oversight quality measures were regressed in regard to profitability (measured by return on assets and return on equity), debt capacity (measured by equity multiplier), and firm value (measured by Tobin’s q and economic value added). Audit oversight quality, using both measures, reduces the return on equity. Audit oversight quality, using both measures, had a disciplining effect on debt. Increases in the oversight of increasing debt discourage the propensity to increase borrowing using collateral (debt capacity), and reduce investor returns through investment in debt-financed projects (return on equity). Audit oversight quality, using both measures, exhibited a size effect on the firm’s value, in that an increase in the firm size with high audit oversight quality increases the firm’s value. However, it is possible that only the first measure of audit oversight quality significantly increased the firm’s value, as only the first measure exhibited robustness to the endogeneity effect of size. Full article

This paper presents the findings of fifteen energy audits conducted on industrial sites in Canada’s Greater Toronto Area (GTA). The audits covered a range of industries including food processing, packaged goods, and finishing processes (powder-coating). The primary focus of the audits was to analyze the natural gas consumption and the performance of major-gas-consuming equipment. The audits identified natural-gas-consuming equipment that could be optimized to yield energy and operational cost savings and greenhouse gas (GHG) reduction opportunities. Food production plants’ energy intensity ranges from 5.59 m³/ft² to 17.73 m³/ft². Therefore, there is a significant opportunity to improve energy consumption through better technology integration. The results of the audits indicate a trend of an increase in the percentage of non-productive consumption with non-productive time. The proposed energy-saving measures include reducing non-productive natural gas consumption, gas-fired equipment tune-up, optimizing boiler loads, and reducing oven exhaust by using variable frequency drives (VFDs). The findings of this study could be used to develop a demand-side management program specifically for small- and medium-sized industrial facilities in the Greater Toronto Area and other parts of Canada. Full article

The objective of this work is the energy characterisation and evaluation of the energy efficiency potential of the rubber manufacturing industry in Italy, exploiting the detailed data included in energy audits by large and energy-intensive companies. This sector is divided into two sub-activities: the manufacture of rubber products and the production of tyres. Existing studies are focused mainly on tyre production, and there is a lack of quantitative evaluation of energy indicators that can provide guidance for improving process efficiency. In this work, updated global and specific energy performance indicators (EnPIs) related to the production process and to the auxiliary and general services are defined and evaluated. At the same time, targeted actions and interventions to improve the energy efficiency of the sector are analysed, showing the role of different intervention areas and their cost-effectiveness. The analysis is based on 100 Italian mandatory energy audits of the sector collected according to Art.8 EU Directive 27/2012. The applied methodology made it possible to calculate specific energy performance indicators by considering the overall and sub-process energy consumption of different production sites. Based on a detailed database containing real data from recent energy audits, this study provides an up-to-date and reliable benchmark for the rubber industry sector. In addition, the analysis of energy audits allows the identification of the most effective energy efficiency interventions for the rubber industry in terms of cost-effectiveness and payback time. Full article

The objective of the article was to describe the importance of a good technically and economically planned process for purchasing a rail vehicle. Compliance with this process with safety standards and energy efficiency is crucial regarding effectiveness in the long-life cycle cost of a rail vehicle. Methods that were used focused on audit and document analysis. In the result based on a specific audit of a railway company, some non-compliances were found, and it was methodically proven that they are significant risk factors in terms of performing such processes in the future. Major conclusions regarded the importance of fulfilling legal requirements of SMS for purchase purposes, involvement of a safety engineer post in this process, and usage of technical feedback regarding previous operation of railway vehicles and operational findings from the past. The transport policy of the EU and other developed countries sets ambitious goals for reducing energy consumption in transportation activities, which is linked to the aim of reducing environmental burdens. Full article

The main priority at wastewater treatment plants (WWTPs) is the attainment of a high quality of treated effluent ensuring the highly effective removal of pollutants and protecting the environment and public health. However, WWTPs are made of energy-intensive processes and consequently, they are considered major energy consumers in the public sector. The need to move towards energy neutrality in the wastewater sector was recently pointed out by the proposal of a recast Urban Wastewater Treatment Directive. To date, a comprehensive methodology for energy audits at WWTPs is still missing. The present review aims at discussing the state of the art on energy consumption at WWTPs and at surveying the energy benchmarking methodologies currently available highlighting the main advantages and limitations. It was pointed out that aeration represents the highest energy-intensive compartment in WWTPs (40–75% of total energy). The wide overview provided by key performance indicators (KPIs) might be overcome by applying benchmarking methodologies based on data envelopment analysis (DEA). The latest is properly designed for WWTPs and able to manage multiple inputs and outputs. However, the obtained findings are often limited and fragmented, making the standardization of the methodology difficult. Consequently, future investigations are advised on the development of standard procedures related to data acquisition and collection and on the implementation of online and real-time monitoring. Considering the lack of standardized methodology for the energy benchmarking of WWTPs, the present article will provide essential information to guide future research, helping WWTP utilities to reach the energy audit goals in the accomplishment of incoming EU directives. Full article

This paper aims to investigate potential strategies to reduce energy consumption and environmental impacts of a recently converted rural complex into an agri-spa in a high environmental value area within the province of Viterbo (Italy). Actual operational data on appliances, climate, and energy consumption are employed for the energy audit. While this analysis generally provides energy-saving solutions, such options are not examined for their life cycle environmental impacts. The current article is based on the experimentation of a consolidated methodological approach in the scientific literature, integrating the energy audit, life cycle assessment (LCA), and economic analysis (Life Cycle Cost) to assess a series of energy-efficiency measures designed for the new wellness centre function. The combined use of these well-established procedures provides a comprehensive assessment of intervention scenarios for a particularly energy-intensive type of case study, not yet widely documented in the literature. The results reveal that energy consumption related to heating/cooling is marginal compared to the actual electrical consumption in the specific case study. Therefore, the most efficient scenarios involve installing photovoltaic systems and replacing gas boilers with high-efficiency heat pumps, especially with economically advantageous insulation. This leads to a 51% reduction in energy consumption and an 81% decrease in heating, DHW, and electricity costs. Full article

In a scenario characterised by mitigation concerns and calls for greater resilience in the energy sector, energy audits (EAs) emerge as an essential mean for enhancing end-use energy consumption awareness and efficiency. Such a tool allows us to assess the different energy carriers consumed in a productive sector, offering insight into existing energy efficiency improvement opportunities. This opens avenues for research to devise an econometrics-based methodology that encapsulate production sites and their environmental essentials. This paper contributes to the literature by exploiting the EAs received by the Italian National agency for New technologies, Energy, and Sustainable Economic Development (ENEA) in 2019 from the Italian plastics manufacturing sector, matched with Italian firm-based data extracted from the Analisi Informatizzata delle Aziende Italiane (Italian company information and business intelligence) (AIDA) database. In particular, we investigate how the implementation of energy efficiency measures (EEMs) is influenced by a set of contextual factors, as well as features relating to the companies and EEMs themselves. The empirical investigation focuses on the EAs submitted to ENEA in 2019, which was strategically chosen due to its unique data availability and adequacy for extensive analysis. The selection of 2019 is justified as it constitutes the second mandatory reporting period for energy audits, in contrast to the 2022 data, which are currently undergoing detailed refinement. In line with the literature, the adopted empirical approach involves the use of both the OLS and logistic regression models. Empirical results confirm the relevance of economic and financial factors in guiding the decisions surrounding the sector’s energy performance, alongside the analogous influence of the technical characteristics of the measures themselves and of the firms’ strategies. In particular, the OLS model with no fixed effects shows that a one-percent variation in investments is associated with an increase in savings performance equal to 0.63%. As for the OLS model, including fixed effects, the elasticity among the two variables concerned reaches 0.87%, while in the logistic regression, if the investment carried out by the production sites increases, the expected percentage change in the probability that the energy-saving performance is above its average is about 187.77%. Contextual factors that prove to be equally influential include the incentive mechanism considered and the traits of the geographical area in which the companies are located. Relevant policy implications derived from this analysis include the importance of reducing informational barriers about EEMs and increasing technical assistance, which can be crucial for identifying and implementing effective energy solutions. Full article

The importance of small- and medium-sized enterprises (SMEs) from economic, social, and environmental point of views and the crucial role of energy efficiency are widely recognized. However, the development of effective policies and their analysis are still challenging topics, for which research is relatively scarce. The main reasons for this are the high heterogeneity of SMEs, their low energy impact compared with energy-intensive enterprises, the lack of quantitative in-formation on the energy consumption of SMEs, and the low awareness of SMEs on energy topics. The structural paradigm change in the energy markets has underlined the importance of EE in SMEs. Several studies have been devoted to analyzing EE policies, using different methods and targets, not necessarily with a focus on SMEs or quantitative figures. This study presents a scoping review aimed at mapping the scientific literature on this topic, assessing its volume, nature, characteristics, type of evidence available, key concepts, and possible gaps. The existing contributions were systematized on three assessment levels regarding the EE policies for SMEs: general framework for their classification; comprehensive analysis of contributions providing qualitative information; in-depth analysis of evaluation studies including quantitative information. This study highlights the need for a good balance between economic and supportive mechanisms and the crucial role of energy audits. The analyzed contributions show that despite SMEs’ efforts to develop EE policies, there are still important barriers to be addressed. Moreover, there is an important lack of quantitative analyses, which are necessary for the development a harmonized policy evaluation approach. Based on a synthesis of the review findings, key learnings for the better design, implementation, and evaluation of EE policies for SMEs are provided. Full article