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Financial Analytics: Science and Experience
 

Development of a methodology for evaluating the effectiveness of environment management systems of energy companies

Vol. 10, Iss. 9, SEPTEMBER 2017

PDF  Article PDF Version

Received: 3 July 2017

Received in revised form: 3 August 2017

Accepted: 7 August 2017

Available online: 20 September 2017

Subject Heading: MATHEMATICAL ANALYSIS AND MODELING IN ECONOMICS

JEL Classification: C01, C80, O13, Q50, Q56

Pages: 1048–1061

https://doi.org/10.24891/fa.10.9.1048

Ratner S.V. V.A. Trapeznikov Institute of Control Sciences, Russian Academy of Sciences, Moscow, Russian Federation
lanarat@ipu.ru

Sinel'nikova A.V. Kuban State University, Krasnodar, Russian Federation
Sinelnikova_nast@mail.ru

Subject The article focuses on some aspects of the environmental and economic performance of environment management systems (EMS) certified in accordance with ISO 14001 or EMAS (European Eco-Management and Audit Scheme) standards.
Objectives The article aims to develop a methodology for quantifying the effectiveness of environment management systems of Russian energy companies, as enterprises in one of the most polluting sectors of the economy.
Methods For the study, we used the methods of bibliographic analysis, multiple case studies, time series methods, and descriptive statistics. An approach based on an event analysis was used in developing a methodology for evaluating the effectiveness of environment management systems. The annual corporate reports of the major energy companies of the Russian Federation are the information base of the study.
Results The article presents a developed EMS performance analysis algorithm that is part of the quantification methodology. It helps analyze the evolution of the environmental aspects of energy companies before and after EMS ISO 14001 certification, and assess the performance of EMS on the basis of statistically proven results. The proposed methodology has been tested.
Relevance The developed method can be used to improve the environment management systems at the enterprises and at the level of regions, industries and national economy.

Keywords: environmental management system, efficiency, energy, company, eco-innovation

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