Financial contagion of German industrial enterprises during the 2021–2023 global energy crisis
The relevance of the study is justified by the importance of capturing and assessing the financial contagion transmission in crisis for the purposes of identifying risks in the financial market, as well as for the industrial sector management at the micro and macro levels. The article applies such...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | Russian |
| Published: |
State University of Management
2024-03-01
|
| Series: | Управление |
| Subjects: | |
| Online Access: | https://upravlenie.guu.ru/jour/article/view/699 |
| _version_ | 1797246226941345792 |
|---|---|
| author | A. M. Terekhov A. O. Ovcharov |
| author_facet | A. M. Terekhov A. O. Ovcharov |
| author_sort | A. M. Terekhov |
| collection | DOAJ |
| description | The relevance of the study is justified by the importance of capturing and assessing the financial contagion transmission in crisis for the purposes of identifying risks in the financial market, as well as for the industrial sector management at the micro and macro levels. The article applies such an assessment to the largest industrial enterprises in Germany. The object of study choice is due to the fact that Germany, on the one hand, has a highly developed industrial sector and, on the other hand, was the most severely affected by the global energy crisis caused by political disagreements at the international level. The natural gas market has been chosen as a transmitter of contagion and German industrial companies as a receiver. A brief theoretical review considers the peculiarities of the functioning of the industrial sector of the German economy during the global energy crisis. The dependence of industrial production on natural gas imports has been revealed. The practical section captures financial contagion using the following tests: Forbes-Rigobon, distributional coasymmetry, distributional cocurtosis, and covolatility. A ranking of the industries contagion in Germany has been constructed. It has been found that most of the investigated companies are exposed to contagion from the gas market to a greater or lesser extent. Only three companies showed absolute resistance to contagion: Enbw Energie Baden Wuerttemberg AG, Stemmer Imaging AG, and OHB SE. The light industry, metals and mining were the most affected to the financial contagion, while the construction industry was the least affected. |
| first_indexed | 2024-04-24T19:39:26Z |
| format | Article |
| id | doaj.art-1d5d2ebf113b4afb809d370dd5ccdaf8 |
| institution | Directory Open Access Journal |
| issn | 2309-3633 2713-1645 |
| language | Russian |
| last_indexed | 2024-04-24T19:39:26Z |
| publishDate | 2024-03-01 |
| publisher | State University of Management |
| record_format | Article |
| series | Управление |
| spelling | doaj.art-1d5d2ebf113b4afb809d370dd5ccdaf82024-03-25T11:15:55ZrusState University of ManagementУправление2309-36332713-16452024-03-01121586910.26425/2309-3633-2024-12-1-58-69445Financial contagion of German industrial enterprises during the 2021–2023 global energy crisisA. M. Terekhov0A. O. Ovcharov1Russian State University of Justice (Volga Branch); National Research Nizhny Novgorod State University named after N.I. LobachevskyNational Research Nizhny Novgorod State University named after N.I. LobachevskyThe relevance of the study is justified by the importance of capturing and assessing the financial contagion transmission in crisis for the purposes of identifying risks in the financial market, as well as for the industrial sector management at the micro and macro levels. The article applies such an assessment to the largest industrial enterprises in Germany. The object of study choice is due to the fact that Germany, on the one hand, has a highly developed industrial sector and, on the other hand, was the most severely affected by the global energy crisis caused by political disagreements at the international level. The natural gas market has been chosen as a transmitter of contagion and German industrial companies as a receiver. A brief theoretical review considers the peculiarities of the functioning of the industrial sector of the German economy during the global energy crisis. The dependence of industrial production on natural gas imports has been revealed. The practical section captures financial contagion using the following tests: Forbes-Rigobon, distributional coasymmetry, distributional cocurtosis, and covolatility. A ranking of the industries contagion in Germany has been constructed. It has been found that most of the investigated companies are exposed to contagion from the gas market to a greater or lesser extent. Only three companies showed absolute resistance to contagion: Enbw Energie Baden Wuerttemberg AG, Stemmer Imaging AG, and OHB SE. The light industry, metals and mining were the most affected to the financial contagion, while the construction industry was the least affected.https://upravlenie.guu.ru/jour/article/view/699global energy crisisgerman industryfinancial contagionnatural gas marketforeign policy instabilitygas price volatilityindustry contagion ratingfinancial contagion fixation |
| spellingShingle | A. M. Terekhov A. O. Ovcharov Financial contagion of German industrial enterprises during the 2021–2023 global energy crisis Управление global energy crisis german industry financial contagion natural gas market foreign policy instability gas price volatility industry contagion rating financial contagion fixation |
| title | Financial contagion of German industrial enterprises during the 2021–2023 global energy crisis |
| title_full | Financial contagion of German industrial enterprises during the 2021–2023 global energy crisis |
| title_fullStr | Financial contagion of German industrial enterprises during the 2021–2023 global energy crisis |
| title_full_unstemmed | Financial contagion of German industrial enterprises during the 2021–2023 global energy crisis |
| title_short | Financial contagion of German industrial enterprises during the 2021–2023 global energy crisis |
| title_sort | financial contagion of german industrial enterprises during the 2021 2023 global energy crisis |
| topic | global energy crisis german industry financial contagion natural gas market foreign policy instability gas price volatility industry contagion rating financial contagion fixation |
| url | https://upravlenie.guu.ru/jour/article/view/699 |
| work_keys_str_mv | AT amterekhov financialcontagionofgermanindustrialenterprisesduringthe20212023globalenergycrisis AT aoovcharov financialcontagionofgermanindustrialenterprisesduringthe20212023globalenergycrisis |