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This study aims to develop a model based on the financial variables for better accuracy of financial distress prediction on the sample of private French, Spanish and Italian firms. Thus, firms in financial difficulties could timely request for troubled debt restructuring (TDR) to continue business.

This study used a sample of 312 distressed and 312 non-distressed firms. It includes 60 French, 21 Spanish and 231 Italian firms in both distressed and non-distressed groups. The data are extracted from the ORBIS database. First, the authors develop a new model by replacing a ratio in the original Z”-Score model specifically for financial distress prediction and estimate its coefficients based on linear discriminant analysis (LDA). Second, using the modified Z”-Score model, the authors develop a firm TDR probability index for distressed and non-distressed firms based on the logistic regression model.

The new model (modified Z”-Score), specifically for financial distress prediction, represents higher prediction accuracy. Moreover, the firm TDR probability index accurately depicts the probabilities trend for both groups of distressed and non-distressed firms.

The findings of this study are conclusive. However, the sample size is small. Therefore, further studies could extend the application of the prediction model developed in this study to all the EU countries.

This study has important practical implications. This study responds to the EU directive call by developing the financial distress prediction model to allow debtors to do timely debt restructuring and thus continue their businesses. Therefore, this study could be useful for practitioners and firm stakeholders, such as banks and other creditors, and investors.

This study significantly contributes to the literature in several ways. First, this study develops a model for predicting financial distress based on the argument that corporate bankruptcy and financial distress are distinct events. However, the original Z”-Score model is intended for failure prediction. Moreover, the recent literature suggests modifying and extending the prediction models. Second, the new model is tested using a sample of firms from three countries that share similarities in their TDR laws.

The authors aim to investigate which social media posts' characteristics result in higher stakeholder engagement in the European context.

The authors apply chi-square automatic interaction detection (CHAID) method to categorize social media posts based on their engagement levels. The authors conduct analysis on the tweets published in 2019 by companies that draw up and publish a sustainability report on Global Reporting (www.globalreporting.org). The final sample is based on 3,045 tweets from 173 firms of different industries and countries.

The authors find that tweet characteristics, such as content type, industry type and country of a firm, significantly influence stakeholder engagement rate.

The findings are useful for practitioners and stakeholders. Firm management should consider the most important Sustainable Development Goals (SDGs) concerning their business activities for engaging stakeholders and contributing to sustainable development.

The authors consider stakeholder theory and contribute to stakeholder engagement and sustainability debate. For this purpose, the authors focus on firms' communication of SDGs through social media. To the best of the authors’ knowledge, this is the first study which considers the SDGs’ communication to determine the most significant SDGs resulting in higher stakeholder engagement.

Electric lighting accounts for a large share of energy consumption in commercial buildings. Utilization of daylight can significantly help to reduce the need for artificial lighting, increase workers productivity, customers’ satisfaction and consequently improve sales. However, excessive use of glazing and absence of lighting controls can contribute greatly to higher energy need for heating and cooling and cause undesired glare effects. Thus, optimizing the size, position and materials of external glazing, with the addition of deflectors and dynamic artificial lighting, can become key aspects in the design of sustainable low energy buildings. The purpose of this paper is to analyze daylight potential and energy performance of a hall-type commercial building, situated in the cold climate of Finland, by utilizing different combinations of skylights, windows and lighting controls.

The authors have used computer simulations to estimate daylight and energy performance of a single floor commercial building in relation to various combinations of skylights and windows with variable glazing materials, light deflectors and zonal lighting controls.

The results show that electric light energy saving potential ranges from a negligible 1.9 percent to a significant 58.6 percent in the case of glass skylights and wall windows using multi-zone lighting control. Total delivered energy ranges between increase of 1.5 and 21.2 percent in the cases with single zone lighting control and between decrease of 4.5 percent and increase of 4.5 percent in the cases with multi-zone control. The highest decrease in primary energy consumption was 2.2 percent for single zone and 17.6 percent for multi-zone lighting control. The research underlines the significant potential of electric light energy savings using daylighting strategies that, including the control of direct solar access for glare and internal gains, can be more than 50 percent.

This research combines accurate daylight and energy assessment for commercial hall buildings based in cold climate region with multiple design variations. The novelty of this work is the consideration of interior elements, shelves and deflectors, in the calculations. This is made possible through the combined use of validated simulation platforms for detailed annual daylighting and electric lighting calculation (Radiance and Daysim) and energy analysis (IDA-ICE, Equa Simulation AB). This method allows to obtain a reliable assessment of the potential of using natural light sources in buildings.

Exterior shading devices and dynamic shading systems constitute an efficient way to improve energy efficiency and occupants’ comfort in buildings through the reduction of direct solar heat gains and disturbing glare. The purpose of this paper is to analyse the performance of different types of shading systems, fixed and dynamic, and their influence on the energy consumption and cooling loads for an office building located in Tallinn, Estonia. The scope is to determine the most performative configuration for energy consumption and cooling load reduction for office buildings and to provide designers and developers with the necessary knowledge to increase the performance of their buildings.

There are many types of fixed shading devices, most of which use rectangular planar elements, the orientation and layout of which depends on the building location and façade orientation. The dynamic shading systems vary on the base of the building occupancy schedules and occupants’ preferences. The paper presents a method to determine the most efficient type and size of fixed shading devices in relation to different windows’ size and orientation, and the quantity of windows panes. At the same time the dynamic shading system using a control algorithm developed by the authors is compared.

The results show that solar shading is an efficient way to control the energy consumption of office buildings, though with different efficacy by the static systems depending on orientation, window and shading type. Evidence shows that dynamic blind systems have more uniform performance and usually outperform static shading.

The paper compares the performances of different static and dynamic shading devices and systems for the location in Tallinn. The dynamic shading system tested uses a control algorithm developed by the authors. The indications for the energy reduction and cooling loads are a valuable resource for designers and developers to increase the energy efficiency of their buildings.

The purpose of this paper is to propose a scientific method to evaluate possible urban layouts of a test building integrating building regulations, natural light standard and energy requirements to achieve nearly zero-energy buildings in Estonia. The integration of building regulations, energy requirements and natural light standards is crucial to evaluate the incidence of the surrounding environment when analyzing the energy performance of buildings.

The paper investigates the variations of the energy consumption of a model building with different orientations and variable urban surroundings configurations for the latitude of Tallinn. The different urban configurations are due to combinations of the different building requirements of fire safety, daylighting and insolation hours that in Estonia affect the layout of residential districts, thus influencing significantly the potential consumption of buildings. Different layouts of surrounding buildings have been chosen all guaranteeing at different degrees the fulfillment of the building requirements for the test building and energy simulations have been run to find the urban layouts that guarantee best performances.

The outcomes show that the test building interior temperatures and energy performances vary significantly in the different urban planning configurations and for the different orientations, underlining that is strongly recommended to run always energy simulation of building considering their surrounding environment. The conclusions show the principles to integrate the building regulations to achieve nearly zero-energy districts that significantly can improve life quality in the urban environment.

The paper analyze the energy efficiency of buildings with different features and orientations simulating their possible urban environment layouts given by building regulations, and not isolated or as built in “an open field” like most of the existing literature in the field.