Alina Raboshuk

The purpose of the study is to examine the impact of corporate governance mechanisms on the financial performance of listed industrial companies in Oman. As the main research method, panel data regression analysis was used to analyze data from 36 Omani industrial companies, listed on the Muscat Stock Exchange for the period 2017–2021. Three regression models were developed using three dependent variables (Return on Assets, Return on Equity, Return on Sales), seven independent variables (Board Size, Independent and Non-executive Board Members, Board Meeting, Chief Executive Officer, Dummy variable for Board Change, Dummy variable for the Secretary on the Board, Dummy variable for Internal Auditor), and two control variables (Leverage, Size of the company). According to the research results, a negative influence of the Board Size and Dummy variable for the presence of the Secretary on the Board on the Return on Assets indicator at 10% and 5% significance level was found; moreover, there is a positive influence of Leverage and Size of the company at the 1% and 5% significance level on Return of Assets. Although, none of the independent variables used has a significant impact on the Return on Equity indicator. Return on Sales is significantly affected only by two control variables, i.e., a negative impact of Leverage at the 10% significance level and a positive impact of the Size of the company at the 10% significance level. The results obtained in the study indicate the imperfection of the corporate governance mechanisms implemented by Omani industrial companies in the field of ensuring financial efficiency.

The article analyzes the role of universities, assessed through the prism of the UI GreenMetric World University Rankings (UI GreenMetric) methodology, in ensuring energy efficiency and sustainability of the national economy. For this purpose, UI GreenMetric results, systematized by country and region, were used, as well as data for 2017–2022 on countries’ progress in achieving SDG 7 and the national level of primary energy intensity. The analysis of trends in the development of sustainable universities according to UI GreenMetric shows regional differences: on average, the highest scores in the ranking are given to universities in OECD countries and East and South Asia, and the lowest – to Sub-Saharan Africa and Eastern Europe & Central Asia. A positive correlation (from 13.9% to 18.7% of the variation) was found between the activities of universities and the countries’ progress in achieving SDG 7, as well as a negative correlation with the energy intensity of the level of primary energy of these countries; this proves the participation of higher education institutions in ensuring the energy efficiency of national economies (the level of influence is much lower, the explanation of model variations is 2.4%-8.2%). The role of universities is not only to develop green campuses but also to increase research, create new educational programs, develop cross-sectoral cooperation and ‘living laboratories’ to implement sustainable development practices, and train future leaders capable of overcoming global energy challenges.

Type of the article: Research Article

Abstract
As governments worldwide intensify efforts to achieve decarbonization, the role of fiscal and public policy instruments in shaping energy transitions has gained critical importance. This study evaluates how budgetary measures, taxation schemes, subsidies, and regulatory standards influence renewable electricity outcomes, thereby linking climate policy design with broader public and municipal finance issues. The analysis relies on panel data from 48 OECD, OECD negotiating members, and OECD participating partner-countries between 2009 and 2022, estimated with fixed and random effects models in R Studio and tested for robustness using Driscoll-Kraay and cluster-robust standard errors. The findings indicate that, compared with other instruments, feed-in tariffs (β = 0.116, p < 0.001), planning for renewables expansion (β = 0.070, p < 0.01), and air emission standards (β = 0.170, p < 0.001) provide the strongest and most consistent support for renewable electricity development. Renewable energy certificates and auctions also contribute positively, though with weaker statistical significance, while fossil fuel excise taxes and coal bans display mixed or context-dependent effects. The adjusted R² of 0.38 for renewable electricity generation and 0.44 for renewable electricity supply demonstrates the explanatory relevance of the selected policy variables. Robustness checks further confirm the enduring importance of feed-in tariffs as a cornerstone of fiscal support for renewables. Finally, cross-country heterogeneity is evident, with strong positive random effects in Bulgaria (0.86), Slovenia (0.73), and Czechia (0.81), and pronounced negative effects in Saudi Arabia (–1.23), Costa Rica (–1.22), and Chile (–0.95).

Acknowledgment
This study was prepared as part of the project 101127491-EnergyS4UA-ERASMUS-JMO2023-HEI-TCH-RSCH and as part of the project “From Dependency to Resilience: Renewable Energy Transformation in Post-Soviet States – A Multi-Level Analysis of Key Drivers of Success” within the Philipp Schwartz Initiative, funded by the Alexander von Humboldt Foundation. However, views and opinions expressed are those of the author(s) only and do not necessarily reflect those of the European Union or European Education and Culture Executive Agency. Neither the European Union nor the granting authority can be held responsible for them. The authors are thankful to the Silesian University of Technology and the National Scholarship Programme of the Slovak Republic for their support in carrying out this research.