The environmental issue has become a global problem that needs to be examined frequently, motivating researchers to investigate it. Thus, the present study has investigated the asymmetric impact of globalization, economic growth and natural resources on the ecological footprint in the presence of environmental Kuznets curve (EKC) in Thailand. The study has used annual time series data from 1970 to 2018. The study applied a novel method of nonlinear autoregressive distributive lag (ARDL). In particular, the current study has investigated the effect of positive and negative shocks on the independent variable on the dependent variable. The findings have confirmed that the effect of globalization and natural resources are significant and nonlinear. However, the effect of negative shocks of globalization and natural resources is more dominant on the ecological footprint in Thailand than the positive shocks of both variables. Moreover, the present study has also tested the presence of EKC in Thailand, and the findings confirm the presence of an inverted U-shape curve in the Thailand economy.

Our knowledge of discount rates plays an important role both in the discounted cash flow decision-making process and in the later phases of a project’s lifetime. It is useful than both for management and cash-flow monitoring purposes at operating stages. Investors putting money into power generation projects expect an appropriate rate of return to compensate them for a minimum acceptable real return available in the market (risk-free rate of interest) and the project’s specific risk. Due to its essential nature in the financial and economic evaluation of projects (it is the only parameter that reflects the risk), it is reasonable to assume that investors would also be interested in constituent components of that indicator. The discount rate is one parameter in the discounted cash flow analysis that takes into account the risk of a venture. Further, the previous research in this area has focused mainly on the dimension of this variable, and the structure of this parameter has not been dealt with any other studies. The proposed idea of this study met the expectations of the industry—it aimed to present a typical project implemented in the energy industry, a relatively simple methodology that allowed estimating the components within the cost of equity capital of the enterprise. In the power generation sector, one can find various types of discount rates—assessed for multiple technologies, at different development stages, and expressed differently. Owing to the know-how and decades-long experience, coal-fired power projects’ remarks may be a good benchmark for alternative low carbon technologies. That is why, in this work, a discount rate for valuing investment in new coal-fired power projects was evaluated. This assessment was made on the “bare-bones” assumption, meaning evaluations at 100% equity, after-tax, in constant (real) currency units. The analysis of the discount rate structure was performed by applying the procedure of the classical sensitivity analysis having the accuracy of key input parameters. Finally, the risk factors within the risk-adjusted discount rate were calculated. The obtained results showed the importance of individual risk factors within the risk-adjusted discount rate used in coal energy projects, which would enable a more pragmatic approach to controlling this parameter by decision-makers and understanding the risk.

The concept of risk is well known in the energy sector. It is normally recognized when it comes to price and cost forecasting, annual production calculation, or evaluating project lifetime. Nevertheless, it should be pointed out that the quantitative evaluation of risk is usually difficult. The discount rate is the only parameter reflecting risk in the discounted cash flow analysis. Therefore, knowledge of the discount rate along with the major components affecting its level is of fundamental significance for making investment decisions, capital budgeting, and project management. By referring to the standard coal-fired power generation projects the authors of the paper tackle the analysis of the composition of discount rate for onshore wind farm technologies in the Polish conditions. The study was carried out on the basis of a typical (hypothetical) onshore wind farm project assessed at the feasibility stage. To enable comparisons and discussions, it was assumed that the best reference point for such purposes is the real risk-adjusted discount rate, RADR, after-tax, in all equity evaluations (the ‘bare bones’ assumption); that is because such a rate reflects the inherent characteristics of the project risk. The study methodology involves the a priori application of the discount rate level and subsequently—in an analytical way—calculation of its individual components. The starting point for the analysis of the RADR’s composition was the definition of risk, understood as the product of uncertainty and consequences. Then, the risk factors were adopted and level of uncertainty assessed. Subsequently, using the classical sensitivity analysis of IRR, the consequences (as slopes of sensitivity lines) were calculated. Consequently, risk portions in percentage forms were received. Eventually, relative risks and risk components within cost of equity were assessed. Apart from the characteristics of the discount rate at the feasibility stage, in the discussion section the study was supplemented with an analogous analysis of the project’s cost of equity at the operating stage.

The debate on the presence of economic benefits in the European Union (EU) is not over. The study responds unequivocally to this question, with the intensity of economic development in the countries that joined the European Union in 2004 and beyond twice as high as that of the countries that joined it this year, i.e. the EU’s old ones compared to the new ones; smoothness – 1.1 times and dynamics – 1.6 times. Another important trend for further development is that, as the level of economic development increases, its smoothness is diminishing. In respect of the context of the EP of all EU Members, it turned out that the higher intensity of enlargement was characterised by higher economic levels, with similar homogeneity and almost identical values for the dynamic indicator. The introduction to the article presents the context of the studies, i.e. two groups of EU Community countries are formed according to their level of economic development and the year of their accession to the Community, as well as a survey scheme. The literature review reveals the methods used to analyse the convergence of economic development in these countries, as members of the Community. The research methodology introduces the indicator of economic development of countries and provides a methodology for assessing its dynamics. The empirical part assesses the dynamics of economic development of both groups of countries and identifies trends in terms of convergence. The discussion section summarises the consolidation and destabilising factors in the EU and the importance of the study carried out in this context. The conclusions present the main results of the studies and outline their further directions. The results of the study can be used both in the EU and for the purpose-oriented decisions of its members on further economic development.