How do turbulent sectoral conditions sector influence the value of coal mining enterprises? Perspectives from the Central-Eastern Europe coal mining industry

The main aim of the article is to estimate the value of and indicate the most significant industrial risk factors associated with the Central-Eastern Europe coal mining industry. The research concerns four coal mining enterprises from Poland, Czech Republic, and Ukraine listed on the Warsaw Stock Exchange and excavating coal in underground coal mines. According to the research results, the key national risk factors in a book value creation are the coal share in the domestic energy balance and the domestic coal consumption. With respect to external risk factors, the dominant role belongs to coal prices and its substitutes' prices. Research conclusions allow academics and practitioners to formulate theories on (1) price risk monitoring and hedging, (2) improving and strengthening relations with suppliers and customers, and (3) developing relations with internal and external stakeholders by using CSR assumptions. Such analyses and research contribute to energy economics in the area of value and risk management in mining enterprises. Additionally, it contribute to the non-renewable resources management and could be interesting for managers, investors as well for local governments and communities.