BEYOND FINANCIAL METRICS: RAILWAY TRANSPORT EFFICIENCY
DOI:
https://doi.org/10.5281/zenodo.22707196Abstract
This thesis examines why the formal presence of financial stability or institutional mechanisms in railway passenger
transport does not, in itself, constitute evidence of economic efficiency. The purpose of the study is to establish—
both across national models and within a single operator—that efficiency is a property of functional configuration
rather than instrument existence. Three international institutional models were compared analytically, and three integral
indices—asset condition, financial stability, and business activity—were computed for a national passenger operator over
2020–2025 using the geometric-mean method. The results show that no international model is universally superior, as
each is conditional on its specific institutional environment. Furthermore, while asset condition and financial stability rose
steadily, business activity remained persistently low, confirming that resource and financial adequacy do not automatically
translate into genuine efficiency
Keywords
economic efficiency, railway passenger transport, institutional configuration, financial-functional decoupling, integral index.References
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