Economic analysis plays an important role in the field of competition for investigating the behav... more Economic analysis plays an important role in the field of competition for investigating the behavior of firms and for the assessment of economic concentrations. It can lead to the significant improvement of the decisions issued by competition authorities, as well as of the decisions of the courts. Concluding, we can consider qualitative economic analysis as being an essential component for the development and enforcement of competition policy, thus supporting consumers' interests. Based on these considerations, this article tries to present a few aspects concerning the role of economic analysis in the field of competition.
There are a number of studies performed using Romanian companies' samples that have tested th... more There are a number of studies performed using Romanian companies' samples that have tested the capital structure theories. Most of them evaluated the relation between leverage ratios and companies' financial indicators in periods including years of financial crisis. With negative economic effects fading out of the Romanian economy, it is considered that a new positive economic cycle has started as in 2017 the total number of jobs in economy exceded the pre-crisis values. This paper aims to indicate how the dynamic of capital structure of Romanian listed company changed during a post-crisis time period, as companies' financial indicators have shown consistent improvements.
This paper aims to investigate how financial variables and exogenous crises influence firms’ fina... more This paper aims to investigate how financial variables and exogenous crises influence firms’ financial performance, and how these factors may help managers in decision-making to increase their firm’s wealth. The dynamic interactions among variables were studied by applying a panel vector autoregressive model using annual data for a sample of non-financial firms from European countries. Results indicate that liquidity, leverage and productivity positively affect firm performance, while solvency and asset turnover are positive and statistically significant only in the case of return on equity. Labour productivity induces that firms tend to display larger efforts to keep financial performance in face of a crisis, considering that the crisis reveals a negative statistical impact over return on assets.
Annals of Dunarea de Jos University of Galati. Fascicle I. Economics and Applied Informatics
The previous literature attempted to provide explanations for the differences identified in the c... more The previous literature attempted to provide explanations for the differences identified in the capital structure of companies, with a set of more or less practically applicable theories. This paper aims to capture the influence of the main factors identified in the relevant literature on the capital structure of a sample of listed companies on the main market of the Bucharest Stock Exchange (BVB) and, in particular, to validate or invalidate some of the theories that attempted to explain the differences in the capital structure in the literature. The results show that the capital structure of the Romanian listed companies is positively correlated with the existence of growth opportunities and negatively with the profitability, liquidity, asset tangibility and volatility coefficient.
International Journal of Trade, Economics and Finance, 2014
When making an investment decision it is very important to analyze the profitability and the port... more When making an investment decision it is very important to analyze the profitability and the portfolio risk. The evolution of the stock prices included in the portfolio can influence the overall portfolio profitability. A major risk of a single share can bring a surplus of risk to the overall portfolio. It is also important to analyze the market as one stock can influence the entire market. With this in view, this paper aims at analyzing the impact that the risk of a single stock has on the portfolio or the modification determined by the price of a stock on the entire portfolio return. Index Terms-Investment decision, portfolio rentability, portfolio risk, stock market model.
This paper analyzes the elements that ensure financial and monetary stability in an emerging econ... more This paper analyzes the elements that ensure financial and monetary stability in an emerging economy, taking for example the Romania's situation, within the context of the crisis which has disrupted the global economy. The emphasis is placed on irredeemable EU funds allocated to Romania, which were analyzed both in terms of projects approved (but whose implementation has not yet started)
This paper has the objective of investigating the competitivity status of the life insurance sect... more This paper has the objective of investigating the competitivity status of the life insurance sector in Romania, which is based upon the insurers' financial stability. First, we shall analyse the competitive structure of the life insurance market, respectively the ...
Economic analysis plays an important role in the field of competition for investigating the behav... more Economic analysis plays an important role in the field of competition for investigating the behavior of firms and for the assessment of economic concentrations. It can lead to the significant improvement of the decisions issued by competition authorities, as well as of the decisions of the courts. Concluding, we can consider qualitative economic analysis as being an essential component for the development and enforcement of competition policy, thus supporting consumers' interests. Based on these considerations, this article tries to present a few aspects concerning the role of economic analysis in the field of competition.
There are a number of studies performed using Romanian companies' samples that have tested th... more There are a number of studies performed using Romanian companies' samples that have tested the capital structure theories. Most of them evaluated the relation between leverage ratios and companies' financial indicators in periods including years of financial crisis. With negative economic effects fading out of the Romanian economy, it is considered that a new positive economic cycle has started as in 2017 the total number of jobs in economy exceded the pre-crisis values. This paper aims to indicate how the dynamic of capital structure of Romanian listed company changed during a post-crisis time period, as companies' financial indicators have shown consistent improvements.
This paper aims to investigate how financial variables and exogenous crises influence firms’ fina... more This paper aims to investigate how financial variables and exogenous crises influence firms’ financial performance, and how these factors may help managers in decision-making to increase their firm’s wealth. The dynamic interactions among variables were studied by applying a panel vector autoregressive model using annual data for a sample of non-financial firms from European countries. Results indicate that liquidity, leverage and productivity positively affect firm performance, while solvency and asset turnover are positive and statistically significant only in the case of return on equity. Labour productivity induces that firms tend to display larger efforts to keep financial performance in face of a crisis, considering that the crisis reveals a negative statistical impact over return on assets.
Annals of Dunarea de Jos University of Galati. Fascicle I. Economics and Applied Informatics
The previous literature attempted to provide explanations for the differences identified in the c... more The previous literature attempted to provide explanations for the differences identified in the capital structure of companies, with a set of more or less practically applicable theories. This paper aims to capture the influence of the main factors identified in the relevant literature on the capital structure of a sample of listed companies on the main market of the Bucharest Stock Exchange (BVB) and, in particular, to validate or invalidate some of the theories that attempted to explain the differences in the capital structure in the literature. The results show that the capital structure of the Romanian listed companies is positively correlated with the existence of growth opportunities and negatively with the profitability, liquidity, asset tangibility and volatility coefficient.
International Journal of Trade, Economics and Finance, 2014
When making an investment decision it is very important to analyze the profitability and the port... more When making an investment decision it is very important to analyze the profitability and the portfolio risk. The evolution of the stock prices included in the portfolio can influence the overall portfolio profitability. A major risk of a single share can bring a surplus of risk to the overall portfolio. It is also important to analyze the market as one stock can influence the entire market. With this in view, this paper aims at analyzing the impact that the risk of a single stock has on the portfolio or the modification determined by the price of a stock on the entire portfolio return. Index Terms-Investment decision, portfolio rentability, portfolio risk, stock market model.
This paper analyzes the elements that ensure financial and monetary stability in an emerging econ... more This paper analyzes the elements that ensure financial and monetary stability in an emerging economy, taking for example the Romania's situation, within the context of the crisis which has disrupted the global economy. The emphasis is placed on irredeemable EU funds allocated to Romania, which were analyzed both in terms of projects approved (but whose implementation has not yet started)
This paper has the objective of investigating the competitivity status of the life insurance sect... more This paper has the objective of investigating the competitivity status of the life insurance sector in Romania, which is based upon the insurers' financial stability. First, we shall analyse the competitive structure of the life insurance market, respectively the ...
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