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Study Of The Financial Performance For Romanian Listed Companies Beneficiary Of Non-Repayable European Funds


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  • Iulian PANAIT

    (Hyperion University, Faculty of Economic Sciences)

  • Liviu UZLAU

    (Hyperion University, Faculty of Economic Sciences)


Our study investigates the differences in financial performance during 2011 and the first 3 quarters of 2012 for 36 Romanian companies listed on Bucharest Stock Exchange, divided in two groups: 11 companies beneficiary of non-repayable structural and cohesion European funds and 25 other non-beneficiary companies. We found that, on average, the beneficiary companies showed better debt-to-equity ratios, larger profit margin, higher return on equity and turnover growth, but, in the same time, they witness a lower profit growth and liquidity ratio. We explain this behavior by the long term advantages and also by the short term management difficulties of implementing European funded investment projects.

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Bibliographic Info

Article provided by Athenaeum University of Bucharest in its journal Internal Auditing and Risk Management.

Volume (Year): 2 (2013)
Issue (Month): 30 (June)
Pages: 285-295

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Handle: RePEc:ath:journl:tome:30:v:2:y:2013:i:30:p:285-295

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Related research

Keywords: European structural and cohesion funds; financial indicators; corporate financial performance; management of European project implementation;

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  1. George Georgescu, 2008. "Determinants Of Increasing Eu Funds Absorption Capacity In Romania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(10), pages 16.
  2. Thomas Farole & Andrés Rodríguez‐Pose & Michael Storper, 2011. "Cohesion Policy in the European Union: Growth, Geography, Institutions," Journal of Common Market Studies, Wiley Blackwell, vol. 49(5), pages 1089-1111, 09.
  3. Daniela Florescu & Petre Brezeanu, 2009. "Romania’s Ability to Draw European Funds," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 9(1), pages 253-258.
  4. Becker, Sascha & Egger, Peter H & Fenge, Robert & von, Ehrlich Maximilian, 2008. "Going NUTS: The Effect of EU Structural Funds on Regional Performance," Stirling Economics Discussion Papers 2008-27, University of Stirling, Division of Economics.
  5. Daniela Florescu & Petre Brezeanu, 2009. "Implementation of Operational Programmes in Romania the Period 2007-2013," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 9(3), pages 297-304.
  6. Zaman, Gheorghe & Georgescu, George, 2009. "Structural Fund Absorption: A New Challenge For Romania?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 6(1), pages 136-154, March.
  7. Iulian Panait & George-Daniel Stoian, 2013. "Comparative study of the evolution of stock returns for listed Romanian companies which received non-repayable structural and cohesion European funds," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 16(47), pages 29-58, March.
  8. Daniela Florescu, 2008. "Romania’S Ability To Draw European Funds," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 12(12(517)(s), pages 135-140, December.
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