Study Of The Financial Performance For Romanian Listed Companies Beneficiary Of Non-Repayable European Funds
AbstractOur 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 InfoArticle provided by Athenaeum University of Bucharest in its journal Internal Auditing and Risk Management.
Volume (Year): 2 (2013)
Issue (Month): 30 (June)
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Web page: http://www.univath.ro/facultati/facultatea_de_stiinte_economice
More information through EDIRC
European structural and cohesion funds; financial indicators; corporate financial performance; management of European project implementation;
Find related papers by JEL classification:
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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