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Innovation and Market Value of Firms – A Challenge of a Changing Romanian SMEs

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  • Oncioiu Ionica

    (Titu Maiorescu University)

Abstract

A special topic covered in the research done in recent years is related to SME innovation. Because information is the key resource and output, the intangible economy is the source of economic value which affects all the markets transactions. This study is an exploration of the dynamics of the present Romanian firm's valuation in the financial markets landscape. I offer first an overview of the characteristics of the market value of firms and of the general impact of the recent crisis on the Romanian SMEs. I further outline the main constraints faced by the firm's market value in the specific Romanian context and sketch current trends of Romanian small enterprises. I employ hereby a holistic and monetary method - Tobin's Q - which I state as rewarding when investigating the evolution of market value of the Romanian small enterprises, and apply it to a set of empirical data, in order to assess the evolution of these Romanian small enterprises during the period 2009-2013. Based on the results of this analysis, I formulate in the conclusions a set of recommendations which are aimed to support the consolidation of the Romanian firm's value in the marketplace. Practitioners and academicians can benefit from this study’s insights.

Suggested Citation

  • Oncioiu Ionica, 2014. "Innovation and Market Value of Firms – A Challenge of a Changing Romanian SMEs," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 244-249, May.
    • Handle: RePEc:ovi:oviste:v:xiv:y:2014:i:2:p:244-249
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    More about this item

    Keywords

    market value firms; intangible assets; accounting; marketplace;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • D7 - Microeconomics - - Analysis of Collective Decision-Making

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