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Financial Equilibrium Analysis of Romanian and Polish Listed Companies: Evidence from 2019–2024

Author

Listed:
  • Kinga Emese Zsidó

    (George Emil Palade University of Medicine, Pharmacy, Science and Technology of Târgu Mureș, Romania)

  • Zuzanna Ostraszewska

    (Czestochowa University of Technology, Częstochowa, Poland)

Abstract

The main object of this study is to analyze the financial stability (as a condition of financial sustainability) of Romanian and Polish companies listed on the Bucharest Stock Exchange and the Warsaw Stock Exchange, operating in sectors with different levels of vulnerability to the COVID-19 pandemic: HoReCa (highly affected), Transport & Logistics, and Industry & Manufacturing. Financial equilibrium was assessed using liquidity and solvency indicators over the period 2019–2024. The results of the analysis reveals that Romanian companies have much higher liquidity than Polish companies, rely predominantly on internal financing, and maintain very low debt levels. In contrast, Polish companies demonstrate an optimal liquidity position, make greater use of external financing compared to Romanian companies, yet remain within recommended limits. In both cases, financial sustainability is ensured by the overall financial stability of the analyzed companies.

Suggested Citation

  • Kinga Emese Zsidó & Zuzanna Ostraszewska, 2025. "Financial Equilibrium Analysis of Romanian and Polish Listed Companies: Evidence from 2019–2024," Acta Marisiensis. Series Oeconomica, "George Emil Palade" University of Medicine, Pharmacy, Sciences and Technology of Târgu-Mureș, România - Faculty of Economics and Law, vol. 1, pages 13-22, December.
    • Handle: RePEc:pmu:oecono:v:1:y:2025:p:13-22
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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