STUDY OF THE FINANCIAL PERFORMANCE FOR ROMANIAN LISTED COMPANIES BENEFICIARY OF NON-REPAYABLE EUROPEAN FUNDS
Published: 2013-01-01
Volume: No 30 - June 2013
Pages: 309|320
Authors
- Hyperion University
- Economic Sciences
- Economic Sciences Pages
Abstract
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 nonbeneficiary 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.
Keywords: European structural and cohesion funds, financial indicators, corporate financial performance, management of European project implementation
Cite this article
APA: Hyperion University, Economic Sciences, Economic Sciences Pages (2013). STUDY OF THE FINANCIAL PERFORMANCE FOR ROMANIAN LISTED COMPANIES BENEFICIARY OF NON-REPAYABLE EUROPEAN FUNDS. Internal Auditing & Risk Management, Vol. 30, No. 30, pp. 309-320.
BibTeX:
@article{hyperionuniversity2013426,
title = {STUDY OF THE FINANCIAL PERFORMANCE FOR ROMANIAN LISTED COMPANIES BENEFICIARY OF NON-REPAYABLE EUROPEAN FUNDS},
author = {Hyperion University and Economic Sciences and Economic Sciences
Pages},
journal = {Internal Auditing & Risk Management},
year = {2013},
volume = {30},
pages = {309----320},
doi = {}
}