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Factors that influence the performance of listed companies considering the IFRS approach: Evidence from Romania

Laura Brad, Radu Ciobanu () and Florin Dobre
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Laura Brad: Bucharest University of Economic Studies, Romania
Florin Dobre: Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2014, vol. XXI, issue Special, 32-39

Abstract: The Romanian Companies that are listed on stock market have to report their individual financial statements under IFRS from 2012. The present research tries to reveal the influence of individual factor upon financial performance, measured through return on equity and cash flow to total assets ratio. The results provide evidence that the companies that open their insolvency procedure have indeed a lower performance, while the external auditor who has audited their financial statement is not significantly important. Considering the CEO-Chair duality, no relevant conclusions about the influence of financial performance were observed. Furthermore, opposite reaction to foreign and Romanian institutional shareholders was observed upon financial performance.

Keywords: financial performance; IFRS; shareholder characteristics; stock exchange; insolvency. (search for similar items in EconPapers)
Date: 2014
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Handle: RePEc:agr:journl:v:xxi:y:2014:i:special:p:32-39