STUDY OF THE FINANCIAL PERFORMANCE FOR ROMANIAN LISTED COMPANIES BENEFICIARY OF NON-REPAYABLE EUROPEAN FUNDS
Iulian Panait () and
Liviu Uzlau ()
Additional contact information
Liviu Uzlau: Hyperion University, Faculty of Economic Sciences
Internal Auditing and Risk Management, 2013, vol. 30, issue 1, 309-320
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 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://aimr.univath.ro/en/article/STUDY-OF-THE-FIN ... OPEAN-FUNDS~880.html (text/html)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ath:journl:v:30:y:2013:i:1:p:309-320
Access Statistics for this article
Internal Auditing and Risk Management is currently edited by Emilia Vasile
More articles in Internal Auditing and Risk Management from Athenaeum University of Bucharest Contact information at EDIRC.
Bibliographic data for series maintained by Cosmin Catalin Olteanu and Emilia Vasile (). This e-mail address is bad, please contact .