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STUDY OF THE FINANCIAL PERFORMANCE FOR ROMANIAN LISTED COMPANIES BENEFICIARY OF NON-REPAYABLE EUROPEAN FUNDS

Iulian Panait () and Liviu Uzlau ()
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Liviu Uzlau: Hyperion University, Faculty of Economic Sciences

Internal Auditing and Risk Management, 2013, vol. 30, issue 1, 309-320

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 (search for similar items in EconPapers)
Date: 2013
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