ANALYSIS OF THE EFFECTS OF FINANCING AND RISK MANAGEMENT ON THE VALUE OF FIRMS LISTED ON THE BUCHAREST STOCK EXCHANGE

Mihaela Tudose () and Valentina Rusu

Annals - Economy Series, 2018, vol. 2, 44-58

Abstract: The paper aims to assess the effects of financing and risk management on firm value of companies and to provide additional evidence in the area of empirical debates. For these purposes, we performed a regression analysis (based on the fixed-effects model), which reflects the effects of the two policies (i.e. financing and risk management) on the value of the firms listed on the Bucharest Stock Exchange. The dependent variable was value of the firm; we used Tobin’s Q as a proxy. Independent variables were: financial structure, risk management, financial return and firm size. The findings reveal that two of the four examined variables yield significant positive effects on the value of firms (financing structure and return on assets); for the other two independent variables analysed (risk management and firm size), the hypotheses were rejected.

Keywords: financial structure; risk management; return on assets; firm size; firm value. (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2018:v:2:p:44-58

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