THE IMPACT OF THE FINANCIAL AND PANDEMIC CRISES ON THE ROMANIAN BUSINESS ENVIRONMENT

Alexandra Tanasa () and Diana-Elena David ()
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Alexandra Tanasa: Alexandru Ioan Cuza University of Iasi
Diana-Elena David: Alexandru Ioan Cuza University of Iasi

EUFIRE Conference Proceedings Series, 2025, vol. 1, issue 1, 417-431

Abstract: Over time, the emergence of various types of crises (e.g., financial, geopolitical, pandemic, energy crisis) has significantly impacted the business environment in almost all countries. The influence of crises has been extensively studied in the academic literature both at the microeconomic and macroeconomic levels, from various perspectives; however, the complexity of the phenomenon still offers opportunities for further research. Studies in the literature have shown that crisis periods have influenced numerous domains such as the economy, accounting, banking and financial system, politics, and the labour market. This paper aims to analyse the influence of the major crises from the past 20 years on the business environment in Romania. In this regard, we considered the most representative crises for Romania the economic crisis of 2007 2008 and the crisis generated by the COVID-19 pandemic during the period 2020 2022. In order to achieve the purpose of the paper, we conducted an exploratory study to investigate the trends generated by periods of crisis on how economic uncertainty, imposed restrictions, and legislative changes have influenced business decisions regarding establishment, continuation, suspension, or business closure. We used statistical data provided by the National Trade Register Office regarding the registration of legal entities, active registered professionals, business suspensions, dissolutions, removals from the registry, and insolvency proceedings. The statistical data available and analysed in this paper cover the period 2009 2024. The results of the study highlighted that the COVID-19 pandemic did not have a significant impact on the number of registrations of entities, suspensions, removals, and insolvencies in Romania during the period 2008 2024. However, the economic crisis of 2007 2010 had a major influence both on the number of temporary activity suspensions and on the number of insolvencies and even business closure.

Keywords: economic crisis; COVID-19; business environment; firm dynamics; accounting (search for similar items in EconPapers)
JEL-codes: G01 M10 M21 M41 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:cxa:eu2025:v:1:y:2025:i:1:p:417-431

DOI: 10.47743/eufire-2025-1-32

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