EFFECTS OF FINANCIAL CRISIS ON THE ACTIVITY OF ECONOMIC ENTITIES AND ON RELATIONS WITH STAKEHOLDERS

Ancuța-Anisia Chelba () and Veronica Grosu ()
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Ancuța-Anisia Chelba: Stefan cel Mare University of Suceava, 720229, Romania
Veronica Grosu: Stefan cel Mare University of Suceava, 720229, Romania

European Journal of Accounting, Finance & Business, 2021, vol. 16, issue 26, 81-89

Abstract: In a market economy, the normal situation of participants is one of risk and insecurity, generated by competition that can ensure national progress and prosperity, but also by disruptive factors that can bring major financial imbalances. Financial crises have now become a topic of research with increasing theoretical value, especially if we look at the significant problems that recent crises have caused to participants in trade and financial exchanges. The current health crisis has led us to address this contemporary issue, however, whether it is health or economic, a crisis can spread easily, and its impact can be felt worldwide if coordinated and firm action is not taken from the start. In this context, the purpose of this article is to present the effects of financial crises on the activity of economic entities and stakeholder relations. In order to achieve the proposed goal, the concept of crisis was delimited and the main types of crisis that can affect the activity of economic entities were described, the phase of recognition of the enterprise crisis was identified and the insolvency procedure was briefly presented, then finally the main stakeholders affected by the bankruptcy crisis of an economic entity were presented.

Date: 2021
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