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Study Of The Financial Performance For Romanian Listed Companies Beneficiary Of Non-Repayable European Funds

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  • Iulian PANAIT

    (Hyperion University, Faculty of Economic Sciences)

  • Liviu UZLAU

    (Hyperion University, Faculty of Economic Sciences)

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.

Suggested Citation

  • Iulian PANAIT & Liviu UZLAU, 2013. "Study Of The Financial Performance For Romanian Listed Companies Beneficiary Of Non-Repayable European Funds," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 30(1), pages 309-320, June.
    • Handle: RePEc:ath:journl:v:30:y:2013:i:1:p:309-320
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