Implications of Fiscal Pressure on the Sustainability of the Equilibrium and Performance of Companies. Evidences in the Rubber and Plastic Industry from Romania

The relationship between the degree of taxation, the activity of firms and the performance measured by the ability to achieve positive results and to ensure a financial equilibrium has been an important issue in the debate in a great deal of research, but in most of them, the analyses were reported according to a set of factors (inclusive the fiscal degree). This paper comprises an empirical investigation to identify the effects of the degree of taxation on financial stability and the balance of enterprises. An analysis of the degree of taxation and of the economic growth rate in Romania was made in the first part, and, after that, empirical analyzes were conducted on how the volume of taxes, the capital structure and other indicators influences the level of value added as well as the volume of fiscal pressure and the duration of payment of tax liabilities. Using data on the level of macroeconomic taxation, as well as information on financial equilibrium indicators at the level of some representative companies in the field of rubber and plastic processing listed on the stock exchange, a model of the existing relationships between a series of indicators related to financial equilibrium and economic growth rate, fiscal pressure and profitability was produced, using statistical analyses based upon multiple regressions and simulations in SPSS software. The main conclusions show that taxes and fees influence the financial positions of firms by changes in the volume and structure of the capital used, the level of profit/loss, as well as financial equilibrium, at the level of solvency and liquidity. Also, the results extend the understanding of the importance the tax administration in creating added value, ensuring financial equilibrium and good performance in the context of the sustainable development of companies.