Evaluation Of The Impact Of Wage Expenditures On Competitiveness And Sustainability In The Romanian Energy Industry

The paper analyses the impact of personnel costs on the financial results of five important companies in the energy field in Romania (nuclear energy, oil, gas and hydropower) based on the financial statements reported in the last decade, following the assessment of how salary expenses affect revenues and profitability. The energy industry in Romania significantly influences GDP and regional development, so understanding the relationship between investments in human resources and financial success is essential for promoting the growth and competitiveness of companies in the field, especially during the transition to renewable energy. Using econometric methods (such as simple and multiple linear regressions, logistic regression and time series analysis such as ARIMA and VAR, Granger test, and PCA analysis), the study investigates the direct and dynamic relationships between personnel expenses and the performance indicators of companies. The results show a significant positive relationship between the salary expenses and the companies' total revenues, indicating that more significant investments in the workforce can lead to operational growth. In contrast, social protection spending shows a weaker correlation, suggesting that it has a minimal effect on financial performance. The two-way relationship revealed by the Granger test underlines the reciprocal impact of wage policies on financial results, underscoring the strategic value of investing in human capital. This research provides important insights for improving personnel spending strategies and promoting long-term sustainability and competitiveness in Romania's energy sector.