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Measuring the performance of Romanian listed companies considering their individual characteristics

机译：衡量罗马尼亚上市公司的表现，考虑到他们的个人特征

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The aim of this paper is to provide evidence about the financial performance that the companies that are listed on a regular market obtained. The financial performance can be influenced by individual characteristic of the entity, like: size, indebtedness ratio, and liquidity ratio, type of the auditor, the industry where they act or other particular features. The research was conducted upon the Bucharest Stock Exchange (BSE). It took into consideration the entities that have to report their individual financial statements under International Financial Reporting Standards (IFRS). This regulation is compulsory for entities that are admitted for listing on a regular market from 2012. The study provides proper evidence about the factors that influence the entities' performance. Both quantitative and qualitative measures were taken into consideration. The qualitative elements were quantified using dummy variables (the development region, the type of auditor, the specialization field, the case in which major shareholder has more than 50 % of the shares). The results emphasize the important of several variables (i.e. the company's size, the region where the entity acts, the company's indebtedness ratio, and the company's age) that have significantly influenced, both in a positive and a negative way, the financial performance. Considering the area in which the company is specialized, no reliable information was detected. It seems that neither return on equity, neither return on assets, neither cash flow from operation divided by total assets are reliable financial measure though which the influence of specialization can be properly reflected. Considering geographical regions, companies from nord-west region and from the west region do obtained a lower financial performance that that that it's obtained if the company act in other development region.
机译：本文的目的是提供有关在常规市场上列出的公司的财务业绩的证据。财务表现可能受到实体的个性特征的影响，如：规模，债务比率和流动性比率，审计师的类型，行业或其他特定特征的行业。该研究是对布加勒斯特证券交易所（BSE）进行的。考虑到在国际财务报告标准（IFRS）下必须报告其个人财务报表的实体。该监管是2012年常规市场上市的实体的强制性的强制性。该研究提供了有关影响实体绩效的因素的适当证据。考虑了定量和定性措施。使用虚拟变量（开发区，审计员，专业领域，主要股东超过50％的股份）量化元素定量元素。结果强调了几个变量的重要意义（即本公司的规模，实体行为的地区，公司的债务比率和公司年龄），这两者都以积极和消极的方式，财务绩效。考虑到公司专业的区域，没有检测到可靠的信息。似乎既不回报股权，既不回报资产，既不是经营的现金流量除以总资产是可靠的财务措施，虽然专业化的影响是否可以得到适当的体现。考虑到地理区域，来自Nord-West地区和西部地区的公司确实获得了较低的财务表现，即该公司在其他开发区采取行动。

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