Documente Academic
Documente Profesional
Documente Cultură
raportrii financiare
Assessing Financial
Reporting Quality
Anul XIII, nr. 121 - 1/2015
1/2015
l Implementarea guvernanei
corporative
l Valoarea economic adugat
l Depistarea greelilor n
contabilitatea comerului
l Factorii nefinanciari i
performana bursier
l Implementation of Corporate
Governance
l Economic Value Added
l Detecting Errors in the
Accounting of Retail Trade
l Non-Financial Factors on
the Stock Performance
Sumar / Content
Andra GAJEVSKY
Mirela PUNESCU
Mirela GANEA
Sorin-Constantin DEACONU
Mihai CARP
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Rezumat
Evaluarea
calitii
raportrii
financiare:
cazul
Romniei
Drd. Andra GAJEVSZKY,
Academia de Studii Economice din Bucureti,
Romnia, e-mail: gajevszkyandra@yahoo.com
Nr. 1(121)/2015
Andra GAJEVSKY
1. Introducere
n ultimul deceniu, o serie vast de factori, precum
convergena contabil, criza financiar, cerinele
suprancrcate de transparen, au determinat centrarea investigaiilor din literatura de specialitate pe
raportarea financiar. Astfel, provocarea const n
furnizarea unei definiii complete a calitii raportrii
financiare, pe de o parte, i n evaluarea acestei
caliti, pe de alt parte.
Potrivit organismului internaional de normalizare
contabil IASB (International Accounting Standards
Board, 2008), premisa fundamental a evalurii
calitii raportrii financiare este reprezentat de
aderarea la obiectivele i caracteristicile calitative ale
informaiilor prezentate de entiti n rapoartele
financiare.
Cadrul conceptual IASB include caracteristicile
calitative n vederea facilitrii evalurii informaiilor
financiare din prisma utilitii conexe obiectivelor
raportrii financiare. Potrivit acestei abordri, pentru
ca informaiile financiare s fie utile, ele trebuie s fie
relevante i s reflecte realitatea economic de o
manier veridic. Totodat, cadrul conceptual evideniaz faptul c utilitatea informaiilor financiare este
consolidat de comparabilitate, verificabilitate, oportunitate i nelegere, aceste patru caracteristici fiind
definite drept caracteristici mbuntite ale raportrii
financiare.
Utilitatea raportrii financiare este subliniat n cadrul
conceptual al organismului internaional de raportare.
Astfel, IASB (2010 BC 1.16) subliniaz obiectivul
fundamental al raportrii financiare care const n
furnizarea informaiilor utile pentru investitori, creditori
i ali utilizatori care i fundamenteaz deciziile de
alocare a resurselor. Dei utilizatorii rapoartelor
financiare includ o gam vast de subieci, IASB se
canalizeaz cu precdere pe nevoile participanilor la
pieele de capital.
Conform acestei abordri, investitorii constituie grupul
de interes major din prisma raportrii financiare,
datorit faptului c acetia reprezint furnizorii de
capital i, n consecin, dac nevoile lor de informare
sunt suplinite, se presupune c aceste nevoi informaionale sunt reprezentative pentru o palet mai vast
de utilizatori/stakeholderi (IASB, 2010). Din aceast
4
perspectiv, la nivelul literaturii de specialitate, cercetrile empirice s-au concentrat pe investigarea relaiei
dintre standardele contabile i aspecte specifice raportate la investitori, precum preul aciunilor i rezultatele entitii.
Definiia calitii raportrii financiare furnizate de IASB
reprezint fundamentul formulrilor variate de definire
a acestui concept la nivelul arenei academice. Spre
exemplu, Tang et al. (2008) definesc calitatea raportrii financiare ca fiind maniera n care situaiile
financiare furnizeaz informaii credibile i reale referitoare la performana de baz a entitii i la poziia sa
financiar. Ali autori, precum Verdi (2006), definesc
calitatea raportrii financiare ca fiind precizia cu care
situaiile financiare furnizeaz informaii referitoare la
operaiunile entitii, cu precdere la cash flow-urile
sale, n vederea informrii investitorilor.
O definiie validat la nivelul literaturii de specialitate
este cea furnizat de Jonas i Blanchet (2000), autori
care evideniaz faptul c raportarea financiar de calitate este cea care conine informaii financiare complete i transparente, concepute s nu induc n eroare utilizatorii i s nu influeneze deciziile acestora.
n vederea abordrii scopului acestei cercetri, i
anume acela de a investiga calitatea raportrii
financiare la nivelul societilor cotate pe Bursa de
Valori din Bucureti, este necesar o expunere minimal a cerinelor de raportare financiar din Romnia. n Romnia, una dintre economiile emergente din
Uniunea European, adoptarea standardelor internaionale de raportare financiar IFRS reprezint un
proces relativ nou comparativ cu alte state membre.
Primul pas al Romniei nspre convergena IFRS a
fost reprezentat de reglementrile aplicabile companiilor tranzacionate pe o pia de capital reglementat, cerine de raportare care stipulau ca, ncepnd
cu anul 2007, societile listate pe Bursa de Valori din
Bucureti care pregtesc situaii financiare consolidate s prezinte situaiile financiare anuale consolidate conforme cu IFRS. Prin emiterea OMFP 881/2012,
organismul de reglementare din Romnia a lrgit
paleta de aplicare a IFRS. Astfel, companiile tranzacionate pe o pia financiar reglementat Bursa de
Valori din Bucureti sunt obligate s emit situaiile
financiare individuale conforme cu standardele internaionale IFRS ncepnd cu exerciiul financiar 2012.
Aceast cercetare este organizat de maniera urmtoare: Seciunea 2 Revizuirea literaturii de specialitate prezint fluxul cercetrilor axate pe evaluarea
calitii raportrii financiare, Seciunea 3 introduce
designul cercetrii, incluznd i aspectele de ordin
metodologic, n timp ce Seciunea 4 furnizeaz prezentarea i interpretarea rezultatelor acestui studiu.
Seciunea 5 prezint limitrile acestei cercetri, iar
seciunea final traseaz principalele aspecte relevate
de studiul empiric i evideniaz, totodat, direciile
viitoare de cercetare.
2. Revizuirea literaturii de
specialitate
Dei att organismul internaional de normalizare
IASB, ct i cel american - FASB subliniaz importana rapoartelor financiare de calitate nalt,
investignd literatura de specialitate se poate observa
c, la nivelul cercetrilor realizate, exist o nevoie
acut de definire i evaluare a acestei caliti de o
manier ct mai cuprinztoare.
IASB (2008) a definit modalitatea de evaluare a
calitii raportrii financiare n termeni de caracteristici
fundamentale (relevana i reprezentarea fidel) i
caracteristici mbuntite (comparabilitatea,
verificabilitatea, oportunitatea i nelegerea). n
concordan cu prevederile organismului internaional
de normalizare i cu literatura de specialitate, muli
cercettori au definit calitatea raportrii financiare n
termeni de utilitate decizional (spre exemplu, Jonas
i Blanchet, 2000; McDaniel et al., 2002).
Astfel, unele evaluri ale calitii raportrii financiare
sunt incomplete i se axeaz doar pe relevana
informaiilor i pe reprezentarea fidel (McDaniel et
al., 2002). Potrivit acestei perspective, caracteristicile
mbuntite ale raportrii financiare ar trebui incluse
n procesul de evaluare a calitii raportrii financiare.
Autorii citai anterior sugereaz c rapoartele anuale
ale companiilor ar trebui integrate n elaborarea
cercetrii empirice, datorit faptului c raportarea
financiar nglobeaz att informaii financiare, ct i
informaii nefinanciare.
Acurateea datelor financiare indic maniera n care
profitul contabil este capabil de a previziona capaci-
Nr. 1(121)/2015
Andra GAJEVSKY
3. Designul cercetrii
Aceast seciune introduce ipotezele cercetrii, criteriile de selecie adoptate n procesul de eantionare,
precum i modelele care vizeaz evaluarea calitii
raportrii financiare la nivelul societilor din Romnia
listate pe Bursa de Valori din Bucureti.
Nr. 1(121)/2015
Procent
4%
64%
2%
6%
8%
8%
8%
100%
Segmentul de pia
Bursa de Valori din Bucureti
Piaa primar
Categoria I i Categoria II
Companiile listate n 2011, 2012 i 2013
Andra GAJEVSKY
4. Rezultate
Aceast seciune prezint demersul statistic elaborat
n vederea testrii ipotezelor cercetrii, precum i
principalele rezultate obinute.
unde:
Qfin este variabila dependent a modelului
logistic;
8
Statistic descriptiv/ An
Media
Mediana
Deviaia standard
Kurtosis
Skewness
Minimum
Maximum
Numrul de observaii
2011
0,370454
0,190685
0,583274
5,956545
1,399197
-1,30335
2,770198
50
2013/2012
-0,052733
Statistic descriptiv/ An
Media
Mediana
Deviaia standard
Kurtosis
Skewness
Minimum
Maximum
Numrul de observaii
2011
-2,9E-17
-0,15652
0,509415
7,028828
2,232622
-0,59761
2,261653
50
Angajamente opionale
(Modelul lui Dechow et al., 1995)
2012
2013
2012/2011
1,61E-17
-7,8E-18
4,4964E-17
-0,02876
0,00937
0,198597
0,067555
12,91106
3,556427
3,112422
-0,86803
-0,39156
-0,2561
0,9016
0,168097
50
50
Nr. 1(121)/2015
2013/2012
-2,38698E-17
Andra GAJEVSKY
AS
1
-0,348504
-0,689344
-0,118382
-0,147977
-0,100025
SIZE
1
0,4886109
0,1302646
0,2049407
0,2504168
ROA
1
0,16569548
0,15805426
0,30578159
CFO
1
0,562639782
0,177007612
EPS
1
0,1599209
AS
1
0,08401
1
0,31864 0,54562
0,31818 0,1445
-0,0253 0,20401
-0,0352 0,10571
Qfin
AS
SIZE
ROA
CFO
EPS
SIZE
ROA
1
0,15868249
1
0,362239705 0,24934483
0,033439157 0,25183173
CFO
EPS
1
0,120973265
Qfin
Qfin
AS
SIZE
ROA
CFO
EPS
10
AS
SIZE
1
-0,27257225
1
-0,17232979
0,5391
1
0,595562196 -0,13332 0,146263
-0,54779513 0,18615 0,416735
0,016468347 0,22333 0,315251
ROA
1
0,251023
0,168022
CFO
EPS
1
0,255035396
2011
0.70
0.49
0.43
0.38
50
2012
0.49
0.24
0.15
0.18
50
2013
0.93
0.88
0.87
0.02
50
5. Limitele cercetrii
Aceast cercetare prezint o serie de limite. n primul
rnd, eantionul este redus, fiind compus din 50 de
companii, analizate pe o perioad de trei ani (20112013). Cu toate acestea, toate cele 50 de companii
au fost listate n decursul perioadei analizate.
n al doilea rnd, rezultatele regresiei nu sunt semnificative din punct de vedere statistic n anii 2011 i 2012,
dovedind c modelul logistic trebuie mbuntit. Un alt
Nr. 1(121)/2015
11
Andra GAJEVSKY
BIBLIOGRAFIE
Albu, N. and Albu, C.N. (2012). International Financial
Reporting Standards in an Emerging Economy:
Lessons from Romania, Australian Accounting
Review, vol. 22, nr. 63, pp. 341-352.
Albu, C.N., Albu, N., Alexander, D. (2013). When Global
Accounting Standards meet the Local Context Insights from an Emerging Economy, Critical
12
Nr. 1(121)/2015
Andra GAJEVSKY
14
Recunoaterea
i msurarea
veniturilor.
Principii
contabile vs.
reguli fiscale
n cazul
societilor
romneti
Lector univ.dr. Mirela PUNESCU
Academia de Studii Economice Bucureti, Romnia
e-mail: mirela.paunescu@gmail.com
Nr. 1(121)/2015
Rezumat
n acest articol autorul a adresat dou ntrebri
principale: Care sunt cele mai frecvente dispute n
Romnia ntre contribuabili i inspectorii fiscali cu
privire la recunoaterea veniturilor i evaluare? Dup
ce o entitate trece la IFRS, este mai probabil ca aceste
probleme s fie mai frecvente, sau, dimpotriv, mai
puin frecvente deoarece IFRS ar trebui s rspund la
aceste ntrebri? Analiza a fost realizat pentru
inspecii fiscale efectuate ntre 2005 i 2013, cnd
reglementrile romneti de contabilitate au fost bazate
pe transpunerea Directivelor Europene. Articolul de
cercetare este considerat relevant deoarece Romnia
este una dintre rile membre UE, ar n care se aplic
directivele europene de contabilitate i care are un
sistem de impozitare cvasi-dependent de contabilitatea
financiar (ca i n multe alte ri europene). Chiar dac
toate cazurile investigate implic entiti care aplic
reglementrile naionale conforme cu directivele
europene, constatrile acestei cercetri vor fi
extrapolate la entiti care vor adopta n viitor sau au
adoptat IFRS, innd cont de diferenele cu posibile
consecine asupra profiturilor impozabile ntre
reglementrile naionale conforme cu directivele
europene i IFRS.
n ceea ce privete metodologia, au fost folosite
metode de cercetare empirice care n acest caz
constau n analiza tuturor deciziilor fiscale relevante pe
care autorul a reuit s le identifice pe site-ul organului
fiscal din Romnia, decizii care implic dispute ntre
entiti i inspectori fiscali pe tema recunoaterii
veniturilor.
Cuvinte-cheie: IFRS, profit impozabil, decizii de
impunere, recunoaterea veniturilor
Classificare JEL: H20, H25, M41.
15
Mirela PUNESCU
1. Introducere
n Romnia, Agenia Naional de Administrare Fiscal
(ANAF) este organul de specialitate al administraiei
publice centrale responsabil de punerea n aplicare a
politicii de administrare fiscal. ANAF i desfoar
activitatea n domeniul administraiei veniturilor
bugetare, prin intermediul procedurilor constnd n
principal n managementul i colectarea taxelor i, de
asemenea, n control fiscal.
Inspeciile fiscale pot fi efectuate asupra tuturor
persoanelor juridice care au obligaia de a stabili, reine
i plti impozite, taxe, contribuii i alte sume datorate
bugetului general consolidat. La finalizarea inspeciei
fiscale, autoritile ncheie un raport de inspecie
fiscal, n baza cruia se face decizia de impunere,
care, la rndul su, este comunicat contribuabilului n
termen de 30 de zile de la ncheierea inspeciei fiscale.
n cazul n care contribuabilul nu este de acord cu
raportul are nu mai mult de 30 de zile pentru a
contesta decizia de impunere. Alt departament n
cadrul ANAF analizeaz recursul i decide pe baza
argumentelor prezentate att de ctre contribuabil, ct
i de inspectorii fiscali dac concluziile inspeciei fiscale
iniiale sunt meninute sau nu. n cazul n care
contribuabilul nu este de acord cu noua decizie, acesta
poate depune o reclamaie la o instan de judecat
competent, care n cazul contestaiilor mpotriva
actelor administrative emise de autoritile centrale
este o Curte de Apel. n timpul acestui recurs de regul
una dintre prile implicate solicit o expertiz judiciar
(un profesionist, de obicei un expert contabil sau un
consultant fiscal independent autorizat, cruia i se cere
s emit o opinie profesionist i independent, mai
exact cu privire la aspectele economice sau tehnice
implicate n cazul respectiv), care, n cele mai multe
cazuri, poate influena decizia final.
n Romnia exist o relaie strns, direct ntre
contabilitatea financiar i fiscal, deoarece profitul
impozabil este determinat prin ajustarea profitului
contabil. Aceast legtur este de obicei numit
abordare cvasi-dependent.
2. Literatura de specialitate
n doar cteva cuvinte trecem n revist o parte din
cercetrile anterioare care s-au fcut cu privire la
16
Nr. 1(121)/2015
zitare. Acest punct de vedere particular este mprtit de muli ali profesioniti, cum ar fi Mati (2005);
Istrate (2011, 2012), Bunget i Dumitrescu (2008).
Cuzdriorean i Mati (2012) au realizat o imagine de
ansamblu a impactului IFRS asupra mediului contabil
european n ceea ce privete legtura fiscalitate contabilitate i au ajuns la concluzia c adoptarea
IFRS a sczut legtura dintre contabilitate i fiscalitate
n rile n care aceast legtur este puternic, caz
care este, de asemenea, i al Romniei.
Istrate (2011) a analizat evoluia procentual a relaiei
dintre contabilitate i fiscalitate dup 1990 i a
concluzionat c o mare majoritate a entitilor
romneti i ghideaz alegerile cu impact n situaiile
financiare spre o armonizare cu regulile fiscale, n
scopul de a le face viaa mai uoar i mai ieftin
(prin evitarea completrii a mai mult de un jurnal, prin
evitarea inerii a mai mult de o eviden etc.). Ca
atare, autorul consider c, n cele mai multe cazuri,
practicile contabile sunt caracterizate printr-o relaie
strns cu impozitarea.
Cuzdriorean, Fekete i Sucala (2010) au ncercat s
msoare influena fiscal asupra contabilitii la un
nivel de facto, prin efectuarea unei analize empirice
asupra companiilor listate la Bursa de Valori Bucureti
(BVB) i piaa RASDAQ pentru anul 2008. Rezultatele
statistice obinute le-au demonstrat c exist o influen semnificativ a fiscalitii asupra contabilitii,
dar au considerat c nu pot spune ct de important
este, deoarece nu aveau nici o valoare de referin.
3. Metodologia cercetrii
n primul rnd am identificat baza de date. n
Romnia, pe site-ul ANAF se poate gsi un numr
mare de decizii de impunere emise de-a lungul
timpului. Nu am putut s aflm dac toate deciziile
fiscale pronunate de ANAF sunt publicate (probabil
nu) sau care sunt criteriile pe baza crora unele sunt
publicate i altele - nu. Cu toate acestea, gradul de
relevan nu este cu siguran criteriul de alegere
deoarece unele dintre ele sunt complet irelevante sau
chiar le lipsesc argumentele pertinente i legale.
Toate aceste decizii sunt clasificate n primul rnd prin
obiectul lor (impozitul pe profit, TVA-ul i aa mai
departe) i apoi prin tema lor particular (de exemplu:
17
Mirela PUNESCU
4. Recunoaterea veniturilor
Am identificat trei probleme ce privesc veniturile care
pot fi contestate ntre contribuabili i inspectorii fiscali.
Acestea sunt:
1. Msurarea veniturilor
2. Criteriile de recunoatere
3. Momentul recunoaterii
Conform reglementrilor romneti de contabilitate
veniturile din vnzri de bunuri se nregistreaz n
momentul predrii bunurilor ctre cumprtori, al
livrrii lor pe baza facturii sau n alte condiii prevzute
n contract, care atest transferul dreptului de proprietate asupra bunurilor respective ctre clieni. De
asemenea, OMFP 3055/2009 prevede condiiile care
trebuie ndeplinite nainte de recunoaterea veniturilor. Aceste condiii (care au fost luate de la IAS 18
Venituri i ar trebui s fie respectate toate mpreun)
sunt:
a) entitatea a transferat cumprtorului riscurile i
avantajele semnificative care decurg din proprietatea asupra bunurilor;
b) entitatea nu mai gestioneaz bunurile vndute la
nivelul la care ar fi fcut-o, n mod normal, n cazul
deinerii n proprietate a acestora i nici nu mai
deine controlul efectiv asupra lor;
c) mrimea veniturilor poate fi evaluat n mod
credibil;
5. Interpretarea rezultatelor
Cele mai importante tipuri de litigii cu privire la venituri
sunt prezentate mai jos.
Transferul de active, n special transferul terenurilor, pare a fi o problem comun n disputele
dintre inspectorii fiscali i entitile raportoare. De
exemplu, n unele decizii, contribuabilii au semnat
contracte de vnzare cu plata ulterioar i, cu toate
acestea, transferul dreptului de proprietate a fost
fcut la un moment ulterior de timp. Este vorba
despre vnzare cu plata n rate sau despre
ntrzierile aprute din cauza legii ntre momentul
acordului legal i momentul n care dreptul de
proprietate a fost de fapt transferat de la vnztor
la cumprtor. Aa cum era de ateptat, inspectorii
fiscali consider c, odat ce activele au fost
transferate ctre cumprtor (cumprtorul avea
dreptul de a utiliza activul), nu a contat dac
dreptul de proprietate a fost cedat pn la acel
moment sau nu. Fiind o greeal comun, acesta
ar putea fi motivul pentru care OMFP 3055/2009 a
fost modificat dup cum am menionat mai sus.
n alt decizie, organul fiscal superior a considerat
c natura contractului ar trebui s fie analizat. n
Nr. 1(121)/2015
Mirela PUNESCU
Nr. 1(121)/2015
Mirela PUNESCU
Nr. 1(121)/2015
Mirela PUNESCU
BIBLIOGRAFIE
Cuzdriorean D.D. (2010), The Relationship between
Accounting and Taxation: A Brief International
Literature Review, The Journal of the Faculty of
Economics Economic, Vol. 1;
Cuzdriorean D.D., Albu C.N., Albu N. (2012), The
Relationship Between Accounting And Taxation
The Romanian Accounting Environment, Journal of
the Faculty of Economics Economic, Vol. 1;
24
Nr. 1(121)/2015
25
Implementarea
practic a
principiilor de
guvernan
corporativ
pentru
companiile
romneti de
stat
Rezumat
n Europa exist unele reglementri
speciale pentru companiile de stat. La nivelul
Romniei se poate discuta despre guvernana
corporativ ncepnd cu anul 2001, cnd a fost
elaborat primul cod de ctre Bursa de Valori
Bucureti. Prin cercetarea de fa se analizeaz
principiile de guvernan corporativ n ntreprinderile
de stat, avnd n vedere c cele mai multe studii se
concentreaz pe companiile listate. Cu toate
acestea, n Romnia se observ doar o
implementare formal a principiilor de
guvernan corporativ, n conformitate cu
Ordonana de Urgen a Guvernului nr. 109/2011.
Cuvinte-cheie: companii de stat, guvernan
corporativ, responsabilitate social, Romnia
Clasificarea JEL: G 30, G 39
26
Nr. 1(121)/2015
2. Aspecte metodologice
Necesitatea unui astfel de studiu este subliniat de
situaia actual:
exist o caren de studii n domeniul guvernanei
corporative i n domeniul responsabilitii sociale
n ntreprinderile de stat;
n general, studiile se concentreaz asupra
companiilor listate la Bursa de Valori Bucureti,
ntreprinderile de stat fiind neglijate;
exist un potenial neexploatat cu privire la
punerea n aplicare a practicilor de guvernan
corporativ n ntreprinderile de stat.
Studiul este axat pe implementarea practic a
principiilor de guvernan corporativ n ntreprinderile
de stat, folosind o abordare calitativ. Obiectivul
cercetrii l reprezint nelegerea punerii n aplicare a
guvernanei corporative n cadrul organizaiilor de stat
din Romnia. n special, cercetarea urmrete s
descopere dac sistemul de guvernan corporativ
este transparent pentru toate prile interesate. n
ceea ce privete metodologia de cercetare, au fost
selecionate companiile cu cele mai mari salarii ale
managerilor, aa cum sunt prezentate pe pagina
oficial a Guvernului Romniei, pentru c le
considerm ca fiind cele mai controversate (Anexa).
Din cauza dificultilor n obinerea eantionului, am
intenionat s realizm un studiu de caz, prin alegerea
unei singure companii (Yin, 1994). Apoi ne-am decis
s utilizm tehnica de eantionare prin identificare
27
3. Analiza rezultatelor
3.1. Guvernana corporativ n companiile
de stat
Guvernana corporativ la nivelul rii noastre este un
concept relativ nou n ceea ce privete
implementarea acesteia. Interesul sczut se poate
manifesta i din cauza legislaiei:
Nr. 1(121)/2015
29
Responsabilitatea social corporativ are impact asupra mai multor categorii de pri interesate, cum ar fi:
investitorii, care i pot ghida aciunile lor n
aceast direcie;
30
Nr. 1(121)/2015
Figura 3. Publicarea aspectelor legate de activitile de responsabilitate social n companiile de stat, 2012
Anex
Nr.
crt.
1
2
3
4
5
6
7
8
9
10
11
32
Minister
Ministerul Finanelor Publice
Ministerul Finanelor Publice
Ministerul Finanelor Publice
Ministerul Finanelor Publice
Banca Naional a Romniei
Banca Naional a Romniei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Nr.
crt.
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Minister
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Economiei
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
26
27
28
29
30
31
32
33
34
35
36
37
38
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Transporturilor
Ministerul Sntii
Ministerul Comunicaiilor
BIBLIOGRAFIE
Basu, K. and Palazzo, G., Corporate social responsibility:
A process model of sensemaking, 2008, Academy
of Management Review, 33(1), pp. 122136.
Boardman, A. and A. Vining, Ownership and
performance in competitive environments: A
comparison of the performance of private, mixed
and state-owned enterprises, 1989, Journal of Law
and Economics 32, pp. 1-33.
Catana, R.N., The reform of corporate governance of
state owned enterprises in Romania - a critical
analysis, Universul Juridic, Bucureti, 2012.
Fama, E.F. and Jensen, M.C., Separation of Ownership
and Control 1983, Journal of Law and Economics,
26, pp. 301-325.
Nr. 1(121)/2015
34
Audit financiar,
XIII, Nr. 1(121)/2015,
35-42economice adugate
Factori
determinani
ai valorii
ISSN: 1583-5812; ISSN on-line: 1844-8801
Factori
determinani
ai valorii
economice
adugate n
cazul firmelor
romneti
listate la Bursa
de Valori
Bucureti
Lect. univ. dr. Mirela GANEA,
Departamentul de Finane, Bnci i Analiz
Economic, Facultatea de Economie i Administrarea
Afacerilor, Universitatea din Craiova,
e-mail: mirelaganea04@yahoo.com
Nr. 1(121)/2015
Rezumat
Valoarea economic adugat (EVA) reprezint un
indicator de performan folosit n aprecierea
capacitii unei firmei de a crea valoare pentru
acionarii si. n literatura internaional de
specialitate acest indicator este considerat un criteriu
managerial etalon, utilizat n fundamentarea strategiei
curente i viitoare a firmei, n funcie de al crui grad
de realizare EVA devine un reper i n politica de
remunerare a managerilor i a salariailor companiei.
ntruct atingerea acestui obiectiv (al crerii de
valoare) depinde de eficiena cu care sunt utilizate
resursele antrenate n activitatea companiei i de
generarea unei rentabiliti superioare costului
acestora, EVA trebuie analizat n corelaie cu
indicatorii ce cuantific factorii determinani ai valorii.
Punctul de plecare al acestei lucrri l-a constituit
tocmai identificarea acelor aspecte practice din
activitatea unei firme, susceptibile s influeneze
evoluia valorii economice adugate (EVA). Urmtorul
pas l-a reprezentat analiza sensului i intensitii
legturii existente ntre EVA i indicatorii identificai
drept factori determinani ai valorii acionariale, prin
realizarea unui studiu empiric la nivelul a 12 societi
romneti cotate la Bursa de Valori Bucureti (BVB).
ntreaga cercetare a fost realizat pe baza datelor
financiar-contabile aferente anului 2013, metodologia
de cercetare utilizat fiind analiza corelaiei, ca
metod de msurare a intensitii relaiei matematice
dintre dou sau mai multe variabile, cu ajutorul
coeficientului de corelaie Pearson.
Cuvinte-cheie: valoarea economic adugat (EVA),
factori de influen ai EVA, coeficientul de corelaie
Pearson
Clasificare JEL: C12,C18,G30
35
Mirela GANEA
1. Introducere
Complexitatea, dinamismul i provocrile mediului de
afaceri contemporan au fcut necesar acordarea
unei atenii crescute elementelor determinante ale
crerii de valoare pentru acionari. n majoritatea
economiilor lumii, inclusiv n cea din ara noastr,
dificultile financiare induse de criza mondial,
dublate de gradul redus de implicare a sistemului
bancar n creditarea societilor autohtone, au condus
la o cretere exponenial a rolului proprietarilor n
finanarea afacerilor din resurse proprii. Din aceste
considerente, trebuie urmrit modul n care o entitate
economic reuete s rspund ateptrilor celor
care au investit bani, timp, munc i cunotine n ea.
Valoarea economic adugat (EVA) reprezint
indicatorul cel mai n msur s cuantifice valoarea
creat sau distrus de o entitate economic, ns
evoluia acesteia este influenat de diveri ali factori
practici, a cror identificare i monitorizare este de
asemenea necesar. Numeroase studii ntreprinse la
nivel internaional (evideniate ntr-o lucrare de cercetare precedent Crearea de valoare economic i
interdependenele dintre aceasta i indicatorii clasici
de performan, publicat n revista Audit Financiar
nr. 12/2014), ne ofer informaii despre posibili asemenea factori de influen: rata rentabilitii acionarilor, rata rentabilitii economice a activelor, indicatori
de profitabilitate, cash-flow, cifr de afaceri i alii.
Demersul acestei lucrri nu este ns unul de natur
conceptual, ci empiric, viznd identificarea, prin
tehnici matematice, economice i statistice, a acelor
factori determinani, susceptibili s influeneze
evoluia valorii economice adugate i testarea
acestor legturi pentru firmele romneti listate la
Bursa de Valori Bucureti (BVB). n acest scop am
constituit un eantion de 12 societi romneti listate
la Bursa de Valori Bucureti. Selecia acestui eantion
am realizat-o pornind de la numrul total de 82
societi prezentate n list companii1, seciunea BVB,
din care le-am eliminat pe cele de tipul societilor
bancare i de investiii financiare, societile cu
capitaluri proprii negative i, bineneles, societile
suspendate, chiar i temporar, de la tranzacionare.
1
http://www.bvb.ro/Companies/ListedCompanies.aspx
36
2. Concepte metodologice.
Identificarea factorilor
determinani ai valorii
adugate
Potrivit principiilor fundamentale ale analizei, orice
fenomen economic este influenat de cel puin un
factor determinant, conform relaiei cauz-efect.
Pornind de la aceste legiti au fost dezvoltate
modelele deterministe, sau de cauzalitate, cu ajutorul
crora se poate reda i msura influena izolat
(individual) a unui factor asupra fenomenului
analizat. Caracterul rigid i static al acestor modele a
condus ns la eliminarea lor din teoria i practica
analizei economico-financiare, n ultimul deceniu fiind
dezvoltate numeroase modele econometrice ce
surprind, testeaz i redau interdependena existent
ntre una sau mai multe variabile cauz
(independente) i o variabil efect (dependent).
Utilizarea regulilor i principiilor econometrice n
studierea fenomenelor economice a condus, n mod
substanial, la adncirea cunotinelor cu privire la
interdependenele dintre fenomenele sau elementele
practice ce caracterizeaz diferite aspecte ale
activitii unei firme. Aceste principii dorim s le
folosim n analiza factorilor determinani ai valorii
economice adugate (EVA) de societile romneti.
unde:
(1)
(2)
unde:
unde:
Pen
C
K inv Kinv K inv K inv R Kinv R CKinv
K inv
K inv
(3)
Nr. 1(121)/2015
kinv
Kpr
(4)
km
unde:
Kpr
Ckpr Kpr Dob Km
K
1Ci RCkpr Rd m 1Ci
Kpr Kinv Km Kinv
Kinv
Kinv
(5)
unde:
37
Mirela GANEA
R K
EVA K inv en kpr pr d m 1 C i
K
K inv
K inv
inv
(6)
R K
EVA K t en kpr pr d m 1 C i
K
Kt
Kt
t
EVA K t R kt RCkpr S p Rd G 1 C i
unde:
(7)
(8)
Kt = capital total;
Rkt= rata rentabilitii capitalului total;
Sp = Kpr/Kt = solvabilitatea patrimonial;
G = Km/Kt = gradul de ndatorare.
1http://www.bnr.ro/Operatiuni-cu-titluri-de-stat-5593.aspx
38
Semnificaia economic
n urma desfurrii activitii sale de
exploatare, firma trebuie s genereze o
rentabilitate a capitalul angajat net superioar
costului aferent acestuia.
n funcie de costul de procurare a fiecrei forme
de capital, societatea trebuie s urmreasc o
structur optim a capitalului investit.
O pondere mai ridicat a formei de capital
obinut la un cost mai mic determin un cost
mediu al capitalului investit mai sczut, deci un
nivel al EVA mai ridicat.
O scdere a solvabilitii patrimoniale semnific
o reducere a autonomiei financiare a unei firme,
deci un risc mai ridicat al capitalului propriu.
Totodat, se reduce i costul capitalului propriu,
ns aceasta va genera o cretere a costului
capitalului mprumutat, ntruct firma va fi
nevoit s suplimenteze sursele proprii cu cele
atrase de pe piaa bancar i de credit.
Dobnda la care vor fi atrase aceste surse
externe depinde de rata medie a dobnzii de pe
piaa creditului (din acel moment), dar i de
gradul de ndatorare deja cumulat al firmei. O
modificare n sensul creterii solvabilitii
patrimoniale atrage efecte opuse celor deja
prezentate.
RC kinv RCkpr
K pr
K inv
Rd
K m
1 C i
K inv
3. Studiu de caz
Analiza empiric a relaiilor de interdependen ce se
stabilesc ntre valoarea economic adugat i cei
patru factori determinani ai nivelului acesteia va fi
realizat pentru un eantion de 12 societi
comerciale romneti ale cror valori mobiliare sunt
tranzacionate la Bursa de Valori Bucureti (BVB).
Studiul se bazeaz pe datele financiar-contabile
preluate de pe site-ul BVB pentru fiecare dintre aceste
societi, date care ulterior au fost prelucrate, cu
ajutorul foilor de calcul excel, n vederea determinrii
nivelului att a variabilei dependente - EVA, ct i a
variabilelor independente - Rkinv, RCkinv, Sp, G.
Identificarea intensitii legturii ce se stabilete ntre
factorii determinani ai crerii de valoare i nivelul
EVA o vom realiza cu ajutorul metodei corelaiei, pe
baza estimrii i interpretrii coeficientului de corelaie
Pearson.
Nr. 1(121)/2015
Mirela GANEA
Valoarea
economic
adugat
(EVA)
-1.587.106
10.159.152
706.648
2.857.278
37.088.463
15.313.054
-821.752
-2.121.871
1.744.437
14.494.052
2.326.931
2.971.181
Rata rentabilitii
capitalului investit
(Rkinv)
2,20%
10,28%
3,22%
6,24%
15,27%
11,33%
2,09%
1,29%
4,12%
6,81%
22,80%
3,07%
Rata medie a
costului
capitalului investit
(Rckinv)
49,21%
7,23%
2,00%
4,07%
10,47%
8,00%
30,06%
19,00%
1,86%
2,12%
11,03%
2,00%
Solvabilitatea
patrimonial (Sp)
Gradul de
ndatorare a
firmei (G)
50,87%
95,74%
72,66%
62,02%
68,33%
83,63%
62,50%
51,68%
50,34%
68,84%
79,63%
89,53%
32,49%
0,00%
0,00%
28,07%
14,14%
0,00%
5,15%
29,00%
19,13%
12,17%
0,00%
0,00%
Sursa: Prelucrri pe baza datelor publicate n bilanul i contul de profit i pierdere, 2013
40
Pragul de semnificaie
(Sig. (2-tailed))
0,002
Semnificaie statistic
Legtur semnificativ din punct de vedere statistic
Pragul de semnificaie
(Sig. (2-tailed))
0,067
Semnificaie statistic
Legtur nesemnificativ din punct de vedere statistic
Pragul de semnificaie
(Sig. (2-tailed))
0,450
Nr. 1(121)/2015
Semnificaie statistic
Legtur nesemnificativ din punct de vedere statistic
acestei legturi este foarte slab (pragul de semnificaie este peste nivelul maxim admisibil de 10%).
Setul 4 de ipoteze testeaz corelaia dintre valoarea
economic adugat (EVA) i gradul de ndatorare a
firmei (G):
H4.1: ntre EVA i G exist o legtur semnificativ din
punct de vedere statistic;
H4.0: ntre EVA i G nu exist o legtur semnificativ
din punct de vedere statistic.
41
Mirela GANEA
Pragul de semnificaie
(Sig. (2-tailed))
0,602
4. Concluzii
Studiul empiric efectuat ne conduce la concluzia c
din cei patru indicatori economico-financiari identificai
matematic drept factori determinani ai crerii de
valoare, la nivelul eantionului de 12 societi
romneti analizate, doar rata rentabilitii capitalului
investit s-a dovedit a forma o legtur cauz-efect
semnificativ din punct de vedere statistic cu EVA.
Dei nesemnificative din punct de vedere statistic i
celelalte corelaii testate ne-au confirmat sensul
legturii pe care o anticipasem sub aspect economic
a se stabili: invers proporional EVA - RCkinv i EVA G; direct proporional: EVA - RKinv i EVA - Sp.
n pofida intensitii mult prea slabe a legturilor ce se
stabilesc sub aspect practic la nivelul celor 12
Semnificaie statistic
Legtur nesemnificativ din punct de vedere statistic
BIBLIOGRAFIE
Andrei, T., Statistic i econometrie, Editura Economic,
Bucureti, 2003, pp.414;
Bue, L. i colab., Analiz economico-financiar, Editura
Univesitaria, Craiova, 2013;
Georgescu V.i colab., Statistic economic, Editura
Universitaria, Craiova, 2009;
42
Consideraii
privind
corelaiile
practice
pentru
depistarea
greelilor n
contabilitatea
comerului cu
amnuntul
Rezumat
n Romnia, multe afaceri se deruleaz n domeniul
comerului. Vnzarea mrfurilor direct populaiei
reprezint o operaiune ce atrage numeroase tentaii
privind evaziunea fiscal. n acest sens, att
profesionitii contabili, auditorii financiari, ct i
organele fiscale pot utiliza o serie de corelaii pentru a
verifica corectitudinea calculelor, precum i
corectitudinea nregistrrii documentelor n
contabilitate. n principiu, corelaiile pot fi la ndemna
profesionistului, bazndu-se pe balana de verificare.
Verificarea acestor relaii nu necesit timp ndelungat
i nici utilizarea simultan a mai multor acte, ci
folosirea unui singur act (balana de verificare).
Corelaiile au n vedere valoarea mrfurilor, valoarea
adaosului practicat, valoarea veniturilor din vnzarea
mrfurilor, valoarea cheltuielilor i valoarea taxei pe
valoarea adugat.
Cuvinte-cheie: contabilitate, comer cu amnuntul,
mrfuri, venituri, erori
Clasificare JEL: M41
Nr. 1(121)/2015
43
Sorin-Constantin DEACONU
1. Introducere
Contabilitatea este o activitate specializat (potrivit
normalizatorului romn) ce ofer diverse informaii
pentru administratori, asociai, salariai etc.
Informaiile emanate de contabilitate ar trebui s fie
precise i reale, precum spune teoria contabil. Din
pcate, n practic nu este respectat acest deziderat.
Corectitudinea informaiilor contabile depinde de mai
muli factori, cum ar fi: pregtirea profesionistului
contabil, experiena acestuia, modul de organizare a
departamentului de contabilitate, modul de operare a
documentelor primare etc.
Reputatul profesor Emil Horomnea i pune
ntrebarea: de ce contabilitatea este redus la
calitatea de activitate, fie chiar i specializat?
Astfel, contabilitatea reprezint un ansamblu coerent
al operaiilor de consemnare, cuantificare, prelucrare
i comunicare a informaiilor referitoare la starea
(existentul) i modificrile unui patrimoniu determinat1.
i conceptul de patrimoniu este utilizat n literatura de
specialitate (dei normalizatorul romn l folosete din
ce n ce mai rar). Considerm c nu poate fi eludat
acest concept, deoarece att economitii, ct i juritii
fac apel la aceast noiune. Mai mult dect att, este
dificil a prezenta studenilor obiectul contabilitii fr
a face referire la noiunea de patrimoniu.
Contabilitatea ar trebui s reflecte modul de aciune al
entitii. tiina conturilor nu se poate substitui
managerului, dar ofer acestuia informaiile eseniale
pentru procesele decizionale2.
Acionariatul dorete aproape ntotdeauna ca
profesionistul s-i prezinte o situaie profitabil a
entitii. Dar de multe ori se ntmpl ca situaia
reflectat de contabilitate s prezinte pierderi.
n opinia noastr aa-ziii manageri se concentreaz
pe vnzri fr documente justificative3, ceea ce are
ca efect:
44
2. Metodologia cercetrii
Pentru realizarea prezentului articol am fcut apel la o
parte din arsenalul metodelor de cercetare din
domeniul economic. Astfel, am fcut recurs la:
metoda studiului de caz, ce este prezent n acest
articol printr-o exemplificare privind modul de
evaluare i de nregistrare a mrfurilor
achiziionate, pentru care se practic dou cote de
TVA: 9% i 24%.
Nr. 1(121)/2015
45
Sorin-Constantin DEACONU
46
stituie o abatere (contient sau involuntar) de la adevr, de la ceea ce este real, drept, normal, bun (i care
poate atrage dup sine un ru, o neplcere); eroare2.
Greelile pot avea un caracter neintenionat sau
intenionat. Greelile neintenionate sunt efectuate din
netiin (slaba pregtire a unor profesioniti
contabili3) sau ca urmare a interpretrii eronate a
legislaiei (pentru c exist o abunden de acte
normative care nu sunt clare i elocvente).
cuprinse n situaiile financiare ale entitii pentru una sau
mai multe perioade anterioare, rezultnd din greeala de a
utiliza sau de a nu utiliza informaii credibile
2 http://m.dexonline.ro/definitie/gre%C8%99eal%C4%83, octombrie 2014
3 Aceast afirmaie poate fi probat cu mai multe argumente:
multe din rapoartele de expertiz contabil depuse la
instanele de judecat nu respect normele profesionale
(personal am constatat ntr-un raport de expertiz judiciar
c expertul ce ntocmise expertiza precedent calculase
corect majorrile de ntrziere pentru primele patru facturi,
iar pentru celelalte 280 de facturi majorrile erau calculate n
favoarea unei anumite pri din dosar); entitile care se afl
n stare de insolven depun la instanele de judecat
documente (registre de contabilitate, jurnale de vnzri i de
cumprri etc.) care nu sunt semnate de ctre profesionistul
contabil, iar documentele nu ndeplinesc astfel condiiile de
autenticitate, legalitate etc.; organele fiscale constat frecvent utilizarea incorect a contului 711 Venituri aferente
costurilor stocurilor produse, precum i evaluarea incorect
a bunurilor produse cu fore proprii.
Nr. 1(121)/2015
1
2
3
Pntea, I.P., Bodea, G., Contabilitatea financiar romneasc, Editura Intelcredo, Deva, 2009, p. 151
Ristea, M. (coordonator), Contabilitatea financiar a ntreprinderii, Editura Universitar, Bucureti, 2004, p. 253
Clin, O., Ristea, M., Bazele contabilitii, Editura Naional,
Bucureti, 2000, p.377
47
Sorin-Constantin DEACONU
Sfc378
x100 Cma
Sfd 371 Sfc 4428
aplicarea cotei medii de adaos asupra soldului final
al contului 371 din care se deduce soldul final al
contului 4428 va conduce la obinerea adaosului
comercial aferent mrfurilor din stoc (soldul final
creditor al contului 378):
4. Verificarea ecuaiilor n
contabilitatea comerului cu
amnuntul
n continuare, vom propune o aplicaie practic pentru
a stabili corelaiile n vederea verificrii corectitudinii
calculelor.
Aplicaie practic. n cursul unei perioade de
gestiune, un detailist se aprovizioneaz cu mrfuri n
urmtoarea structur:
24
x Sfd 371 Sfc4428
124
valoarea vnzrilor de mrfuri (rulajul creditor al
contului 707) prin nsumare cu valoarea TVA
aferent vnzrii (rulajul creditor al contului 4427)
trebuie s coincid cu valoarea mrfurilor vndute
(rulajul creditor al contului 371):
Nr.
crt.
1
2
Subtotal
3
Total
Adaosul
comercial
4.800*
1.000
5.800
1.800
7.600
TVA aferent
mrfii i
adaosului
comercial
4.032**
1.440
5.472
702***
6.174
* 4.800 = 12.000 x 40%; ** 4.032= (12.000 + 4.800) x 24 %; *** 702 = (6.000 + 1.800) x 9%
48
%
371.1 Mrfuri 24%
371.2 Mrfuri 9%
36.774
23.000
7.600
6.174
401 Furnizori
378 Diferene de pre la mrfuri
4428 TVA neexigibil
401 Furnizori
4.620
Vnzarea mrfurilor:
5311 Casa n lei
%
707 Venituri din vnzarea mrfurilor
4427 TVA colectat.9%
4427 TVA colectat.24%
3.774 19.498 x
28.000
23.524
702
3.774
%
378 Diferene de pre la mrfuri
607 Cheltuieli privind mrfurile
4428 TVA neexigibil
Si 378 Rc 378
100
( Si 371 Rd 371) ( Si 4428 Rc 4428)
7.600
7.600
100
100 25%
36.774 6.174
30.600
Nr. 1(121)/2015
%
371.1 Mrfuri 24%
371.2 Mrfuri 9%
28.000
19.498
8.502
49
Sorin-Constantin DEACONU
378
R: 5.831
TS: 5.831
Sfc: 1.769
C
19.498
19.498
19.498
Sfd: 8.774
C
7.600
7.600
7.600
Verificarea calculelor:
1.
1.769
x100 25% 1
8.774 1.698
24
x 8.774 1.698 lei
124
5. Concluzii
Contabilitatea ar trebui s reflecte toate tranzaciile i
evenimentele ce afecteaz patrimoniul unei entiti.
Un profesionist contabil trebuie s fie sigur c la
fiecare nchidere de lun realizeaz operaiunile fr
erori, pentru a ntocmi corect declaraiile fiscale,
pentru a informa corect managementul entitii.
Declaraiile fiscale ntocmite i depuse fr erori de
validare la sfritului unei perioade contabile nu
garanteaz neaprat lipsa greelilor contabile.
Prima concluzie: prin raportarea valorii adaosului
comercial aferent mrfurilor din stoc la soldul
mrfurilor existente n patrimoniu exclusiv TVA
1
50
371.2
8.502
R: 8.502
TS: 8.502
C
8.502
8.502
8.502
Sf: 0
4428
4.476
R: 4.476
TS: 4.476
Sfc: 1.698
C
6.174
6.174
6.174
BIBLIOGRAFIE
Brian, T., (2010), Cum conduc cei mai buni lideri: tehnici
testate pentru a valorifica la maximum potenialul
uman, Editura Curtea Veche, Bucureti
Clin, O., Ristea, M., (2000), Bazele contabilitii,
Editura Naional, Bucureti
Deaconu, S. C., (2012), Particulariti ale contabilitii
entitilor, Editura C.H. Beck, Bucureti
Feleag, N., Ionacu, I., (1998), Tratat de contabilitate
financiar vol. II, Editura Economic, Bucureti
Horomnea, E., (2008), Fundamentele tiinifice ale
contabilitii. Doctrin. Concepte.Lexicon, Editura
TipoMoldova, Iai
Hutchinson, K., Quinn, B., Alexander, N., SME retailer
internationalisation: case study evidence from
British retailers, International Marketing Review,
volume 23, issue 1, 2006
Knezevic, B., Szarucki, M., Internationalization of Retail
in Poland and Croatia, International Business and
Management, volume 29, 2013
Mrquez-Ramos, L., European Accounting Harmonization:
Consequences of IFRS Adoption on Trade in Goods
and Foreign Direct Investments, Emerging Markets
Finance & Trade, volume 47, supplement 4, 2011
Nr. 1(121)/2015
51
Studiu
explorator
privind influena factorilor
nefinanciari
asupra
performanei
bursiere a
companiilor
romneti
cotate
Asist. univ. dr. Mihai CARP,
52
Rezumat
Solicitate pentru o mai profund fundamentare a
deciziilor privind disponibilizarea capitalului deinut,
datele nefinanciare vin s completeze spectrul
informaional al situaiilor financiare publicate de ctre
companii, contribuind, totodat, la diminuarea gradului
de incertitudine asociat procesului investiional.
Prezenta lucrare analizeaz influena factorilor
nefinanciari (structura acionariatului, tipul de control
exercitat, aplicarea principiilor guvernanei
corporative, dimensiunea ntreprinderii) asupra
performanelor bursiere specifice companiilor
romneti cotate. Utiliznd un eantion format din 126
de entiti economice listate la Bursa de Valori
Bucureti, studiul exploreaz bidirecional arealul
supus cercetrii. Prin intermediul unor relaii de
asociere sunt identificate o serie de profiluri privind
evoluia valorii companiilor, ca expresie a
performanei bursiere, n corelaie cu factorii calitativi
menionai. Totodat, este estimat impactul
variabilelor calitative asupra capacitii informative
(value relevance) a datelor contabile, ca premis de
apreciere indirect a eficienei activitii
organizaionale de ctre investitori. Rezultatele
identific o asociere semnificativ a performanei
bursiere cu existena unui sistem de guvernan
corporativ, n cadrul companiilor mari, n contextul
exercitrii controlului de ctre fonduri de investiii,
societi comerciale sau stat. Companiile mici,
controlate n comun de acionari minoritari sau
deinute de persoane fizice, respectiv societi
comerciale, nregistreaz, n general, o reducere a
valorii de pia. Demersul a presupus utilizarea
urmtoarele metode de prelucrare a datelor: analiza
factorial a corespondenelor multiple, analiza de
corelaie, analiza de regresie multipl i analiza de
regresie multipl cu variabile alternative (Ancova).
Prelucrrile au fost efectuate cu ajutorul soft-ului
statistic SPSS.19.
Cuvinte-cheie: Informaii nefinanciare, guvernan
corporativ, structura acionariatului, performan
bursier, capacitate informativ a datelor contabile
Classificare JEL: G34; L25; M14; M41
Introducere
Multiplicarea riscurilor ce caracterizeaz pieele
financiare internaionale, concretizate ntr-o majorare
a volatilitii acestora, impune o permanent
adaptare, prin includerea unor noi factori de influen,
n analizele specifice procesului decizional al tuturor
actorilor prezeni n acest spaiu de transfer. Att
entitile economice listate, ct i investitorii sunt
preocupai de identificarea i aprecierea impactului
unui numr sporit de elemente care i pun amprenta
asupra evoluiei intereselor proprii, ncercnd n acest
mod s-i diminueze gradul de incertitudine asociat
operaiunilor efectuate. Instituiile pieelor financiare
contribuie la acest efort prin diversificarea informaiilor
solicitate emitenilor de titluri, ncercndu-se, astfel, o
sporire a transparenei informaionale specifice
operaiunilor de transfer a capitalului.
Capacitatea informativ limitat a datelor financiare
manifestat n cadrul analizelor privind
investirea/dezinvestirea capitalului deinut a devenit
tot mai evident. Acestea reuesc s surprind doar
parial realitatea economic, respectiv cea
cuantificabil monetar, lsnd fr suport o ntreag
pleiad de factori care acioneaz conjugat asupra
activitii entitilor.
Urmrind obinerea de randamente superioare pentru
resursele financiare disponibilizate, investitorii i
completeaz registrul informaional cu noi
caracteristici, deseori calitative, ale emitenilor i ale
mediului socio-economic n care acetia i
desfoar activitatea. Elemente precum modul de
conducere i control al entitilor economice, mrimea
acestora, structura acionariatului sau reputaia
firmelor implicate n certificarea situaiilor financiare
sunt tot mai prezente n dezbaterea privind eficiena
procesului de adoptare a deciziilor investiionale.
Fiecare caracteristic menionat imprim efecte
semnificative, reflectate prin intermediul pieei
financiare, asupra capacitii companiilor de a-i
mbunti performana economico-financiar i, n
consecin, s rspund ateptrilor investitorilor.
Prezenta lucrare i propune s analizeze impactul
factorilor nefinanciari asupra performanelor bursiere
ale companiilor listate la Bursa de Valori Bucureti,
reflectate prin capacitatea acestora de a-i maximiza
Nr. 1(121)/2015
53
Mihai CARP
Nr. 1(121)/2015
2. Fundamentarea ipotezelor
de lucru
Studierea factorilor de influen, financiari i
nefinanciari, ai performanei companiilor reprezint
preocuparea unui mare numr de cercettori prezeni
n arealul doctrinei financiar-contabile. Diverse
legturi deterministe au fost analizate, toate n scopul
identificrii soluiilor optime de organizare a activitii
entitilor economice, care s conduc la obinerea de
beneficii superioare pentru toate prile interesate.
55
Mihai CARP
3. Metodologia cercetrii
Concentrndu-se asupra contextului romnesc,
lucrarea analizeaz, printr-un demers deductiv-
Nr. 1(121)/2015
Mihai CARP
EPSt
EPS
2
t ,
Pt 1
Pt 1
unde:
Pt Pt 1 Dt
= randamentul global al unui
Pt 1
plasament la sfritul anului t;
Kt
Denumire
Dummy_guvernan
corporativ
Dummy_companie mare
Semnificaie
1aplic principiile guvernanei corporative
0 nu aplic principiile guvernanei corporative
1 firma ndeplinete dou criterii de mrime
0 firma nu ndeplinete dou criterii de mrime
Dummy_control
1 firma are acionar majoritar unic
0 firma nu are acionar majoritar unic
Dummy_acionar
majoritar 1 firma are acionar majoritar autohton
romn
0 firma nu are acionar majoritar autohton
Dummy_acionari privai
1 firma are acionar majoritar entiti private
0 firma nu are acionar majoritar entiti private
Dummy_acionar majoritar fond 1 firma are acionar majoritar un fond de investiii
de investiii
0 firma nu are acionar majoritar un fond de investiii
4. Rezultate obinute i
interpretarea acestora
Demersul de testare a ipotezelor de lucru emise a
condus la obinerea unor rezultate relevante privind
influena factorilor nefinanciari asupra performanelor
58
ntreprinderii de a-i majora valoarea de pia, comparativ cu cea a activului net contabil, eficiena
activitii entitilor economice analizate este
surprins n Figura nr.1, n corelaie cu variabilele ce
exprim tipul de control, respectiv opiunea privind
implementarea principiilor guvernanei corporative.
Astfel, n contextul pieei romneti de capital,
creterea valoric este nregistrat n cazul
companiilor care sunt controlate de ctre un acionar
unic i posed un sistem de guvernan corporativ,
publicnd, prin intermediul declaraiei Aplici sau
explici, informaii n legtur cu aceasta. Este
valorizat, n acest mod, preocuparea companiilor
pentru satisfacerea obiectivelor tuturor prilor
interesate, inclusiv ale acionarilor minoritari,
partenerilor comerciali, creditorilor, personalului,
mediului social etc.
Deinerea controlului de ctre o singur entitate, fie ea
stat, societate comercial, fond de investiii sau
Figura 1. Asocieri ale variabilelor calitative privind performana bursier, controlul i guvernana corporativ
Nr. 1(121)/2015
Mihai CARP
acest mod, avantajele competitive deinute de companiile mari, aflate n corelaie direct cu trsturi
precum existena unui sistem de guvernan corporativ i controlul exercitat de un singur acionar majoritar. Entitile menionate posed cultur organizaional, mecanisme interne i externe de conducere i
control sunt focalizate pe obiective privind
Figura 2. Influena factorilor calitativi asupra evoluiei dimensiunii valorice a companiilor cotate la BVB
Figura 3. Corelaii ale structurii acionariatului majoritar, dimensiunii i evoluiei valorii companiilor
romneti cotate
Nr. 1(121)/2015
Mihai CARP
Tabel 2. Analiza valorii informative a datelor contabile n funcie de existena unui sistem de guvernan
corporativ, tipul de control exercitat i dimensiunea companiilor
Variabil
independent
Total
eantion
0,139
Constant
(0,005)
Rezultat net pe -0,187
aciune (EPS)
(0,001)
Variaia rezulta- 0,265
(0,001)
tului net pe
aciune (EPS)
N
126
R2
0,094
SIG (model)
0,002
63
0,277
0,000
78
0,077
0,047
48
0,174
0,015
64
0,164
0,005
62
0,118
0,023
Variabil
independent
Societi de
investiii
0,089
(0,275)
2,619
(0,046)
-0,036
(0,076)
16
0,254
0,128
Constant
Rezultat net pe aciune
(EPS)
Variaia rezultatului net pe
aciune (EPS)
N
R2
SIG (model)
Acionariat strin
0,046
(0,354)
1,941
(0,002)
-0,429
(0,061)
25
0,397
0,003
EPS
-0,188
-0,174
-0,189
-0,144
-0,145
EPS
0,266
0,248
0,270
0,204
0,209
D_
CG
0,015
D_
Cm
D_
Ctr
D_
Cpr
D_
SIF
D_
Arom
0,231
0,130
-0,585
-0,588
-0,134
R2
0,094
0,115
0,102
0,136
0,086
SIG
0,007
0,002
0,004
0,027
0,080
Nr. 1(121)/2015
63
Mihai CARP
Concluzii
Activitatea companiilor cotate este influenat de o
larg palet de factori nefinanciari, dificil de surprins i
de cuantificat n studii de impact asupra deciziilor
investitorilor. Variabilele calitative vin s completeze
efortul explicativ al factorilor financiari i mpreun
ofer un suport informativ eficient, care diminueaz
gradul de incertitudine asociat procesului investiional.
n acest context, prezenta lucrare studiaz legtura
determinist stabilit ntre o serie de factori
nefinanciari (structura acionariatului, tipul de control
exercitat, aplicarea principiilor guvernanei
corporative, dimensiunea ntreprinderii) i performana
bursier a companiilor cotate la BVB. Demersul a fost
realizat printr-o dubl abordare a influenelor
menionate, concretizate prin procesul de testare a
ipotezele de lucru emise.
Validarea ipotezei H1 a permis identificarea unor
profiluri privind evoluia valorii companiilor, ca exponent al performanei, n corelaie cu caracteristicile
calitative reinute n studiu, relevndu-se ntr-o
64
Recunoatere
Aceast lucrare a fost publicat cu sprijinul
financiar al proiectului Sistem integrat de
mbuntire a calitii cercetrii doctorale i
postdoctorale din Romnia i de promovare a rolului
tiinei n societate, POSDRU/159/1.5/S/133652,
finanat prin Fondul Social European, Programul
Operaional Sectorial Dezvoltarea Resurselor Umane
2007-2013.
BIBLIOGRAFIE
Nr. 1(121)/2015
Mihai CARP
66
Mihai CARP
68
Abstract
Assessing
Financial
Reporting
Quality:
Evidence from
Romania
Andra GAJEVSZKY, Ph. D. Student,
Nr. 1(121)/2015
69
Andra GAJEVSZKY
1. Introduction
In the last decade, a wide area of factors, such as
accounting convergence, financial crisis, overloading
disclosure requirements, brought into light an
overwhelming focus on financial reporting. Thus, the
challenge relies on providing a comprehensive
definition of financial reporting quality, on the one
hand, and assessing the quality of financial reporting,
on the other hand.
According to the International Accounting Standards
Board- IASB (2008), the fundamental premise of
assessing the quality of financial reporting is
represented by the adherence to the objectives and
qualitative characteristics (represented by specific
attributes which conduct to assessing the utility of
financial information) of information disclosed in the
entities` financial reports.
The IASBs Conceptual Framework encloses
qualitative characteristics to facilitate assessing
whether financial information is useful in the
perspective of the financial reporting objectives.
According to this approach, in order for financial
information to be useful, it must be relevant and must
faithfully represent what it purports to represent.
Moreover, the Conceptual Framework also signals
that usefulness of financial information is enhanced if
it is comparable, verifiable, timely and
understandable, these four characteristics being
classified as improving characteristics of financial
reporting.
The utility of financial reporting is emphasized in the
Conceptual Framework of the international
standardization body IASB. Thus, IASB (2010 BC
1.16) highlights the fundamental objective of financial
reporting which resides in providing useful information
for investors, creditors and other stakeholders in
order to support their decisions of resource allocation.
Although the users of financial reports include a wide
area of subjects, IASB focuses primary on the capital
markets participants` needs.
In accordance, investors represent the major group of
interest related to financial reporting, due to the fact
that they are capital providers on the capital markets,
and if their information needs are contented, it can be
assumed that these needs are representative for a
70
2. Literature Review
Although both the international standardization body IASB and the American one - Financial Accounting
Standards Board (FASB) emphasise the importance
of high quality financial reports/statements, when
investigating the accounting literature, it is obvious
that researchers are confronted with a stringent issue
related to defining and assessing this quality.
Nr. 1(121)/2015
71
Andra GAJEVSZKY
3. Research Design
This section introduces the research`s hypothesis, the
selection criterion adopted in the sampling process,
as well as the regression model which aims to assess
the quality of financial reporting at the level of
Romanian listed entities.
Nr. 1(121)/2015
Percentage
4%
64%
2%
6%
8%
8%
8%
Exchange Segment
Bucharest Stock Exchange
Primary Market
Tier I and Tier II
Companies listed in each of
the three years: 2011, 2012
and 2013
100%
from operations. In the Jones` modified model, nondiscretionary accruals are the predicted (or expected)
portion of total accruals.
The Modified Jones Model (Dechow et al., 1995) is
presented below:
1
TAt
REVt RECt
PPE t
1
2
3
t ;
At 1
At 1
At 1
At 1
Where:
TA = total accruals (Net Income-Cash flow from
operations);
73
Andra GAJEVSZKY
A = total assets;
REV = changes in revenue;
REC =changes in net receivables;
PPE = gross property, plant and equipment;
t represents the year;
: unexpected portion of total accruals for sample
firm i for year t.
Discretionary accruals are represented by the
residuals from this equation.
The dependent variable of the regression model represented by the quality of financial reporting (Qfin)
- is measured through the residuals of the modified
Jones model suggested by Dechow et al. (1995).
Accruals quality is measured as the standard
deviation of a firms residuals. A higher magnitude of
cross-sectional absolute discretionary accruals
indicates a greater level of earnings management, or
lower accounting quality. A larger standard deviation
of the firms residuals indicates poorer accruals
quality, or lower accounting quality.
The second accrual model used in order to compute
discretionary accruals, suggested by Kothari et al.
(2005), is presented below:
ACCRi ,t 1 2 REVi ,t 3GPPEi ,t 4ROAi ,t i ,t ,
all the variables are divided by TAi ,t 1 ,
Where:
ACCR: total accruals for sample firm i for year t
(Net Income-Cash flow from operations);
TA: total assets for sample firm i for year t-1;
REV: changes in net revenues for sample firm i
for year t;
GPPE: gross property, plant and equipment for
sample firm i for year t;
ROA: return on assets for sample firm i for year t,
determined by dividing the company`s annual
earnings (net income) by its total assets;
: unexpected portion of total accruals for sample
firm i for year t.
Discretionary accruals are represented by the
residuals from this equation.
74
Where:
Qfin is the dependent variable of the logistic model
AS (auditor size) is defined as a dummy variable
which equals 1 if external auditor is a Big 4 audit
firm and 0 otherwise;
SZ (firm size) is an independent variable
associated to firms` characteristics and is defined
as natural logarithm of total assets;
ROA (return on assets): net profit/total assets;
CFO (cash flow): cash flow from operations/total
assets
EPS (Earnings per Share ratio): (Net profit after tax
Preference dividend) / Number of equity shares
(common shares).
4. Results
This section provides an insight into the statistical
approach conducted in order to test the research`s
hypotheses, as well as the main findings related to
results` interpretation.
years.
2011
0.370454
0.190685
0.583274
5.956545
1.399197
-1.30335
2.770198
50
Total Accruals
(Dechow et al., 1995 Model)
2012
2013
2012/2011
0.025031
-0.0277
-0.345423
-0.02103
-0.01965
0.210531
0.067747
17.21655
3.105509
3.96516
-0.77907
-0.25079
-0.27776
1.076969
0.137285
50
50
2013/2012
-0.052733
2011
-2.9E-17
-0.15652
0.509415
7.028828
2.232622
-0.59761
2.261653
50
2012
1.61E-17
-0.02876
0.198597
12.91106
3.112422
-0.39156
0.9016
50
Nr. 1(121)/2015
Discretionary Accruals
(Dechow et al. , 1995 Model)
2013
2012/2011
-7.8E-18
4.4964E-17
0.00937
0.067555
3.556427
-0.86803
-0.2561
0.168097
50
2013/2012
-2.38698E-17
Andra GAJEVSZKY
AS
1
-0,348504
-0,689344
-0,118382
-0,147977
-0,100025
SIZE
ROA
1
0,4886109
1
0,1302646 0,16569548
0,2049407 0,15805426
0,2504168 0,30578159
CFO
1
0,562639782
0,177007612
EPS
1
0,1599209
1
0,08401
0,31864
0,31818
-0,0253
-0,0352
AS
1
0,54562
0,1445
0,20401
0,10571
SIZE
1
0,15868249
1
0,362239705 0,24934483
0,033439157 0,25183173
76
ROA
CFO
EPS
1
0,120973265
Qfin
AS
SIZE
ROA
CFO
EPS
AS
SIZE
1
-0,27257225
1
-0,17232979
0,5391
1
0,595562196 -0,13332 0,146263
-0,54779513 0,18615 0,416735
0,016468347 0,22333 0,315251
ROA
1
0,251023
0,168022
CFO
EPS
1
0,255035396
2011
0.70
0.49
0.43
0.38
50
2012
0.49
0.24
0.15
0.18
50
2013
0.93
0.88
0.87
0.02
50
Nr. 1(121)/2015
77
Andra GAJEVSZKY
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Revenue
Recognition
and
Measurement.
Accounting
Principles vs.
Tax Rules for
Romanian
Entities
Lecturer Mirela PUNESCU, Ph. D.,
Abstract
In this article the author addressed two main
questions: What are the most frequent disputes in
Romania, between taxpayers and tax inspectors, with
regard to revenue recognition and measurement?
After an entity switches to IFRS, is it more likely for
these matters to be more frequent, or, on the contrary,
less common, since the IFRS should answer these
questions? The analysis was conducted for the tax
inspections carried out between 2005 and 2013, when
Romanian Accounting Standards were based on the
transposed European Accounting Directives. This
research is relevant because Romania is one of the
EU member states, a country applying the European
Directives and whose tax system is quasi
dependent on financial accounting (like many other
EU countries). Even if all cases investigated involved
entities applying domestic regulations in line with
European Directives, we will extrapolate our findings
to future or past IFRS adopters, by taking into account
the differences with possible consequences on
taxable profits between RO-GAAP and IFRS.
As for the methodology, empirical research methods
were used, which in this case consisted of analyzing
all relevant tax decisions the author was able to
identify on the Romanian tax bodys website,
decisions involving revenue recognition disputes
between entities and tax inspectors.
Keywords: IFRS, taxable profit, tax decisions,
revenue recognition
JEL Classification: H20, H25, M41
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81
Mirela PUNESCU
1. Introduction
In Romania, The National Agency for Fiscal
Administration (ANAF) is the specialized body of the
central public government in charge of implementing
the tax administration policy. ANAF performs its
activity in the field of budget revenues administration,
by means of procedures consisting mainly of tax
management and collection, as well as tax control.
Tax inspections can be carried out in respect of all
legal persons who are required to determine, withhold
and pay taxes, duties, contributions and other
amounts owed to the general consolidated budget. At
the end of the tax inspection, the authorities prepare a
tax inspection report, based on which the decision to
impose taxes is taken, which, in its turn, is
communicated to the taxpayer within 30 days since
the end of the tax inspection.
If the taxpayer disagrees with the report, an appeal
can be made within no more than 30 days. Another
ANAF department analyzes the appeal and rules,
based on the arguments raised by both the taxpayer
and the tax inspectors, on whether or not the initial tax
inspection conclusions are still in force. If the taxpayer
disagrees with the new ruling, a complaint may be
submitted to the competent court of law, which, for
claims against administrative acts issued by central
authorities, is a Court of Appeal. During this appeal,
one of the parties usually asks for a court-ordered
experts report (an independent professional, usually
an expert accountant or a licensed tax adviser, is
asked to issue an independent professional opinion
on the economical or technical aspects involved in
that respective case) which, in most instances, can
influence the final ruling.
In Romania there is a close, direct relationship
between financial and tax accounting, as taxable profit
is determined by adjusting the accounting profit. This
is usually called a quasi-dependent approach.
2. Relevant Literature
In very few words we wish to acknowledge some of
the previous research studies with regard to the link
between accounting and taxation. In recent years, the
correlation between accounting and tax rules was
observed by many authors.
82
Nr. 1(121)/2015
3. Research Methodology
First we have identified our database. In Romania, on
ANAFs website one may find a large number of tax
imposition decisions issued over time. We were not
able to find out whether all tax decisions ruled by
ANAF were published (probably not) or on which
criteria only some of them were published. However,
the criterion is definitely not their degree of relevance,
as some of them are completely irrelevant or even
lack any relevant and legal arguments. All these
decisions are first of all classified by their object
(corporate tax, VAT and so on) and then by their
particular subject (for example: acquisition cost,
invoices not issued and so on).
Out of 6,495 tax imposition decisions (as numbered
by ANAF, so we cannot know whether they are
unique or not) we first chose all of which (based on
the object identified by ANAF) might have had an
impact on our research (corporate income tax) and
then those taking into account the particular subject
involved (revenue recognition and measurement). For
some of these decisions, we also managed to find the
Court rulings.
Out of approximately 120 decisions selected, we
finally kept around 30 as being relevant. One of the
biggest impediments was the defective classification
made by ANAF. From our understanding, there are no
codes, everything is made manually, which means
83
Mirela PUNESCU
4. Revenue Recognition
We identified three issues regarding revenues that
may be disputed between taxpayers and tax
inspectors. These are:
1. Revenue measurement
2. Recognition criteria
3. Moment of recognition
84
Nr. 1(121)/2015
Mirela PUNESCU
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Mirela PUNESCU
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Mirela PUNESCU
REFERENCES
90
The Practical
Implementation of
Corporate
Governance
Principles for
Romanian
State Owned
Enterprises
Abstract
In Europe there are some special regulations for state
owned enterprises. In Romania one can discuss
about corporate governance starting with the year
2001, when the first code was established by the
Bucharest Stock Exchange. Through the present
research the authors analyze the principles of
corporate governance in state owned enterprises,
seeing that most studies are focused on the listed
companies. However, in Romania one can see only a
formal implementation of the corporate governance
principles in accordance with The Government
Emergency Ordinance No. 109/2011.
Keywords: state owned enterprises, corporate
governance, social responsibility, Romania
JEL Classification: G30, G39
Nr. 1(121)/2015
91
2. Methodological Aspects
The necessity of such a study is emphasized by the
present situation:
there is a deficiency of studies of corporate
governance and social responsibility in state
owned enterprises;
generally, the studies focus on companies listed on
Bucharest Stock Exchange, state-owned
enterprises being neglected;
there is an untapped potential on the
implementation of corporate governance practices
in state owned enterprises.
The study is focused on the practical implementation
of corporate governance principles of state-owned
enterprises, using a qualitative approach. The
objective of the research is to understand the state of
corporate governance implementation in state owned
organizations from Romania. In particular, the
research is expected to know whether the corporate
governance system is transparent for all stakeholders.
Regarding the research methodology, the companies
with the greatest managers wealth as presented on
the governments website were chosen, because the
authors think that these are the most controversial
ones ( Annex).
Due to the difficulties of getting samples for this study,
the authors considered applying a single case study.
Nr. 1(121)/2015
94
Nr. 1(121)/2015
96
Annex
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Ministry
Ministry of Public Finances
Ministry of Public Finances
Ministry of Public Finances
Ministry of Public Finances
Romanian National Bank
Romanian National Bank
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Nr. 1(121)/2015
Company
The Romanian Lottery
The State Printing House
Transelectrica
Transgaz
The State Monetary
The Romanian National Bank Printing House
Conversmin
National Uranium Company
Iprochim
Oltenia Energy Complex
Electrica
National Coal Company
Electrocentrale Group
Electrica
Romgaz
Nuclearelectrica
Cuprumin
IAR
97
No.
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
Ministry
Economy Ministry
Economy Ministry
Economy Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Transports Ministry
Health Ministry
Communications Ministry
Company
National Salt Company
Electrica Muntenia Nord
Hunedoara Energy Complex
Danube River Administration
Romatsa
Maritime Ports Administration
Mihail Kogalniceanu International Airoport
Administrative Palace of The National Society of Railway Transport
Metrorex
Maritime Ports Administration Galati
Navigable Canals Administration
Romanian Auto Register
Tarom
The National Society of Railway Merchandise Transport
The National Society of Railway Passenger Transport
Romanian Civil Aeronautical Authority
Maritime Ports Administration Giurgiu
The National Society of Railway Transport
Antibiotice
Romanian Post
REFERENCES
Basu, K. and Palazzo, G., Corporate social
responsibility: A process model of sensemaking,
2008, Academy of Management Review, 33(1),
pp. 122136.
Boardman, A. and A. Vining, Ownership and
performance in competitive environments: A
comparison of the performance of private, mixed
and state-owned enterprises, 1989, Journal of
Law and Economics 32, pp. 1-33.
Catana, R.N., The reform of corporate governance of
state owned enterprises in Romania - a critical
analysis, Universul Juridic, Bucureti, 2012.
Fama, E.F. and Jensen, M.C., Separation of Ownership
and Control 1983, Journal of Law and Economics,
26, pp. 301-325.
Kamal, M., Corporate Governance and State-owned
Enterprises: A Study of Indonesias Code of
Corporate Governance, 2010, Journal of International
Commercial Law and Technology Vol. 5, Issue 4,
pp. 206-224.
Khongmalai, O., Tang, J.C.S. and Siengthai, S.,
Empirical evidence of corporate governance in Thai
stateowned
enterprises,
2010,
Corporate
Governance, Vol.10, No.5, pp. 617 634.
Kotler, R. and Lee, N., Corporate social responsibility,
Hoboken, New Jersey: John Wiley & Sons, 2005.
Mahon, J.F. and McGowan, R.A., Searching for the
common good: A process-oriented approach, 1991,
Business Horizons, 34(4), pp. 79-86.
Megginson, W. and Netter, J., From state to market: A
98
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99
Determinant
Factors of the
Economic
Value Added in
the Case of
Romanian
Companies
Listed on the
Bucharest
Stock
Exchange
Abstract
The economic value added (EVA) is a performance
indicator used in assessing a firm's ability to create
value for its shareholders. In the international
literature, this indicator is considered a standard
managerial criterion, used in the substantiation of the
company's current and future strategy. Depending on
this strategys degree of achievement, EVA becomes
a landmark in the remuneration policy of the
company's managers and employees. Since
achieving this objective (value creation) depends on
the efficiency with which resources involved in the
business are used and generate a higher return on
their cost, EVA must be analyzed in correlation with
indicators which quantify the determinant factors of
value.
The starting point of this work was to identify those
practical issues of a firm's activity, which could
influence the evolution of the economic value added
(EVA). The next step was to analyze the intensity and
direction of the link existing between EVA and the
indicators identified as drivers of the shareholder
value, by carrying out an empirical study at the level
of 12 Romanian companies listed on the Bucharest
Stock Exchange (BVB). The research was conducted
on the basis of financial and accounting data relating
to the year 2013. The methodology used for analysis
was the technique of correlation, as a method of
measuring the intensity of the mathematical
relationship between two or more variables, using the
Pearson correlation coefficient.
Keywords: economic value added, factors influencing
EVA, Pearson correlation coefficient
JEL Classifications: C12, C18, G30
100
1. Introduction
The complexity, dynamism and challenges of todays
business environment impose that an increased
attention should be paid to the determining elements
of value creation for shareholders. In most economies
of the world and in our country as well, the financial
difficulties induced by the world crisis, accompanied
by the low involvement of the banking system in
crediting domestic companies, have resulted in an
exponential increase of the owners role in funding the
business from their own sources. For these reasons, it
has to be seen how a business entity manages to
meet the expectations of those who have invested
money, time, labour and knowledge in it.
The economic value added (EVA) is the indicator
which is most likely to suitably quantify the value
created or destroyed by a business entity, however its
evolution is influenced by several other practical
factors, that also need to be identified and monitored.
Many studies performed at international level (as
shown in a previous research, Crearea de valoare
economic i interdependenele dintre aceasta i
indicatorii clasici de performan [Economic Value
Creation and Interdependences with Classical
Performance Factors], published in the Audit
Financiar, issue 12/2014) provide us with information
on possible such factors of influence: the rate of
return for shareholders, the economic rate of return on
assets, profitability indicators, cash flow, turnover, etc.
However, the goal of this paper is not a conceptual,
but an empiric one, as the work focuses on the
mathematical, economic and statistical identification
of those determining factors which are likely to
influence the evolution of the economic value added,
as well as on the examination of such relations for
Romanian companies listed on the Bucharest Stock
Exchange (BVB). To this purpose, we have
established a sample of 12 Romanian companies
listed on the Bucharest Stock Exchange. This sample
was selected starting from the total number of 82
companies included in the companies list1, BVB
section, out of which we discarded banking and
financial investment companies, companies with
1
http://www.bvb.ro/Companies/ListedCompanies.aspx
Nr. 1(121)/2015
2. Methodological Concepts.
Identifying the Determining
Factors of the Value Added
According to the fundamental principles of the
analysis, every economic phenomenon is influenced
by at least one determining factor, as per the causeeffect relationship. Starting from these guidelines,
determinist or causality models were developed, by
means of which the isolated (individual) influence of a
factor upon the analyzed phenomenon could be
expressed and measured. However, the rigid and
static character of such models resulted in their
exclusion from the theory and practice of economic
and financial analysis. The last decade has witnessed
the development of various econometric models that
express and test the interdependence between one or
several cause (independent) variables and an effect
(dependent) variable.
The use of econometric rules and principles in the
study of economic phenomena has substantially
resulted in a deeper knowledge of the
interdependences between the phenomena or
practical elements characterizing the various aspects
of a companys activity. We aim at using these
principles in the analysis of the determining factors of
the economic value added (EVA) created by
Romanian companies.
101
Mirela GANEA
(1)
where:
Pen = net operating profit;
Ckinv= cost of invested capital.
The gross operating profit is a classical
performance indicator, calculated and declared by
all business entities in our country, in order to
characterize the result of the operational activity
performed. The net operating profit, taken into
account for the economic value added (EVA), is
obtained by reducing the gross operating profit with
the value of the related profit tax1.
Pen Peb I p Peb (1 C i )
(2)
where:
Peb = gross operating profit;
Ip = profit tax;
Ci = profit tax rate.
The net operating profit actually available for the
company to cover the cost of the capital involved in
the procurement of resources is the premise of
creating wealth for the owners of a business entity.
Hence, according to the EVA concept, the single
activity creating economic value is the operating
activity, provided that it takes place with a return that
is clearly higher than the costs of the capitals invested
in the company. A simple mathematical processing of
calculation formula 1 helps us outline this significance
of EVA:
EVA
Pen
C
K inv Kinv K inv K inv R Kinv R CKinv
K inv
K inv
(3)
where:
Kinv = invested capital;
Rkinv = the rate of return on invested capital;
RCkinv= the rate of cost of invested capital.
1
This may be the actual profit tax paid by the company (in an
ex-post analysis of EVA) or the value calculated by applying
the profit tax rate to the pretax operating profit (for a
forecast analysis of EVA).
102
kinv
Kpr
km
(4)
where:
CKinv = cost of equity;
Ckm = cost of borrowed capital.
The average rate of the cost of invested capital is
computed as a weighted average between the cost
rate of equity and the cost rate of borrowed capital:
Ckpr Kpr Dob K
Kpr
K
RCkinv m 1Ci RCkpr Rd m 1Ci
Kpr Kinv Km Kinv
Kinv
Kinv
(5)
where:
Kpr = equity;
km = borrowed capital;
Dob = interests;
RCkpr = Ckpr/Kpr = cost rate of equity;
Rd = Dob/Km = interest rate;
Kpr/Kinv = share of equity in invested capital (Gkpr);
Km/Kinv = share of borrowed capital in invested
capital (Gkm);
The use of the average cost rate of invested capital
has the advantage of considering not only an average
cost of each form of capital, but also the share of each
form of capital in the total capital invested by the
company. At the same time, the different tax
treatment of equity, compared to that of borrowed
capital is emphasized, since the latter, given the
deductibility of the interest, can result in a decrease of
2
R K
EVA K inv en kpr pr d m 1 C i
K
K inv
K inv
inv
(6)
P
R K
EVA K t en kpr pr d m 1 C i
K
Kt
Kt
EVA K t R kt RCkpr S p Rd G 1 C i
(7)
(8)
where:
Kt = total capital;
Rkt= rate of return on total capital;
Sp = Kpr/Kt = solvency ratio;
G = Km/Kt = indebtedness.
The determining factors of the shareholder value,
emphasized by this formula, are the solvency ratio
and the indebtedness.
Besides the mathematical processing of the formula
for calculating the economic value added, we consider
that these aspects should be judged from an
economic point of view, in order to clearly and
correctly identify the true determining variables of
wealth creation for shareholders. To this purpose,
mathematical processing was integrated with
economic analysis and the obtained results were
synthesized in Table 1.
The factors identified as determining in value creation
and which will be included in the empiric study on
Romanian companies listed on the Bucharest Stock
Exchange are the following: the economic rate of
return on invested capital (Rkinv); the average cost rate
of invested capital (RCkinv); the solvency ratio (Sp); the
companys indebtedness (G).
3. Case Study
The empiric analysis of the interdependences
established between the economic value added and
its four determining factors will be performed on a
sample of 12 Romanian companies, whose securities
are traded on the Bucharest Stock Exchange (BVB).
The study is based on the financial and accounting
data provided by the BVB website for each of these
companies, which were subsequently processed in
Excel worksheets, with a view to determining both the
dependent variable EVA and the independent
variables Rkinv, RCkinv, Sp, G.
1http://www.bnr.ro/Operatiuni-cu-titluri-de-stat-5593.aspx
Nr. 1(121)/2015
103
Mirela GANEA
Economic significance
Pursuant to its operating activity, the
company must generate a return on the
employed capital, which is definitely higher
than the related cost.
Depending on the procurement cost for each
form of capital, the company must envisage
an optimal structure of the invested capital.
A higher share of the form of capital obtained
at a lower cost results in a lower average
cost of invested capital, hence a higher EVA.
A decrease in the solvency ratio is equivalent to
a reduction in a companys financial autonomy,
hence a higher risk of equity. At the same time,
the cost of equity decreases, but this will result
in a higher cost of borrowed capital, since the
company will have to complete its own
resources with sources from banks and the
credit market. The interest of such new external
sources depends on the average interest rate
on the credit market (at that time), as well as
the companys existing indebtedness. An
increase in the solvency ratio entails opposite
effects.
K pr
K inv
Rd
K m
1 Ci
K inv
The values for the average cost rate of invested capital were
expressed as percentages, in order to facilitate the compared
analysis of all cause variables.
Economic
value added
(EVA)
-1,587,106
10,159,152
706,648
2,857,278
37,088,463
15,313,054
-821,752
-2,121,871
1,744,437
14,494,052
2,326,931
2,971,181
Rate of return on
invested capital
(Rkinv)
2.20%
10.28%
3.22%
6.24%
15.27%
11.33%
2.09%
1.29%
4.12%
6.81%
22.80%
3.07%
Solvency (Sp)
Indebtedness (G)
50.87%
95.74%
72.66%
62.02%
68.33%
83.63%
62.50%
51.68%
50.34%
68.84%
79.63%
89.53%
32.49%
0.00%
0.00%
28.07%
14.14%
0.00%
5.15%
29.00%
19.13%
12.17%
0.00%
0.00%
Source: Processing based on the data published in the balance sheet and profit and loss account, 2013
Table 3. The correlation coefficient for testing the first set of hypotheses
Pearson coefficient
(r)
0.813
Level of significance
(Sig. (2-tailed))
0.002
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Statistical significance
Statistically significant relationship
Mirela GANEA
Table 4. The correlation coefficient for testing the second set of hypotheses
Pearson coefficient (r)
-0.305
Level of significance
(Sig. (2-tailed))
0.067
Statistical significance
Statistically non-significant relationship
Table 5. The correlation coefficient for testing the third set of hypotheses
Pearson coefficient (r)
0.277
Statistical significance
Statistically non-significant relationship
Table 6. The correlation coefficient for testing the fourth set of hypotheses
Pearson coefficient (r)
-0.171
106
Statistical significance
Statistically non-significant relationship
4. Conclusions
The performed empiric study makes us conclude that,
out of the four economic and financial indicators
mathematically identified as determining factors of the
value creation, for the analyzed sample of 12
Romanian companies, only the rate of return on
invested capital has proved to have a statistically
significant cause-effect relationship with EVA. Though
statistically non-significant, the other correlations we
have tested have confirmed the direction of the
relationship we had anticipated in economic terms:
indirectly proportional EVA - RCkinv and EVA - G;
directly proportional: EVA - RKinv and EVA - Sp.
Despite the much too weak intensity of the empiric
relationships established at the level of the 12
Romanian companies, we consider that the study
provides a coherent and concise vision on the factors
that may influence the level of the economic value
added in a company. The identification of these valuedetermining factors, by means of mathematical
processing, accompanied by the statistical testing and
the economic assessment of the significance of their
REFERENCES
Nr. 1(121)/2015
107
AuditSorin-Constantin
financiar, XIII, Nr. 1(121)/2015,
108-115
DEACONU
ISSN: 1583-5812; ISSN on-line: 1844-8801
Aspects
Regarding the
Practical
Correlations
for Errors
Detection in
Retail
Accounting
Abstract
In Romania, many businesses are conducted in the
field of trade. Direct sell of goods is an operation
which attracts many temptations in terms of tax
evasion. In this sense, professional accountants,
auditors and tax authorities can use a number of
correlations to verify the accuracy of results and the
correct registration of documents into accounting.
Generally, the correlations to be made by the
professionals are based on the trial balance.
Checking these correlations does not require large
amounts of time due to the fact that only one
document is needed in order to perform it, as shown
above. These correlations are taking into account the
value of merchandise, the value of the used price
differences, the value of the revenue from the sale of
merchandise, the amount of expenses and also the
VAT value.
Keywords: accounting, retail trade, merchandise,
revenue, errors
JEL Classification: M41
108
Retail Accounting
1. Introduction
Accounting is a specialized activity (according to
Romanian legislation) which offers various information
to administrators, to associates, to employees and to
other stakeholders. The information emanated from
accounting should be precise and real, as accounting
theory requires. Unfortunately, this principle is not
respected in practice. The accuracy of accounting
information depends on several factors, such as: the
education of accounting professionals, their
experience, the accounting departments organization,
the operating method of primary accounting
documents etc.
The reputed Professor Emil Horomnea asked the
question: why is accounting reduced to the
description of activity, even if it means as a
specialized activity? Thus, accounting represents a
coherent aggregate of registration, quantification,
information processing and communication regarding
the state and the changes of given assets1.
The concept of asset is also used in specialized
literature (even though Romanian normalizers use it
increasingly less). We believe that the concept cannot
be dodged as both economists and lawyers use it.
Moreover, it is difficult to teach students the object of
accounting without making a reference to the notion of
asset.
Accounting should reflect a companys modus
operandi. The science of accounts cannot substitute
a manager, but it offers essential information for the
decision making processes2.
Shareholders want almost every time from the
professional accountant a profitable situation of the
company. Many times, however, the situation
reflected in accounting shows loss.
In our opinion, so-called managers focus on sales,
without the supporting documents,3 a fact that
causes the following effects:
short-term personal benefits for the manager
and/or associates;
Horomnea, E., Fundamentele tiinifice ale contabilitii.
Doctrin. Concepte. Lexicon, Editura TipoMoldova, Iai,
2008, p. 120
2 Ibidem, p. 109
3 The National Revenue Agency reports highlight this fact,
especially since there have been verifications performed on
economic agents of retail trade. Certain irregularities were
found: sales carried out with receipts for only a part of the
goods on the shelf or even sales without receipt (sale of
flowers, for instance).
1
Nr. 1(121)/2015
2. Research methodology
The present article has investigated a series of
research methods from the economic field. As a
result, were used:
the case study method, used in the present article
through an exemplification regarding the evaluation
and recording of purchased merchandise, for which
two VAT rates apply: 9% and 24%;
109
Sorin-Constantin DEACONU
110
Retail Accounting
2008
55479,9
71386,0
31325,6
158191,5
2009
51806,5
63987,4
24833,9
140627,8
2010
52398,5
65594,0
33523,1
151515,6
2011
56633,8
67097,8
45601,6
169333,2
*Excluding the sale, the maintenance and the repairing of automobiles and motorcycles.
Source: Statistical Yearbook 2012, http://www.insse.ro/cms/ro/content/anuarul-statistic-2012, October 2014
The study found that this branch of trade is generally
presented in both national and international literature.
Particularly, retail should be given due credit in the
context of globalization and so the population would
be able to purchase goods on the territory of any state
in different currencies.
Any type of research is subject to risk. The work of a
professional accountant is threatened by risks as well.
In the field of trade there is a possible danger of
errors, which can multiply every month if not
discovered and corrected in time.
Nr. 1(121)/2015
111
Sorin-Constantin DEACONU
Pntea, I.P., Bodea, G., Contabilitatea financiar romneasc, Editura Intelcredo, Deva, 2009, p. 151
Ristea, M. (coordonator), Contabilitatea financiar a ntreprinderii, Editura Universitar, Bucureti, 2004, p. 253
112
Retail Accounting
24
xDEB 371 CEB 4428
124
- RON No.
Purchase value
1
2
Subtotal
3
Total
12.000
5.000
17.000
6.000
23.000
VAT for
goods and
price
difference
4.032**
1.440
5.472
702***
6.174
Price
difference
2.880
1.200
4.080
540
4.620
4.800*
1.000
5.800
1.800
7.600
Retail value
20.832
7.440
28.272
8.502
36.774
* 4.800 = 12.000 x 40%; ** 4.032= (12.000 + 4.800) x 24 %; *** 702 = (6.000 + 1.800) x 9%
%
371.1 Merchandise 24%
371.2 Merchandise 9%
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401 Suppliers
36.774
23.000
7.600
6.174
4.620
113
Sorin-Constantin DEACONU
Sale of goods:
5311 Petty cash RON
%
707 Sale of goods purchased for resale
4427 Output VAT.9%
4427 Output VAT.24%
3.774 19.498 x
28.000
23.524
702
3.774
24
and 19.498 28.000 8.502.
124
%
378 Price differences on goods purchased for resale
607 Goods for resale
4428 VAT under settlement
x100
x100 25%
36.774 6.174
30.600
APDR
371.1
28.272
DF: 28.272
TD: 28.272
Dr
378
DF: 5.831
TD: 5.831
CEB: 1.769
28.000
19.498
8.502
Cr
7.600
7.600
7.600
Dr
114
%
371.1 Merchandise 24%
371.2 Merchandise 9%
Cr
19.498
19.498
19.498
DEB: 8.774
Result verification:
1.769
1.
x100 25% 1
8.774 1.698
1
371.2
8.502
DF: 8.502
TD: 8.502
Cr
8.502
8.502
8.502
EB: 0
4428
4.476
DF: 4.476
TD: 4.476
CEB: 1.698
Cr
6.174
6.174
6.174
Retail Accounting
5. Conclusions
Accounting should reflect all transactions and events
that affect the assets of an entity. A professional
accountant should make sure that operations are
performed error free for every month-end close, in
order to file tax statements correctly and to offer
accurate information to the companys management.
Financial statements that are filed without validation
errors at the end of an accounting period do not
guarantee the absence of accounting errors.
The first conclusion is that the report of price
difference value for stocks in reference to the balance
of the existing goods without VAT under settlement
has to return the average price difference rate.
The second conclusion is that applying the average
price difference rate to the final balance of account
371, which will return the final balance of account
4428 will lead to the obtaining of the price difference
for the stock goods (this correlation can be easily
verified with the trial balance1).
REFERENCES
Brian, T., (2010), Cum conduc cei mai buni lideri: tehnici
testate pentru a valorifica la maximum potenialul uman,
Editura Curtea Veche, Bucureti
Clin, O., Ristea, M., (2000), Bazele contabilitii, Editura
Naional, Bucureti
Deaconu, S. C., (2012), Particulariti ale contabilitii
entitilor, Editura C.H. Beck, Bucureti
Feleag, N., Ionacu, I., (1998), Tratat de contabilitate
financiar vol. II, Editura Economic, Bucureti
Horomnea, E., (2008), Fundamentele tiinifice ale contabilitii.
Doctrin. Concepte. Lexicon, Editura TipoMoldova, Iai
Hutchinson, K., Quinn, B., Alexander, N., SME retailer
internationalisation: case study evidence from British
retailers, International Marketing Review, volume 23,
issue 1, 2006
Knezevic, B., Szarucki, M., Internationalization of Retail in
Poland and Croatia, International Business and
Management, volume 29, 2013
Mrquez-Ramos, L., European Accounting Harmonization:
Consequences of IFRS Adoption on Trade in Goods and
Foreign Direct Investments, Emerging Markets Finance &
Trade, volume 47, supplement 4, 2011
Pntea, I.P., Bodea, G., (2009), Contabilitatea financiar
romneasc, Editura Intelcredo, Deva
Many professional accountants believe a trial balance with two by two equalities reflects a real situation. This assertion is false, as
there are multiple errors a trial balance cannot uncover, although equalities are maintained (for instance the reversal of an
accounting formula 401 = 371; this error cannot be shown by a trial balance).
Nr. 1(121)/2015
115
Abstract
Exploratory
Study on the
Influence of
Non-Financial
Factors on the
Stock
Performance
of Quoted
Romanian
Companies
Assistant Mihai CARP, Ph.D.,
Alexandru Ioan Cuza University of Iai, Romania
e-mail: mihai.carp@feaa.uaic.ro
116
Introducere
The multiplication of the risks that characterise
international financial markets, reflected in an
increase in their volatility, requires permanent
adaptation, through the inclusion of new influence
factors, in the analyses specific to the decision
process of all the actors present in this transfer area.
Quoted economic entities as well as investors are
concerned with identifying and evaluating the impact
of an ever higher number of elements that affect the
evolution of their own interests, in an attempt to lower
the degree of uncertainty associated to the operations
performed. The institutions of the financial markets
contribute to this effort by diversifying the information
requested from the title issuers, aiming to improve the
transparency of the information specific to the capital
transfer operations.
The limited value relevance of the financial data within
the analyses on the investment / disinvestment of the
shareholders' equity has become ever more obvious.
These data manage to grasp the economic reality
only in part, respectively the one that can be
quantified financially, leaving without any basis an
entire variety of factors that act in conjugation on the
activity of entities.
Aiming to obtain higher performance for the available
financial resources, investors complete their
information with new characteristics, often qualitative,
of the issuers and of the socio-economic environment
where they act. Elements such as the leadership and
control way of the economic entities, their size, the
shareholders' structure or the reputation of the
companies involved in certifying the financial
statements are more and more present in the debate
concerning the efficiency of the process of adopting
the investment decisions. Each of the mentioned
features generates significant effects, reflected
through the financial market, on the ability of
companies to improve their economic-financial
performance and, as a consequence, meet the
investors' demands.
The present paper aims to analyse the impact of the
non-financial factors on the stock exchange
performance of the companies quoted in the
Bucharest Stock Exchange, reflected through their
Nr. 1(121)/2015
1. Literature review
Involved in the ample debate on the ability of
economic entities to create value, non-financial
information concerning corporate governance, the
shareholders' structure, the company size, etc., are
intensely analysed elements in specialised literature,
contributing to the definition of a significant
information basis that can be used in supporting the
options concerning the use of capital.
Mihai CARP
Nr. 1(121)/2015
Mihai CARP
3. Research methodology
Concentrating on the Romanian context, this paper
analyses within a deductive-inductive approach the
influence of non-financial factors (the shareholders'
structure, the type of control used, the application of
the corporate governance principles, the company
size) on the stock exchange performance of the
Value decrease:
Ctg_value decrease - CPBR[0; +).
Nr. 1(121)/2015
Value increase:
Ctg_calue increase - CPBR(-; 0);
Mihai CARP
Name
Dummy_corporate governance
D_LC
Dummy_large company
D_Ctr
Dummy_control
D_Arom
Dummy_Romanian
main
shareholder
Dummy_private shareholders
D_Cpr
D_SIF
Dummy_Investment
shareholder
fund
main
Meaning
1applies the principles of corporate governance
0 does not apply the principles of corporate governance
1 the company meets two size criteria
0 the company does not meet two size criteria
1 the company has a unique main shareholder
0 the company does not have a unique main shareholder
1 the company's main shareholder is autochthonous
0 the company's main shareholder is not autochthonous
1 the company's main shareholder is a private entity
0 the company's main shareholder is not a private entity
1 the company's main shareholder is an investment fund
0 the company's main shareholder is not an investment fund
EPSt
EPS
2
t ,
Pt 1
Pt 1
where:
Kt
Pt Pt 1 Dt
= the global return of an investment
Pt 1
Figure 1. Associations of the qualitative values concerning stock exchange performance, control and
corporate governance
The fact that control is owned by a single entity state, trading company, investment fund, or natural
person (individual) - is positively evaluated by the
investors on the market, as the possibility to easily
impose objectives, generally reinvesting profit, the
focus on company development, and increased
financial autonomy determine an evolution of the
stock exchange rate of the shares. Shared control
over the company negatively influences its stock
performance. This situation is interpreted as a
weakness in the process of adopting decisions,
derived from the difficulty of harmonising the
objectives of all the shareholders. The decline of the
value dimension is further enhanced by the fact that
the issuers fail to adopt the principles of corporate
governance, which amplifies the investors'
uncertainties concerning the company's ability for
Nr. 1(121)/2015
Mihai CARP
Figure 2. Influence of the qualitative factors on the evolution of the value of the BSE quoted companies
Figure 3. Correlations of the structure of the main shareholders, company size and evolution of the value of
the Romanian quoted companies
Nr. 1(121)/2015
Mihai CARP
Table 2. Analysis of the value relevance of the accounting data according to the existence of a corporate
governance system, to the type of control used, and to the company
Independent
variable
Constant
Earnings per
share (EPS)
Variation of the
earnings
per
share (EPS)
N
R2
SIG (model)
0,190
(0,015)
-0,153
(0,014)
0,007
(0,350)
-0,432
(0,012)
0,031
(0,358)
-0,103
(0,001)
0,215
(0,067)
-0,351
(0,007)
0,265
(0,001)
0,190
(0,011)
0,950
(0,001)
0,218
(0,015)
0,443
(0,005)
0,160
(0,013)
0,488
(0,006)
126
0,094
0,002
63
0,108
0,032
63
0,277
0,000
78
0,077
0,047
48
0,174
0,015
64
0,164
0,005
62
0,118
0,023
Control
Unique
Multiple
Company
Large
Small
Table 3. Analysis of the value relevance of the accounting data according to the structure of the main
shareholders
Independent variable
Constant
Earnings per share (EPS)
Variation of the earnings per
share (EPS)
N
R2
SIG (model)
Investment
funds
0,089
(0,275)
2,619
(0,046)
-0,036
(0,076)
16
0,254
0,128
Foreign shareholders
0,046
(0,354)
1,941
(0,002)
-0,429
(0,061)
25
0,397
0,003
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127
Mihai CARP
Table 4. Equations of the multiple linear regression models with alternative variables (ANCOVA)
Rezult
EPS
Factors
Kgovernance
Ksize
Kcontrol
K main shareholders
Kprivate shareholders
0,110
-0,040
0,188
0,724
0,235
-0,188
-0,174
-0,189
-0,144
-0,145
EPS
0,266
0,248
0,270
0,204
0,209
D_
CG
0,015
D_
L
D_
LC
D_
Cpr
0,231
0,130
-0,585
D_
SIF
D_
Arom
R2
SIG
0,094
0,115
0,102
-0,588
0,136
-0,134 0,086
0,007
0,002
0,004
0,027
0,080
Conclusions
The activity of the quoted companies is influenced by
a large variety of non-financial factors, difficult to
grasp and quantify in impact studies concerning the
investors' decisions. The qualitative variables
complete the explanatory effort of the financial factors
and together provide efficient informational support,
which reduces the degree of uncertainty associated to
the investment process.
In this context, the present paper studies the
deterministic connection established between a
128
REFERENCES
Nr. 1(121)/2015
Mihai CARP
130