Determinant factors for the growing of shareholders’ equity in the metallurgical sector in Romania

The article provides a statistical monograph of the financial position and performance for the period 2008 – 2012 of the entities from the Romanian metallurgical sector whose financial statements in the period 2004 – 2012 have become the object of the financial audit. There are tested five types of regression models in order to separately determine the evolution of equity in accordance with the variation of turnover, total assets, average number of employees and net result. After determining the most appropriate simple regression model, one proceeds at establishing a multiple regression model which would simultaneously reflect the evolution of equity in accordance with the above mentioned variables. The study’s importance is enhanced by certain statistically-based concrete measures which management should consider in order to increase the shareholders’ equity

Bankruptcy risk forecasting for the metallurgical branch in Romania

All investment decisions require a thorough analysis of the retrospective evolution of the entities from the concerned area, in order to estimate the long-term evolution perspectives. In this context, the present study analyzes the evolution of the entities from the Romanian metallurgical sector based on the accounting and financial information published for the period 2008 - 2012 and, in fact, it justifies the situation from the perspective of users (managers, investors, auditors) and of the economic environment specific to Romania. Starting from this premise we created a regression model particularly useful in forecasting the evolution of the ability to deal with debt for the entities from the Romanian metallurgical sector

An assessment of financial audit practices in the Romanian metallurgical industry

The goal of this paper is to provide an assessment of financial audit practices of the largest metallurgical companies trading on Romanian capital market. Metallurgical industry represents a significant sector in the Romanian economy as a whole; therefore an evaluation of audit practices used by these companies could provide relevant information. Based on a well-documented literature review, with a focus on main findings concerning audit practices, especially in the context of corporate governance, there was selected a set of certain criteria that should be taken into consideration when referring to the best practices in the audit area

CORPORATE GOVERNANCE AND STRENGTH OF AUDITING AND REPORTING STANDARDS: A CROSS-COUNTRY SURVEY

The purpose of this cross-country empirical survey is to investigate the relationship between the strength of auditing and reporting standards and some corporate governance characteristics such as efficacy of corporate boards and ethical behaviour of firms. All three variables were captured through the indicators included in the report of World Economic Forum entitled “The Global Competitiveness Report 2012-2013” selected for 144 countries from all over the world. The findings validate the research hypothesis concerning the significant influence of some of the corporate governance dimensions on the strength of auditing and reporting standards, from a cross-country perspective

The Accounting Profession in Romania: Genesis and Key Moments

This paper approaches from a historical perspective the development of the accounting profession in Romania. We aim to present, through an interpretivism methodological approach, using descriptive narrative research, the phenomena of the accounting profession in Romania and its evolution throughout history. The paper captures various stages of development, but also elements that have contributed to the development of this profession in Romania, and the role it had throughout time and the role that it fulfills today. The article highlights the fact that the development of higher education in economics was and is still essential in the existence and development of the accounting profession. By fulfilling such objectives and such performance standards, it will be possible to achieve the goal of this professional organization in terms of adapting quickly and efficiently to changes in the socio-economic environment, ensuring a high level of professionalism of members who will be constantly trained for the future, providing strategic consulting for the business environment, and finally affiliation to the position of reliable business partners. However, if we think about the way the accountant was perceived in the 19th century and the status he benefits in contemporary society, we can say with certainty that it was a battle won. Article history: Received: November 27, 2023; Reviewed: December 10, 2023; Accepted: December 17, 2023; Available online: December 25, 2023; Available print: December 30, 2023. JEL classification: M40, M41, N93, N9

The Bidirectional Causality between Country-Level Governance, Economic Growth and Sustainable Development: A Cross-Country Data Analysis

In the context of contemporary society, characterized by the information users’ growing and differentiated needs, the way country-level governance and social responsibility contribute to the ensuring of sustainable economic development is a concern for all the actors of the economic sphere. The aim of this paper is to test the causal linkages between the quality of country-level governance, economic growth and a well-known indicator of economic sustainable development, for a large panel of world-wide countries for a period of 10 years (2006–2015). While there are some prior studies that have argued the bidirectional causality between good public governance and economic development, this study intends to provide a new focus on the relationship between country-level governance and economic growth, on one hand, and between country-level governance and adjusted net savings, as a selected indicator of economic sustainable development, on the other hand. Four hypotheses on the causal relationship between good governance, economic growth and sustainable development were tested by using Granger non-causality tests. Our findings resulting from Granger non-causality tests provide reasonable evidence of Granger causality from country-level governance to economic growth, but from economic growth to country-level governance, the causality is not confirmed. In what regards the relationship between country-level governance and adjusted net savings, the bidirectional Granger causality is not confirmed. The main implication of our study is that improving economic growth and sustainable development is a very challenging issue, and the impact of macro-level factors such as country-level governance should not be neglected

Bankruptcy risk forecasting for the metallurgical branch in Romania

All investment decisions require a thorough analysis of the retrospective evolution of the entities from the concerned area, in order to estimate the long-term evolution perspectives. In this context, the present study analyzes the evolution of the entities from the Romanian metallurgical sector based on the accounting and financial information published for the period 2008 - 2012 and, in fact, it justifies the situation from the perspective of users (managers, investors, auditors) and of the economic environment specific to Romania. Starting from this premise we created a regression model particularly useful in forecasting the evolution of the ability to deal with debt for the entities from the Romanian metallurgical sector

The Influence of Country-Level Governance on Business Environment and Entrepreneurship: a Global Perspective

The main purpose of this study is to analyze the influence of country-level governance on business environment and entrepreneurship for an international large sample of countries for a period of six years (2007-2012). The dimensions of country-level governance at macroeconomic level will be captured by using the following six indicators developed by the World Bank: 1. Voice and accountability; 2. Political stability and absence of violence; 3. Government effectiveness; 4. Regulatory quality; 5. Rule of law; 6. Control of corruption. To capture the quality of business environment we use the Ease of doing business index developed by the World Bank in its Doing Business report series. To measure entrepreneurship we use the World Bank Group Entrepreneurship Survey where the number of new registered businesses, as a percentage of the working age population is defined as a measure of formal entrepreneurship. In order to capture the extent to which country-level governance does influence business environment and entrepreneurship, we analyze the data using cross-sectional time-series random effects generalized least square (GLS) models. The results of this panel data analysis clarifies and quantifies the influence that various characteristics of country-level governance could have on business environment and entrepreneurship. Therefore, this study could have significant implications for policy-makers as well as for businesses

Curcumin and Vitamin C Attenuate Gentamicin-Induced Nephrotoxicity by Modulating Distinctive Reactive Species

Gentamicin remains widely used in all age groups despite its well-documented nephrotoxicity; however, no adjuvant therapies have been established to counteract this side effect. Our study aimed to experimentally determine whether curcumin and vitamin C have nephroprotective effects and whether certain reactive species could be used as markers of early gentamicin nephrotoxicity. Wistar adult male rats were evenly distributed into four groups: control, gentamicin, curcumin and gentamicin, vitamin C and gentamicin (gentamicin: 60 mg/kg/day, intraperitoneally, 7 days). We determined renal function (urea, creatinine), oxidative stress (malondialdehyde, nitric oxide, 3-nitrotyrosine, total oxidative stress), and antioxidant and anti-inflammatory status (thiols, total antioxidant capacity, interleukin-10). Nephrotoxicity was successfully induced, as shown by the elevated creatinine levels in the gentamicin group. In contrast, supplementation with curcumin and vitamin C prevented an increase in urea levels while decreasing total oxidative stress levels compared to the gentamicin group. Moreover, vitamin C and curcumin distinctively modulate the levels of nitric oxide and malondialdehyde. Histological analysis showed more discrete lesions in rats that received vitamin C compared to the curcumin group