Empirical study on the solutions for rendering the activities of the Romanian agricultural companies more effective

The characteristics of the current economic environment, where the fight for profit becomes harsher by the day, determine the autochthonous agricultural companies to face significant pressures, generated by the global food market. This is the effect of the compromises made in accepting, both at the level of international legislation and at the level of the final consumer, of synthetic products and genetically modified cultures. Also, the strong specialization completed by the technological and technical “flexibility” of the international companies imposes on Romanian organizations competitive restrictions concerning the sale prices of the products. In this context, a dynamic adaptation of the business plans is necessary, as the competitive market does not allow any deviation from the correct dimensioning of the resources invested into the activity, from the cautious management of the operational activity or the optimum level of work productivity. The present study aims, based on a sample of 40 BSE quoted companies, to analyze the extent to which organizational performance is determined by the volume of the investments, by the size of the stocks, by the degree of integration of the economic cycle, and by the level of work productivity. The specificity of the activity is taken into account in the analysis, as it decisively influences the considered factors. The results of the study reveal a positive association of the degree of integration of the economic cycle with the net profit, while a high weight of the stocks in the total assets determines a decrease in it. Higher productive investments, together with an increase in work effectiveness, imply achieving superior economic benefits. In order to obtain the results of the research, the following tools have been used: the ratio analysis, the multiple correspondences factor analysis, and the multiple linear regression analysis with category variables (ANCOVA). The data were processed using SPSS 19.0 statistic software

Exploratory study of the analysis of the performance of stock exchange quoted companies, per activity fields

In order to support strategic decisions, current and potential investors as well as managers need pertinent information that would reflect a faithful image concerning the financial position and performance of the companies. In their analysis and evaluation, besides financial factors, it is necessary to consider non-financial factors as well. Therefore, the specificity of the activity fields of the companies influence a series of financial indicators, determining different results concerning their performance. The present study aims to analyze the financial performance according to the activity field (agriculture, industry, commerce, and services), quantified by criteria based on traditional financial indicators, respectively stock exchange criteria for the acknowledgement of the global performance by the participants to the capital market. The study also aims identify a performance profile of the companies, according to their activity field and to the performance criteria considered. The target population is represented by companies quoted in the Bucharest Stock Exchange (BSE). From it, a random sample was extracted of 100 quoted companies, activating in the field of agriculture, industry, commerce, and services, for the fiscal year 2011. The results of the research were obtained after applying the univariate analysis and the multiple correspondences factor analysis, using the SPSS 19.0 statistic software. The results show the existence of differences in what concerns the indicators of financial performance on activity fields. The characteristics of each activity field, as well as the risks corresponding to each of them, influence the traditional indicators, as well as the stock exchange indicators. Each field is characterized by certain performance indicators. Based on the results obtained through the performance profile of the companies according to their activity field, actual and potential investors, as well as the other categories of stakeholders, can make decisions without a complete fundamental analysis. Although the results are a useful means for the stakeholders, they must also take into account the limitations of the current study, which are determined by the degree of representativeness of the sample, respectively by the small number of companies in each of the four activity fields, quoted on the Romanian capital market. As a result of these limitations, future research directions concern the increase of the number of studied companies, by extending the analyzed period and taking into consideration other performance criteria as well, such as those focused on value creation, or related to the cash flow

THE LEVEL OF KNOWLEDGE IN THE VALUE RELEVANCE LITERATURE

In the last decades, numerous studies have covered the relationship between stock price or stock return and financial information. These studies represent the "value-relevance" literature. Knowledge of this area of interest, through literature and the main ideas, yields scientific progress. The aim of the study is to achieve a qualitative and a quantitative analysis regarding the level of knowledge in the value relevance literature, in an international context. To achieve this aim, a number of 53 scientific articles published between 2001 and 2013 were selected, from the first two journals related to the number of citations in the rankings compiled by Google Scholar, Accounting and Taxation category. Qualitative analysis and quantitative analysis (factorial analysis of multiple correspondences as statistical method) were used. The results reflect the importance of existing problems in the financial markets. The studies are focused on solving these problems, to support the investors

Obtaining a Practical Model for Estimating Stock Performance on an Emerging Market Using Logistic Regression Analysis

AbstractHaving at their disposal information from different sources, invesors should have the ability to identify the main factors which can affect the stock performance for making their decisions. The purpose of this study is to obtain a deterministic model with financial factors that estimates the probability that a company is performant on capital market. The target population is represented by companies listed on Bucharest Stock Exchange during 2007-2011. The research results were obtained using logistic regression analysis and show a significant and differential impact of financial ratios on the probability of a company to be performant on stock market

The Discriminant Analysis: an Exploratory Study Concerning the Degree of Financial Autonomy of Companies in the Context of the Romanian Business Environment

This study aims at analyzing the evolution of financial autonomy on a sample of 80 companies quoted in the Bucharest Stock Exchange, between 2006-2008. Classically, financial autonomy is measured using the global and day-to-day rates of financial autonomy. However, this study has tested the dependency between the global rate of financial autonomy (Own Capital/ Total debts) and a series of economic and financial indicators, with the purpose of obtaining both a score function that would help making a classification of the companies subject to our analysis, in performance groups (companies with a high financial autonomy, companies with a medium financial autonomy, companies with a low financial autonomy, and companies with no financial autonomy), and quantifying the influence of the relative variations of these economic and financial indicators on the relative variation of financial autonomy. In order to calculate the results, the statistic instrument SPSS 15.0 was used, and the work method was the discriminant analysis and the regression and multiple correlation analysis.Cluster analysis, financial autonomy, internal financing, crisis, discriminant analysis.

Essential Oils as Antimicrobial Active Substances in Wound Dressings

Wound dressings for skin lesions, such as bedsores or pressure ulcers, are widely used for many patients, both during hospitalization and in subsequent treatment at home. To improve the treatment and shorten the healing time and, therefore, the cost, numerous types of wound dressings have been developed by manufacturers. Considering certain inconveniences related to the intolerance of some patients to antibiotics and the antimicrobial, antioxidant, and curative properties of certain essential oils, we conducted research by incorporating these oils, based on polyvinyl alcohol/ polyvinyl pyrrolidone (PVA/PVP) biopolymers, into dressings. The objective of this study was to study the potential of a polymeric matrix for wound healing, with polyvinyl alcohol as the main material and polyvinyl pyrrolidone and hydroxypropyl methylcellulose (HPMC) as secondary materials, together with additives (plasticizers poly(ethylene glycol) (PEG) and glycerol), stabilizers (Zn stearate), antioxidants (vitamin A and vitamin E), and four types of essential oils (fennel, peppermint, pine, and thyme essential oils). For all the studied samples, the combining compatibility, antimicrobial, and cytotoxicity properties were investigated. The obtained results demonstrated a uniform morphology for almost all the samples and adequate barrier properties for contact with suppurating wounds. The results show that the obtained samples containing essential oils have a good inhibitory effect on, or antimicrobial properties against, Staphylococcus aureus ATCC 25923, Enterococcus faecalis ATCC 29212, Escherichia coli ATCC 25922, Pseudomonas aeruginosa ATCC 27853, and Candida albicans ATCC 10231. The MTT assay showed that the tested samples were not toxic and did not lead to cell death. The results showed that the essential oils used provide an effective solution as active substances in wound dressings