THE TYPOLOGY OF REGIONAL MERGERS FROM THE PERSPECTIVE OF FINANCIAL-ACCOUNTING ASPECTS

The interest for approaching this paper is determined by the actuality of the theme concerning mergers, and also by the scale proportions this type of transactions have arrived at, both at global level and also at national level, everything having as cornerstone a market economy within which competitiveness plays a more and more important role. The aim of the study consists in analyzing the external restructuring of entities under the form of mergers. On one side, in order to clarify and deepen the theoretical aspects concerning mergers, and on the other side, in order to identify certain features related to merger transactions in Cluj County. The aim of the study is to identify the conditions and manner of merger development within commercial entities from Cluj County and to establish a typology relying on the results concerning the relationship between the entities' shareholding structure, their contribution and the exchange ratio when performing the transactions. The actuality of the theme, the requirement and the increasing manifestation of the merger phenomenon also within the Romanian teritory, the necessity of a thorough analysis of merger trends and typologies, they all have been trigger factors of this objective. In order to achieve the objective a research methodology was followed, assumptions were made, which have been confirmed of infirmed. The methodological sphere consists of an approach of considered quantitative and qualitative models, of techniques for data collection, hypotheses testing, but also of research boundaries. As a result of the processing and analysis of the data on which this study relies, one arrived to the following conclusions concerning mergers that were performed in Cluj County, conclusions which could lead to the elaboration of a typology for the mergers that have occurred in this region: in terms of shareholding structure, the two entities usually had a joint majority shareholder, and regarding the financial aspects, the contributions of both entities are in most of the cases positive, and the contribution of the absorbent entity is greater, and rarely, when the contributions are negative, these contributions usually belong to the absorbed entity. Also, when the shareholding structure is the same, the exchange ratio is usually 1:1.merger, contribution, exchange ratio, positive equity, negative equity

STUDY REGARDING THE INFLUENCE OF ROMANIAN ACCOUNTING REGULATIONS ON CREATIVE ACCOUNTING TECHNIQUES

The main objective of this paper is the analysis of Romanian accounting regulations and the identification of the impact they have on creative accounting techniques. Also, we shall investigate the influence some of these creative accounting techniques have on the true and fair value. Basically, we desire to answer the question: to what extent is being affected the true and fair value reflected within the financial statements of a certain entity by appealing to creative accounting. At international level there are several papers having as subject creative accounting, most of them emphasizing the negative role it has upon achieving the true and fait view. The papers that analyze creative accounting techniques in Romania are rather few, reason to start studying the extent to which Romanian accounting regulations allow the use of creative accounting techniques. We shall use the experience comprised within papers published at international level in order to substantiate an objective analysis of creative accounting techniques in Romania and of the impact they have on true and fait view. Being familiar with the creative accounting techniques is equally useful to the entire palette of accounting information users, including the researchers, for one can quantify the positive or negative impact they have on the true and fair value. One can bring suggestions to modify the accounting regulations, if some creative accounting techniques affect the legitimate interests of certain accounting information users. Also, one can perform analyses regarding the situation of this field in Romania in comparison with the existent situation in other countries. The paper\'s originality is given by the study on the impact of applicable accounting regulations in Romania on creative accounting techniques. There are very few studies in this field in our country and we appreciate that it would be a useful source for the accounting information users. Also, the usefulness of this study is given by the suggestions concerning the instruments to identify the creative accounting techniques that have a negative role on financial statements, so that they would keep their relevance and credibility for the users of accounting information.creative accounting, true and fair value, regulations, corporate governance, financial statements, flexibility

THE ROMANIAN ACCOUNTING SYSTEM AND THE ACCOUNTING-TAXATION RATIO

In the context of a developed capital market, the dimensioning of the accounting profit is very important for investors, considering the financing of the economical entities to a higher degree than that offerred by the banking system. The disconnection between accountancy and taxation stands as an essential premise. Considering this, we find three categories of major risks to be significant, together with the expanding tendencies regarding the distortions of the accounting result, which refer especially to the Romanian accounting and taxing system: creative accountancy (a form of disconnection between accountancy and taxation), taxation (a form of connection between accountancy and taxation) and the inflationary phenomenon. Even though the latter is rather low, the particularities of the Romanian economy creates certain conditions for a significant enhancement of the effect of general frugal having important taxing implications on the decapitalization of the economic entities.Accountancy and taxation; The accounting-taxation ratio; Connection/disconnection.

CORPORATE GOVERNANCE CHOICE REGARDING SMEs FINANCING STRATEGIES IN ROMANIA

The impact of financing strategies upon the financial information (released to users through financial statements) is different in the case of the financial position in comparison with the financial performance. The present study aims to establish, for the Romanian SMEs, which is the main choice of corporate governance as financing strategy. Further, the influence of a series of factors upon the financing strategy is investigated using a multilinear regression model. The study is based on a sample of 1,455 Romanian SMEs for the period 2005-2014. The main finding of the present study indicates that the main choice of corporate governance as financing strategy is the self-financing for 76.50% of the Romanian SMEs. The present study reveals that the variables influencing the corporate governance decisions are: the (business) expertise, the business size, the financial performance according to financial statement, and the main business area of activity. It seems that the legal structure has no influence on the financing decisions. The results of the present paper confirm and extend the findings of other studies in this area with data concerning SMEs in an European developing country

ECONOMIC PERFORMANCE FORECASTING ACCORDING TO THE TYPE OF MANAGEMENT

Forecasting the audited entities’ performances in correlation with management typology (local or foreign) proves to be useful in terms of estimating the impact of a particular type of management of the audited entities upon indebtedness policies, the efficiency of using the shareholders’ assets and capitals, and upon the contribution of revenues to strengthen the self-financing capacity. Establishing a mathematical model, tested on a stratified sample within a representative county at national level, provide relevance to the present research results. The study found a positive linear correlation between the performance of audited entities from Cluj County regardless of the type of management and the financial years

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

Performance Improvements for Romanian SMEs and Their Predictors

The corporate governance of Romanian SMEs states that these companies have been less and less able to generate performance over the last few years. An average number of 1.273 SMEs per year have been included in the study, coming from all the eight local development regions of Romania. The data covers a period of 14 financial years, between 2005 and 2018. The findings showed, after statistical computations using regression models, that the performance of Romanian SMEs depended on the level of external managerial consultancy that corporate governance received from specialized companies and on the increasing level of wages. Given the high flexibility potential of SMEs, these choices are seen as tailored actions and strategies to compete successfully and support sustainable performance in the local context where its trend is downward. Moreover, the act of achieving performance at present is upheld by the performance attained in previous financial years. The impact of these factors could be established as a matter of priority in a long-term approach, for a time lag of up to 3 years. Moreover, the performance of companies covering all the local development regions is influenced only to a small degree by taxation levels, by the frequency of tax supervision performed by government institutions, by the capacity of corporate governance to be up to date with legislative change or by the self-financing of the activity conducted by the companies

THE TYPOLOGY OF REGIONAL MERGERS FROM THE PERSPECTIVE OF FINANCIAL-ACCOUNTING ASPECTS

The interest for approaching this paper is determined by the actuality of the theme concerning mergers, and also by the scale proportions this type of transactions have arrived at, both at global level and also at national level, everything having as cornerstone a market economy within which competitiveness plays a more and more important role. The aim of the study consists in analyzing the external restructuring of entities under the form of mergers. On one side, in order to clarify and deepen the theoretical aspects concerning mergers, and on the other side, in order to identify certain features related to merger transactions in Cluj County. The aim of the study is to identify the conditions and manner of merger development within commercial entities from Cluj County and to establish a typology relying on the results concerning the relationship between the entities shareholding structure, their contribution and the exchange ratio when performing the transactions. The actuality of the theme, the requirement and the increasing manifestation of the merger phenomenon also within the Romanian teritory, the necessity of a thorough analysis of merger trends and typologies, they all have been trigger factors of this objective. In order to achieve the objective a research methodology was followed, assumptions were made, which have been confirmed of infirmed. The methodological sphere consists of an approach of considered quantitative and qualitative models, of techniques for data collection, hypotheses testing, but also of research boundaries. As a result of the processing and analysis of the data on which this study relies, one arrived to the following conclusions concerning mergers that were performed in Cluj County, conclusions which could lead to the elaboration of a typology for the mergers that have occurred in this region: in terms of shareholding structure, the two entities usually had a joint majority shareholder, and regarding the financial aspects, the contributions of both entities are in most of the cases positive, and the contribution of the absorbent entity is greater, and rarely, when the contributions are negative, these contributions usually belong to the absorbed entity. Also, when the shareholding structure is the same, the exchange ratio is usually 1:1

INTENATIONAL RESEARCH REGARDING CREATIVE ACCOUNTING

Although creative accounting practices are not at all recent, only since 2000 this phenomenon has been widely publicized because of the financial scandals that had erupted worldwide. Obviously, creative accounting practices came to be used with nonchalance at enterprise level, irrespective of their size or the industry within which they operate, fact that appears from different studies undertaken globally in recent years.Even though there are many studies based on the creative accounting phenomenon and on other subjects deriving from it, we considered both interesting and necessary an analysis of the articles that tackle different aspects concerning creative accounting, published after 1990 until now within the highest rated journals in the field of accounting. The main objective of this study is to identify the main research areas in order to emphasize the main existent shortcomings and to outline possible solutions concerning future research directions in this field. Of course, from this main objective derive a few sub-objectives which we will try to achieve by means of the quantitative study. The quantitative study is based on the analysis of researches performed in the filed of creative accounting and its aim is to observe their evolution within the concerned period of time, to analyze the main research directions approached, but also to study the predominant research current and the main type of research applied. Moreover, within this stage we have also analyzed the geographical areas on which the studies performed within the selected articles were based. The present study is far from being exhaustive, but it surely represents a starting point and an informative source for future research in the field of creative accounting. We may conclude that most of the researches conducted within the creative accounting field fall within the main research current, which in our case is positivism. Concerning the type of research, we can observe that the vast majority of articles are of empirical nature, but many theoretical studies have also been published

THE IMPACT OF DISCONNECTION OF ACCOUNTANCY FROM TAXATION ON THE SHARE RESULT

The opinions regarding the optimum of accounting-taxation ratio are divided between the supporters of the disconnection between accountancy and taxation, on the one hand, and those of the connection between accountancy and taxation, on the other hand. A great number of scientists points of view converge to the idea that the emergence of the accounting science was determined by fiscal reasons. During those days the single reason of accountancy was indeed that of determining the taxable base and starting from these premises the hypothesis that relates accountancy to taxation does not seem so old-fashioned. But along with the general development of economy we observe the coming forth of new and important participants to the economical activity, these being directly interested in the growth of the activity of the enterprise in question and providing them with information could no longer be overlooked