This study analyses the factors that may influence the capital structure decisions of Romanian tr... more This study analyses the factors that may influence the capital structure decisions of Romanian traded firms. The sample includes 776 firms, all listed firms on Bucharest stock exchange in the period from 2003-2012. All debt ratios, short-term, long-term and total debt, were included in this analysis in order to understand better capital structure decisions. The factors with possible impact in capital structure included in this study are the most common in the capital structure literature, namely asset tangibility, size, profitability, liquidity, interest rate, industry and taxes. The empirical results for the whole sample show that the most important factors which influence the capital structure of Romanian traded firms are tangibility, profitability, liquidity and size. The impact of these factors for all debt ratios is negative, except for the influence of tangibility in long-term debt which is positive. The impact of interest rate and tax is not statistically significant for all debt ratios. Industry type is statistically significant for long-term debt ratio with a negative influence. The second regression analysis including large firms indicates that industry type, interest rate, tangibility, profitability and liquidity have a negative influence on debt ratios while size and tax impact positively on the leverage.
Analele Universității din Oradea. Seria: Relații Internaționale și Studii Europene
Migration is a social phenomenon that has profoundly affected Romanian society for the last three... more Migration is a social phenomenon that has profoundly affected Romanian society for the last three decades. Due to migration, in some receiving states, more representative communities of Romanians began to develop. One of these communities is that of the Romanians in Austria, which in recent years has developed steadily, becoming the second-largest minority community in this country. The influencing factors and the contextual environment influenced both the immigration and the socio-economic integration of the Romanians into the Austrian society. Evidence of this integration is given by a high rate of engagement in the labour market, entrepreneurship and the school system. Romanians are not only a well-integrated community, but also human capital that plays a particularly important role in certain areas of socio-economic life in Austria.
This study analyses the factors that may influence the capital structure decisions of Romanian tr... more This study analyses the factors that may influence the capital structure decisions of Romanian traded firms. The sample includes 776 firms, all listed firms on Bucharest stock exchange in the period from 2003-2012. All debt ratios, short-term, long-term and total debt, were included in this analysis in order to understand better capital structure decisions. The factors with possible impact in capital structure included in this study are the most common in the capital structure literature, namely asset tangibility, size, profitability, liquidity, interest rate, industry and taxes. The empirical results for the whole sample show that the most important factors which influence the capital structure of Romanian traded firms are tangibility, profitability, liquidity and size. The impact of these factors for all debt ratios is negative, except for the influence of tangibility in long-term debt which is positive. The impact of interest rate and tax is not statistically significant for all debt ratios. Industry type is statistically significant for long-term debt ratio with a negative influence. The second regression analysis including large firms indicates that industry type, interest rate, tangibility, profitability and liquidity have a negative influence on debt ratios while size and tax impact positively on the leverage.
Analele Universității din Oradea. Seria: Relații Internaționale și Studii Europene
Migration is a social phenomenon that has profoundly affected Romanian society for the last three... more Migration is a social phenomenon that has profoundly affected Romanian society for the last three decades. Due to migration, in some receiving states, more representative communities of Romanians began to develop. One of these communities is that of the Romanians in Austria, which in recent years has developed steadily, becoming the second-largest minority community in this country. The influencing factors and the contextual environment influenced both the immigration and the socio-economic integration of the Romanians into the Austrian society. Evidence of this integration is given by a high rate of engagement in the labour market, entrepreneurship and the school system. Romanians are not only a well-integrated community, but also human capital that plays a particularly important role in certain areas of socio-economic life in Austria.
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