Jump to ContentJump to Main Navigation
Show Summary Details
More options …

Studia Universitatis „Vasile Goldis” Arad – Economics Series

4 Issues per year

Open Access
Online
ISSN
2285-3065
See all formats and pricing
More options …

Study on the financial performance of companies operating in the pharmaceutical industry in romania

Nicolae Baltes / Georgiana Daniela Minculete (Piko)
Published Online: 2016-03-17 | DOI: https://doi.org/10.1515/sues-2016-0005

Abstract

The study aims at determining the financial performance of companies in the pharmaceutical industry between 2009 and 2014 by means of the indicator of the financial return rate, using multiple linear regressions as research method. By analysing the evolution of the share of companies in the pharmaceutical industry based on the trend of the financial rate of return, we can estimate that the number of entities that resort to supporting the financial activities from loans and liabilities is growing in the period under analysis. This is due mainly to the liquidity crisis faced by entities, as a result of the high recovery duration of debts. Also, using the multiple linear regression we can highlight that, the financial return of pharmaceutical companies is positively influenced by their economic profitability, by the equity multiplier and by inflation, and negatively, by the net profit margin.

Keywords: financial performance; financial return; economic profitability; the method of multiple linear regression; equity multiplier; net profit margin

JEL classification:: G19; G39

6. Bibliography

  • 1. Baltes, Nicolae (2010), Analiza si diagnostic financiar, Editura Universitatii „Lucian Blaga” din Sibiu;Google Scholar

  • 2. Baltes, Nicolae (coord.); Mihut, Diana (2015), Analiza performantei financiare la societatile listate si tranzactionate la Bursa de Valori Bucuresti, Sibiu–Teza de doctorat.Google Scholar

  • 3. Berk, Jonathan; DeMarzo, Peter (2014), Corporate finance, ThirdEdition, PearsonEducation, USA;Google Scholar

  • 4. Berman, Karen; Knight, Joe (2011), Inteligenta financiara: Ghidul managerului pentru intelegerea adevaratei semnificatii a cifrelor, Editura Curtea Veche, Bucuresti;Google Scholar

  • 5. Bodie, Zvi; Merton, Robert (2000), Finance, Prentice-Hall Inc., New Jeresy;Google Scholar

  • 6. Burghelea, Cristina; Gheorghiu, Anda; Tindechea, Cristina; Gheorghiu, Anca (2014), Global European economic model, Theoretical and Applied Economics, Volume XXI (2014), No. 3(592): www.ectap.ro.

  • 7. Cotter, Derry (2012), Advanced Financial Reporting – a Complete Guide to IFRS, Pearson Education Limited;Google Scholar

  • 8. Eakins, Stanley, Finance – Investments, Institutions and Management (1999), Addison-Wesley Educational Publishers Inc., United States of America;Google Scholar

  • 9. Higgins, Robert (2012) Analysis for Financial Management, TenthEdition, United States;Google Scholar

  • 10. Hill, Carter; Griffiths, William; Lim, Guay (2008), Principles of Econometricsm, Third Edition, John Wiley&Sons, Inc., USA;Google Scholar

  • 11. Kotler, Philip; Caslione, John (2009), Chaotics: management and marketing in the age of turbulence, Publica Publishing, Bucuresti;Google Scholar

  • 12. Mera, Valentina; Silaghi-Pop, Monica, An Insight Regarding Economic Growth and Monetary Policy in Romania, Scientific Annals of the “Alexandru Ioan Cuza” University of Iasi Economic Sciences 62 (SI), 2015, 85-95, DOI 10.1515/aicue-2015-0039;CrossrefGoogle Scholar

  • 13. Minculete (Piko), Georgiana; Baltes, Nicolae, Economic and Financial Implications of the Pharmaceutical Industry in Romania, Revista Studia Universitatis “Vasile Goldis”, Numarul 1, Volumul 24, 2014;Google Scholar

  • 14. Mocnik, Dijana; Sirec, Karin, Determinats of a Fast-Growing firm’s profits: Empirical evidence for Slovenia, Scientific Annals of the “Alexandru Ioan Cuza” University of Iasi Economic Sciences 62 (1), 2015, 37-54, DOI 10.1515/aicue-2015-0003;CrossrefGoogle Scholar

  • 15. Mukherjee, Chandan; White, Howard; Wuyts, Marc (1998), Econometrics and data analysis for developing countries, Routledge, UK;Google Scholar

  • 16. Petersen, Christian; Plenborg, Thomas, Financial Statement Analysis: valuation, credit analysis, executive compensation, Prentice Hall Financial Times Edition, 2012, England, ISBN: 978-0-273-75235-6;Google Scholar

  • 17. Petrescu, Silvia (2010) Analizasi diagnostic financiar-contabil, Editia a III-a revizuitasi actualtizata, Editura CECCAR, Bucuresti;Google Scholar

  • 18. Robu, Vasile; Anghel, Ion; Serban, Elena-Claudia (2014) Analiza economico-financiaraa firmei, Editura Economica, Bucuresti;Google Scholar

  • 19. Soliman, Mark (2008), The Use of DuPont Analysis by Market Participants, The Accounting Review, Vol. 83, No. 3: http://faculty.haas.berkeley.edu/kli/papers/Soliman-2008TAR.pdf.

  • 20. Tichindelean, Mihai (2014), Marketing relational – abordare teoreticasi instrumentala, Editura Pro Universitaria, Bucuresti;Google Scholar

  • 21. Young, David; Cohen, Jacob (2013), Corporate Financial Reporting and Analysis – a Global Perspectiv, John Wiley & Sons Ltd, England;Google Scholar

  • 22. The pharmaceuticalindustry in Romania: maintrendsandthe impact on societyandtheeconomy (2011), Institute for Economic Forecasting, 2011:Google Scholar

  • 23. http://www.lawg.ro/files/assets/userfiles/files/Industria%20Farmaceutica%20din%20Romania.pdf

  • 24. http://www.firme.info/fabricarea-produselor-farmaceutice-baza-preparatelor-farmaceutice-COD-CAEN-21/p14.html;

  • 25. http://iri.jrc.ec.europa.eu/scoreboard14.html.

  • 26. www.bvb.ro;

  • 27. www.mfinante.ro;

  • 28. www.insse.ro;

  • 29. www.europa.eu.

About the article

Received: 2015-11-01

Accepted: 2016-01-01

Published Online: 2016-03-17

Published in Print: 2016-03-01


Citation Information: Studia Universitatis „Vasile Goldis” Arad – Economics Series, Volume 26, Issue 1, Pages 58–68, ISSN (Online) 1584-2339, DOI: https://doi.org/10.1515/sues-2016-0005.

Export Citation

© 2016 Nicolae Baltes et al., published by De Gruyter Open. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License. BY-NC-ND 3.0

Comments (0)

Please log in or register to comment.
Log in