Empirical Study on the Analysis of the Global Financial Crisis Influence on the Accounting Information Reported by Romanian Listed Companies

Abstract

In Romania, the recent global financial crisis (GFC) has led to macroeconomic imbalances, which has affected the business environment. Furthermore, this led in decreases of the financial position and performance of Romanian companies that encountered difficulties in obtaining the necessary resources needed to finance their activities. The GFC has affected financial data reported by Romanian companies listed at Bucharest Stock Exchange (BSE), which significantly prejudiced the interests of all shareholders. This study aims to analyze and estimate the influence of the GFC, in various development phases, on the financial information reported by Romanian companies listed at BSE. In the study, the financial information is expressed by the values of specific financial ratios related to the financial position and performance of the company. To obtain the research results, in this study the main phases of GFC manifestation at the level of Romanian financial market have been identified. Subsequently, based on the proposed financial ratios, the influence of the GFC on the accounting information reported by the listed companies has been tested and estimated. The study was conducted on the Romanian BSE listed companies during 2005-2011. For data analysis advanced statistical methods, with SPSS 20.0 statistical software were used.