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Achim M.-V.,Babes - Bolyai University | Borlea S.N.,West Vasile Goldis University
Metalurgia International | Year: 2013

In this paper we propose to evaluate the financial performances of the companies which operate within the metallurgy industry, acting upon the capital market. The results are compared with averages recorded in companies listed on Bucharest Stock Exchange, during the 2001-2011 timeframe.In terms of financial performance, ALRO SA Company is distinguished by superior financial performance compared with the averages in the stock market over the period of 2001-2011. TMK - ARTROM S.A. Company has assessed the financial performances below the average stock market, placing the company in a limited risk area. Last place is occupied by MECHEL TARGOVISTE SA Company which has proven financial problems throughout the period 2001-2011; only in 2006 and 2007 did the company close the year with a profit. The financial state evidenced by the average of main financial indicators reflects the financial trouble, including a high risk of bankruptcy. Source


Achim M.-V.,Babes - Bolyai University | Borlea S.N.,West Vasile Goldis University
Environmental Engineering and Management Journal | Year: 2014

The aim of this paper is to evaluate the link between environmental and financial performance. In this study, we use a sample of 76 Romanian companies that are listed at Bucharest Stock Exchange, in 2011. The results reflect a negative correlation for the internal performance of the company represented by ROA and a positive correlation for the external performance represented by Tobin's Q. Our study reflects the fact that environmental investments are not immediately reflected in an increase in the companies' internal performance but rather in an increase in investment costs and a decrease in assets' efficiency. For investors, these investments in environmental activities are appreciated as "good news", as a factor that will ensure long-term sustainability of the company; this aspect being correlated with Tobin's Q rate's growth, yet not with other market indicators, namely Market capitalization or Price to book ratio. Source


Borlea S.N.,West Vasile Goldis University | Achim M.V.,Babes - Bolyai University
Metalurgija | Year: 2014

In this paper it propose to evaluate the bankruptcy risk of the companies which operate within the Romanian metallurgy industry, over the period 2001-2012, highlighting the impact of financial crisis on this sector. The bankruptcy risk assessing by Altman Model gives us a pessimistic view of the Romanian metallurgical industry. A little more optimistic perspective on the risk of bankruptcy in Romanian metallurgy is provided by the Conan Holder Model according to which the best two Romanian metallurgical companies traded at BSE (ALR and ART) face a low risk of bankruptcy. According to this model the financial crisis seems to have affected the first two Romanian metallurgical companies only in 2009, then in the following years the bankruptcy risk degrease, achieving satisfactory levels. Source


Achim M.V.,Babes - Bolyai University | Borlea S.N.,West Vasile Goldis University
Metalurgija | Year: 2014

In this paper we propose to assess the quality of the corporate governance of the metallurgy industry operating in the Romanian capital market. The results are compared with the averages recorded in companies listed on Bucharest Stock Exchange. The study highlights that companies listed on Bucharest Stock Exchange which activate in the metallurgical sector have successfully managed to adapt to the requirements of the globalization of the capital market involving the adoption of the best practices of corporate governance. Source


Achim M.V.,Babes - Bolyai University | Borlea S.N.,West Vasile Goldis University
Metalurgija | Year: 2014

In this paper, we developed a model of a global diagnosis, applicable to any company operating in the metal industry. Unlike other models used for this purpose (such as statistical models or models based only on Ā nancial variables) the proposed model has the advantage of being both an analytical and synthetic one refl ecting diff erent aspects that compose the business such as: legal, commercial, management, organization and human resources, technical, technological and exploitation, corporate social responsibility. The Ā nal rating of the company refl ects the synthetic level of conĀ dence that any stakeholders could have on the analyzed company. Results are also extremely useful for the manager in order to know the strengths, weaknesses, opportunities and threats of the business he runs. Source

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