FACTORI DETERMINANȚI AI VALORII FIRMELOR LISTATE DIN ROMÂNIA
DETERMINANTS OF FIRM VALUE: EVIDENCE FROM ROMANIAN LISTED COMPANIES

Summary/Abstract: This paper studies the impact of microeconomic, macroeconomic and psychological factors on the market value of companies, expressed by the Tobin's Q coefficient. Based on specialized studies were developed 7 working hypotheses that were tested by Ordinary Least Squares (OLS) and General Least Squares (GLS). The sample consisted of 259 non-financial companies listed on the Bucharest Stock Exchange, in the period 2009-2017. According to the results, among the internal performance indicators, ROA exerts the greatest influence on the dependent variable, in a positive sense. ROE and EBITDA also have a significant positive impact on the Q coefficient. Regarding the size and age of the company, a negative relationship was found between them and the market value. Instead, the size of the business sector has a positive and strong impact on the value of companies. To capture the emotions and behavior of investors, we introduced the variable ESI (Economic Sentiment Indicator), which shows that the value of listed companies can be undervalued or overvalued, this error persisting between one and two years. The significance of the indicator is maintained even in the presence of macroeconomic variables. Thus, the hypothesis of investor rationality is rejected. At the macroeconomic level, changes in the inflation rate, the interest rate and the exchange rate imply changes in stock market performance. This also rejects the hypothesis of information efficiency.

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