IMPACTUL STRUCTURII FINANCIARE ASUPRA PERFORMANȚEI SOCIETĂȚILOR COTATE
IMPACT OF THE FINANCIAL STRUCTURE ON THE PERFORMANCE OF LISTED COMPANIES

Summary/Abstract: Research subject: This study is designed to analyze the evolution of the return-on equity from 2017 to 2020 for a number of 44 Romanian companies which activate in the energy, mining and manufacturing industries. These companies are listed on the Bucharest Stock Exchange at the following categories: Premium, Standard and Ae RO.Research motivation: As the identification of the optimal capital structure represents a dilemma even for the listed companies, we wanted to reflect in our study the manner in which different levels of equity and debt influence the variation of ROE, an indicator that is crucial for performance evaluation.Purpose of research: Through this study, we wanted to find an answer to the following question „Which financing method will ensure the greatest profit - equity or debts represented by loans?”. In this perspective, we analysed the economic indicators that incorporate equity and debt elements and are impactful for the variation of ROE.Database: The evaluation was conducted individually for each economic period,using the financial data extracted from the annual statements available on the Bucharest Stock Exchange official website.Research tools: In order to achieve a proper evaluation of the phenomenon, we elaborate a linear regression to measure the variation of the return-of-equity, based on the previously determined economic indicators.Research results: The results we obtained by using the regression model accentuate the fact that both equity and debt highly had a noticeable effect on the dimension of ROE

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