Financial performance and capital structure - an econometric approach for Romanian e-commerce companies during the COVID-19 pandemic

被引:0
作者
Duguleana, Constantin [1 ]
Duguleana, Liliana [2 ]
Deszke, Klara-Dalma [3 ]
机构
[1] Transylvania Univ Brasov, Finances Accounting & Econ Theory Dept, Brasov, Romania
[2] Transylvania Univ Brasov, Management & Econ Informat Dept, Brasov, Romania
[3] Babes Bolyai Univ Cluj Napoca, Publ Adm Dept, Sfanta Gheorghe, Romania
关键词
E; -commerce; Financial performance; Leverage ratio; COVID-19; pandemic; Company category; Panel data models; FIRM PERFORMANCE; IMPACT; BUSINESS; CRISIS; GROWTH;
D O I
10.1016/j.eap.2024.05.024
中图分类号
F [经济];
学科分类号
02 ;
摘要
The study investigates the inverse relationship between financial performance and capital structure for the Romanian B2C e-commerce companies, based on a representative sample of 437 companies active in the period 2005-2020. Statistical analyzes show the evolution of financial performance and the impact of the COVID-19 pandemic on it, depending on the company category. All company categories had better financial performance in 2020 compared to 2019, based on sample results. The study reveals valid reference values for the financial ratios of Romanian electronic commerce, being a model to be applied in any industry. The analysis of the causality of the financial variables and their correlations, on the sub-periods 20 05-20 08 and 2009-2020, both at the company category level and at the sample level, are the basis of the GMM approach. The econometric models Difference GMM and System GMM explain the relationship between financial performance and capital structure leading to interesting conclusions. As e-commerce has a sustainable development, the findings and conclusions of the study provide guidance for economic policies at the sectoral level. Financial performance in relation to strategic debt management depends on the company category. Stimulating the development of those categories of companies that ensure the efficient performance framework can be the key to a sustainable development of the national economy. The study is useful for managers, investors, financial analysts, decision makers, in financial education as well as for the banking system. (c) 2024 Economic Society of Australia, Queensland. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license ( http://creativecommons.org/licenses/by-nc-nd/4.0/ )
引用
收藏
页码:786 / 812
页数:27
相关论文
共 108 条
[1]  
Abdullah H., 2021, MPRA
[2]   The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana [J].
Abor, Joshua .
JOURNAL OF RISK FINANCE, 2005, 6 (05) :438-+
[3]  
Adi B.A., 2021, South East Asia J. Contemp. Bus., Econ. Law, V24, P10
[4]  
Aifuwa HO., 2020, Management and Human Resource Research Journal, V9, P15
[5]  
Akani HW, 2017, Indian Journal of Finance and Banking, V1, P1, DOI [10.46281/ijfb.v1i2.85, 10.46281/ijfb.v1i2.85, DOI 10.46281/IJFB.V1I2.85]
[6]  
Al-Taani K., 2013, J FINANCE ACCOUNTING, V1, P41, DOI [10.11648/j.jfa.20130103.11, DOI 10.11648/J.JFA.20130103.11]
[7]  
Alderete María Verónica, 2019, Contad. Adm, V64, pe133, DOI [10.22201/fca.24488410e.2019.1922, 10.22201/fca.24488410e.2019.1922]
[8]  
[Anonymous], 2022, Digital economy and society statistics-enterprises
[9]  
[Anonymous], 2020, SME Definition-user guide
[10]  
[Anonymous], 2002, Law no. 365