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This paper aims to explore the stock market returns-COVID-19 interdependence via wavelet coherence analysis. The sample comprises the top 15 affected countries by novel coronavirus outbreak, covering each continent over the period 1 January 2020 to 23 July 2020. Using daily stock index returns, COVID-19 new cases and new deaths, the empirical findings reveal that most of the stock market returns are in phase (cyclical effects) with pandemic variables, whereas a couple of stock index returns exhibit an out-of-phase behaviour (anti-cyclical effects).
Ştefan Cristian Gherghina; Liliana Nicoleta Simionescu. Exploring the co-movements between stock market returns and COVID‑19 pandemic: evidence from wavelet coherence analysis. Applied Economics Letters 2021, 1 -9.
AMA StyleŞtefan Cristian Gherghina, Liliana Nicoleta Simionescu. Exploring the co-movements between stock market returns and COVID‑19 pandemic: evidence from wavelet coherence analysis. Applied Economics Letters. 2021; ():1-9.
Chicago/Turabian StyleŞtefan Cristian Gherghina; Liliana Nicoleta Simionescu. 2021. "Exploring the co-movements between stock market returns and COVID‑19 pandemic: evidence from wavelet coherence analysis." Applied Economics Letters , no. : 1-9.
This paper aimed to investigate the impact of water, waste, and energy consumption on firm performance for a sample of enterprises that belong to the S&P 500 Information Technology sector over the period of 2009–2020. The quantitative framework covered both accounting (e.g., return on assets—ROA; return on common equity—ROE; return on capital—ROC; return on invested capital—ROIC) and market-based measures of performance (e.g., price-to-book value—PB), alongside firm and corporate governance specific variables. By estimating multivariate panel data regression models, the empirical results provided support for a negative impact of total water use on PB but a positive effect on ROA. With reference to the total waste, the econometric outcomes revealed a negative influence on the entire selected performance measures, whereas total energy consumption did not reveal any statistically significant influence.
Liliana Nicoleta Simionescu; Ștefan Cristian Gherghina; Ziad Sheikha; Hiba Tawil. Does Water, Waste, and Energy Consumption Influence Firm Performance? Panel Data Evidence from S&P 500 Information Technology Sector. International Journal of Environmental Research and Public Health 2020, 17, 5206 .
AMA StyleLiliana Nicoleta Simionescu, Ștefan Cristian Gherghina, Ziad Sheikha, Hiba Tawil. Does Water, Waste, and Energy Consumption Influence Firm Performance? Panel Data Evidence from S&P 500 Information Technology Sector. International Journal of Environmental Research and Public Health. 2020; 17 (14):5206.
Chicago/Turabian StyleLiliana Nicoleta Simionescu; Ștefan Cristian Gherghina; Ziad Sheikha; Hiba Tawil. 2020. "Does Water, Waste, and Energy Consumption Influence Firm Performance? Panel Data Evidence from S&P 500 Information Technology Sector." International Journal of Environmental Research and Public Health 17, no. 14: 5206.
Small and medium-sized enterprises (SMEs) are crucial for local economic development, playing a noteworthy role in job creation, poverty alleviation and economic growth, but they encounter many funding barriers. The purpose of the current paper is to investigate the impact of investments and innovation on territorial economic growth, as measured by turnover, for Romanian active enterprises, especially SMEs, over the period 2009–2017. By estimating several log–log linear regressions, the quantitative outcomes provide support for a positive influence of investments on turnover. The association was confirmed both for all active enterprises at the national level, as well as for micro, small, middle-sized and big companies. As regards expenditures on innovation, a positive impact on turnover was acknowledged for all enterprises and particularly for big companies, but there was an absence of any statistically significant relation in the case of SMEs. The impact of firm size on turnover was positive for all active enterprises at the national level, along with active micro-units. Also, the estimation results show a positive impact of the number of active micro-units on territorial economic growth. The empirical findings are relevant to managers and policymakers in order to stimulate, encourage and offer support to SMEs’ development through their strategies.
Ștefan Cristian Gherghina; Mihai Alexandru Botezatu; Alexandra Hosszu; Liliana Nicoleta Simionescu. Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation. Sustainability 2020, 12, 347 .
AMA StyleȘtefan Cristian Gherghina, Mihai Alexandru Botezatu, Alexandra Hosszu, Liliana Nicoleta Simionescu. Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation. Sustainability. 2020; 12 (1):347.
Chicago/Turabian StyleȘtefan Cristian Gherghina; Mihai Alexandru Botezatu; Alexandra Hosszu; Liliana Nicoleta Simionescu. 2020. "Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation." Sustainability 12, no. 1: 347.
This study aims to examine the link between foreign direct investment (FDI) inflows and economic growth, also considering several institutional quality variables, as well as sustainable development goals (SDGs) set in the 2030 Agenda for Sustainable Development. By estimating panel data regression models for a sample of 11 Central and Eastern European countries, from 2003 to 2016, the empirical outcomes provide support for a non-linear relationship between FDI and gross domestic product per capita. Regarding institutional quality, it is found that control of corruption, government effectiveness, regulatory quality, rule of law, and voice and accountability positively influence growth, while political stability and absence of violence/terrorism is not statistically significant. Moreover, SDGs such as poverty, income distribution, education, innovation, transport infrastructure, and information technology are noteworthy drivers of growth. The outcomes of panel fully modified and dynamic ordinary least squares partly confirm the findings. The panel vector error-correction model Granger causalities provide support for a short-run one-way causal association running from FDI to growth and a long-run two-way causal connection among FDI and growth. Furthermore, in the long run, unidirectional causal relationships running from each institutional quality indicator to economic growth and FDI are set out.
Ștefan Cristian Gherghina; Liliana Nicoleta Simionescu; Oana Simona Hudea. Exploring Foreign Direct Investment–Economic Growth Nexus—Empirical Evidence from Central and Eastern European Countries. Sustainability 2019, 11, 5421 .
AMA StyleȘtefan Cristian Gherghina, Liliana Nicoleta Simionescu, Oana Simona Hudea. Exploring Foreign Direct Investment–Economic Growth Nexus—Empirical Evidence from Central and Eastern European Countries. Sustainability. 2019; 11 (19):5421.
Chicago/Turabian StyleȘtefan Cristian Gherghina; Liliana Nicoleta Simionescu; Oana Simona Hudea. 2019. "Exploring Foreign Direct Investment–Economic Growth Nexus—Empirical Evidence from Central and Eastern European Countries." Sustainability 11, no. 19: 5421.
The present paper empirically examines the relation between corporate social responsibility (CSR) practices and company financial performance (CFP) for firms listed on the Bucharest Stock Exchange. Likewise, the paper analyzes the CSR policies adopted by the companies as CSR practices towards six types of stakeholders that influence the CFP. Using principal component analysis, we developed a CSR index and several specific indices for CSR practices. By estimating cross-sectional regression models, our study provides support for a positive link between CSR and CFP, when companies implement CSR policies regarding employees, environmental protection, and ethics as social practices. Further, empirical findings show that companies responsive to the CSR concept and those considering international standards and regulations for quality products and services in their business strategy enhance CFP.
Liliana Nicoleta Simionescu; Dalina Dumitrescu. Empirical Study towards Corporate Social Responsibility Practices and Company Financial Performance. Evidence for Companies Listed on the Bucharest Stock Exchange. Sustainability 2018, 10, 3141 .
AMA StyleLiliana Nicoleta Simionescu, Dalina Dumitrescu. Empirical Study towards Corporate Social Responsibility Practices and Company Financial Performance. Evidence for Companies Listed on the Bucharest Stock Exchange. Sustainability. 2018; 10 (9):3141.
Chicago/Turabian StyleLiliana Nicoleta Simionescu; Dalina Dumitrescu. 2018. "Empirical Study towards Corporate Social Responsibility Practices and Company Financial Performance. Evidence for Companies Listed on the Bucharest Stock Exchange." Sustainability 10, no. 9: 3141.
The increased attention of companies’ managers towards the benefits of corporate social responsibility (CSR) has led many corporations to integrate CSR practices into their business strategy. Consequently, the literature has examined the relation between CSR and firm performance. Although CSR is adopted by companies on a voluntary basis, more heated discussions regarding the effects of CSR on company financial performance has lead various authors to different results. This chapter empirically analyzes the CSR effects on company financial performance in developing countries, especially Romania. As empirical method we employed univariate analysis to investigate whether the company financial performance of companies which implement CSR (considered experiment group) is higher than non-CSR companies (considered control group). T-test is used to find out if there is any statistically difference in mean company financial performance between ROA, ROE, ROS, PBV, PER, and EPS of experiment group and control group. The sample used included 68 companies listed on the Bucharest Stock Exchange (BSE) for the 2011 fiscal year. The empirical research reveals that there is not a significant difference in mean company financial performance between CSR companies and non-CSR companies.
Dalina Dumitrescu; Liliana Simionescu. Corporate Social Responsibility (CSR) and Company Financial Performance: Empirical Evidence from Listed Companies in Romania. Financial Environment and Business Development 2016, 677 -689.
AMA StyleDalina Dumitrescu, Liliana Simionescu. Corporate Social Responsibility (CSR) and Company Financial Performance: Empirical Evidence from Listed Companies in Romania. Financial Environment and Business Development. 2016; ():677-689.
Chicago/Turabian StyleDalina Dumitrescu; Liliana Simionescu. 2016. "Corporate Social Responsibility (CSR) and Company Financial Performance: Empirical Evidence from Listed Companies in Romania." Financial Environment and Business Development , no. : 677-689.
This chapter describes the ways in which CSR practices can develop and strengthen company’s relation with their key stakeholders in order to create both social and financial value to the companies. Using companies CSR reports, current study identifies theoretically for the case of Romania the mechanisms and the important contingencies in whether the CSR practices are considered by stakeholders authentically and effective and if these practices persist in time. The importance of relation between company and stakeholders through CSR practices is due because of the long term success of the company as there are outside immediate profit maximization goals. We conclude from companies CSR reports and websites that in order to achieve long term financial performance, they (the companies) engage in specific CSR activities as social activities. Thus, companies select ‘the right’ social activities turning them into companies’ strategies addressed to specific types of stakeholders, namely to those are trying to strengthen their relation with.
Liliana Simionescu; Dalina Dumitrescu. Corporate Social Responsibility (CSR) and Stakeholders Management. Financial Environment and Business Development 2016, 637 -645.
AMA StyleLiliana Simionescu, Dalina Dumitrescu. Corporate Social Responsibility (CSR) and Stakeholders Management. Financial Environment and Business Development. 2016; ():637-645.
Chicago/Turabian StyleLiliana Simionescu; Dalina Dumitrescu. 2016. "Corporate Social Responsibility (CSR) and Stakeholders Management." Financial Environment and Business Development , no. : 637-645.
Dalina Dumitrescu; Liliana Nicoleta Simionescu; Angela Roman. ENVIRONMENTAL RESPONSIBILITY AND COMPANY FINANCIAL PERFORMANCE: THE CASE OF ROMANIAN MANUFACTURING INDUSTRY. Environmental Engineering and Management Journal 2015, 14, 2947 -2957.
AMA StyleDalina Dumitrescu, Liliana Nicoleta Simionescu, Angela Roman. ENVIRONMENTAL RESPONSIBILITY AND COMPANY FINANCIAL PERFORMANCE: THE CASE OF ROMANIAN MANUFACTURING INDUSTRY. Environmental Engineering and Management Journal. 2015; 14 (12):2947-2957.
Chicago/Turabian StyleDalina Dumitrescu; Liliana Nicoleta Simionescu; Angela Roman. 2015. "ENVIRONMENTAL RESPONSIBILITY AND COMPANY FINANCIAL PERFORMANCE: THE CASE OF ROMANIAN MANUFACTURING INDUSTRY." Environmental Engineering and Management Journal 14, no. 12: 2947-2957.