Comparative Structural Financial Statements Analysis for Financial Investment Companies

Author:Univ. Lecturer Ştefana DIMA (CRISTEA), Ph. D.; Univ. Lecturer Luminiţa PĂIUŞAN (CUZMAN), Ph. D. Student; Univ. Prof. Bogdan DIMA,Ph. D.

JEL:G11, G14

DOI:

Keywords:financial investment companies, portfolio, financial statements, financial information

Abstract:
The aim of the present paper is to provide a comparative structural analysis of the Romanian financial investment companies’ financial statements. The grounds for choosing this type of companies are linked to their vital importance in the financial intermediation processes, as well to the fact that their portfolios include a large and diversified number of Romanian companies. In fulfilling the research objective, the authors made use of a series of methodologies starting from the analysis of their financial statements, revealing the statistical characteristics of a set of indices reflecting the particularities of financial statements of these companies, building some synthetic descriptors based on the so called Principal Components Analysis (PCA) and ending with the informational importance assessment of financial statements in market prices’ formation, by adopting a formal model which synthesizes the transmission channels. Overall, the authors consider that the results represent an empirical evidence in favor of the thesis according to which even in the case of an emergent market, such as the Romanian one, financial information associated to the issuers’ performances may wield a significant role in financial assets’ portfolio management. \r\n