The Optimization of the Financial Structure - Determinant of the Organizational Evolution: Empirical Study on the Companies Quoted in the Bucharest Stock Exchange

The complexity and importance of the field of organizational funding, determined by the multitude of factors that act upon the funding decision, imposes detailing the analysis of the influences of these variables with the purpose of explaining and capitalizing upon the process of insuring the financial resources, an approach whose fundamental objective is to obtain an optimal structure of the capitals, which would allow the company to increase its value, in conditions of stability. The present paper aims, based on a sample made up of 80 companies quoted in the Bucharest Stock Exchange, to study the connections established between a series of characteristics of these companies (liability structure ratios, activity field etc.) and the evolution of the value dimension of the companies, as well as drawing an econometric model that would allow internal as well as external decision makers (current and potential investors, creditors, and managers) to evaluate the degree of efficiency of the process of selecting the various categories of capitals. At the same time, the model will be able to be used as an instrument for coordinating the funding activity, proper of Romanian economy, providing clues, by classifying companies into performance groups, concerning the actions that need to be taken in order to meet the common desideratum of all the factors involved in their evolution, maximizing the value of the business. In order to validate the work hypotheses and to obtain the results of the research were used: the reporting technique, the factor analysis of multiple correspondences, the analysis of the main components, and the discriminant analysis. The data included in this study have been processed using the SPSS 19.00 statistical software.