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Papers by Paula Andreea Terinte

Research paper thumbnail of The Nexus Between Internal Audit Independence and Firm Performance of Large Firms: The Case of Romania and Poland

The influence of internal auditors on firm`s performance represents an ongoing debate between sch... more The influence of internal auditors on firm`s performance represents an ongoing debate between scholars and practitioners, academics and regulators, managers and auditors. This study examines whether the audit characteristic such as internal auditors independence has an influence on firm performance. We use a series of linear regression estimations in order to test the influence of internalauditor's independence on firm performance for a sample of large companies from Romania and Poland. Overall, our results indicate, that an independent internal audit committee has a beneficial influence on company performance in listed and unlisted companies. Thus increasing the independence of the internal audit committee can lead to a higher resource management of the company, which is reflected in an increase in the overall performance. A more independent internal audit committee can lead to a higher performance in the companies from Romania and Poland.

Research paper thumbnail of CEO Duality and firm profitability. Evidence from emerging Europe

Revista Română de Statistică, 2019

The aim of this paper is to analyze the effects of corporate governance characteristic, CEO duali... more The aim of this paper is to analyze the effects of corporate governance characteristic, CEO duality, on firm profitability using as measures of profitability return on assets ratio (ROA) and return on equity ratio (ROE). Our sample is composed of listed companies from Central and Eastern European countries for a ten-year period, from 2004 to 2013. The financial data for companies was retrieved from Orbis database and the corporate governance characteristic, CEO duality variable, was hand-collected from the Annual Reports of the companies in our sample. For a panel data of Central and Eastern European listed companies, we employed OLS regression to estimate the relationship between CEO duality and firm profitability. Our results offer evidence that CEO duality has e negative and statistically significant sign on both measures of firm profitability (ROA and ROE). Our results are robust and consisting with agency theorists in that that CEO duality inhibits the transfer of information b...

Research paper thumbnail of Applicability of Value at Risk on Romaninan Capital Market

This paper illustrates the applicability of value at risk in the case of a stock portfolio, from ... more This paper illustrates the applicability of value at risk in the case of a stock portfolio, from the Romanian Financial Market. The possibility of market risk quantification in higher volatility conditions of the stock market is especially significant for the investment processes in emerging markets. Thus, this paper, investigated the performance of Value at Risk (VaR) methods with the daily returns series of five stocks that are in the portfolio from the Romanian stock market. The originality of this paper is to demonstrate the applicability of the methodology value at risk for a stock market from the perspective of emerging country. The main goal of the research is to test the performance of the historical, variance covariance and Monte Carlo methods VaR with 95% and 99% confidence level estimates as functions of determining the maximum possible loss from investment activities on Romanian capital market.

Research paper thumbnail of Audit Committee Dimension and Firm Profitability in Central and Eastern European Countries

Ovidius University Annals: Economic Sciences Series, 2019

The aim of the paper is to analyze the association between audit committee dimension and firm pro... more The aim of the paper is to analyze the association between audit committee dimension and firm profitability, using a sample of listed companies from Central and Eastern European countries. In order to conduct the analysis, the data regarding the audit variable is hand-collated data from the Annual Reports of the companies, data regarding the financial characteristics of companies is from Orbis database, and data regarding the macroeconomic variables is from Word Bank database. Using OLS model we found that audit committee size positively influences firm profitability through better monitoring operating performance of the company providing higher authority and extensive knowledge base reflected in increased profitability. Our results benefit corporate practices as evidence in straining the role of audit committees, support shareholders and managers by providing evidence and solutions to improve credibility and compliance of financial statements, as well as investors and creditors in ...

![Research paper thumbnail of Content Analysis Of Ceo Statement And Auditor`S Recommendation: A Case Study Of Banca Transilvania](https://attachments.academia-assets.com/89077975/thumbnails/1.jpg)

The aim of this paper is to determine if recommendations of auditors are implemented by the manag... more The aim of this paper is to determine if recommendations of auditors are implemented by the management and are described in the CEO statements and if they have the same purpose, namely, extending the performance of the bank. The study provides important information on the quality of audit performed in Romania of a bank that is an independent bank holding the majority Romanian stake and investigates the relationship between internal audit and the bank`s management. We conducted a content analysis of 6 annual independent auditors` reports and 5 annual CEO statements of Banca Transilvania using emergent coding. For our analysis, we retrieved data from the Annual Reports of Banca Transilvania for the period between 2008 and 2013. The results were significant; the management of the bank takes into consideration auditors' recommendations and implements them, which validates our research question. After implementing the recommendations of auditors in 2009 and 2010, CEO statements prese...

Research paper thumbnail of Vulnerabilities and Risks in Romanian Public Financial Accounting

Ovidius University Annals: Economic Sciences Series, 2017

Internal audit plays an important contributive role in the economic credibility of an economy. By... more Internal audit plays an important contributive role in the economic credibility of an economy. By improving, the quality of internal audit and control in public institutions we can increase the efficiency of public spending and the whole economy in general. The aim of our paper is to identify the main vulnerabilities and risks in Romanian public sector after based upon the analysis performed by the Romanian Court of Accounts. Based upon the annual reports of the Romanian Court of Accounts from 2009 to 2016, we identify several issues and risks in the Romanian public sector, and especially in the local government financial accounting. In order to prevent more deviations and errors and to improve the quality of internal auditing and internal control systems, in the Romanian public sector, this paper proposes a series of measures in this matter.

Research paper thumbnail of Insights on the Evolution of Fiscal Discipline in the European Union

Fiscal discipline is a highly discussed subject in EU politics, media and the general public. But... more Fiscal discipline is a highly discussed subject in EU politics, media and the general public. But, as a part of a bigger picture-the fiscal integration process, fiscal discipline doesn't appear from sudden; instead it evolves over time through carefully thought steps and decisions. In this paper we discuss the evolution of fiscal discipline components over time and how they correlate inside the EU framework, sample period being 1994-2015. As our analysis proves, EU governments are more than ever committed in maintaining sound public finances and fiscal discipline through the implementation of fiscal rules at a national level, and also by accompanying the rules with independent enforcing and monitoring institutions. In order to make the commitment more credible, EU states have also introduced sanctions for non-compliance and automatic correction and sanction mechanisms.

Research paper thumbnail of Corporate Governance Influence on Banking Performance. An Analysis on Romania and Bulgaria

The aim of the paper is to find if the corporative governance characteristics have an impact on b... more The aim of the paper is to find if the corporative governance characteristics have an impact on bank performance. We conducted an OLS regression on panel data (fixed, random effects and first-difference). We used data from Romanian and Bulgarian commercial banks as reported by Bureau van Dijk database and categorical variables manually collected by analyzing the annual reports of the banks from our sample. These latest dummy variables reflect the corporative governance component for our model. The data used in our paper is from 2003 to 2015 period. Our results showed that there are some statistically significant effects of our categorical variables on bank profitability in both countries, so, the good practice of corporate should be applied for obtaining higher bank’s performance.

Research paper thumbnail of Internal Audit Implications on Bank Profitability. The Romanian Case

Annals of Faculty of Economics, 2016

The aim of this paper is to determine the implications of the internal audit on bank profitabilit... more The aim of this paper is to determine the implications of the internal audit on bank profitability. We have conducted a Multiple Linear Regression Model using data from 15 Romanian commercial banks. The data used in our model is for a ten years period (2003-2012) as reported by the Bureau Van Dijk database and the annual reports of the banks from our sample. The result of fixed effects (within) regression suggests that fixed model is a better choice than ordinary least squares models for estimating influence on ROAA. The results showed that independent auditors and CEO duality (as dummy variables) influence (being statistically significant and having expected sign of coefficients) bank profitability regarding the commercial banks in Romania in the analyzed period of time.

Research paper thumbnail of The Nexus Between Internal Audit Independence and Firm Performance of Large Firms: The Case of Romania and Poland

The influence of internal auditors on firm`s performance represents an ongoing debate between sch... more The influence of internal auditors on firm`s performance represents an ongoing debate between scholars and practitioners, academics and regulators, managers and auditors. This study examines whether the audit characteristic such as internal auditors independence has an influence on firm performance. We use a series of linear regression estimations in order to test the influence of internalauditor's independence on firm performance for a sample of large companies from Romania and Poland. Overall, our results indicate, that an independent internal audit committee has a beneficial influence on company performance in listed and unlisted companies. Thus increasing the independence of the internal audit committee can lead to a higher resource management of the company, which is reflected in an increase in the overall performance. A more independent internal audit committee can lead to a higher performance in the companies from Romania and Poland.

Research paper thumbnail of CEO Duality and firm profitability. Evidence from emerging Europe

Revista Română de Statistică, 2019

The aim of this paper is to analyze the effects of corporate governance characteristic, CEO duali... more The aim of this paper is to analyze the effects of corporate governance characteristic, CEO duality, on firm profitability using as measures of profitability return on assets ratio (ROA) and return on equity ratio (ROE). Our sample is composed of listed companies from Central and Eastern European countries for a ten-year period, from 2004 to 2013. The financial data for companies was retrieved from Orbis database and the corporate governance characteristic, CEO duality variable, was hand-collected from the Annual Reports of the companies in our sample. For a panel data of Central and Eastern European listed companies, we employed OLS regression to estimate the relationship between CEO duality and firm profitability. Our results offer evidence that CEO duality has e negative and statistically significant sign on both measures of firm profitability (ROA and ROE). Our results are robust and consisting with agency theorists in that that CEO duality inhibits the transfer of information b...

Research paper thumbnail of Applicability of Value at Risk on Romaninan Capital Market

This paper illustrates the applicability of value at risk in the case of a stock portfolio, from ... more This paper illustrates the applicability of value at risk in the case of a stock portfolio, from the Romanian Financial Market. The possibility of market risk quantification in higher volatility conditions of the stock market is especially significant for the investment processes in emerging markets. Thus, this paper, investigated the performance of Value at Risk (VaR) methods with the daily returns series of five stocks that are in the portfolio from the Romanian stock market. The originality of this paper is to demonstrate the applicability of the methodology value at risk for a stock market from the perspective of emerging country. The main goal of the research is to test the performance of the historical, variance covariance and Monte Carlo methods VaR with 95% and 99% confidence level estimates as functions of determining the maximum possible loss from investment activities on Romanian capital market.

Research paper thumbnail of Audit Committee Dimension and Firm Profitability in Central and Eastern European Countries

Ovidius University Annals: Economic Sciences Series, 2019

The aim of the paper is to analyze the association between audit committee dimension and firm pro... more The aim of the paper is to analyze the association between audit committee dimension and firm profitability, using a sample of listed companies from Central and Eastern European countries. In order to conduct the analysis, the data regarding the audit variable is hand-collated data from the Annual Reports of the companies, data regarding the financial characteristics of companies is from Orbis database, and data regarding the macroeconomic variables is from Word Bank database. Using OLS model we found that audit committee size positively influences firm profitability through better monitoring operating performance of the company providing higher authority and extensive knowledge base reflected in increased profitability. Our results benefit corporate practices as evidence in straining the role of audit committees, support shareholders and managers by providing evidence and solutions to improve credibility and compliance of financial statements, as well as investors and creditors in ...

![Research paper thumbnail of Content Analysis Of Ceo Statement And Auditor`S Recommendation: A Case Study Of Banca Transilvania](https://attachments.academia-assets.com/89077975/thumbnails/1.jpg)

The aim of this paper is to determine if recommendations of auditors are implemented by the manag... more The aim of this paper is to determine if recommendations of auditors are implemented by the management and are described in the CEO statements and if they have the same purpose, namely, extending the performance of the bank. The study provides important information on the quality of audit performed in Romania of a bank that is an independent bank holding the majority Romanian stake and investigates the relationship between internal audit and the bank`s management. We conducted a content analysis of 6 annual independent auditors` reports and 5 annual CEO statements of Banca Transilvania using emergent coding. For our analysis, we retrieved data from the Annual Reports of Banca Transilvania for the period between 2008 and 2013. The results were significant; the management of the bank takes into consideration auditors' recommendations and implements them, which validates our research question. After implementing the recommendations of auditors in 2009 and 2010, CEO statements prese...

Research paper thumbnail of Vulnerabilities and Risks in Romanian Public Financial Accounting

Ovidius University Annals: Economic Sciences Series, 2017

Internal audit plays an important contributive role in the economic credibility of an economy. By... more Internal audit plays an important contributive role in the economic credibility of an economy. By improving, the quality of internal audit and control in public institutions we can increase the efficiency of public spending and the whole economy in general. The aim of our paper is to identify the main vulnerabilities and risks in Romanian public sector after based upon the analysis performed by the Romanian Court of Accounts. Based upon the annual reports of the Romanian Court of Accounts from 2009 to 2016, we identify several issues and risks in the Romanian public sector, and especially in the local government financial accounting. In order to prevent more deviations and errors and to improve the quality of internal auditing and internal control systems, in the Romanian public sector, this paper proposes a series of measures in this matter.

Research paper thumbnail of Insights on the Evolution of Fiscal Discipline in the European Union

Fiscal discipline is a highly discussed subject in EU politics, media and the general public. But... more Fiscal discipline is a highly discussed subject in EU politics, media and the general public. But, as a part of a bigger picture-the fiscal integration process, fiscal discipline doesn't appear from sudden; instead it evolves over time through carefully thought steps and decisions. In this paper we discuss the evolution of fiscal discipline components over time and how they correlate inside the EU framework, sample period being 1994-2015. As our analysis proves, EU governments are more than ever committed in maintaining sound public finances and fiscal discipline through the implementation of fiscal rules at a national level, and also by accompanying the rules with independent enforcing and monitoring institutions. In order to make the commitment more credible, EU states have also introduced sanctions for non-compliance and automatic correction and sanction mechanisms.

Research paper thumbnail of Corporate Governance Influence on Banking Performance. An Analysis on Romania and Bulgaria

The aim of the paper is to find if the corporative governance characteristics have an impact on b... more The aim of the paper is to find if the corporative governance characteristics have an impact on bank performance. We conducted an OLS regression on panel data (fixed, random effects and first-difference). We used data from Romanian and Bulgarian commercial banks as reported by Bureau van Dijk database and categorical variables manually collected by analyzing the annual reports of the banks from our sample. These latest dummy variables reflect the corporative governance component for our model. The data used in our paper is from 2003 to 2015 period. Our results showed that there are some statistically significant effects of our categorical variables on bank profitability in both countries, so, the good practice of corporate should be applied for obtaining higher bank’s performance.

Research paper thumbnail of Internal Audit Implications on Bank Profitability. The Romanian Case

Annals of Faculty of Economics, 2016

The aim of this paper is to determine the implications of the internal audit on bank profitabilit... more The aim of this paper is to determine the implications of the internal audit on bank profitability. We have conducted a Multiple Linear Regression Model using data from 15 Romanian commercial banks. The data used in our model is for a ten years period (2003-2012) as reported by the Bureau Van Dijk database and the annual reports of the banks from our sample. The result of fixed effects (within) regression suggests that fixed model is a better choice than ordinary least squares models for estimating influence on ROAA. The results showed that independent auditors and CEO duality (as dummy variables) influence (being statistically significant and having expected sign of coefficients) bank profitability regarding the commercial banks in Romania in the analyzed period of time.