Browsing by Author "Taran, Alina"

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Citation - Scopus: 3
Corporate Ownership and Capital Structure: Evidence From Romania
(Univ Alexandru Ioan Cuza, Centrul Studii Europene, 2019) Taran, Alina
This study explores the relation between local and foreign corporate ownership and capital structure of Romanian listed companies (as proxied by debt ratio, short-term debt ratio, and long-term debt ratio in total assets). Our empirical analysis indicates that corporations, as shareholders of public companies, determine a reduction in the overall need of external debts of the investee firms. However, foreign corporate shareholders promote a short-term indebtedness policy of non-financial companies listed on the regulated segment of Bucharest Stock Exchange. In contrast, local corporate shareholders have a negative influence on the short-term debt of their affiliates. Our findings provide a better understanding of financing decisions of domestic entities, and consequently, may contribute to efficient investing and management decisions of business actors in Romania, and other European frontier markets.
Citation - WoS: 1
Cultural Influence on Accounting Practices in Romania: Empirical Test of Gray's Hypotheses
(Editura Ase, 2017) Zahid, R. M. Ammar; Taran, Alina; Simga-Mugan, Can
The efforts of convergence and reform of worldwide accounting diminished diversity of standards and practices, but the influence of environmental factors causing diversity still persists. The aim of this paper is to study the relationship between national culture and current financial reporting practices of Romanian listed companies, by testing Gray's hypotheses (1988), using confirmatory factor analysis and structural equation modelling. Through an originally revised set of proxies for measuring cultural and accounting dimensions, this study reveals that cultural dimensions change over time, and the accounting practices as well. It also proves that only seven out of the thirteen relationships defined by Gray have significant values for Romanian culture of the last twenty years, three of them confirming Gray's theory and four contradicting it. This research helps to a better understanding of current accounting practices in Romania and provides support for drafting expectations regarding the influence of culture on accounting practices and changes in Romanian accounting system in the future.
Citation - WoS: 8
Citation - Scopus: 9
Cultural Values and Financial Reporting Practices: Contemporary Tendencies in Eastern European Countries
(Univ Alexandru Ioan Cuza, Centrul Studii Europene, 2018) Zahid, R. M. Ammar; Taran, Alina; Simga-Mugan, F. N. Can
Financial reporting practices may never be uniform because of contextual factors that differentiate countries and businesses all over the world. By following Gray's (1988) approach, this study investigates how cultural factors influenced financial reporting practices from three representative Eastern-European countries, Lithuania, Poland, and Romania, during the 2000-2015 period. Confirmatory factor analysis and structural equation modelling indicate that societies' orientation towards uncertainty avoidance and individualism influence accounting values of professionalism, uniformity, conservatism, and secrecy. Masculinity dominance enhances accounting for prudential practices and limited disclosure. These findings suggest that international accounting harmonization cannot overcome cultural boundaries. Standard-setters, practitioners, and stakeholders need to be aware of this.
Citation - WoS: 3
Citation - Scopus: 3
Determinant Factors of Sustainable Reporting in the Uk – an Analysis Based on the Reports From Gri’s Sustainability Disclosure Database
(Vilnius Univ, 2019) Chersan, Ionela-Corina; Chirila, Viorica; Taran, Alina; Danilet, Magdalena
Regardless of the area where they perform their activity, entities influence the environment, the economy and the society. The present paper presents the results obtained following the analysis of the sustainability reports of the publicly traded companies in the UK and published in GRI's Sustainability Disclosure Database. The estimation of the three models for which 7 variables were used as well as the analysis of the results enabled the formulation of certain useful conclusions on the relationship between the conformity degree with the GRI benchmark of the reports studied and some characteristics of the companies which published the reports. The results obtained show that the manufacturing companies are more inclined to publish sustainability reports using GRI standards or at least citing them (Citing-GRI), in comparison with the service sector companies. The results also indicate a direct and strong correlation between the size of the company and the free cash flow per share, on one hand and the publication of GRI sustainability reports, on the other hand. Both results confirm the legitimacy theory. At the same time, financialfactors such as firm profitability, firm growth opportunity, the leverage, the liquidity and the free cash flow do not significantly influence the publication of sustainability reports of the UK firms, no matter what the level of their GRI adherence.
Citation - WoS: 12
Citation - Scopus: 13
THE EFFECTS OF CORPORATE GOVERNANCE PRACTICES ON FIRM-LEVEL FINANCIAL PERFORMANCE: EVIDENCE FROM BORSA ISTANBUL XKURY COMPANIES
(Vilnius Gediminas Tech Univ, 2021) Saygılı, Arıkan Tarık; Saygili, Ebru; Taran, Alina
Corporate governance (CG) is a fundamental criteria for enhancing investors' and stakeholders' trust, relatively recently recognized in emerging markets. This study investigates the effects of CG practices on the firm-level financial performance of Borsa Istanbul XKURY-indexed companies during 2007-2019. Four specific aspects of CG are analysed: shareholders' rights, public disclosure and transparency, stakeholders' rights, and board of directors functioning, as defined by the Turkish Code of Corporate Governance, in line with international principles of CG issued by OECD. Alternative estimations of panel regression analysis indicate a positive association between stakeholder-oriented governance practices and firm-level financial performance expressed by accounting measures for both financial and non-financial companies. Shareholder protection policies have a negative influence on accounting-based performance, especially for non-financial industries, whereas the corporate practices related to board of directors and public disclosure vary between financial and non-financial entities. These findings contribute to international research on CG implications for emerging markets, providing evidence about the importance of stakeholders' protection and the distinctive effects of CG dimensions for corporate financial performance.
Exploratory Study of Geographic Segment Reporting Practices of Multinationals Operating in Cee
(Editura Ase, 2017) Taran, Alina; Simga-Mugan, Can; Mironiuc, Marilena
It is generally considered that countries are competing for attracting investments of multinational corporations (MNC) due to their expected positive effects on the local business environment. But how transparent are MNC in reporting financial information regarding the various countries where they operate? By compiling an original dataset of MNC subsidiaries from Central and Eastern Europe (CEE), this study aimed to determine if MNC report individual country segments for their foreign operations and to identify the factors that influence their segmentation practices. Descriptive statistics and binary logistic regression analyses were conducted in order to assess geographic segment reporting practices of MNC during 2011-2015 period. It was found that decision of country segment reporting is most likely influenced by a sum of company-related and country-related factors, such as size of operations, overall segmentation policy of reporting entity, market valuation of MNC, and risk ratings of operating countries. This innovative approach of studying subsidiary - parent company relationship reveals a tendency of secrecy in geographic reporting practices of MNC and indicates that more geographic segment requirements may increase the level of disclosure. Useful in decisions about the future of country-by-country reporting, this study highlights the attitude of MNC towards country level disclosure.
Ownership and Corporate Performance in European Frontier Markets
(Editura Ase, 2018) Zahid, R. M. Ammar; Taran, Alina; Simga-Mugan, Can
This study investigates the influence of ownership on financial performance of listed companies from the European frontier markets, considering three dimensions: concentration of strategic shareholders, diversity, and ownership structure (strategic foreign, local, state, and free float). The results of panel regression estimations indicate that ownership concentration and local shareholders have a positive effect on market performance, as measured by Tobin's Q, whereas ownership diversity has a negative effect. No significant evidence was found regarding the influence of ownership on financial performance measured on accounting basis, as return-on-assets (ROA). These findings reveal characteristics of corporate ownership in the European frontier markets.
Citation - WoS: 1
Citation - Scopus: 1
Who Dictates Corporate Governance Practices in Turkey? the Role of Ownership Structure for Xkury Companies
(Routledge Journals, Taylor & Francis Ltd, 2020) Saygili, Ebru; Saygılı, Arıkan Tarık; Taran, Alina
This paper investigates the influence of ownership structure on corporate governance practices of Turkish companies listed in Borsa Istanbul Corporate Governance Index (XKURY). It proposes a context-specific ownership structure (founding families, state ownership, foreign ownership from both developed and emerging markets, and institutional investors), and publicly available corporate governance scores as indicators for corporate governance practices. The results of fixed effects panel regression analyses show that state ownership has a negative influence on weighted and non-weighted average corporate governance scores, as mainly determined by shareholder protection and board of directors-related practices during 2010-2017. The evidence regarding the other ownership categories is not sufficient over alternative estimations. Overall, the study provides a critical assessment of the role of ownership in shaping the corporate governance practices of XKURY companies.