Abstract

The main purpose of the study is to evaluate the quality of the economic and financial data from the point of view of satisfying the shareholders’ demands as well as of the influences that the structure of the shareholding can have on a company’s economic and financial informational system. The bases for the theoretical background were a systematic overview and a critical analysis of the literature from the study field. According to the findings from the literature study, links were developed between the study areas and a hypothesis of the relationship between the state’s status as a stakeholder and the quality of the information that was published in the annual reports. The analysed sample initially was made up of those companies (105) that were listed on the Stock Market of Bucharest whereas the evaluation method of the quality of disclosure was based on the scoring method, i.e. the scoring points that are given to the classified elements, the nature of the simple or derivative indicators. After applying the inclusion and exclusion criteria remained only 65 of the company. The object of research is the companies that prepare their financial reports using the IFRS reference (International Financial Reporting Standards). The main information sources were the annual or interim published financial reports. This paper shows that economic and financial communication needs to make improvements in terms of the informational transparency that is a key element for building up its credibility. Even if the study’s practical examples focussed only on the stakeholders’ demands, the quality of the economic and financial disclosure requires that the supplied information has all those features that characterize high-quality information, that is the must be relevant and precise, easy to understand, timely, comparable and verifiable. The importance of the present study results from the fact that the beneficiaries of financial information are becoming more and more interested in quality information, a characteristic that is basically the foundation of their decisions in regards to the reporting entity. The results of the study may be useful to the stakeholders, the business environment, the financial-banking institutions, the state, highlighting the importance, need and benefits of a qualitative economic and financial communication in the decision-making process.

Keywords: economic information, financial information, indicators, quality, scoring, shareholding

JEL Classification: M40.

Cite as: Ciubotariu, M., Socoliuc, M., Mihaila, S., Savchuk, D. (2019). Companies image: marketing and financial communications. Marketing and Management of Innovations, 3, 223-241. https://doi.org/10.21272/mmi.2019.3-17

This work is licensed under a Creative Commons Attribution 4.0 International License

References

1. Adhikari, A., & Tondkar, R.H. (1992). Environmental factors influencing accounting disclosure requirements of global stock exchangs. Journal of International Financial Management and Accounting, 4(2), 75-105 
2. Anthony, R.N., Hawkins, D.F., Macri, D.M., & Merchant, K.A. (2005), Accounting (Italian edition), Mc Graw- Hill, Milano, Italy. 
3. Bocchini, E. (2001). Introduzione al dirittocommercialenella new econom [Introduction to commercial law in the new economy], Cedam, Padova. 
4. Bostan, I., Grosu, V., Iancu, E. (2009). The role and importance of economic and financial information in corporate governance, AnnalesUniversitatisApulensis Series Oeconomica, 11(1), 163– 169.
5. Bunget, O.C., Blidisel, R.G., Feleaga, L., Popa, I.E. (2014). Empirical Study of Intangible Assets in Romanian Municipalities, Ekonomie a Management, 17(3), 136-150. 
6. Burciu, A, & Kicsi, R. (2015). Knowledge as a distinctive resource of competitive advantage Ecoforum Journal, 4, 9-14. 
7. Cocozza, A. (2012). Comunicazione d’impresa e gestione delle risorse umane. Valorizzare le persone nelle imprese innovative e nelle pubbliche amministrazioni virtuose [Business communication and human resources management. Valuing people in innovative companies and in virtuous public administrations], Milano: Franco Angelieditore. 
8. Corvi, E. (2000). Comunicazione d’impresa e investor relation: la gestione della comunicazione economico-finanziaria [Business communication and investor relations: the management of economic and financial communication], Editore Egea, Milano. 
9. Corvi, E. (2007). La comunicazione aziendale: obiettivi, tecniche, strumenti [Corporate communication: objectives, techniques, tools], Egea ED. Milano. 
10. Cosmulese, C.G. (2015). Difficultes et limitesdans la reconnaissance et l’evaluation des actifs intangibles conformement aux standards nationals et internationals [Difficulties and limitations in the recognition and evaluation of intangible assets in accordance with national and international standards], Revue Valaqued’ Etudes Economique, Faculte des Sciences Economiques, Universite Valahia de Targovişte, Volume 6(20), No. 3, 25-34. Retrieved from http://www.rvee.eu/images/2015/no3/5.rvee%20vol.6%2020% 20no.3%202015%20-%20leliuc.pdf; 
11. Cosmulese, C.G. (2017). Comparative studies on the disclosure of information about intellectual capital in financial reports of entities in different parts of the world, Prospects of accounting development: the young researcher’s view, 22 November, Chișinau, ASEM, 45-53, ISBN 978-9975-75-895-6, Retrieved from http://ase.md/files/catedre/cae/conf/conf_con_22.11.17.pdf. 
12. Cosmulese, C.G., Mateș, D., Anisie, L. (2016). Particulars on approaches and methods used to value intangibles assets, Management Strategies Anul IX, nr. IV (34), Pitești, 28-39, Retrieved from http://www.strategiimanageriale.ro/images/images_site/ articole/article_4dbde7270dce04b2682a47df 0abe79c5.pdf 
13. Cuervo, A. (2002). Corporate Governance Mechanisms: A Plea for Less Code of Good Governance and More Market Control. Corporate Governance, 10(2), 84-93. Retrieved from https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8683.00272
14. Di Gaspare, G. (2011). Teoria e Critica della globalizzazione finanziaria, Dinamiche di potere finanziario e crisi sistemiche [Theory and Criticism of Financial Globalization, Dynamics of Financial Power and Systemic Crises], CEDAM, Milano. 
15. Djoko, S. (1992). An Empirical Investigation of the Extent of Corporate Disclosure. Annual Reports of Companies Listed on the Jakarta Stock Exchange, PhD thesis, University of Arkansas. 
16. El-Issa, Y. (1988). The usefulness of corporate financial disclosure to investors in Amman financial market. Unpublished PhD Thesis. Lancaster University, UK. 
17. Fiocca, R. (2002).L’impresa: un insieme (organizzato) di persone che comunica [The company: an (organized) group of people who communicate], Journal Sinergie rivista di studi e ricerche, 59. 
18. Grosu, V. (2010). Trends and Limitations in the Economic and Financial Harmonization,Tipo Moldova Editor, Iasi, 25-72. 
19. Grosu, V. (2013). Evaluation the Intellectual Capital. Studies and Researches on the Impact of the Research and Innovation on the Economic Progress, 4th volume, Post-Doctoral Studies in Economics- Post-Doctoral Dissertations in Economy, Romanian Academy edition, Bucharest. 
20. Ho, S.S. & Wong, K.S. (2001). Study of the Relationship between Corporate Governance Structure and the Extent of Voluntary Disclosure. Journal of International Accounting, Auditing and Taxation, 10, 139-156. 
21. Itami, H. (1988). Le risorseinvisibili [The invisible resources], Torino, Isedi. 
22. Jetty J., Beattie V., Charity Reporting – A Study of Disclosure Practices and Policies of UK Charities, Association of Chartered Certified Accountants, 2009. 
23. Kassarjian, H.H. (1977). Content Analysis in Consumer Research, Journal of Consumer Research, 4, 8-18. 
24. Labelle, R. & Schatt, A. (2005). Structure de proprieteet communication financiere des entreprisesfrancaices [Property structure and financial communication of French companies], Finance CotroleStrategie, 8(3), 77-104. 
25. Lacchini, M. (2002). Modelli di Corporate governance e bilanci d’impresa nella prospettiva della riforma [Corporate governance models and corporate balance sheets in the perspective of reform], Giappichelli, Torino 
26. Mancini, D., Lamboglia, R. (2005). Il sistema informativo aziendale: aspetti definitori e requisiti di efficacia ], Universita di Napoli Parthenope. 
27. Marchi, L. (1993). I sistemi informative aziendale [Company information systems], Giuffrè, Milano. 
28. Marston, C.L., & Shrives P.J. (1991). The Use of Disclosure Indices in Accounting Research: A Review Article, in The British Accounting Review, 23, 195-210. 
29. Monteduro, F., & Salerno, I. (2011). Il sistema informativo aziendale e la contabilita direzionale [The company information system and management accounting], Economia Aziendale, lezione 8, a course delivered at Universita degli Studi di Roma Tor Vergata. 
30. Moț, I., Mateș, D., Grosu, V., & Domil, A. (2014). The Financial Reporting on the Level of SMES. Internationalization and Applicability, TheEuropean Journal of Accounting, Finance & Business, 2(1), 23-33. 
31. Naidoo, R. (2002). Corporate Governance: An Essential Guide for South African Companies, Double Storey, Cape Town. 
32. Nastase, C., Casovschi, C., Popescu, M., & Scutariu, L. (2010).The Importance of Stakeholders and Policy Influence Enhancing the Innovation in Nature Based Tourism Services Greece, Austria, Finland and Romania Case Studies, European Research Studies Journal XIII(2), 137-148. 
33. Pastore, A., & Vernuccio, M. (2008). Impresa e comunucazione. Principi e strumenti per il management [Business and communication. Principles and tools for management], Seconda edizione, Socio Unico Giangiacomo Feltrinelli Editore s.r.l., Milano, Italy 
34. Poggio, G., Zaccone, D., & Bianchi, S. (2003). La comunicazione ai mercati finanziari in un confronto internazionale [Communication to financial markets in an international comparison], Amministrazione e Finanza, 18(23), 56-62. 
35. Rordorf, R. (2002). I controlli. Verso il nuovo diritto societario. Dubbiedattese [The controls. Towards the new company law. Doubts and expectations], November 12th, Florenţa. 
36. Salvioni, D. (2002). Cultura della transparenza e comunicazione economico-finanziaria d’impresa, ISTEI Universita degli Studi di Milano – Bicocca. 
37. Spaventa, L. (2002). Struttura proprietaria e corporate governance. Ai confini tra diritto ed economia . [Ownership structure and corporate governance. On the border between law and economy], UniversitadegliStudi di Macerito, LaboratoriaFaustaVicarelli. 
38. Van Riel, C.B.M., &Fombrun, C.J. (2007) Essentials of Corporate Communication: Implementing Practices for Effective Reputation Management, Routledge Publisher, London.