Proceedings

Table 3. List of the companies in the extracted sample
BSE Symbols
Insolvency risk No insolvency risk
ADCA COGL IASO PRON ADMET BBGA BRNA CAOR
AVIM CRMC ICER ROMJ ARCO BEZA BUCV CERB
CEBI EEOB INLA SEPE ARCV BIBU BUTU CFED
CEIB GETR MUIL TCCP ARMT BEUC CABZ CFOR
COAR HIRY PANX VILC BAZV BRCR CACU CLEL
(The symbols have been taken from www.bvb.ro)
From the studied sample, of the total insolvent companies, 75% operate in the
industrial field, 5% in commerce, and 20% in services, and in the case of companies
with no insolvency risk, 60% of them operate in industry, 15% in commerce, and 25%
in services. The structure of the sample according to the activity field of the quoted
companies is given in Figure 1.
Figure 1. Structure of the extracted sample according to the activity field
of the companies
The data was collected from the financial statements of the companies quoted in BSE,
for the fiscal years 2004-2009, presented on the Web sites: http://bvb.ro,
http://www.doingbusiness.ro and http://recom.onrc.ro.
2.4. Data analysis methods
In order to meet the objectives of the research and to validate the work hypotheses, a
series of data analysis methods are necessary. The methods used in the study are the
factorial analysis of multiple correspondencies, the discriminant analysis, and the
logistic regression analysis.
The factorial analysis of multiple correspondencies (FAMC) is a multi-varied
analysis method, developed for the first time by Benzécri in 1969, for the study of the
associations between three or more nominal (category) variables, and is a generalized
version of the factorial analysis of correspondencies (Lebart at al., 2006). Therefore,
for a sample of n individuals, we have values recorded for a series of m associated
variables, based on which we can obtain the profile of an individual in a certain group,
after studying the associations between the analyzed variables. This method
synthesizes the initial information by studying the associations between the variables
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