17.18.19.20.M<strong>al</strong>hotra, Y.G<strong>al</strong>letta, D.Methlie, L.Nysveen, H.Moorman, C.,Deshpan<strong>de</strong>, R.Z<strong>al</strong>tman, G.Parasuraman, A.,Zeithaml, V.Berry, L.21. Pavlou, P.22.23.24.25.26.27.Rust, R.Oliver, R. L.San Martín, S.,Gutiérrez, C.Camarero, C.Shim, J.,Shin Y.Nothingham, L.Tan, Y.Thoen, W.Waite, K.Harrison, T.Zeithm<strong>al</strong>, V.,Parasuraman, A.Berry, L.Secţiunea Finanţe - ContabilitateInternation<strong>al</strong> Conference on System Sciences, pp. 1-10, 2000“Extending the Technology Acceptance Mo<strong>de</strong>l to Accountfor Soci<strong>al</strong> Influence: theoretic<strong>al</strong> bases and empiric<strong>al</strong>v<strong>al</strong>idation”, Proceedings of the 32 nd Hawaii Internation<strong>al</strong>Conference on System Sciences, pp. 1-14, 1999“Loy<strong>al</strong>ty of on-line bank costumers”, Journ<strong>al</strong> of InformationTechnology, 14, pp.375-386, 1999“Factors affecting Trust in Market Research Relationships”,Journ<strong>al</strong> of Marketing, vol. 57, Enero, pp. 81-101, 1993“A conceptu<strong>al</strong> mo<strong>de</strong>l of service qu<strong>al</strong>ity and its implicationsfor future research”, Journ<strong>al</strong> of Marketing, vol. 49, pp.41-50,1985“Integrating trust in electronic commerce with theTechnology Acceptance Mo<strong>de</strong>l: Mo<strong>de</strong>l Development andV<strong>al</strong>idation”, Seventh Americas Conference on InformationSystems, pp.816-822, 2001Service qu<strong>al</strong>ity: new directions in theory and practice,London, 1994“La confianza como princip<strong>al</strong> <strong>de</strong>terminante <strong>de</strong>l compromisorelacion<strong>al</strong>”, XII Encuentro <strong>de</strong> Profesores Universitarios <strong>de</strong>Marketing, Universidad <strong>de</strong> Santiago <strong>de</strong> Compostela, Santiago<strong>de</strong> Compostela, 2000“Retailer Web site influence on customer shopping: anexploratory study on key factors of customer satisfaction”,Journ<strong>al</strong> of the Association for Information Systems, Vol. 3,pp. 53-76, 2002“Toward a generic mo<strong>de</strong>l of trust for electronic commerce”,Internation<strong>al</strong> Journ<strong>al</strong> of Electronic Commerce, 5 (2), pp. 61-74., 2001“Consumer expectations of online information provi<strong>de</strong>d bybank websites”, Journ<strong>al</strong> of Financi<strong>al</strong> Services Marketing, 6(4), pp. 309-322, 2002Delivering qu<strong>al</strong>ity service : b<strong>al</strong>ancing customer perceptionsand expectations, New York : Free Press, 199013
<strong>Revista</strong> <strong>Tinerilor</strong> EconomiştiMODERN INDICATORS OF MEASURING A FIRM’S COMPETITIVITYPh. D. Lect. Laura Giurcă VasilescuPh. D. Lect. Daniela DănciulescuUniversity of CraiovaFaculty of Economy and Business AdministrationAbstract: The tradition<strong>al</strong> financi<strong>al</strong> ratios reflect the historic<strong>al</strong> performanceof the companies, having a limited relevance in the forecasting of theirfuture evolution. The mo<strong>de</strong>rn financi<strong>al</strong> ratios are based on the concept ofv<strong>al</strong>ue creation, having a high relevance on expressing the re<strong>al</strong> financi<strong>al</strong>performance of the firm. The main mo<strong>de</strong>rn financi<strong>al</strong> ratios used for theev<strong>al</strong>uation of the firms financi<strong>al</strong> performances are: Market v<strong>al</strong>ue ad<strong>de</strong>d-MVA, Excess return, Economic v<strong>al</strong>ue ad<strong>de</strong>d-EVA, Return on Capit<strong>al</strong>Invested–ROCI, Cash Flow Return on Investment–CFROI, Tot<strong>al</strong> BusinessReturn–TBR, Tot<strong>al</strong> Sharehol<strong>de</strong>r Return - TRS.Key words: financi<strong>al</strong> ratios, market v<strong>al</strong>ue, profitability, capit<strong>al</strong>, firmReaching the major objective of the firm, maximizing glob<strong>al</strong> v<strong>al</strong>ue, could bedone just be creating v<strong>al</strong>ue at the level of the whole firm. Glob<strong>al</strong> performance is <strong>de</strong>fined<strong>de</strong>pending on a firm’s capacity of creating v<strong>al</strong>ue to <strong>al</strong>l it’s interest hol<strong>de</strong>rs, meaningsharehol<strong>de</strong>rs, credits, employees, suppliers, the loc<strong>al</strong> community, etc.Tradition<strong>al</strong> financi<strong>al</strong> indicators reflect the historic<strong>al</strong> performance of thecompanies, having a limited relevance in predicting the future evolution of these.Mo<strong>de</strong>rn financi<strong>al</strong> indicators are based on the concept on creating v<strong>al</strong>ue, having a strongrelevance about expressing the re<strong>al</strong> financi<strong>al</strong> performance. Maximizing the v<strong>al</strong>ue ofthese indicators leads to creating v<strong>al</strong>ue, so increasing the glob<strong>al</strong> v<strong>al</strong>ue of the firm. Mainmo<strong>de</strong>rn indicators of measurement of firm performances, promoted by different famousconsultancy firms, are: Market v<strong>al</strong>ue ad<strong>de</strong>d (MVA), Excess return, Economic v<strong>al</strong>uead<strong>de</strong>d (EVA), Return on Capit<strong>al</strong> Invested (ROCI) or Return on Capit<strong>al</strong> Employed(ROCE), Cash Flow Return on Investment (CFROI), Tot<strong>al</strong> Business Return (TBR),Tot<strong>al</strong> Sharehol<strong>de</strong>r Return (TSR).In the speci<strong>al</strong>ty literature there are mentioned other mo<strong>de</strong>rn indicators ofmeasuring performances, less known or similarly to the anterior mentioned ones, suchas economic profit, sharehol<strong>de</strong>r v<strong>al</strong>ue ad<strong>de</strong>d, etc. All these indicators are based on theconcept of creating v<strong>al</strong>ue, what offers them a superior relevance unlike the classic<strong>al</strong>financi<strong>al</strong> indicators. Following the evolution of these indicators by managers and theeffects over modifying the market v<strong>al</strong>ue of quotated firms represent efficient criteria ofestablishing and remunerating management team results but <strong>al</strong>so instruments ofimproving the corporate governance of quotated enterprises.The market v<strong>al</strong>ue ad<strong>de</strong>d (MVA) represents the difference between the marketv<strong>al</strong>ue of an enterprise (sum of equity and <strong>de</strong>bts) and the invested capit<strong>al</strong> of this,according to the formula:MVA = Market V<strong>al</strong>ue - Invested Capit<strong>al</strong>Thus, the market v<strong>al</strong>ue ad<strong>de</strong>d inclu<strong>de</strong>s the market v<strong>al</strong>ue of <strong>al</strong>l it’s capit<strong>al</strong>s,respectively the market v<strong>al</strong>ue of it’s equity and the market v<strong>al</strong>ue of borrowed capit<strong>al</strong>.14
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