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Acta Marisiensis. Seria Oeconomica |
 |  |
2025
Financial Equilibrium Analysis of Romanian and Polish Listed Companies: Evidence from 2019–2024
Kinga Emese Zsidó, Zuzanna Ostraszewska
Abstract:
The main object of this study is to analyze the financial stability (as a condition of financial sustainability) of Romanian and Polish companies listed on the Bucharest Stock Exchange and the Warsaw Stock Exchange, operating in sectors with different levels of vulnerability to the COVID-19 pandemic: HoReCa (highly affected), Transport & Logistics, and Industry & Manufacturing. Financial equilibrium was assessed using liquidity and solvency indicators over the period 2019–2024. The results of the analysis reveals that Romanian companies have much higher liquidity than Polish companies, rely predominantly on internal financing, and maintain very low debt levels. In contrast, Polish companies demonstrate an optimal liquidity position, make greater use of external financing compared to Romanian companies, yet remain within recommended limits. In both cases, financial sustainability is ensured by the overall financial stability of the analyzed companies.
DOI: https://doi.org/10.62838/amso-2025-0002
Pages: 13-22
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