آیا موسسات بانکی رومانیایی ارزش سهام ایجاد میکنند؟

This study aims at identifying the evolution of some of the key value based indicators in the case of Romanian listed banks. In particular we compute value based measures like Residual Income RI and Market Value Added MVA but also traditional measures like Earnings per Share EPS and Price to Earnings ratio PER in order to have a detailed view on the evolution of shareholder value creation in the banking industry for last seven years 2005-2011. As results suggest BRD represents the greater shareholder value creator in the case of the listed banks. On the other hand EBS is the greater value destroyer. The other listed banks TLV and BCC can be characterized as value preserver as they don’t destroy nor create shareholder value.

1. Introduction The concept of shareholder value creation reflects the fundamental principle of successful financial management: to maximize the market value budgeting decision will reflect themselves in the growth of the market value of equity of the firm. Establishing market value or firm growth nevertheless implies the process of valuation: determining value and value drivers

The paper presented four different performance metrics EPS, PER, RI, MVA that aim at identifying shareholder value creation as a measure of market value maximization . Using market based performance indicators we obtain a more real image regarding the value evolution of Romanian listed banks time. Also, market based measures avoid some of the biases introduced by accounting policies over figures as earnings or other profitability indicators.