THE ANALYSIS OF THE CORRELATION BETWEEN FINANCIAL
AUTONOMY AND FINANCIAL EQUILIBRIUM OF THE
PHARMACEUTICAL COMPANIES LISTED ON THE BUCHAREST
STOCK EXCHANGE

Georgiana Daniela Minculete (Piko),”Lucian Blaga” University of Sibiu, Romania
Nicolae Balteş, ”Lucian Blaga” University of Sibiu, Romania
Maria Daciana Rodean (Cozma), ”Lucian Blaga” University of Sibiu, Romania

ABSTRACT: In the last years, the phenomena of instability and economic uncertainty have
occurred more and more frequently in a society undergoing major changes. This aspect has been
particularly prominent since 2008. With the advent of the economic and financial crisis,
unexpected phenomena occurring within organizations have strengthened the idea of a more
detailed analysis of the financial position so as to be able to determine the actual financial
strategies needed by the companies within the analyzed industry. The aim of this article is to
highlight the importance of balance and financial autonomy in the economic entities belonging to
the pharmaceutical industry and listed on the Bucharest Stock Exchange. Our research is based
on an analysis in time of the indicators of balance and financial stability over a period of six years,
from 2008 until 2013, in order to draw a correlation between these two types of indicators with
the help of Pearson’s correlation coefficient.

Keywords: economic and financial crisis, financial position, balance, financial autonomy, Pearson’s
correlation coefficient

JEL Codes: G19, G39