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The aim of this study is to emphasize the link between the foreign direct investments (FDIs) and the sustainable environment in EU countries. We also focus on investigating the influence of other factors related to business environment on FDIs, considering the investors’ sustainable choice for the host countries, grouped according to FTSE Russell criteria. Using panel methodology and applying Ordinary Least Squares (OLS) method of data analysis, the authors reached the conclusion that a better-rated business environment, with concern for sustainability, has more of a chance to attract larger sums of FDIs, mostly in the case of developed economies. This fact proves that the main advantage considered by a foreign investor in developed EU countries is represented by CO2 emissions (sustainable environment) and a good ease of doing business environment. The study highlights the factors that influence the decision of investing in developed countries, rather than in emerging and frontier ones. This paper contributes to the existing literature by identifying the group of countries which need a more sustainable approach to attract a large amount of FDIs, given that the inflow of FDIs is a crucial factor of economic growth, a possible source of innovation and technology, and a way to reduce poverty.

Purpose – The main objective of the research was to identify the impact of trade receivables and payables on financial performance for a sample of car parts companies. Methodology/approach – Since most of the companies in the sample are medium-sized (unlisted) companies, we used accounting measures. The dependent variable was return on assets and return on equity; the independent variable was trade receivables, trade payables and net trade credit, firm size and growth rate. Eviews 9 software was used to formulate econometric models. Findings – The results of this study are in line with previous research results and confirm that trade receivables and payables have a negative impact on financial performance. Research limitations/implications – Empirical research was conducted on a sample of companies selected based on several criteria. The extension of the sample and the grouping of companies (according to the size criterion) can increase the degree of representativeness of the research results. Practical implications – The research is useful because it provides empirical evidence; managers can capitalize on research results for a proper substantiation of funding and performance strategies. Originality/value – Research results are valuable contributions towards the improvement of Romanian companies’ performance.

The problem of how financing through venture capital functions in environments that significantly differ from mature and developed markets, begins to be an important issue for researchers. In this article we aim to analyze the venture capital practice in the emerging markets. Obtaining venture capital is different from applying for a loan, because venture capitalists are usually very selective in deciding where to invest. We analyze the venture capital financing process, and what the conditions are for a firm to be able to benefit from this type of financing in the emerging economies of the Central and Eastern European countries. The results obtained have implications also for the entrepreneurs and entrepreneurial ventures that seek venture capital financing in emerging economies.

This paper aims to identify the types of financing structures of the economy that exist in European Union countries highlighting the features of each structure. For each type of financing system of the economy identified we observe the financial resources available to companies. Depending on these we identify how there are financed the companies in each market, more exactly what capital structure do they have, and moreover what is the optimal capital structure in each case. So, by this analysis, we want to see if the financing system of an economy influences the optimal structure of the companies operating in the capital market from that country. In various stages of development of the financial system, the company financing depends on the general characteristics of the environment in which the enterprise operates. The financing system existing in a country plays an important role on the capital structure of an enterprise because according to the specific of each country the enterprises have access to more or fewer financial resources. We also analyze the supply of financial resources within each system, exactly the actual money that businesses can have on those markets and key management decisions on enterprises financing. In this paper we combine the theoretical analysis with the empirical results obtained by the studies realized by European Commission. It is important to keep in mind that the results obtained by the analysis realized in the last years may be influenced by the manifestation of the global financial crisis. An important result of this analyze is that the external environment and the disturbances in the external environment have a significant influence on the financing of businesses operating in a country. This was proved again by the impact of the current financial crisis on the activities of the enterprises on each market from European Union.

Bank loans are a vital resource for SMEs financing because of the reducedpossibilities of these firms to find alternative sources of financing. In the context of the currentcrisis, the access to loans for SMEs has deteriorated significantly due to lower availability of bankloans, that can hamper the exit from the crisis of these firms and the relaunch of the nationaleconomies. Moreover, the adoption of the new banking regulations by Basel III Accord raisesconcerns about their possible negative impact on bank financing of SMEs. In this context, our paperaims to highlight a few features of bank financing of SMEs in EU member states and to bring intoquestion the impact of new banking regulations on loans flow to SMEs.