The Influence of Financial Policies on Return on Assets Ratio. An Econometric Study for Romanian Manufacturing Firms

In this article we have identified the determinants of the return on assets ratio for the Romanian manufacturing firms over the period 2006 to 2011 using a fixed effects model. More exactly, the independent variables we included are: liquidity ratio; debt ratio; tangibility ratio; return on equity ratio; labour productivity ratio; return on sales ratio; depreciation and amortization ratio; leverage ratio; turnover’s growth rate. Therefore, we have identified the influence of the financial and investment policies on return on assets ratio.