To adapt to the business environment, organisations adhere to management strategies capable of removing the effects of negative events, transforming themselves into resilient organisations. Physical and mental difficulties are the consequences of recent corporate developments, and protecting these organisations is a significant concern for managers. Using regression analysis of panel data, we evaluate the effectiveness and performance of 34 tourism and transport companies listed on the BSE in the 2005–2022 period by testing the effect of leverage on financial performance. Then, we focus on identifying the effects of recent crises (the global financial crisis of 2007–2008 and the COVID-19 pandemic) on financial performance and, implicitly, on organisational resilience. The findings suggest that the research hypotheses were partially validated, noting that the indicators included in the study registered significant decreases for the COVID-19 crisis period compared to the global financial crisis period. The paper provides information on measuring the resilience of companies through their ability to withstand the global financial crisis and the crisis triggered by the COVID-19 pandemic. This study is also among the first to examine the role of financial crises in the leverage and financial performance relationship in Romania.

中文翻译：

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分析危机对财务绩效的影响：布加勒斯特证券交易所上市旅游和运输公司的实证见解（2005年至2022年期间）

为了适应商业环境，组织坚持能够消除负面事件影响的管理策略，将自己转变为有弹性的组织。身体和精神上的困难是最近企业发展的后果，保护这些组织是管理者关心的一个重要问题。我们利用面板数据回归分析，通过测试杠杆对财务绩效的影响，评估了 2005 年至 2022 年期间在 BSE 上市的 34 家旅游和运输公司的有效性和绩效。然后，我们重点关注近期危机（2007-2008 年的全球金融危机和 COVID-19 大流行）对财务绩效以及组织弹性的影响。研究结果表明，研究假设得到了部分验证，并指出，与全球金融危机时期相比，研究中包含的指标在 COVID-19 危机期间显着下降。该文件提供了有关通过企业抵御全球金融危机和 COVID-19 大流行引发的危机的能力来衡量企业复原力的信息。这项研究也是首批研究金融危机在罗马尼亚杠杆率和财务绩效关系中的作用的研究之一。