A Moderated Mediation Analysis of the Relationship between Fixed Assets and Sales Value of the Largest Retailers in Romania

Authors: Aharon Tziner, Cristinel Vasiliu, Vasile Dinu, Laurențiu Tăchiciu

Abstract

Driven by economic changes, digitalization, and evolving consumer preferences, the Romanian retail sector has experienced significant transformations and substantial revenue growth, despite fluctuations in the number of companies. Existing research largely concentrates on consumer behavior and market trends, leaving the economic determinants of retail performance less understood. To fill this void, this study quantitatively examines the impact of key financial indicators—fixed assets, inventories, receivables, and employee count—on the sales value of the largest Romanian retailers. Through hierarchical regression and mediation-moderation techniques, it aims to identify the relationships between financial structure and business outcomes. Our findings reveal that fixed assets initially show a strong positive correlation with sales; however, this impact lessens when other factors are taken into account. Notably, inventories and receivables are crucial for driving sales performance, and the number of employees acts as a mediator in the relationship between asset investments and revenue generation. This article offers originality through its theoretical contributions, highlighting the interplay of financial and operational variables in retail success, as well as its practical implications, providing business managers and policymakers with actionable insights for optimizing investment strategies, enhancing workforce efficiency, and improving financial management to maintain a competitive edge.