The Annals of the University of Oradea, Economic Sciences, Tom XX, 1st Issue – July 2011
Titlul Lucrarii: THE SOVEREIGN DEBT CHALLANGE: AN OVERVIEW
Autor(ii): Deceanu Liviu – Daniel, Mihut Ioana, Pop Stanca
Rezumat: Recent years have seen profound changes in country risk and its components, in the context of crises multiplication and diversification; the sovereign risk, a main country risk component, has undergone important changes, mainly given by mutations in its determining factors; the economy of indebtedness represents a reality of the recent years.
In this context, our paper aims to capture new issues related to sovereign risk and its manifestations, and to bring to the fore a number of relevant indicators concerning the indebtedness problems. Currently, the increasing sovereign obligations, the Greece 2010 episode and the real sovereign debt crisis testify the important implications that the national economic policy decisions have on entire nations. In general, the countries with servicing difficulties present a total external or public debt that overcomes the average of the emerging states; however, we can not accurately identify a threshold beyond which we can say that a state is overly indebted. Therefore, questions such as Starting from what point is a state overly indebted? or What is the cause of the excessive debts of a state? are fully justified and the answer or answers deserve being sought.
Studies on the relationship between various economic variables and the countries ability to deal with external debt problems are present in the country risk literature since the 1970s; beginning with authors such as Frank and Cline (1971), which gave priority to external debt service indicators such as Exports, Imports / GDP, Imports / Reserves, and continuing with other specialists, among whom we mention Saini and Bates (1978), Abassi and Tafler (1982), Haque, Brewer and Rivoli (1990), North (2001) Bouchet (2003), Meunier (2005), Longueville (2010) and many others, many ratios and indicators were carefully analyzed.
In our short study, we also present a number of recent aspects concerning sovereign risk, and we analyze some relevant indicators, using statistical data, for four countries: Romania, Greece, Hungary and Bulgaria. We underline the fact that, even if sovereign risk indicators are in the good intervals, the crisis risk remains present, especially because of the liquidity issues. For us, this brief paper opens the way for a much broader study, which aims to develop a model of sovereign risk analysis, the dependent variable, the probability of default, being explained by the evolution of the selected relevant indicators.
Cuvinte cheie: sovereign risk, external debt, sovereign crisis, external debt indicators, thresholds.
Cod JEL: F3 (F31, F34)
Paginatia: 18 – 25
Titlul Lucrarii: COMMON AGRICULTURAL POLICY FROM HEALTH CHECK DECISIONS TO THE POST-2013 REFORM
Autor(ii): Niculescu Oana Marilena
Rezumat: The paper proposed for being presented belongs to the field research International Affairs and European Integration. The paper entitled Common Agricultural Policy from Health Check decisions to the post-2013 reform aims to analyze the Common Agricultural Policy (CAP) from the Health Check adoption in November 2008 to a new reform post-2013. The objectives of the paper are the presentation of the Health Check with its advantages and disadvantages as well as the analysis of the opportunity of a new European policy and its reforming having in view that the analysis of Health Check condition was considered a compromise.
The paper is related to the internal and international research consisting in several books, studies, documents that analyze the particularities of the most debated, controversial and reformed EU policy. A personal study is represented by the first report within the PhD paper called The reform of CAP and its implications for Romaniaâs agriculture(coordinator prof. Gheorghe Hurduzeu PhD, Academy of Economic Studies Bucharest, Faculty of International Business, research studies in the period 2009-2012).
The research methodology used consists in collecting and analysis data from national and international publications, their validation, followed by a dissemination of the results in order to express a personal opinion regarding CAP and its reform. The results of the research consist in proving the opportunity of a new reform due to the fact that Health Check belongs already to the past. The paper belongs to the field research mentioned, in the attempt to prove the opportunity of building a new EU agricultural policy.
The challenges CAP is facing are: food safety, environmental and climate changes, territorial balance as well as new challenges-improving sustainable management of natural resources, maintaining competitiveness in the context of globalization growth, strengthening EU cohesion in rural areas, increasing the support of CAP for member states, farmers and active farmers-, sign in outlining the CAP contribution to the EU 2020 Strategy.
This paper aims to prove that the future CAP should become a more sustainable, balanced, better focused, simpler and more efficient, more responsible to the needs and expectations of EU citizens.
Cuvinte cheie: Common Agricultural Policy, reform, rural development, Health Check, EU 2020 Strategy
Cod JEL: Q18, O13, F59
Paginatia: 26 – 30
Titlul Lucrarii: SOME ASPECTS CONCERNING THE DIPLOMATIC PROTECTION OFFERED BY THE EUROPEAN UNION FOR THE CITIZENS IN THE PRESENT ECONOMIC SITUATION
Autor(ii): Timofte Claudia Simona Cleopatra, Mirisan Ligia-Valentina
Rezumat: Based on the particular meaning that is specific to European citizenship and that is involved in the practice of citizenship, it causes modern concepts of citizenship which are derived from the universal norms of citizenship.
Itâs important to underline that the European citizenship is a concept which does not replace the National citizenship, but it is a new modern concept which has a real connection with the national citizenship and why not connected with the Romanian citizenship.
From this point of view, emphasize in this paper that the diplomatic and consular authorities from member states of the Union have to guarantee the protection of the European citizens in third countries in which their state is not represented.
The cooperation of the diplomatic representatives is an important point for the Foreign Politic of the European Union.
Paginatia: 31 – 37
Titlul Lucrarii: LOCAL ACTION GROUPS – THE EUROPEAN INTEGRATIONÂ CATALYST FOR THE ROMANIAN RURAL AREA
Autor(ii): Ailenei Dorel, Mosora Liviu – Cosmin
Rezumat: Romania has the highest share of European Union rural areas (44.9% in 2009), which generates and maintains a long series of regional disparities. Because of these disparities, the economy faces a number of elements that undermine the quality of human and social capital and reduces the potential for growth: precarious social and economic infrastructure, reduced access to markets and thus to goods, a low level of both economic cohesion and living standards, and a difficult access to education and training (leading to the underutilization of labor in rural areas, while major shortages in the labor market and increased migration phenomenon manifests).            In these circumstances the European Union LEADER initiative is an important chance for the development and tightening of the rural – urban continuum in Romania. A fundamental element of this initiative are the local action groups. These local action groups are conceived rather as an ad hoc framework for exchanging ideas, for debate on matters of local interest, on initiatives to boost economic activities. Thus, these local partnership structures can be self-organized by very real problems and directions: to promote a brand of product made in a certain area, the image of a tourist attraction, of traditional occupations, crafts of products, etc.      In this paper, the authors aim to highlight the difficulties of European integration for rural areas in the new Member States, considering that the LEADER initiative would be a good opportunity to accelerate this process. To emphasize this, a review of the progress in implementing the LAGs program in Central and Eastern Europe was undertake. Also, we identified the success factors of this program based on the experience of the European Union developed countries. Finally, we provide arguments in favor of local action groups as the solution to the rural problem of Romania.
Cuvinte cheie: local action groups, regional disparities, regional development policies
Cod JEL: O18, R11, R58
Paginatia: 40 – 46
Titlul Lucrarii: EUROPE AND ITS GREEN FUTURE. ELECTRIFICATION AND DECARBONIZATION
Autor(ii): Benea Ciprian Beniamin, Baciu Adrian
Rezumat: This paper aims to present a great challenge which humanity faces, and which is climate change. Together with food and water shortages which will hit more and more humanity in the years ahead, climate change (which will only amplify these negative facts) will bring negative consequences on economy and society, and in international relations area, too. In this context, the importance of the subject speaks for itself. The research is focused on EU objectives in climate area and in sustainable development, indicating that renewable energy could be a solution for energy independence, and for reducing CO2 concentration level, too.
The subject is very important one nowadays being subject of intense debates and negotiations, having a high degree of visibility in international forums and in international press.
The paper wants to show what EU aims in the future related to its development through fossil fuels consumption reduction and as a base for starting research are researched realized under the aegis of Group Futuribles from Paris, of the National Centre for Sustainable Development from Bucharest, from American Academy of Arts and Science, and International Energy Agency from Paris.
We take from IEA data and present them in the tables in order to have a synthetic view upon energy in EU countries, and of course, there are presented trends in energy consumption in renewable at European level. The development of the subject with the involvements in transport area only brings a fresh air in the debates regarding reducing energy vulnerability together with fighting climate changes.
There are presented some peculiarities of CO2 pollution and their implications, and consequences; and of course, solutions for fighting climate change is part of this presentation. Reducing oil consumption and expanding renewable resources (wind, solar, and hydro) and nuclear energy coupled with the electrification of the economy and transportation sectors, and rising energy efficiency are of outmost importance in fighting climate change. Becoming leader in this area, EU aims not only to promote sustainable development, but to influence in a significant manner the future negotiations in climate area, gaining through this strategy a better position on the world scene.
The added value of our endeavor is in the superposed areas of EU energy independence, freeing transportation sector from the place of being hostage to potential oil crisis in the future, and all of these in the context of fighting climate change. The paper presents how energy independence could be obtained through renewable expansion, while fighting climate change, too.
Cuvinte cheie: climate change, de-carbonization, electrification, transportation, energy efficiency
Cod JEL: O0, O3, Q4, Q5
Paginatia: 47 – 52
Titlul Lucrarii: ROMANIAâS ANSWER TO THE NEW DIRECTIONS OF THE REGIONAL DEVELOPMENT POLICY OF EUROPEAN UNION
Autor(ii): Berinde Mihai, Chirilã Lavinia Florentina
Rezumat: The regional development policy of European Union deals with spatial localisation of production and affects the daily life of more than half of the 500 million persons living in the European Union. Conceived at European level as a solidarity policy, it bases especially on financial solidarity through the distribution of a part of the European budget obtained through the contribution of Member States to the less prosper social categories and regions. Regional development policy of European Union for the programming period 2007- 2013 is based on the diversity, opportunities and challenges offered by the regions in Europe. It puts into practice the solidarity between European nations and focuses on a fundamental objective: strengthening the economic, social and territorial cohesion through diminishing the development discrepancies between its regions. The present paper identifies the new directions of the European regional development policy and aims to highlight the importance of this policy for the economic growth and development of Romania. In this difficult period, when Romania felt the effects of the crisis at high level and met a severe economic congestion, the European sources of financing through the regional development policy must not be neglected. We also formulate recommendations in order to increase Romaniaâs structural funds absorption rate.
Cuvinte cheie: regional development policy, European Union, Romania, sustainable development, absorption rate
Cod JEL: R10, R11, R58
Paginatia: 53 – 59
Titlul Lucrarii: COMPARATIVE ANALYSIS OF THE RECENT EVOLUTIONS OF ROMANIAN AND EUROPEAN UNIONâS COMPETITIVENESS
Autor(ii): Felea Adrian Ioan
Rezumat: The main subject of this paper refers to an analysis of the recent trends and evolution of Romanian competitiveness compared to the European Union competitiveness and it is structured in four main parts. The first section of the paper regards an introduction of the competitiveness evolution process, recalling the three actual evaluation models of the competitiveness level. In the second part of the paper there can be found the competitiveness indexes practiced and published by the World Economic Forum, indicators that are structured on three main levels as following: the Global Competitiveness Index and its aggregate indicators that are developed on three categories of factors that are essential for the competitiveness process (Basic requirements, Efficienty Enhancers, Innovation and sophistication factors) and the indexes associated to the twelve pillars of competitiveness: Institutions, Infrastructure, Macroeconomic stability, Health and primary education, Higer education and training, Goods market efficiency, Labor market efficiency, Financial market sophistication Technological readiness, Market size, Business sophistication, Innovation. Based on the values obtained after consulting the World Economic Forum Reports and regarding the competitiveness from a global perspective, the third part of the paper presents a comparative analyisis of the evolution of the Romanian competitiveness process and the one of the EU25. In the last part of the paper there can be found the conclusions of this analysis, with respect to the values found
This paper is part of the doctoral thesis entitled “Increased Competitiveness in the Romanian economy, in the context of Sustainable Development, coordinated by Professor Michael Berinde University of Oradea, Faculty of Economics. Doctoral research is supported by Human Resources Development Operational Programme 2007-2013, Contract POSDRU/CPP107/DMI1.5/S/80272 , “Doctoral programs to train researchers performing competitive in European Research Area.
Cuvinte cheie: competitiveness, indicators, analysis, differences, evolution
Cod JEL: O10, O11, O52, O57
Paginatia: 60 – 65
Titlul Lucrarii: ROMANIAN INVESTMENT POLICY ANALYSIS
Autor(ii): Hategan Anca
Rezumat: Starting with the year 2009, the European Union, as well as the rest of the world, was affected by the economic and financial crisis, and one of the effects reflected in the decrease of foreign direct investment (FDI) projects and also in the reduction of their host locations. Creating a healthy economic environment, that should be efficient for any form of international investment , represents the nowadays challenge of all market economies. This paper concentrates on analyzing our countrya€™s attractiveness from the international investora€™s point of view, it also focuses on the Romanian investment policy, its investment climate, as well as on identifying or valuating the strengths and opportunities offered by Romania. The advantages of the foreign direct investments are universally recognized and they basically include the expansion of the production capacity and income, job creation, technologically diffusion and economic development. Creating an appropriate economic environment, that is efficient for any form of international investments represents the nowadays challenge of all market economies. OECD member states experience, for example, outlines the advantages of a functional legal and normative climate, based on the principles of transparency and non discrimination, that are essential for attracting foreign investments. In the actual competition for attracting FDI, every state tries to offer as many incentives to the future foreign investors. The Romanian investment policy sets out incentives in a non-discriminatory and transparent way offering the investors the specific criteria. The Romanian business environment has improved significantly in recent years, driven in particular by EU accession. Major progress has been recorded in areas such as the fiscal environment, rule of law, the fight against corruption and property registration. When considering our country a possible location for the development of their businesses, the foreign investors are driven by the advantages offered for encouraging the FDI attraction, and so, they closely analize the following aspects and advantages: geographic and market related advantages, the Romanian resources (natural, material, human resources), economic, politic and social drivers and also international status, regarding the diplomatic bilateral agreements.
Cuvinte cheie: Foreign direct investment (FDI), investment policy, incentives, attracting FDI, economic development, economic growth, investment climate
Cod JEL: F21, F23, F55
Paginatia: 66 – 71
Titlul Lucrarii: INNOVATION VERSUS INCOME CONVERGENCE IN CENTRAL AND EASTERN EUROPE. IS THERE A CORRELATION?
Autor(ii): Jude Cristina, Pop Silaghi Monica
Rezumat: The heterogeneity of response of the different economies facing the world economic crisis has brought into attention once again the issue of convergence inside the European Union. The high growth rates experienced by CEEC during the last decade created an optimistic view of rapid convergence towards Western Europe. But the crisis showed that the sources of economic growth in the region were not appropriate for a long run growth. Innovation is a key source of competitiveness and a contributor to a sustainable growth path. Even though CEEC lag behind other European countries in terms of R&D investment, a certain progress can be observed. The objective of the present paper is to establish if there is a correlation between the convergence in terms of GDP and the convergence in terms of innovation for the CEEC. Based on yearly Eurostat data for the period 1998-2008, we quantify the progress of each of the 10 CEEC both in closing the income gap and the innovation gap. We then rank the countries according to their speed of convergence and perform a Spearman rank correlation analysis. The results show that, on average, convergence in R&D is not correlated with convergence in GDP. The Czech Republic is the only country with a positive correlation between R&D intensity and GDP growth. Bulgaria, Hungary and Slovakia show a negative relationship between investment in R&D and economic growth. This implies that for most of the countries in Central and Eastern Europe, economic growth during the period 1998-2008 was mostly driven by non-innovation factors.
Cuvinte cheie: convergence, growth, innovation, R&D
Cod JEL: F43, O33, O47
Paginatia: 72 – 79
Titlul Lucrarii: REGULATORY BENCHMARKING IN CENTRAL EUROPE: CURRENT PRACTICE AND POSSIBILITIES OF DEVELOPMENT FOR THE ENERGY SECTOR
Autor(ii): Machek Ondrej
Rezumat: Benchmarking is a technique of performance evaluation in which comparisons are made to benchmarks that represent external performance standards. In the field of regulation of public utilities, benchmarking can be used as an element of performance-based regulation or as a pure regulatory method, called yardstick competition. In the absence of competition, benchmarking can be used to simulate competitive pressures by comparing a regulated firmâs performance against an efficient standard. The aim of this paper is to examine the Central European regulatory benchmarking practices in the energy sector, namely the electricity and natural gas distribution industries, and to analyse the possibilities of further development of regulatory benchmarking in this region. The countries onto which we focus are Czech Republic, Slovakia, Hungary, Poland, Germany, Austria and Switzerland. In the region of Central Europe there are still significant differences between countries, especially in terms of experiences in modern regulation, regulatory methods and practices, level of economic development etc. Differences are considerable especially between Western countries (Germany, Austria and Switzerland) and the countries of former Eastern Bloc (Czech Republic, Slovakia, Hungary and Poland). As a result, the degree of the use of regulatory benchmarking is also very diverse within this region. In the first part of the paper, we develop basic theoretic concepts of economic regulation. Then we describe the most frequently used regulatory methods – cost-of-service regulation, incentive regulation and yardstick competition – and we deal with common regulatory benchmarking techniques, describe their principles and main challenges. Subsequenty, we provide an overview of regulatory methods and benchmarking practices for each country in the region of interest. In the final part of the paper, we analyse the challenges and possibilities for further development of regulatory benchmarking in the Central Europe. We have found that except for Switzerland, all Central European regulatory regimes are based on some form of incentive regulation. The most sophisticated methods of benchmarking are used in Germany and Austria. In these countries, benchmarking is used in both electricity and natural gas industries. The Polish regulator is using a benchmarking method in cost efficiency analysis in electricity distribution. In Hungary, a specific method of benchmarking is used. In Switzerland, no benchmarking is used at present. In Czech Republic and Slovakia, some principles of benchmarking are adopted, but not directly to the revenue requirements setting. We summarize that the possibilities for development of regulatory benchmarking in the Central Europe could be extended by reducing market concentration, unbundling large vertically integrated companies, establishing a closer cooperation with the private sector and closer harmonization of regulatory frameworks.
Cuvinte cheie: regulatory benchmarking, public utilities benchmarking, Central European utilites, public utilites regulation, regulatory framework
Cod JEL: L43, L51, L9
Paginatia: 80 – 86
Titlul Lucrarii: INTEGRATION OF SEMI-SUBSISTENCE AGRICULTURAL FARMS
Autor(ii): Matoschi ( Cimpan) Oana, Paun Georgeta, Paun (Ciobanu) Mihaela, Pruteanu Elena Mihaela
Rezumat: Intensive agriculture, industrial type, contributed to environmental degradation and pollution. Thus, on the one hand, makes intensive use of chemicals has led to neglect of duty to maintain the natural fertility of the soil organic matter through proper fattening. On the other hand, organizing specialized industrial environments, high animal breeders, considered the only marketable livestock production, neglecting the production of manure, thus representing a break with the brutal nature of biological circuits
Following the experience accumulated over two centuries, mankind has drawn valuable education obligation to safeguard the habitat of nature as a collaborator. In this respect, the main task of our times is to develop appropriate technologies humanist ideal, so that man can become a being as fully integrated into the social and cosmic environment.
In the present period as a peasant household current form, is typical of developing countries. It is generated by the result of families who received income from farming and increase farm animalelor.Gospodãria organizational structure is the basic economic and agricultural economy.
On the basis of the idea that organic production is the main cause of degradation of the biological quality of products is inadequate human intervention at various structural levels of the biosphere, and the most severe effects on humans resulting from the cumulation of errors relating to soil, plants and animals. Organic farming places emphasis on quality natural products, the quantity and productivity issues as a peripheral level.
A balanced rural development policy for the future is not an option but a necessity, especially considering the fact that the issue of agriculture and rural development has important national connotations and is a very complex and timely in Romania
Regional development is a concept that aims at stimulating and diversifying economic activities, encouraging private sector investment, helping to reduce unemployment and ultimately lead to improved living standards, according to the regions of the countryâs development
Cuvinte cheie: Peasant household, sustainable development, farms, subsistence, european agriculture
Cod JEL: Q0 , Q1
Paginatia: 87 – 92
Titlul Lucrarii: STUDY ON THE CAUSES OF REGIONAL ECONOMIC DISPARITIES IN ROMANIA
Autor(ii): Mihai Talmaciu, Borza Mioara
Rezumat: Successive enlargements of the European Union have led to increasing heterogeneity of the development levels of the states and regions members. The Romanian development regions are among the most poorly economically developed European regions and are regarded as economies based on production factors where the development of economy is mainly triggered by the poorly qualified labour and the natural resources.
This paper aims to analyse and to identify the factors lying at the bottom of regional development and the causes of Romanian regional disparities, by comparative analyse and the break down the basic development indicators into their components.
The regional economic disparities from Romania tend to be more prominent due following causes: low level of development of most regions, structure of economy dominated by economic sectors with a low productivity; the low research-innovation potential; the low share of the population having a higher education, reduced capacity of the poorly developed regions to withhold the highly qualified labour, the weak development of infrastructure, particularly poor quality of infrastructure networks.
Romania stays anchored in a development model characterized by an anachronous economic structure, a poorly qualified labour, a slow accumulation of capital and a reduced sustainability of the development rate.
Cuvinte cheie: disparities, economic development, region, factors, convergence
Cod JEL: O11, O47, R11, R13
Paginatia: 93 – 99
Titlul Lucrarii: THE IMPORTANCE OF IMPLEMENTING THE ICT NETWORK IN ACHIEVING KNOWLEDGE TRANSFER IN THE RURAL AREAS
Autor(ii): Miron Andreea, Ciobanu Laura, Menda Teodora – Adriana, Matoschi (Cimpan) Oana
Rezumat: Currently in Romania, the information sources available to farmers are limited and belong mostly to the public sector. The knowledge provided is relevant but insufficient in order to meet the needs of the Romanian farmers, especially since they are not oriented towards the market, as the main segment of interest. This paper has the intention to emphasize the need to introduce ICT as the main tool in supporting the decision making process and in resolving the specific issues faced by this sector In analyzing the current situation regarding this matter, in order to propose ways to resolve the problems encountered in achieving knowledge transfer, until now, were addressed issues such as: the evolution of the knowledge transfer concept, development milestones and actions that marked the RDI sector as the main producer of information, the main supporters of the farmers in their information actions (World Bank, IFAD), means, procedures and techniques used for transmitting knowledge (extension; consultancy). But what is most important is making all this resulted information available for the farmers, fact which can only be accomplished, in our opinion, by introducing and implementing ICT in the rural areas. The main method of research is the statistical data analysis of the data regarding the components involved in the knowledge transfer process and the current status of implementation of ICT in the rural areas. Among the expected results are included identifying the main restrictive factors in achieving knowledge transfer in rural and the main implications that implementing ICT would have on farmersâ market position. Introducing ICT in the rural area is, in our opinion the best way to transform information, as a research result, into knowledge, becoming this way a real input for the farmer In practice, this will lead to lower production costs, lower prices for inputs, increased revenues by increasing the productiona€™s prices and, not least, increased level of the European funding resources attracted for supporting investments.
Cuvinte cheie: knowledge transfer, ICT, sustainable development, rural areas, knowledge society;
Cod JEL: Q01, Q16
Paginatia: 100 – 105
Titlul Lucrarii: THE FINANCING OF THE ADMINISTRATIVE – TERRITORIAL UNITS IN THE WEST DEVELOPMENT REGION THROUGH THE REGIONAL OPERATIONAL PROGRAMME 2007 – 2013
Autor(ii): Munteanu Nicolae-Eugen
Rezumat: It is very important to be found methods to increase the competitiveness between the Romanian administrative-territorial units, under the current conditions of the economic crisis, by means of the existing economic levers successfully used within the European Union regions.
The development regions of Romania do not have the statute of administrative units, but they represent territorial units large enough to constitute a good basis for the elaboration and implementation of regional development strategies, allowing an efficient use of the financial and human resources. The scope for which these development regions were created had in view the support granted for the larger communities in their action to settle the problems which go beyond the administrative borders and which surpass the financial possibilities of one county.
In Romania, the communes, towns, municipalities and counties are defined as administrative-territorial units within which the local autonomy is exercised and the authorities of the local public administration are organized and operate.
The local, communal, town, municipality and county councils, as deliberative authorities, and also the mayors and the presidents of county councils as executive authorities have the duties to solve the public matters of the community, acting as authorities of the Romanian public administration.
In Romania, the local autonomy is only administrative and financial, having as objective the organization, operation, competencies and tasks, and also the management of the inland resources.
The principle of the local financial autonomy implies the fact that the administrative-territorial units have the right to financial resources, which can be used by the authorities of the local public administration when exercising their tasks.
According to the Law of the local public finances, the local budget incomes could be made also of the non-reimbursable funds granted by the European Union.
Based on the elaborated and assumed strategies of local development, and also on the experience gained by the administrative-territorial units in accessing the governmental funds and the pre-accession programs, the authorities of the local public administration from the West Development Region knew how to successfully access the non-reimbursable financing opportunities granted through the Regional Operational Programme 2007 – 2013.
The status analysis of the implementation of the projects submitted by the administrative-territorial units from the West Development Region and financed through the Regional Operational Programme 2007 – 2013 highlights which are the main areas of interest for the authorities of the public local administration and gives practical solutions for the reduction of the intra-regional development gaps.
This article is intended to be a guide for the administrative-territorial units in the systematic mobilization of the existing local energies and resources by means of certain projects which should meet the specific needs for development and which should involve the attraction of non-reimbursable funds with a minimum effort of co-financing.
Cuvinte cheie: administrative-territorial units, non-reimbursable funds, region, local autonomy, projects
Cod JEL: F36, O18, O22, R58
Paginatia: 106 – 111
Titlul Lucrarii: THE DANGER OF PUTING ALL THE EGGS IN ONE BASKET. SOME CONCERNS REGARDING ROMANIAâS EXTERNAL TRADE
Autor(ii): NEGREA Adrian
Rezumat: Trade patterns across the globe vary in certain ways. For the EU27, the analyzed data suggests that approximately 70% of all Romaniaâs imports, and the same amount of its exports, are intra-community oriented. The question that arises is what will happen to te Romaniaâs external trade, if a crisis hits Europe? If countries like Germany, France, Italy, and United Kingdom are hit the hardest in this hypothetical European crisis, Romania will soon follow them. In order to decrease the impact of such possibility, it is necessary to tap new trade opportunities. For this purpose, first we have to analyze the present situation. Based on Eurostat, World Trade Organization, and the Romanian Statistics Institute data from 1999 to 2009, and on the works about trade creation (Balassa 1965, Jovanovic 2005, Molle 2006), the paper wants to point out the aspects of trade concentration in certain regions after the establishment of free trade agreements, and the danger posed by financial crises. This paper analyzes first the situation in the EU27, scanning each member state in order to see the degree of trade relations intra / extra – EU. The data will be than compared to another set of analyzes of other four important regions, the Andean Community, ASEAN, MERCOSUR, and NAFTA, whose free trade agreements could support such of comparison with the EU trade relations. The paper follows the assumption that EU27 has the most integrated trade relations among all the analyzed regions. Based on this assumption and on statistical data that points out the percentage change of total imports and exports in the Romanian GDP, some conclusions will be drown out in order to establish some necessary measures to prevent a future crisis, measures that involve the political class, taping new trade opportunities such as Latin American countries, Middle Eastern countries, and South-East Asia, but not forgetting Russia, Romaniaâs former main export partner, establishing clear objectives to future embassy personnel, and a more aggressive advertising campaign in the selected target markets conducted by national agencies.
Cuvinte cheie: free trade agreements, custom union, Romaniaâs trade relations, imports, exports
Cod JEL: F01, F10, F14, F15
Paginatia: 112 – 117
Titlul Lucrarii: THE JOURNEY TO COMPETITIVENESS: EU SPEEDING UP ON THE ROAD PAVED WITH KNOWLEDGE AND INNOVATION
Autor(ii): Oprescu Raluca
Rezumat: In the attempt to boost its international competitiveness, the European Union realized that it should enrich the ways to achieve it by using the intangible assets that it holds. Knowledge and intellectual capital, innovation, science and entrepreneurship are key drivers of economic development and renewal. The traditional resources on which economies rely on are scarce, while these ones are abundant and steady. Moreover, this type of assets can easily increase their value through sharing and they trigger multiplicative effects in the economy. The paper tackles these issues and makes an assessment of the degree of innovation in the EU. The study aims to provide an answer to the question of whether EUâs overall performance proves that it is truly driven by knowledge and innovation or not. Using a qualitative method of research, this paper identifies innovation patterns of the member states from a geographical perspective. In order to provide a compelling analysis, the data ranges from indicators capturing science and technology activities, firm innovation to the internationalization of research activities and the tertiary-level graduates. The results show substantial discrepancies between the European countries and reveal that knowledge flows scaled by the level of innovation are a localized phenomenon, therefore some countries are more innovation-oriented and they reap the benefits better.
Cuvinte cheie: knowledge-based economy, competitiveness, innovation, R&D, technology
Cod JEL: O31, O32, M21, I25
Paginatia: 118 – 124
Titlul Lucrarii: E-GOVERNMENT: A DRIVING FACTORÂ FOR STIMULATING INNOVATION PERFORMANCE IN ROMANIA?
Autor(ii): Preda Ana – Maria, Stanica Justina Lavinia, Crisan Daniela Alexandra, Coculescu Cristina
Rezumat: The development of public services is one of the priorities on the agendas of all policies, both national and European. One of the most recent concerns of the European Commission, as shown in the 2010 Innobarometer, is to find ways and develop strategies to support the innovation in the public administration sector, in the context of the continuously changing economic background. In this paper, we˜ll investigate the relationship between e-Government, and the overall innovation performance at national level, for some European Union countries. e-Government is already a known concept, widespread in the world, promoting the implementation of information and communication technologies in the public administration, in order to provide better public services to citizens and businesses. A main component of the e-Government concept is the counter reform, aimed to streamlining administrative act quickly in order to respond to the demands of citizens, businesses and government structures. Innovation in e-Government will be measured with two Eurostat indicators – e-Government on-line availability and e-Government usage by individuals – while for the overall innovation performance weâll use a composite indicator – the Summary Innovation Index (SII) – from the Innovation Union Scoreboard (IUS). In Romania, even if the values of these indicators are not at the level of other EU countries, we can say that the situation has improved and electronic public services are being used increasingly often. The study also includes a comparison between two žmodest innovators: Romania and Bulgaria. Regarding the overall innovation performance, according to the 2010 Innovation Union Scoreboard ranking, Romania is the leader of the modest innovators countries, overcoming Latvia, Bulgaria and Lithuania. However, in the field of e-Government our country has major shortcomings. Romania has registered a significant progress in the years after the EU integration, followed by a setback in 2009, still having values below those of other EU countries, including Bulgaria.
Cuvinte cheie: innovation, e-Government, public sector, SII, correlation
Cod JEL: O11
Paginatia: 125 – 130
Titlul Lucrarii: EVALUATING THE EFFICIENCY OF LOCAL ECONOMIC DEVELOPMENT POLICIES
Autor(ii): Sautiut Lavinia SidoniaSarac Ionut Pavel
Rezumat: This paper studies the way public authorities can fundament and evaluate the local economic development policies they want to promote, according to their efficiency. After presenting the relevant literature overview regarding the local economic development and its policies, we try to underline the importance of evaluating and prioritizing the local development policies and also to propose an efficiency-based model that we later use in building and evaluating local development policies scenarios. The research methodology is both descriptive, while presenting the theoretical framework, and empirical, while building scenarios and evaluating local policies. The obtained results show us that the local policy we tested is efficient, enabling new investments to bring bigger financial benefits than the cost needed to attract them.
Cuvinte cheie: local development, policies, measuring, efficiency
Cod JEL: O21, O22
Paginatia: 131 – 136
Titlul Lucrarii: SPATIAL MODELING IN LOGISTICS DECISION-MAKING PROCESSES. IDENTIFYING THE OPTIMAL LOCATION FOR A SINGLE CENTRAL WAREHOUSE
Autor(ii): Tartavulea Ramona Iulia, Belu Mihaela Gabriela, Dieaconescu Vlad Constantin
Rezumat: In the context of the EU single market formation it was observed a trend of giving up local deposits in favor of central regional warehouses. Another factor favoring centralization of storage is the economic crisis that has forced the need for efficient activity by making decisions on reducing costs. The first part of this paper focuses on literature review and presentation of the most important decision-making models developed in the field of logistics. Several models were selected and analyzed in detail to build a modern research methodology, based on precise mathematical calculations.
In the decision making process of selecting an optimal location for a central warehouse, we used a series of mathematical models to identify the exact geographical position, which induces minimal cost for transportation to consumption points.
In the second part of the paper, the article aims to identify the optimal location for a central warehouse in Romania.
In this methodology, we chose 100 cities in Romania, positioned throughout the country and characterized as input by three sizes: latitude, longitude and population size. Latitude and longitude were used for graphical representation of the space considered (Romania) by individual points (cities), and the population was used as approximation of the demand for generic products. We applied a mathematical model in order to calculate the gravitational center using an excel spreadsheet. Each step in applying the model is explained in detail in the paper. The results of the research indicate the optimal location (characterized by its latitude: 45.469408 N and longitude: 25.630817 E) for placing a central warehouse that can supply the 100 cities with minimal transportation costs. Were also calculated the distances between the optimal location and the 100 cities and then identified 10 cities, the closest to our optimal location (Sinaia, Sacele, Brasov, Campina, Campulung, Ploiesti, Fagaras, Pitesti, Mierucurea-Ciuc, Odorheiu Secuiesc). Any of these cities can be chosen as location to build a central warehouse in Romania, because they represent a relatively good approximation for the gravitational center identified in the model applied.
Cuvinte cheie: logistics, decision making process, optimal location, warehouse, spatial modeling
Cod JEL: C21, C23, R31
Paginatia: 137 – 143
Titlul Lucrarii: BUSINESS BUZZWORDS: RIGHTSIZING, DOWNSIZING, RE-ENGINEERING, DE-LAYERING
Autor(ii): Pop Anamaria Mirabela
Rezumat: The paper attempts to analyse the rise and use of a new vocabulary (economic buzzwords) related to staff dismissal in the new economy of the world. In this new economy, the organizational boundaries between states and firms become unclear and a new vocabulary has been conceived in order to express the changes the firms are undergoing. The new rhetoric includes buzzwords like privatization, de-regulation, re-engineering, rightsizing, downsizing, de-layering, quality service or global sourcing. The research is based on the conclusions of bibliographical and direct research of the literature relevant in the field, trying to emphasise the importance of strategic language when it comes to human resources management. Concepts like freedom of speech, politically correct language or non-discriminatory language are brought to attention and analysed focusing on their importance during periods of change and uncertainty characterising the economic environment nowadays. Two trends are depicted in the paper: the first is that of the supporters of political correctness who attempt to homogenize the language and thought to enhance the self-esteem of minorities. One approach to reaching this goal is to eliminate discriminatory or offensive words and phrases and the substitutions of harmless vocabulary at the expense of economy, clarity, and logic. Another approach is to deconstruct a word or phrase into its component parts, treat the component parts as wholes, and focus on secondary meanings of the component parts. On the other hand, reflecting upon the nature of large-scale organizational restructuring, there are the critics arguing that this type of language is a euphemistic form of phraseology. The analysis starts with the assumption that the economic lexis is not a rigid system of terms. Morphologically, there is a high degree of variety in productive types of compounding which exceeds the possibilities that exist in the common English vocabulary. In this view, four buzzwords (rightsizing, downsizing, re-engineering, de-layering) have been chosen as representative for this process and, also, due to the difficulty of translating them into Romanian. Also, the etymology of these buzzwords is analysed and by this the paper attempts to find why managers have adopted these as their favourite terms when discussing large-scale organizational restructuring.
Cuvinte cheie: buzzwords, rightsizing, downsizing, re-engineering, de-layering
Cod JEL: Y90
Paginatia: 146 – 152
Titlul Lucrarii: VOICE PROBLEMS IN TRANSLATIONS OF ROMANIAN AND ENGLISH ECONOMIC TEXTS
Autor(ii): Sim Monica Ariana
Rezumat: The difficulties brought about by the passive constructions have been an issue to debate for many linguists and scientist. Translations become ever more important in an increasingly global marketplace, and they are sometimes taken too lightly, when in fact it is a serious business that should be approached sensibly in order to avoid poor results.
Translation is a specialised branch of translation, which requires specific skills and also methodology, theme as well as terminology competences.
Without being exhaustive the aim of our paper is to focus on the types of the passive constructions specific to the scientific discourse, the economic one, in particular. It also tackles the translation difficulties that may come along when dealing with scientific papers and rendering texts from Romanian into English. Passive constructions are frequently used both in English and Romanian. However, active forms are more common in literary writing or where the focus is on the people who make things happen. In contrast, passives are mainly specific to texts where the focus is on events and processes, in things that happen.
The most common problem in writing economic texts is overusing the passive voice. Specialists recommend or even require the passive voice in scientific, technical writing; motivating that by using the passive voice in scientific writing it achieves an objective tone whereas, sometimes it only obscure the text.
The scientific discourse and the economic one in particular, basically mean presenting ideas, descriptions, definitions, classifications, instructions, etc. The speech is brief, the technical person, and the scientist managing to say things which in ordinary language would require a vast amount of talk. Therefore, speakers or writers use the passive constructions in the scientific discourse for the following reasons: a) when there is no use of identifying the agent of the action, being unimportant or obvious from the context; b) to avoid repetition of the subject; c) to put emphasis on the action or the process; d) to convey objectivity; e) to avoid a long active subject.
Cuvinte cheie: translation, passive voice, Romanian language, English language, difficulties
Cod JEL: Y90
Paginatia: 153 – 159
Titlul Lucrarii: A NEW PARADIGM FOR THE RATING MARKET – A GEOPOLITICAL PERSPECTIVE ON RATING
Autor(ii): Birau Cristian Radu, Stoia Alexandru Cosmin
Rezumat: The oligopolistic structure of the global rating market formed by the “Big Three” and doubled by their incapacity to solve problems related to correctly evaluating some of the worldâs largest economic entities have both set a serious challenge on the rating industry after the onset of the contemporary economic crisis. If both in the E.U. and the U.S. rating agencies are subject to public debate and reform acts, China has defined a particular position by setting up its own rating agency, Dagong Global Credit Rating Co. This article reveals evidence of a geopolitical behavior in a quasi-official domain, which is more a necessity under the current paradigm of the worldâs economy.
Paginatia: 162 – 166
Titlul Lucrarii: AMERICAN AND ITALIAN PERSPECTIVES ON PUBLIC AND PRIVATE EDUCATION CHOICES
Autor(ii): Bucciarelli Edgardo, Odoardi Iacopo, Pagliari Carmen, Tateo Armando
Rezumat: This work is based on the analysis of the public and private support to education and human capital development in two specific national contexts: the U.S. and Italy. Recent researches have firmly demonstrated the value of higher levels of education for socio-economic development, poverty reduction, higher incomes, employment and eliminating child labour, gender equality. The increased competition and globalization of economic activity, acceleration in technological and scientific knowledge, information revolution and more recently the worldwide economic recession continue to raise the value of education and training in preparing individuals for future employment, upgrading skills for greater workplace mobility, and underpinning wealth creation and economic development through human capital formation. The International Labour Organization (2010) has pointed out the key role played by higher levels of education and skills training in employment and social protection policies. In the Western world, the education industry is complex and diverse. It combines a dominant public sector of schools and universities and community colleges which educate the majority of students; a varied private sector mainly consists of nonprofit organizations that encompass some of the worldâs most elite education and scientific institutes. The importance of education for economic growth and development is well documented from a historical and economic standpoints. In this research we examine some evolving relationships between the marketplace, the state, and education institutions, knowing that the context of these relations has evolved strikingly in recent years, which have seen three major developments: a growing system differentiation, changing governance patterns, and a diminished direct involvement of governments in the funding and provision of education. Therefore, we are interested in understanding on one hand the possible evolution of the studied phenomenon, and on the other if the experience of a leading country as the U.S. may represent a useful starting point of imitation. So that, our analysis is focused on the investigation, through a period of ten years, of students enrollment according to the willingness to invest in education, independently of the resources needed. In particular, we use the Box-Jenkins methodology to fit data by using an ARIMA model and in order to achieve more information about the phenomenon. Our findings show a similar trend over time both for public and private enrollments although backgrounds and rules are very different in the two nations considered.
Cuvinte cheie: human capital, public and private education, time series analysis.
Cod JEL: C23, E24, I25.
Paginatia: 167 – 172
Titlul Lucrarii: HUMAN CAPITAL AND DEVELOPMENT: SOME EVIDENCE FROM EASTERN EUROPE
Autor(ii): Carlei Vittorio, Colantonio Emiliano, Marianacci Raffaella, Mattoscio Nicola
Rezumat: The concept of development is not only referred to the level or to the growth rate of GDP of a country, but it concerns different aspects of individual life. Development leads to a changing of values, behaviours and attitudes of people interested in it and in the well-being of the whole society. Since the second part of the last century, more and more economists always assert that human capital is a fundamental asset to promote economic growth and development. Health and education are the two principal ingredients of human capital. There is a strong positive bidirectional relationship between education and health; in fact, it is statistically supported that the two variables move together, so healthy people are more likely to achieve an higher level of education rather than sick people and, vice-versa, more educated people are more likely to enjoy good health status. This generates a virtuous cycle that can lead to greater development. Indeed, health increases peopleâs capabilities allowing achievement in their well-beings, since healthy people can work longer and with higher productivity than poor health people. For this reason individualsâ income rises allowing them major choices in terms of consumption, savings and investments. Considering the economic benefits that start from health and education, not only at microeconomic level but also for a country, it is important to pay attention to the role of this two variables in the economic development process. There are several channels through which health and education can be associated with better enhancement in economic results. They can be find in the labour market and in the participation in the labour market; worker productivity; human capital investments; saving capacity; availability of save to invest in physical and intellectual capital; fertility choices and structure of population.The present paper analyzes the two-way linkage between education and health and their relationship with economic development identifying the conditions of some Eastern European countries. The methodology through which the results are obtained is the multidimensional scaling method which allows to define relations between countries in terms of proximity/distance with respect to the considered indicators, providing a spatial representation of them
Cuvinte cheie: human capital, education, health, economic development, multidimensional scaling
Cod JEL: I15, O15, P46
Paginatia: 173 – 178
Titlul Lucrarii: THE INTEGRATION OF YOUNG ECONOMISTS ON THE LABOUR MARKET. THE PROFESSION OPTION – A DECISION FOR CAREER AND FOR A LIFESTYLE
Autor(ii): Dodescu Anca, Pop Cohut Ioana, Borza Adriana
Rezumat: Knowing the importance of the integration process of graduates of higher economic studies on a labour market that is becoming more and more demanding, as well as the fact that professional objectives realistic defined represent an essential demand of performance, the present paper aims to determine the relevance of personal decision capacities as a favouring factor of a concrete career option for economist students.
Our research is based on information and statistical data obtained through applying tests and questionnaires on economist students from licence and master studies form three universities:Â Â University of Oradea, The West University of Timişoara and Ştefan cel Mare University of Suceava, in the project called PRACTeam žThe practice of economist students. Inter-regional partnership on the labour market between universities and the business environment Project co-financed through the Social European Fund, Through the Operational Program Human Resource Development 2007 – 2013 – žInvest in people!.
In essence we leave from the premises that the professional option reflects a specific side of individualâs personality which does not choose only for a certain occupation but, implicitly for a certain lifestyle. As a diagnosis approach we assume axiomatic the thesis according to which the high level of congruence between the individual psychological availabilities and the occupational environment raises the satisfaction chance and professional success.
The approach that we submit is an interdisciplinary one, as well as the research team formed of two economists and a psychologist. Our study proposes to identify the correlation between the individual decision ability of the subject and the compatibility between a specific interests set of abilities identified on the basis of individual tests. Also, on the basis of processing the results obtained of economist students at the personality tests, we will try to argument explaining the option of some subjects for professions that demand individual qualities that their personality does not imply at the level asked.
Cuvinte cheie: labour market, profession option, economist students, career
Cod JEL: J01, A11, M50, A20
Paginatia: 179 – 185
Titlul Lucrarii: ANALYSIS OF ECONOMIC GAPS BETWEEN URBAN AND RURAL ROMANIAN AREAS
Autor(ii): Gsdiu Valeria, Toader Valentin
Rezumat: In this paper the authors will perform a comparative analysis of the impact that the population residential areas have on the economic and social activity from Romania. Our analysis will be carried out for a time span of 10 years, between 2000 and 2009. The main purposes are to emphasize the economic gaps between the residential areas (urban and rural) and to identify the factors that determine these gaps.
The economic differences between rural and urban areas and their impact on the peoplesâ standard of living represent an important issue for international institutions like IFRC, UNICEF or OECD. Also, this topic represents a frequent subject in the economic literature from poor and developing countries. Studies conducted by Huong and Booth (2010), Alister, Alana and Ayele (2007), Chao, Zhidong and Mingxing (2008), Mateoc-Ssrb, Mateoc, DarvaSi and Manescu (2008) or Sahn and Stifel (2002) are representative examples. Most of these papers focus on the living standards differences generated by the differences between income and expenditures between urban and rural areas.
To achieve our goals, we will use the statistical methods to analyze the data released by the National Institute of Statistics. We will try to find some correlations between the economic indicators – household incomes, value and structure of household expenditures, structure of household expenditures – the social indicators – residential area, education level, age and occupation. The highlight of the gaps between the rural and urban areas will be the main objective during this analysis.
We conclude that in Romania there are substantial differences between rural and urban areas. The income differences are determining different consumption patterns between rural and urban persons. In rural areas, the population is spending less in all goods and services aspect that reduce their standard of living. Anyway, the results obtained are the subject of at least two possible limits. The fact that the data series are too short may affect the results we have obtained. Also, the economic gaps analyzed represent an average for the whole country, what means that in some regions these differences may be even higher.
Paginatia: 186 – 192
Titlul Lucrarii: THE FINANCIAL PERFORMANCE OF EUROPEAN COMPANIES: A COMPARATIVE APPROACH
Autor(ii): Gruian Claudiu – Marian
Rezumat: The present study empirically examines the financial performance of European companies and tries to identify the profitability differences that exist between: enterprises with same profile, economic sectors and between several countries from the European Union. Based on data of the year 2009, the newest available on the BACH-ESD database, three financial performance main indicators are being calculated, namely: Return on Assets, Return on Equity and Net Margin. Results are discussed and compared with the ones obtained in former similar studies and some conclusions are drawn. The most performing sectors are found to be mining, quarrying, professional, scientific and technical activities, utilities and IT&C. The sectors that perform the worst are transport and storage, agriculture, accommodation and food service. As shown in other studies the most profitable and competitive companies in the sample belong to the Nederland, Belgium and Austria and the least profitable ones are situated in Italy and Portugal. As a complementary useful result of the study, the average values obtained for the three variables, in the various sectors considered, can be utilized for future comparisons, for assessing the financial performance of companies that belong to same sectors as those surveyed.
This paper is a dissemination of the results obtained by the author in the doctoral program The financial performance of EU member statesâ companies, coordinator: Professor Carmen Corduneanu, PhD, carried out within West University of Timişoara, Romania, in the period October 2010- July 2012.
Cuvinte cheie: financial performance, return on assets, return on equity, net margin, BACH-ESD database
Cod JEL: L20, L25
Paginatia: 193 – 200
Titlul Lucrarii: A POSSIBLE MODEL FOR ANALYSING THE PRACTICAL NEEDS OF STUDENTS IN ECONOMICS-PRACTEAM MODEL
Autor(ii): Hatos Roxana
Rezumat: Data presented in this paper are part of the activities of the PRACTeam project Practice of students in economics. Inter-regional partnership between universities and the labor market” project co-financed by European Social Fund Operational Programme Human Resources Development 2007-2013 -” Invest in people! “Contract no. POSDRU/90/2.1/S/64150. Identifying the needs of practice activity had as research tools: focus group and questionnaires. Research subjects were third-year students who have completed the practical work from all three partners: Oradea, Timisoara and Suceava. The results obtained in this research were the basis for discussions during the workshop PRACTeam between student representatives, tutors and practice coordinators. Based on the central elements and highlighted problems were developed materials for both tutors and students. The specific objectives of identifying needs for practical training were: to determine administrative and organizational elements deemed most appropriate for students in terms of practical training, identifying methods of communication between all stakeholders (students, coordinators and tutors of practice) the most suitable in terms of training students, identifying the strengths and weaknesses in relation to the conduct of practical training
Presentation integrates the results with emphasis on elements that can be improved, structured around the following areas: evaluation of the internship, access into the practice, conduct practical work (satisfaction with the relationship with the tutor, satisfaction with relationship with practice coordinator, student satisfaction with the activity, satisfaction with knowledge, skills acquired in satisfaction with the practice, satisfaction with communication with colleagues) positive, negative aspects, students’ views on improving practice activity.
Paginatia: 201 – 205
Titlul Lucrarii: THE RELATIONSHIP BETWEEN MACROECONOMIC VARIABLES AND ROMANIAN CORPORATE DEFAULT RATES BETWEEN 2002-2008
Autor(ii): Kovacs Ildiko, Karsai Zoltan-Krisztian, Suveg Orsolya, Joita Nicoleta
Rezumat: During its 20 year history of market economy, Romania experienced the most severe downturn in 2009, which resulted in many cost, mainly because of the output loss. These conditions forced several firms to declare bankruptcy and to stop their activity. The aim of this research is to assess the relationship between the corporate default rates and the macroeconomic processes in the case of Romania for the period comprised between 2002Q1-2008Q4.
For this, based on the relevant literature, we ranked the potential explanatory variables of the default rates into seven groups: cyclical indicators, household indicators, corporate indicators, external sector indicators, price stability indicators and interest rates, loans to private sector and finally the capital market indicators. Some studies base their results only on accounting data, others only on market data. Our study focuses on both, since this seems to be an adequate approach in capturing most of the processes.
Similar to the banksâ loan portfolio structure, we conducted analysis for five sectors: industry, construction, agriculture, services and the overall economy. For each sector the average default probability at time t is modeled as a logistic function of many general and sector-specific macroeconomic variables. The use of logistic regression was motivated by its ability to account for fractional data between 0 and 1.
We found that at least one variable from each group has a significant explanatory power regarding the evolution of the default rates in all five sectors analyzed. In some cases the sign of the variables was the opposite of what the economic theory would have suggested, but it has to be taken into account that Romania posted the picture of an overheated economy during the analyzed period. Another important conclusion was that many variables were significant through their lagged value, which indicates an even better supervision of the evolution of the specific variables. From all the variables, the volatility of the BET-C index proves to be the most important in predicting the evolution of the default rates, as it didnât proved to be significant only for the construction sector. The evolution of FDI and the volatility of the BET-C index proved to be very important in determining the evolution of the corporate default rates, as well. The first was a very important factor in the financing of companies, especially during the analyzed period, and the risk meter is something that never should be disregarded when it comes of analyzing default rates.
Cuvinte cheie: corporate default rate, macroeconomic processes, economic imbalances, logistic regression, lagged effects
Cod JEL: C22, C51, C52, E32, G32, G33
Paginatia: 206 – 213
Titlul Lucrarii: KEY ASPECTS OF ANALYSIS ON THE IMPACT OF RECENT DEVELOPMENTS IN HEALTH SERVICES IN THE WESTERN REGION OF ROMANIA
Autor(ii): Pitorac Ruxandra Ioana, Toth Maria, Jivan Alexandru
Rezumat: The paper aims to establish the principal correlations and positions of the tertiary sector in the Romanian economy, for realistic assessment of the actions, decisions and developments in this field.
The research starts from the statistical analysis regarding the current condition and the importance of services, calculating dynamics and relevant percentages. It is also detailed the situation of health services in the western region. Its being inventoried some of the latest developments and of most impact, within them.
The effects of government policies are viewed from the angle of influence on economic activity, being performed a SWOT analysis adequate to the current situation. Attention is paid both to the direct impact, in the field, and the indirect one, in the economic life ensemble and society as a whole, short and long term.
The research results highlight the economic situation of Romania and the way in which economic activity is in close contact with the health system.
Cuvinte cheie: Tertiary sector, medical services, health reform, economic development, sustainable development
Cod JEL: I18, R11
Paginatia: 214 – 220
Titlul Lucrarii: COMPETITIVENESS – GROWTH FACTOR. POINT OF VIEW ON THE SITUATION IN ROMANIA
Autor(ii): Cismas Laura Mariana, Bucur Oana Nicoleta, Pitorac Ruxandra Ioana
Rezumat: This paper considers the issue of competitiveness of national economy, making specific reference to the economic situation of Romania in the year 2010.
The diversity of views on approaches to competitiveness in the literature requires consultation of reports prepared by prestigious international forums and organizations, using relevant indicators and economic variables.
Cuvinte cheie: Competitiveness, economic growth, productivity, economic environment, economic efficiency.
Cod JEL: F43, O47
Paginatia: 217 – 221
Titlul Lucrarii: DETERMINANTS OF COMMUNITY PARTICIPATION IN ORADEA
Autor(ii): SAVEANU TOMINA GABRIELA
Rezumat: The present paper is part of the research of the PhD thesis made by the author, having the title: Community Participation in Oradea, registered at the University of Oradea – Faculty of Social and Human Sciences. The general objectives of the paper are the explanation of different types of citizensâ involvement in the life of their community, the investigation of the existing relationships between different forms of participation, the interpretation of the effects different forms of participation have on the studied communities and the identification of relevant mechanism for the stimulation social involvement.
The citizens’ political and civil participation, social responsibility, community spirit, civic activism together with other concepts from the civil society’s rhetoric entered the agenda of public debates together with the intensifying efforts for adhering to the European Community, being the subject of numerous studies conducted in this field. The need for a strong civic society, with interested and involved citizens in the life of the community which they belong to, for social and economical development belong to the same discourse of the strong democratic society, being challenged in the literature, starting with Tocqueville, Almond and Verba, to Putnam and many others. In parallel to the civil society’s rhetoric and the analysis coming from this direction, are the studies and theories of community development, which on one side are based on development policies, regulations, institutional framework of development, but contain also aspects of citizens’ involvement in evaluating the community problems, the decision making processes and in the actual implementation of solutions. Moreover the aspects of network belonging and social trust which are reflected in the concept of social capital are sources both for participation as well for economic and social development.
The present paper reflects the analysis of the determinant factors which can increase the engagement rates in the community life of the Romanians, engagement which is relevant on the production of different types of collective goods. The analysis is based on data obtained with the CEEX research, coordinated by Adrian Hatos, “Leaders, Participants and Viewers. Determinants of community participation in the urban Romania”. The tested hypotheses in the research part, based on the results of different studies and theoretic approaches, derive from the general question of the paper: which are the factors that determine the community participation of the people living in Oradea. Thus, the participation variation is verified by: gender, age, social status, social capital, civic competence, leadership experience, participation opportunities. The main results suggest that community participation is explained by civic competence, well-being, bridging social capital, gender and age.
Cuvinte cheie: community participation, community development, civic activism
Cod JEL: D17, H41
Paginatia: 221 – 227
Titlul Lucrarii: AUTHORITARIANISM AND DEMOCRACY IN THE RATING EQUATION
Autor(ii): Stoia Alexandru Cosmin, Birau Cristian Radu
Rezumat: The challenges that the rating process has been submitted to after the onset of the contemporary economic crisis caused profound shifts on how this activity is performed. The parties involved in assessing and evaluating country risk have observed only distorting effects derived from the global recession, thus neglecting political valences inevitably associated to the difficult times that came to past. This article aims to evaluate the role of authoritarianism and democracy over investors, but also to analyze the situation of the social movements that took place in the Arab world.
Cuvinte cheie:
Cod JEL:
Paginatia: 228 – 233
Titlul Lucrarii: TRENDS OF EMPLOYMENT IN INFORMAL SECTOR IN ROMANIA DURING CRISIS;ECONOMIC AND SOCIAL EFFECTS
Autor(ii): Vasile Valentina, Pisica Silvia
Rezumat: The present paper emphasizes the size and trend of employment in the informal sector as affected during the recent years by the crisis and by showing the relation with informal economy. The paper is structured on three parts. The first part focuses on the concepts and methodology popular and recommended by the international organizations together with the ones applied for the estimations presented in the paper. It brings information on the conceptual framework endorsed by International Labour Office (ILO) on the 15-th International Conference of Labour Statisticians (15th ICLS) – on informal sector (which was subsequently included in the revised international System of National Accounts, SNA 1993) and employment in informal sector – and on 17th ICLS, on informal employment. Methods used for obtaining the estimates for Romania figures on informal economy and employment are treated. For the informal economy the method used by National Statistical Institute of Romania (INS) for estimating the underground economy and own calculations were used. For estimating the employment in informal sector a method developed by the authors was applied which consists, on short, on reconciliation between demand and supply available from statistical sources. Second part is dedicated to the analysis on the estimates produced, with observations on the trends induced by the crisis on informal economy and employment. The second also deals with several characteristics and dimensions of the employment in informal sector by gender and economic activities as well as the relation with several macroeconomic and social indicators. Finally, the third and last part proposes the direction of action and policies aimed to combat and reduce the informal sector and to transfer it into the light, visible side, i.e. the formal sector.
Cuvinte cheie: informal employment, informal economy, economic crisis
Cod JEL: E25, E26, G01
Paginatia: 234 – 253
Titlul Lucrarii: COLLATERALâS IMPORTANCE IN SMES FINANCING: WHAT IS THE BANKSâ RESPONSE? SOME EVIDENCE FOR ROMANIA
Autor(ii): Badulescu Daniel, Petria Nicolae
Rezumat: Searching for funding, SMEsâ managers face various obstacles arising from information asymmetry, lack of experience, severe market conditions, and insufficient or unsatisfactory collaterals for banks (OECD 2006; Badulescu and Badulescu 2010; OECD 2000 and 2004; Lin and Sun 2006; Toivanen and Cresy, 2000). The collateral issue is extensively discussed in literature – preventing moral hazard, the alignment the interests (Stiglitz and Weiss 1981:393-410; Chan and Thakor 1987:345-363; Jiménez and Saurina 2004), a means to discipline the borrowers behaviour (ex post) given the existence of a credible threat (Aghion and Bolton 1992:473-494), or even banking behaviour on the market (Manove et al. 2001:726-744, Argentiero 2009). In the same time we find that the perception of firms, revealed by National Bank of Romania (NBR 2010) survey data, show that banks still use the collateral as a measure of pressure, in special in crisis times. For an important part of managers, the bank increased the level of required collateral for existing, renewing or new credits, asking for new covenants, revealing a paradox of crisis time: while the bank loans remained the favourite method of external financing needs of business, the banks often reduce their availability. Although the bank loan remains the favorite mean to support the growth ambitions, the higher level of collateral or lending costs are seen as principal obstacles by the majority of manager in EU. According to NBR survey, the influence of risk factors related to collateral had a climax at the end of 2008 and 2009, when the banks have tightened the requirement for loan guarantee. Using National Bank of Romania (NBR 2010) survey data, we show that the banks still use the collateral as a measure of pressure, in special in crisis times. For an important part of managers, the bank increased the level of required collateral for existing, renewing or new credits, asking for new covenants, revealing a paradox of crisis time: while the bank loans remained the favorite method of external financing needs of business, the banks often reduce their availability. According to NBR survey, the influence of risk factors related to collateral had a boom at the end of 2008 and 2009, when the banks have tightened the requirement for loan guarantee. Following the European trend in straightening the credit conditions, Romanian market had a more pregnant evolution with a rapid deterioration of these conditions during the second and the third quarter of 2008. In general terms, the seeking for higher percentage of coverage with real estate collaterals, paradoxically, makes banks more vulnerable, given their pro-cyclical behaviour, feeding the real estate market crisis.
Cuvinte cheie: SMEs lending, collateral, credit standards
Cod JEL: G21
Paginatia: 256 – 260
Titlul Lucrarii: PROBLEMS AND CHANCES AT THE INTERFACE BETWEEN HOSPITAL CARE AND GERIATRIC REHABILITATION
Autor(ii): Leuca Mirela, Fastenmeier Heribert
Rezumat: Available statistical data offer valuable information on recent demographic changes and developments within European healthcare and welfare systems. The demographic evolution is expected to have considerable impact upon various, major aspects of the economic and social life in all European countries. The healthcare system plays an important role especially in the context of ageing societies, such as Germany. This paper focuses on the evolution of the prevention or rehabilitation service sector during the last years in Germany, analyzes the specific characteristics of the elderly patients being cared for in these facilities and underlines important aspects at the interface between (acute) hospital and geriatric rehabilitative care. Networking, integrated care services and models will be of even greater importance in the future demographic setting generating (most probably) increasing numbers and percentages of elderly, multimorbid hospitalized patients. More than this, the cooperation at regional level between acute geriatric hospital departments and geriatric rehabilitation facilities has become a mandatory quality criterion in the Free State of Bavaria. This paper presents and analyzes issues referring to a precise cooperation model (between acute and rehabilitative care) recommended for implementation even by the Free State of Bavaria while emphasizing several examples of good practice that have guaranteed the success of this cooperation model. The analysis of the main causes leading to longer length of stay (and thus delayed discharges) for the elderly patients transferred to geriatric rehabilitation facilities within the reference model for acute-rehabilitative care provides important information and points at the existing potential for optimization in the acute hospital setting. Vicinity, tight communication and cooperation, early screening, implementation of standard procedures and case management are some of the activities that have contributed considerably to the improvement of the hospital length of stay and transfer management for elderly patients benefiting from (follow-up) inpatient geriatric rehabilitation services. The presented facts are important not only for the German health setting.
Cuvinte cheie: acute-rehabilitative care interface, demographic impact, process optimization, care networking, geriatric patients
Cod JEL: I11, J11, M10
Paginatia: 261 – 267
Titlul Lucrarii: WHAT FUTURE FOR TOURISM IN THE COLD REGION ENVIRONMENTS ?
Autor(ii): Molnar Elisabeta, Stanciulescu Gabriela Cecilia
Rezumat: The mean temperature in Europe is estimated to increase by 2-6°C by 2100, which will probably result in shorter and milder winters and warmer and longer summers. Several researchers believe that this will have a very great effect on tourist movements in Europe, turning them round from South to North. In other words, a climate change is expected to be favourable for summer and winter tourism in northern Europe and unfavourable for winter tourism in the Alps and summer tourism around the Mediterranean. However, it is not yet known what economic, social and environmental consequences this change in tourism will have in Europe.
The aim of this article is to make the reader understand the complexity of the goods and services systems provided by tour operators, because these are the main providers for the activities included in the tourism sector.
The article is structure in many parts: theoretical approaches, research methodology and the results of its application, conclusions. The main research method was the case study on a large Romanian tour operator.
Paginatia: 268 – 275
Titlul Lucrarii: OUTSOURCING STRATEGIES. HOW TO FORMALIZE AND NEGOTIATE THE OUTSOURCING CONTRACT.
Autor(ii): Pellicelli Michela, Meo Colombo Carlotta
Rezumat: In the globalized economy multinational firms have given rise to local firms able to produce at a low cost and at acceptable quality levels. A growing number of firms have outsourced production and manufacturing activities of all types to these firms, not only to reduce production costs but also to make their organizational structures more streamlined and flexible. Outsourcing decisions, which originally were limited to production which had a modest technological content and was of marginal importance for the business in question, is increasingly adopted for activities which, requiring core competencies or belonging to the core business, were considered inseparable from the organization and thus not outsourceable. Gradually an outsourcing strategy has developed which has found it convenient to outsource even core competencies and functions, such as specialized manufacturing, which require a particular technology, marketing, product design, and the search for know-how (Prahalad and Hamel 1990: 79-91).
Such an outsourcing strategy has a number of advantages, among which quality improvement, a greater focus on managing other core competencies, a greater flexibility and leverage regarding resources, along with the possibility of entering new markets, even ones with a high rate of development.
This article analyzes the fundamental stages for an outsourcing strategy. It will demonstrate how, in order to achieve an outsourcing strategy, it is necessary to include outsourcing in the general strategy, gather suitable information for choosing the outsourcer, negotiate the contract with the supplier, choose the type of relationship to have with the supplier, and, finally, plan the transfer of activities and functions from the outsourcee to one or more outsourcers or providers.
Cuvinte cheie: outsourcing, outourcing decision, strategic perspective, outsourcing contract, contract negotiation, outside information, organizational culture
Cod JEL: M10, M19, L20, L21, L24, L26
Paginatia: 276 – 287
Titlul Lucrarii: DESCRIPTIVE ANALYSIS OF THE INTERNATIONAL MIGRATION PHENOMENON IN ROMANIA BETWEEN 1991 AND 2008
Autor(ii): Petrescu Raluca Mariana, Zgura Ion Daniel, Bac Dorin Paul
Rezumat: Migration represented and represents a very important phenomenon at global level, taking into consideration besides its demographic implications, its extremely diverse implications such as socio-economic, socio-cultural, territorial, or environmental. This represents, probably, the main reason why the research on migration is interdisciplinary, having strong connections with sociology, political sciences, history, economics, geography, demography, psychology, or low, among others. All these disciplines target different aspects of population migration, and a proper comprehension of the phenomenon implies a contribution from the part of all of them. Although migration represents a phenomenon manifested since ancient times, it has never been such an universal or significant phenomenon from the socio-economical or political perspective, as it is in present times. International migration has both a negative and positive impact on both provider and receiving countries, in general playing a very important role in the structure and dimension of the population of a country. Romania is not an exception to the previously expressed statement; furthermore, after the fall of the communist regime, migration became for Romania one of the most important socio-economical phenomena. The present paper aims at analyzing in a descriptive manner the international migration phenomenon in Romania between 1991 and 2008, from quantitative perspective. Based on data identified in the Statistical Yearbook of Romania – 2008 and 2009 editions – the analysis revealed the fact that both immigration and emigration flows registered oscillatory evolutions in the analysed period, but the general trend of immigration was of increasing, while the one of emigration was of decreasing. Immigration was dominated by the presence of males, of persons aged between 26 and 40 and of persons coming from the Republic of Moldova. On the other side, in the case of emigration the significant presence of females, of persons aged between 26 and 40, of persons of Romanian nationality and of those who preferred as main destination country Italy, was remarkable.
Cuvinte cheie: international migration, immigration, emigration, Romania
Cod JEL: F22, O15
Paginatia: 288 – 294
Titlul Lucrarii: THE INTANGIBLE ASSETS INVESTMENTS. CHARACTERISTICS AND THE ACCOUNTING TREATMENT
Autor(ii): Sacui Violeta, Prediscan Mariana
Rezumat: In the knowledge-based economy the fundamental determinants of the enterprise value, in the present, have an intangible nature. The intangible investments are the most important factors of the enterprise success. Wealth, growth and welfare are driven nowadays by intangible investments. The knowledge economy is characterized by huge investments in human capital and informational technology. Despite of the increased importance of intangible assets, as the source of the firm` competitive advantages, the information regarding these kind of assets, both available in the inside of the firm and, which is presented to the externals, is pour. In this paper I present the reasons for this situation.
Cuvinte cheie: intangible, investments, assets, accountancy, value
Cod JEL: G31
Paginatia: 295 – 300
Titlul Lucrarii: THE FREEDOMS OF MOVEMENT OF THE SINGLE MARKET
Autor(ii): Sirghi Nicoleta, Hategan Camelia – Daniela
Rezumat: The European Single Market implies not only the free movement of goods and services, but also the free movement of production factors (the capital and the labor force).The liberalization of goods and services and of production factors movement has determined, on the short term, the appearance of some structural and specialization adjustment processes within the member countries, and on the long term a more efficient allocation of the production factors, an improvement of labor productivity and positive effects in the field of labor force employment.
According to the neoclassical theory, the labor force migrates from regions with low wages and low profit rates, to regions having high wages and high profit rate. Thus, the production factors are used in a more productive way.            According to this theory, the factors mobility contributes to the equalization of the wages and to a better factors allocation. Issues such as structural funds, personsâ freedom of movement, convergence could be turned into advantages by any member state, and especially by a new member state. From an economic perspective, the causes of labor force mobility, as a production factor, are: the price differences (wage differences, profit rates differences, interest rates differences) – according to neoclassical theory; income difference, meaning saving excess or insufficiency for the capital, according to Keynes approach; differences in the level of economic development, determining unequal changes, according to the monetarists. Romania has become a European Union member at January, the 1st, 2007. The accession road has been a long one, full of challenges, issues, but also satisfactions. The 1st of January has not been the end of a process, but the beginning of a new period for Romaniaâs present history. The author will try to emphasize the freedoms of movement of the Single Market. The humanitarian reasons also determine the migration of the population; these are the refugees, the asylum solicitors, the persons having temporary protection or persons accepted for other humanitarian reasons.
Cuvinte cheie: Economic Integration, Models of Trade with Imperfect Competition, Labor Market Interactions, freedom, movement
Cod JEL: F12, F15, F16
Paginatia: 301 – 305
Titlul Lucrarii: EUROPEAN CROSS-BORDER MERGERS AND ACQUISITIONS- REALITIES AND PERSPECTIVES
Autor(ii): Vancea Mariana
Rezumat: This paper analyses the impact of the economic and financial crisis on merger and acquisition activity in Europe and the latest trends manifested on the cross-border merger and acquisition market involving European companies. Thus, a first objective of this research is to reveal the evolution of the European cross-border merger and acquisition activity in terms of dynamics, volume and structure. Another objective of this research is to reveal the short and medium term perspectives on mergers and acquisitions in Europe. Thus, under the continuous economic recovery of the European countries and the other worldwide economies, the recovery of financial markets and the growth of corporate profits, we shall witness an intensive cross-border merger and acquisition activity in Europe. The expansion engine of these operations seems to be represented by the emerging economies. This research is based on a systematic, logical and comparative analysis of scientific literature and statistical data regarding the cross-border mergers and acquisitions that involve European companies in recent years. This paper is part of the doctoral thesis Mergers and acquisitions- strategies of growth and development of enterprises. European and national particularities, coordinated by professor Ph.D. Alina Bădulescu from University of Oradea, Faculty of Economics. The doctoral research is supported by The Sectorial Operational Program for Human Resources Development 2007-2013, Contract POSDRU 59/1.5/S/1- Romanian researchers through modern and efficient doctoral programs.
Cuvinte cheie: cross-border mergers and acquisitions, firm strategy, external growth, economic and financial crisis, economic recovery
Cod JEL: F23, M10, M16
Paginatia: 306 – 313
Titlul Lucrarii: AN INVESTIGATION OF LONGRUN RELATIONSHIP BETWEEN ECONOMIC GROWTH, INVESTMENT AND EXPORT IN ROMANIA
Autor(ii): Mester Ioana Teodora, Simut Ramona Marinela
Rezumat: The objective of this study was to estimate the long-run relationship between economic growth, investment and export in Romania using trimestrial data from the National Bank of Romania as well as National Statistical Institute. The econometric methodology employed was the Cointegration and Granger Causality test.
First, the stationarity properties of the data and the order of integration of the data were tested using the Augmented Dickey-Fuller (ADF) test. We found that the variables were non-stationary in levels, but stationary in first differences; that is, they are integrated of order one (I (1)). Since we used single equation model(s), the application of Johansen multivariate approach to cointegration was necessary to test for the long-run relationship among the variables. The result showed the existence of a single cointegration equation between the variables. The result of the Granger causality test shows a bidirectional relationship between investment and economic growth and also a bidirectional relationship between investment and exports but the result of the causation between export and growth was statistically insignificant.
Cuvinte cheie: economic growth, investment, export, Romania, VECM model
Cod JEL: E52, C32
Paginatia: 316 – 321
Titlul Lucrarii: THE NEW ECONOMY AND THE ENTREPRENEUR: REASSESSMENT AND PERSPECTIVES IN THE CONTEXT OF XXI CENTURY
Autor(ii): Achim Monica Violeta, Mara Eugenia Ramona, Borlea Sorin Nicolae
Rezumat: Industrial revolutions, the progress in IT industry, the growth rate of developing new technologies, global competition, liberalization of markets, continue to demand change, globalization of market, economic and financial crisis are just some of the causes that have contributed to the restoration of a new global economic with direct impact on business entrepreneur. Changes socio-economic level paradigm is reflected both in changes to management and organization paradigms enterprise activity in the product market, at work, at the performance that follows the entrepreneur.
In this article we tried a summary of mutations in these paradigms, mutations that will rearrange and reposition the business entrepreneur in the current context of a sustainable economy, based on knowledge, so-called new economy.
Cuvinte cheie: žnew economy, sustainable development, entreprise, paradigms, changes, global performance
Cod JEL: D00, D20, D30, D40, D60
Paginatia: 324 – 329
Titlul Lucrarii: THE OPPORTUNITIES AND CHALLENGES OF MICROINSURANCE
Autor(ii): Bente Corneliu
Rezumat: Microinsurance is a term increasingly used to refer to insurance characterized by low premium and low caps or low coverage limits, sold as part of a typical risk-pooling and marketing arrangements, and designed to service low-income people and businesses not served by typical social or commercial insurance schemes.
As a relatively new field, few studies evaluating the impact of microinsurance projects exist. Of these, even fewer have a rigorous methodology leading to reliable results.
Our research aimed to:
– examine the viability of microinsurance as a mechanism of risk transfer and tool for risk management in developing countries;
– provide a state of the art analysis of microinsurance for a better understanding of currently operational microinsurance schemes;
– reflect on the opportunities and challenges of microinsurance in developing countries, highlighting both the potential benefits and limitations of microinsurance as an instrument for transferring risk;
– consider the interests and perspectives of different stakeholders and the incentives and disincentives for participating and investing in a micro-insurance scheme;
– enhance dialogue and collaboration on this topic between and within the commercial insurance sector and the disaster risk reduction communities;
– assess the opportunity of introducing microinsurance in Romania.
Reflecting on the opportunities and challenges of introducing microinsurance in Romania, there is absolutely necessary to understand both the supply side (current insurance market) and the demand side (risks faced by low-income persons and the coping strategies used to manage these risks). The majority of the primary research was conducted on-site in Romania, in Oradea and its environs, during the month of December 2010. Qualitative research techniques were utilized, including focus group discussions (FGD) and guided individual interviews with members of both the public and private sector, as well as with international non-governmental organizations, such as the World Bank, and IMF.
The research revealed the main risks faced by low-income households, and the fact that microinsurance is a mostly unknown concept in Romania. There is a clear need and demand for microinsurance in Romania. The potential market is estimated to include approximately 4.3 million persons in 2008.
Cuvinte cheie: microinsurance, microfinance, low-income, direct sales, performance
Cod JEL: G22
Paginatia: 330 – 335
Titlul Lucrarii: USING SPLINE FUNCTIONS FOR THE SUBSTANTIATION OF TAX POLICIES BY LOCAL AUTHORITIES
Autor(ii): Bolos Marcel, Pop Razvan, Otgon Cristian
Rezumat: The paper aims to approach innovative financial instruments for the management of public resources. In the category of these innovative tools have been included polynomial spline functions used for budgetary sizing in the substantiating of fiscal and budgetary policies. In order to use polynomial spline functions there have been made a number of steps consisted in the establishment of nodes, the calculation of specific coefficients corresponding to the spline functions, development and determination of errors of approximation. Also in this paper was done extrapolation of series of property tax data using polynomial spline functions of order I. For spline impelementation were taken two series of data, one reffering to property tax as a resultative variable and the second one reffering to building tax, resulting a correlation indicator R=0,95. Moreover the calculation of spline functions are easy to solve and due to small errors of approximation have a great power of predictibility, much better than using ordinary least squares method.
In order to realise the research there have been used as methods of research several steps, namely observation, series of data construction and processing the data with spline functions. The data construction is a daily series gathered from the budget account, reffering to building tax and property tax. The added value of this paper is given by the possibility of avoiding deficits by using spline functions as innovative instruments in the publlic finance, the original contribution is made by the average of splines resulted from the series of data.
The research results lead to conclusion that the polynomial spline functions are recommended to form the elaboration of fiscal and budgetary policies, due to relatively small errors obtained in the extrapolation of economic processes and phenomena.
Future research directions are taking in consideration to study the polynomial spline functions of second-order, third-order, Hermite spline and cubic splines of class C2 .
Cuvinte cheie: fiscal policy, budget deficits, spline functions, budget justification, debt crisis
Cod JEL: C29, H72
Paginatia: 336 – 347
Titlul Lucrarii: INCREASE IN THE ROLE OF THE FINANCIAL SYNTHESIS REPORTS FOR ACCESSION OF THE EUROPEAN STRUCTURAL FUNDS
Autor(ii): Chirila Emil, Droj Laurentiu
Rezumat: European integration is supported through important financial resources in order to sustain the investment effort for aligning the business infrastructure and increase in the business competitiveness in order to fulfill the European Union standards.
The financial management, a basic component of the general management, has as scope to realize complex financial analysis in order to substantiate the decisions for investments and financing which should ensure the maximization of results, ensuring also the elaboration of the project budget as an essential document in the identification of the needs for resources and for obtaining the non-reimbursable financial sources.
An essential role in the investment decision making, having as support European funding, is realized by the financial-accounting reporting documents such as balance sheet, profit and loss account, table of the treasury flows, which together with a realistic established actualization rate ensures the relevance and efficiency of the financial indicators: Net present Value(NPV), Internal Rate of Return(IRR), the investment recovery period, the benefit/cost ratio.
This study has as its goal to realize a critical analysis over the main simulation methods and techniques for forecasting annual return based on its growth rate, which should ensure the success of the implementation and operation of an investment realized through European structural funds respecting also the requirements for minimization of risks. In this research it is shown the importance of proper generation/modeling of the annual turnover in an investment project. Several methods were presented and case study was realized. Since the annual turnover constitutes the basis for the entire financial analysis it is very important that a realistic growth rate is used. Otherwise the provisions within the financial analysis of the investment (including CBA), the project implementation strategy and later the plan for the utilization of the newly realized investment might prove difficult to be fulfilled.
Cuvinte cheie: Structural funds, Financial Statements, Annual Turnover, Annual Growth rate
Cod JEL: G30, O16, G34, G38
Paginatia: 348 – 353
Titlul Lucrarii: THE IMPORTANCE OF THE JURIST AND ECONOMIST GHEORGHE N. LEON IN THE EVOLUTION OF FINANCIAL SCIENCE
Autor(ii): Cirmaciu Diana, Popa Carmen
Rezumat: The economical-financial problems have always constituted a challenge far all the decisional factors at the state level and not only, thus the financial sciences – which also aim to regulate the relationships to create, assign and use the financial funds of the state and of the public institutions, destined to satisfy the social-economical needs of the society – recorded a great doctrinal interest.
Thus, a series of jurists and economists had understand the necessity and opportunity of knowledge in the domain of financial science, of the financial law, taking into consideration the fact that the difficulties which they have met at those times obliged them to take the responsibility to make every simple citizen and every person with political or administrative responsibility by the state understand the problems of public administration.
In approaching the given subject I have chosen to use some of the methods of scientific research, respectively: the historical method (financial science being presented succinct through the process of its evolution along the years), interpretation methods and a combination of quality and quantity approach, namely the method of analyzing archive documents and the studies of professor Gheorghe N. Leon.
In these contexts have asserted and developed himself in the university and political environment, Gheorghe N. Leon, having a rich activity of intellectual creation, approaching in his works the complex aspects of the science of financial law. Thus, starting with the rules and principles of this domain, Gheorghe N. Leon had realized a veritable incursion in the history of finances and in the theory of taxation, public and budgetary credit.
Analyzing a part of his scientific works, we can affirm that a personality with such a complex structure, like Gheorghe N. Leon is hard to define, but surely, through the prism of his works and through his long-lasting and rich scientific activity, his name can be mentioned among the personalities of the academic education in the domain of financial science.
At the same time we can affirm that in this actual period, when public finances represent an essential component of social-economical life of any nation, the scientific process of the most economists, the process of approaching notions and concepts specific to this domain was and remains fully justified.
Cuvinte cheie: financial science, economical-financial politics, inter-war period, legislation, financial problematic
Cod JEL: Economic History N00-General
Paginatia: 354 – 361
Titlul Lucrarii: WEATHER INDEX- THE BASIS OF WEATHER DERIVATIVES
Autor(ii): Ciumas Cristina, Botos Horia Mircea
Rezumat: This paper approaches the subject of Weather Derivatives, more exactly their basic element the weather index. The weather index has two forms, the Heating Degree Day (HDD) and the Cooling Degree Day (CDD). We will try to explain their origin, use and the relationship between the two forms of the index.
In our research we started from the analysis of the weather derivatives and what they are based on. After finding out about weather index, we were interested in understanding exactly how they work and how they influence the value of the contract. On the national level the research in the field is scares, but foreign materials available.
The study for this paper was based firstly on reading about Weather Derivative, and then going in the meteorogical field and determining the way by which the indices were determined. After this, we went to the field with interest in the indices, such as the energy and gas industries, and figured out how they determined the weather index. For the examples we obtained data from the weather index database, and calculated the value for the period. The study is made on a period of five years, in 8 cities of the European Union.
The result of this research is that we can now understand better the importance of the way the indices work and how they influence the value of the Weather Derivatives.
This research has an implication on the field of insurance, because of the fact that weather derivative are at the convergence point of the stock markets and the insurance market.
The originality of the paper comes from the personal touch given to the theoretical aspect and through the analysis of the HDD and CDD index in order to show their general behaviour and relationship.
Cuvinte cheie: Weather derivatives, Weather Index, HDD, CDD
Cod JEL: G22
Paginatia: 362 – 369
Titlul Lucrarii: FISCAL DECENTRALIZATION AND FISCAL AUTONOMY IN THE EU MEMBER STATES
Autor(ii): Crasneac Alexandru, Hetes Gavra Roxana, Miru Oana
Rezumat: In the process of fiscal decentralization sub-central governments have gained access to different fiscal resources, but the autonomy in setting the taxes is a key issue when analyzing the degree of decentralization. In this paper we calculated an index of tax autonomy for the EU Member States based on the OECD methodology of classification of sub-central taxes according to the degree of control over these taxes. We have shown that the design of intergovernmental fiscal relations is significantly different among the Member States, and taking into consideration the discretion over sub-national taxes provides a valuable insight on the fiscal decentralization design.
Cuvinte cheie: fiscal decentralization, tax autonomy, intergovernmental fiscal relations
Cod JEL: H71, H77
Paginatia: 370 – 375
Titlul Lucrarii: APPROACHES REGARDING THE TAX EVASION IN ROMANIA
Autor(ii): DAVID DELIA, POJAR DANIELA
Rezumat: In any economy, the main purpose of the tax system is to provide a solid and stable source of government revenue. On the other hand, a tax system should aim to enable the countryâs economic development and support disadvantaged groups. Achieving these objectives should be accompanied by a continuous preoccupation of the tax administration to increase its efficiency. In this process, a particularly important factor consists in reducing the tax evasion, given that it contributes to a diminution in terms of efficiency within the state structures, while being a factor of corruption. Over the past 20 years, in Romania, the presence of tax evasion has reached relatively large dimensions in both the economic area and the underground economy, where the phenomenon is widespread. Taking the road from the particular to the general, distinguishing the legal tax evasion from the fraudulent one, this paper aims to answer the question: Why is it necessary to control the tax evasion phenomenon and how to do this? This question aims at achieving the following objectives: distinguishing between the legal and the fraudulent tax evasion and the methods used by taxpayers to circumvent the tax obligations.
First of all, reaching the objectives was assured by consulting a significant amount of work, that is to say publications of scientific claim, while making use of analysis, induction and deduction, significant volume of quantitative information was examined and submitted to professional reasoning. In literature, there are many Romanian and foreign authors reporting on the tax evasion issue while as far as specialised magazines are concerned, there are just a few discussing about the social protection issues or about the European experience in the tax adjustment whereby the states have gone over the years, such as: the Romanian Economic Journal, the Annals of the American Academy of Political and Social Review of Social Innovation and other authors such as Saguna & Tutungiu (1995), M. Duverger (1965), Carmen Corduneanu (1998), Hoanþã (2000). Research results and general conclusions on the issue of tax evasion in Romania are listed at the end of the paper.
Cuvinte cheie: fiscality , tax evasion, blak labor, romanian taxpayer, the State
Cod JEL: H26, K31, K36
Paginatia: 376 – 381
Titlul Lucrarii: OPTIMIZING LOCAL BUDGET BALANCING IN ROMANIA
Autor(ii): Gyorgy Attila, Gyorgy Adina Crsitina
Rezumat: The importance of the local public finance is growing in accordance with the increasing proportion of the decentralization process. The mechanism of resource allocation, and especially the allocation criteria used, constitutes subjects of debate. Our objective pursued is to assess whether the avoidance of the first step for balancing the allocation of funds can provide enhanced fairness in balancing the local budgets across the country. Local budgets in Romania receive significant resources from the state budget in the form of amounts and quotas distributed from certain taxes, which are revenues for the state budget. Some of these amounts are designed to balance the local budgets. The distribution of funds from the state budget to the local budgets requires two steps. Firstly, the amounts are divided by county, secondly, these amounts are directed within the county especially towards localities which have a lower financial standing. Given the significant disparities between counties, we believe that this mechanism does not ensure fairness in the allocation because the funds distributed according to the first step may not use fair criteria to meet the requirements for balanced local budgets. Therefore, we intend to simulate a balanced allocation of national funds for eliminating the first step that produces the most significant inequities. Direct application of the second step of allocation, with its two phases, will provide more funds serving those local administrative units for the income tax per capita is lower than the national average. Comparing the values allocated for the year 2011 with those obtained in the simulation we will examine changes that occur after the application of this method which seems to be more equitable and appropriate. This work was supported by CNCSIS-UEFISCSU, project number PNII-IDEI 1780/2008
Cuvinte cheie: local budget, budgetary resources, budget balancing, resource repartition
Cod JEL: H71
Paginatia: 382 – 388
Titlul Lucrarii: VALUE ADDED TAX IN THE ECONOMIC CRISIS CONTEXT
Autor(ii): Mara Eugenia Ramona, Cuceu Ionut, Mara Cristian
Rezumat: This article tries to present the major aspects concerning the value added tax in the context of economic crisis in European Union countries and Romania. The paper realizes an analysis of the impact of economic crises on VAT in the European space underlining the current situation when the revenues from VAT represent a valuable source of financing the public expenditures. In Romania the economic crises has led to increasing o f VAT rate from 19% to 24%. This measure is an important fiscal measure for the state budget and this study tries to reflect the impact of this VAT rate increase on the public revenues and consumption.
Cuvinte cheie: value added tax, economic crises, tax revenues
Cod JEL: H23, H3, H22, G18.
Paginatia: 389 – 395
Titlul Lucrarii: THE USE OF EXPERT SYSTEMS IN AGRICULTURAL INSURANCE. NECESSITY VS. REALITY
Autor(ii): Moisuc Diana – Aderina, Nan Anca – Petruta
Rezumat: The topic was chosen due to the fact that, although agricultural insurance is particularly needed in agriculture to achieve performance, its achievements are still modest. The importance of this research is in that it tackles a very important sector of the economy, agriculture, and puts forward an immediate viable solution that meets the current needs of farmers. The contribution of the authors is their innovative solution, namely the proposition to implement expert systems in agricultural insurance, as a means of promoting insurance products which, although they are not currently granted the due importance, have started to be acknowledged increasingly in recent times. The interest in this type of insurance is due to the recent climate changes whose effects are extremely damaging, and to the need to improve agricultural competitiveness on the common market as a result of trade liberalization in agricultural products.
The scientific literature in the field of expert systems highlights the benefits of implementing systems in all areas of economic and social activity, including insurance and agriculture, but it does not deal separately with the issue of agricultural insurance, despite its importance in the development of agriculture. This confirms the topicality of the study. Regarding the scientific methodology, in order to easily understand how expert systems work also by those who are not familiar with the field, we opted to present the stages of preparation of the system, namely: (a) preparing the knowledge database, (2) preparing the charts and (3) system encoding and assessment.
The research results, at the conceptual level, confirm the need for agricultural insurance expert systems because of the benefits it would create (ease of use, informing farmers about the existence and importance of agricultural insurance, increasing demand for such type of insurance, which would also lead to the development of agriculture, to the creation of insurance products tailored to farmersâ needs) and refers to the authorities that should be appointed to implement these systems.
Cuvinte cheie: agricultural insurance, expert systems, agriculture
Cod JEL: C80, C88, G22, Q14.
Paginatia: 396 – 401
Titlul Lucrarii: THE EVOLUTION OF FISCAL INDICATORS IN THE LAST YEARSIN ROMANIA
Autor(ii): Morar Ioan Dan, Sabau – Popa Claudia Diana, Kulcsar Edina
Rezumat: Tax revenues are an important part of budget revenues, and their structure represent the mirror of governmentâs fiscal policy. Also their level and structure reflects the evolution of the economy in general. The evolution of tax revenues has been influenced by the financial crisis of this period. The tax revenue structure in Romania is characterized by relatively high share of indirect taxes revenues in comparison with another European Union states, where the share of revenues from direct, indirect taxes and social contribution is relatively close.
Government expenditure is vital for the economy especially if they are focused on productive areas. They are the engine of economic developments and plays an important role in raising the standard of living of population in a state. In the last years, the growth rate of public expenditure was higher than the trend of tax revenues increase. Sizing revenue and public expenditure is essential for achieving the budget balance target and to meet the criterion stipulated in the Stability and Growth Pact. According to the Pact, the budget deficit may not exceed 3% of GDP. This development asymmetric led to increased deficits in the last years.
The high level of structural deficit has canceled an initiative to tax relaxation in this recession period. The need for fiscal consolidation has been paramount in the context of chronic deficit and difficulties faced in financing it. The opportune solution to finance the high public deficit and to achieve the objective of financial stability of the economy was contracting of public debt from International Monetary Fund. Other measures to reduce the deficit were the reduction of public expenditure and increasing tax revenues.
We propose in this paper to analyze the evolution of fiscal indicators in comparison with the evolution of macroeconomic indicators to capture the reaction of taxpayers and economic environment at measures adopted.
Cuvinte cheie: fiscal, tax, fiscal revenues, budget, financial crisis
Cod JEL: E-62
Paginatia: 402 – 408
Titlul Lucrarii: PUBLIC DEBT SUSTAINABILITY ANALYSIS: EU CASE
Autor(ii): Nicolescu Cristina, Pirtea Marilen, Botoc Claudiu
Rezumat: The global crisis has caused a serious fiscal deterioration that leaves the world economy with serious challenges. In many developed markets as well as in a few emerging markets (Emerging markets) public finances have already become, or are at least at risk of becoming, unsustainable.
Commonly, public debt sustainability is defined as a sovereignâs ability to service debt without large adjustments to public revenue and/or expenditure and without ever-increasing public-debt-to-GDP ratios. Hence, this definition refers to both a countryâs ability and willingness to repay its debt. We also have to add the fact that there isn`t an universal accepted definition of fiscal or debt sustainability.
In light of the growing public debt, the issue of debt sustainability has increasingly attracted attention. In this paper we analyse public debt sustainability scenario in EU economies. At least half of the EU countries will have to implement stringent fiscal consolidation programmes over the next few years in order to prevent already high public-debt-to-GDP ratios from a further significant rise, also the case of Romania. However, drastic fiscal policy adjustment may be not feasible in the short term and hence public debt is likely to grow further.
In some scenarios the public-debt-to-GDP ratio is predicted to soar to 133% in 2020, from just over 100% in 2010. By contrast, nearly all EM countries, including major economies, appear to be well positioned to stabilise or even outgrow their current debt ratios without drastic fiscal adjustment.
Institutional improvements may help European countries to maintain fiscal credibility. In light of the future fiscal challenges, many European governments may introduce new or more effective national debt limits, similar to those put in place in the past with good results by some Emerging markets. Such institutional reforms could help to insulate fiscal policies from political pressure and to anchor financial market expectations.
Cuvinte cheie: public debt, fiscal policy, fiscal sustainability, GDP, fiscal consolidation
Cod JEL: H63, H30, H69, H60, H59
Paginatia: 409 – 415
Titlul Lucrarii: PUBLIC EXPENDITURE POLICY IN THE CONTEXT OF ECONOMIC CRISIS – CHALLENGES AND IMPLICATIONS
Autor(ii): Oprea Florin, Petrisor Mihai – Bogdan
Rezumat: Public spending is a key component for both public finances and government financial policy. In this situation, government expenditures are made in direct relation with the results of governance with economic and financial crises and global social welfare of the nation. From this perspective, our article aims to highlight the correlation between public expenditure and budgetary financial and economic crisis and, also, state government responses, anticipating their impact on medium and long term. Also, in the context of the crisis and the concomitent lack of public revenue, we identify the pillars on which to base the budget reduction in public expenditure. The implications of the economic crisis in Romania are analyzed along with proposed measures to be followed by the Government through budgetary fiscal strategy. In relation to the purpose and objectives of the research, documentation was made both in terms of bibliographic resources and the plan of legislative documents and quantitative reporting. We believe that the issue of increasing allocative efficiency of resources is vital to counter the current crisis, but also to maximize the positive effects of public interventions in general and from another state, we consider that state and, consequently, public expenditure budget which should be used to replace the market, can not be regarded as some suggest to be founded and we suggest a line for developed countries. This work was supported by the grant a€œPost-doctoral studies in Economics: program for continuous forming of elite researchers a€ SPODEa€Â, contract POSDRU/89/1.5/S/61755, project financed by the European Social Fund, by the Operational Sectorial Program Development of Human Resources 2007-2013.
Cuvinte cheie: public expenditures, public debt, tax strategies, economic crises
Cod JEL: H50 – General H53 – Government Expenditures and Welfare Programs
Paginatia: 416 – 422
Titlul Lucrarii: VIEWS ON THE CONCEPT OF FINANCIAL POLICY AND ITS MANIFESTATION
Autor(ii): Pop Mugurel Gabriel Sorin
Rezumat: The present study proposes an analysis of the main views expressed in the literature on financial policy, as well as the shaping of our own, clear and comprehensive vision, regarding the content of this concept.
The main objective of our research is to clarify the content of the financial policy concept, so that this policy may be effectively used in the service of overall development of our economy and society. Reaching such an objective has implied the research of a vast existing literature on the field, in the country as well as abroad, observing a vast variety of understandings regarding the meaning of the concept itself, the objectives stated within the financial policy as well as the main approaches (ways to follow) for achieving these objectives.
Of course the achievement of such a research is not possible without a meaningful analysis of the principles expressed in this fieldâs literature. In relation to this matter we can see that each author has his own conception regarding the subject under review. These expressed conceptions are, in turn, based on previous research in the analyzed area. The accelerated dynamism proved by the evolution of our economy and society in this stage shows us that through the financial policy, outlined both at a micro and a macroeconomic level, clear fundamental objectives must be formulated that should be possible to achieve by partial objectives (sequential), practical methods and procedures being adapted to them.
Our research is at the present stage, a theoretical and methodological one. It is based on the comparisons we make between the views expressed in the studies of different authors, trying to draw the red line of these views and observing the fundamental meaning given to the financial policy concept. We express our conviction that a clear conceptual expression of the financial policy notion comes to the rescue of the general management (macro and microeconomic) facilitating the process of adopting the most appropriate decisions for achieving the objectives set by the financial policy.
The result of our research is represented by the formulation of a clear and comprehensive concept concerning the financial policy.
Removing ambiguities in formulating the concept under review as well as in the means of achieving the formulated objectives is for the benefit of achieving the monetary, financial and budgetary balance at a macroeconomic level, which is the foundation for promoting some beneficial financial policies at a microeconomic level.
Cuvinte cheie: financial policy, financial policy elements, investment policy, financing policy, dividend policy, evolution
Cod JEL: G 31, G 32
Paginatia: 423 – 430
Titlul Lucrarii: SMES’ SECTOR ACCESS TO FINANCE: AN OVERVIEW
Autor(ii): Roman Angela
Rezumat: Through their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs) have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity.
The access to finance is crucial for efficient allocation of financial resources and entrepreneurial development, which explains the major interest given to this subject both by the academic literature and the policy makers.
The paper aims to highlight the difficulties faced by SMEs in securing financing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement appropriate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order to support the access to financing for SMEs.
The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research.
The analysis conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania.
Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities concerns regarding their alleviation, especially by adopting measures focused on increasing financial development, which would ensure greater availability of financing for businesses and thus economic growth.
The limited availability and even lack of statistical data regarding the SMEs financing situation from various countries, including Romania, impose certain limits to the researches in the field, which can be overcome as policy makers realize the vital importance of developing and monitoring specific indicators regarding the financing of this type of enterprises, such as the share of loans granted to SMEs, based on their size, experience and sectors of activity, that would be useful for public authorities, creditors and investors.
Cuvinte cheie: Key words: Small and Medium Enterprises, access to finance, financing constraints, bank financing, support measures
Cod JEL: JEL code classification: G30, G32, O16
Paginatia: 431 – 437
Titlul Lucrarii: LABOUR TAXATION IN THE EUROPEAN UNION
Autor(ii): Sabau – Popa Diana, Kulcsar Edina, Sabau-Popa Liviu Mihai
Rezumat: This article proposes an analysis, which we consider extremely useful in the current economic context, of the evolution of labour income fiscality, more precisely, the effect of the public debt growth on the tax wedge for the labour income.
The share of fiscal revenues from direct taxes, indirect taxes and social contributions is relatively close in the old member states of the European Union in comparison with the new member states, which register a lower level of income from direct taxes. The low level of income from direct taxes is compensated by more significant shares of the social contributions or indirect taxes.
The main motivations of cross-border migration are: a successful career in a multinational corporation, high variations of the tax rate, of the salary income between states and, last but not least, the level of the net salary. To this day, there are no plans to harmonize across the European Union the legislation regarding the taxes wages and the social security contributions. Still, the European Union had in view the coordination of the national tax systems to make sure that the employees and the employers do not pay several times the social contributions in their movement across the community space.
Despite the fact that some states tax the labour income at a low level, the labour fiscality remains high in the European Union in comparison with other industrialized economies, probably also due to the fact that the majority of the member states have social market economies. The increase of the fiscality level for the labour income determines the decrease of the employment rate and the raise of the unemployement rate.
The solution to guarantee a higher employment rate, which is a target of the European Union Strategy žEurope 2020 could be the relaxation of the labour income fiscality by transferring the tax wedge on the labour income towards property or energy taxation.
Cuvinte cheie: labour income, social contributions, tax quotas, taxes
Cod JEL: F22, G28, H2
Paginatia: 438 – 445
Titlul Lucrarii: THE FLAT TAX – A COMPARATIVE STUDY OF THE EXISTING MODELS
Autor(ii): Tulai Ioan Constantin, Schiau (Macavei) Laura – Liana
Rezumat: In the two last decades the flat tax systems have spread all around the globe from East and Central Europe to Asia and Central America. Many specialists consider this phenomenon a real fiscal revolution, but others see it as a mistake as long as the new systems are just a feint of the true flat tax designed by the famous Stanford University professors Robert Hall and Alvin Rabushka. In this context this paper tries to determine which of the existing flat tax systems resemble the true flat tax model by comparing and contrasting their main characteristics with the features of the model proposed by Hall and Rabushka. The research also underlines the common features and the differences between the existing models. The idea of this kind of study is not really new, others have done it but the comparison was limited to one country. For example Emil Kalchev from New Bulgarian University has asses the Bulgarian income system, by comparing it with the flat tax and concluding that taxation in Bulgaria is not simple, neutral and non-distortive. Our research is based on several case studies and on compare and contrast qualitative and quantitative methods. The study starts form the fiscal design drawn by the two American professors in the book The Flat Tax. Four main characteristics of the flat tax system were chosen in order to build the comparison: fiscal design, simplicity, avoidance of double taxation and uniformity of the tax rates. The jurisdictions chosen for the case study are countries all around the globe with fiscal systems which are considered flat tax systems.
The results obtained show that the fiscal design of Hong Kong is the only flat tax model which is built following an economic logic and not a legal sense, being in the same time a simple and transparent system. Others countries as Slovakia, Albania, Macedonia in Central and Eastern Europe fulfill the requirement regarding the uniformity of taxation. Other jurisdictions avoid the double taxation but they have several tax rates for different types of income. Analyzing the flat tax jurisdiction we concluded that none of the existing models is a true flat tax as designed by Hall and Rabushka.
The study is important given the fact that it can provide useful information for future studies in connecting the effects generated by the adoption of flat tax with the design of the system. This can give intelligence for the exiting models in correcting and improving their features in order to become more efficient. This can also provide precious design information for the jurisdictions desirous of implementing flat tax systems.
The added value of this paperwork consists in the determination of the main features of the existing flat tax systems in relation with the theoretical system designed by Hall and Rabushka and in the fact that it provides precious structured information for future studies allowing to connect the effects of the flat fiscal model with its characteristics.
Cuvinte cheie: flat tax, simplicity, uniformity, rates
Cod JEL: H20, H24, H25
Paginatia: 446 – 452
Titlul Lucrarii: COMPETITION IN ROMANIAN BANKING SECTOR
Autor(ii): Andries Alin Marius, Capraru Bogdan
Rezumat: Recent turmoil in the global financial system has impacted severely on the banking sector with many banks suffering large losses and necessitating the need to raise additional capital privately or through their respective national governments. In our study we investigate the impact of structural reforms performed throughout the European Union (EU) accession process on competition and contestability of banking systems in Romania.
The literature of the measurement of competition can be divided into two major approaches: structural and non-structural. The structural approach to the assessment of competition embraces the žStructure-Conduct-Performance Hypothesis (SCP) and the žEfficient Structure Hypothesis (ESH). The structural approach, as the name suggests, assesses bank competition by examining measures of market structure such as concentration ratios (the share of assets held by the top 3 or 5 institutions) or indices (e.g., the Herfindhal-Hirschman index) and supposes that higher concentration in the banking market causes less competitive bank conduct and leads to higher bank profitability. The SCP model is originally developed by Bain (1956). The second approach, ESH, developed by Demsetz (1973) and Peltzmann (1977) suggests that the superior performance of the market leaders determines the market structure, implying that higher efficiency produces both higher concentration and greater profitability. The non-structural indicators of competition are mainly based on the measures of monopoly power developed by Lerner (1934). The Lerner Index suggests the mark-up of price over marginal cost. An alternative non-structural indicator of the degree of market competition is the Panzar and Rosse (1987) H-statistic. The H-statistic measures the extent to which changes in banking costs are reflected in changes in banking revenues.
In order to examine the level of competition and market power of banks in Romania for period 2003 – 2009, we estimate the non-structural indicators and compare it with the structural indicators of competition.
In particular, we measure competition using Lerner index and the H-statistic, indicators what are estimated using bank-level data and are compared with a standard market structure measure of concentration like HHI and CR5. There are no other studies that measure both structural and non-structural competition indicators for Romanian banking sector. Also, our assessment contains a period of seven years including the begging of the implications of the present international financial crises on Romanian banking sector.
The structural indicators show continuous increase of competition in the Romanian banking system. Lerner index and H statistic demonstrate that Romanian banking system is characterized by monopolistic competition and relatively competitive practices. Personnel cost, operational cost and financial cost are statistically significant at conventional levels, which imply good fit of the revenue equations. The results also demonstrate that excess fixed assets do not generate abnormal revenue.
Cuvinte cheie: bank competition, Lerner index, H statistic, structural indicators, Romanian banking system
Cod JEL: G21, L11
Paginatia: 455 – 460
Titlul Lucrarii: TROUBLESHOOTING BASEL II: THE ISSUE OF PROCYCLICALITY
Autor(ii): Benyovszki Annamaria, Bordas Eszter, Kurti Laszlo – Adam, Szodorai Melinda
Rezumat: A widespread concern about Basel II capital requirements is that it might amplify business cycle fluctuations, forcing banks to restrict their lending when the economy goes into recession. Under the IRB approach of Basel II, capital requirements are increasing functions of the probability of default (PD), loss given default (LGD) and exposure at default (EAD) parameters estimated for each borrower, and these inputs are likely to rise in economic downturns. In this paper, we compare two alternative procedures that are designed to somehow moderate the procyclical effects induced by Basel II – type capital regulation. The starting points of our analysis consist Jokivuolla, Kiema and Vesala (2009) and Repullo and Suarez (2009), who both examined the impact of regulatory capitalâs procyclical effects. Itâs vital to note remarks of Caprio (2009), that is, making regulatory capital levels countercyclical could worsen the state of an economy during a recession. As we do not have access to the Romanian Central Credit Register database, we compute a model-economy that stands as a proxy for the Romanian firmsâ sector. Our simulated Romanian economy can be characterised by all Romania-specific macroeconomic controls. Then we estimate a model of PDs during the period 2000 – 2010, and based on the estimated probabilities of default we compute the corresponding series of Basel II capital requirements. After the diagnosis of procyclicality, we analyze two procedures that try to mitigate the cyclical effects of capital regulation: smoothing the output of the Basel II formula, and smoothing the input, by construction of through-the-cycle (TTC) PDs. The comparison of the different procedures is based on the criterion of minimizing the root mean square deviations of each adjusted series. Our results show that the best ways to moderate procyclicality are either to smooth the input of the Basel II formula by using through-the-cycle PDs, or to smooth the output with a multiplier based on GDP growth. We conclude that the GDP-based smoothing may be more efficient than the use of TTC PDs in terms of simplicity and transparency. In terms of the GDP adjustment, regulatory capital levels should increase with approx. 1,31% during an economic growth period and decrease with 4,03% during a recession, in order to mitigate the cyclical effects induced by Basel II – type capital regulation.
Cuvinte cheie: Basel II, procyclicality, regulatory capital, probability of default, credit-crunch
Cod JEL: G18, G17
Paginatia: 461 – 468
Titlul Lucrarii: AN INVESTIGATIVE STUDY REGARDING SMES SPECIFIC ACCOUNTING POLICIES
Autor(ii): Popa Dorina Nicoleta, Belenesi Marioara, Mester Ioana Teodora
Rezumat: In this paper we intend to continue the research regarding the enterprise accounting policies and the manner in which these are perceived by the practitioner accountants, preparers of financial statements. This time, in order to carry out the research, we made up a new questionnaire applied to the same sample, containing a number of 100 SMEs in Bihor County, selected according to the criterion of the average number of employees and that of the level of net turnover at the end of 2008. Continuing previous conducted research we have investigated this time the specific accounting policies of the sampled SMEs from Bihor County and the way these policies are understood by practitioners and implemented in order to prepare financial statements. Surprisingly, we have found that only 93.33% of the respondents agree that the elements presented in the annual financial statements of the entity are evaluated in accordance with the general accounting principles stipulated in Order 3055/2009, according to the accrual accounting. Half of the people interviewed had in view all four qualities of accounting information (intelligibility, relevance, credibility, comparability) in drawing up the annual financial statements, and most of them (56.67%) are not aware of the possibility to use a significance threshold (10%-15%) of the total value of that particular category of assets, liabilities, expenditure, income and results for an as faithful as possible presentation of information in the balance sheet and in the profit and loss account.
Cuvinte cheie: accounting policies, financial reporting, disclosure, SMEs
Cod JEL: M41, M10, C81
Paginatia: 463 – 652
Titlul Lucrarii: EXTERNAL FACTORS INFLUENCE ON INFLATION: THE CASE OF ROMANIA
Autor(ii): Capraru Bogdan, Ihnatov Iulian
Rezumat: In this paper we try to assess the main external determinants of inflation dynamics in Romania. The literature in the field of measuring inflation dynamics is wealthy and various. There are many developing country – level studies that examine inflation dynamics: Blavy (2004) – Guinea, Duma (2008) – Sri Lanka, Gottschalk et al (2008) – Sierra Leone, Moriyama (2008) – Sudan, Mwase (2006) – Tanzania, Williams and Adedeji (2004) – Dominican Republic, Hossain (2005) – Indonesia, Almounsor (2010) – Yemen. The issue of Romanian inflation dynamics is present in many and various studies, like Hammermann (2007), Pelinescu and Dospinescu (2006), Budina et al (2006) etc. There are no other recent studies that analyze the external determinants on Romanian inflation dynamics.
In our paper we estimate an OLS single equation model, using a methodology derived from Almounsor (2010). The empirical analysis uses monthly data from August 2005 to January 2011. The start point of the data series is the moment of a major change in the National Bank of Romania (NBR) monetary policy: adoption of the inflation targeting regime. The independent variables used in our research are: harmonized consumer price index of EU-25 countries, EUR/RON exchange rate, crude oil price index (for analyzing the external shocks effect) and M2 monetary aggregate (intermediate money supply) as a control variable.
The outcomes suggest that inflation in Romania is driven mainly by international price shocks – harmonized consumer price index of EU-25 countries. The EUR/RON exchange rate depreciation has a small influence on domestic inflation. In the short run, the effect of the international oil price is insignificant. Money supply, used here as a control variable, is shown to have a very small effect on inflation in Romania when using OLS regressions. The results show that 66% of the domestic inflation variance is explained by the independent variables in our model.
Cuvinte cheie: inflation dynamics, external shock, international prices, exchange rate, Romania
Cod JEL: E31, E52, E58
Paginatia: 469 – 475
Titlul Lucrarii: FLUCTUATION IN PENSION FUND ASSETS PRIVATELY MANAGED UNDER THE INFLUENCE OF CERTAIN FACTORS. STATISTICAL STUDY IN ROMANIA
Autor(ii): Cristea Mirela, Siminica Marian, Dracea Raluca
Rezumat: On international level, the economic and financial crisis has determined a diminution of the asset value of compulsory pension funds, reflecting a reallocation of funds towards alternative or low-risk investments. The present paper indicates how the net asset value of privately managed pension funds in Romania may be affected or not by certain influence factors in direct correlation with different asset allocation strategies of pension funds. In this way, on literature review there are many studies which have analyzed the fluctuation of pension funds assets and a better reallocation of their investment in order to improve their efficiency. The experience of the value fluctuation of privately administered pension fund net assets is highly important, firstly beacause of its effects on the increase and the decrease of invested values for the insured personsa€™ accounts, under the circumstances of constantly maintaining their contributions and, implicitly, the results achieved through these investments. The research methodology consists in testing of five variables: currency exchange rate, credit interest rate, bank deposit interest rate, reference interest rate and value of the stock exchange market index (BET-C index), by means of the multiple linear regression method. The conclusion is that only two of these factors, namely, the currency exchange rate and the reference interest rate, influence net asset value of privately managed pension funds, the second pillar, one in direct and the other in indirect correlation. In order to neutralize the effects generated by the diminution of the net asset value of privately managed pension funds, considering a short time horizon, we shall elaborate a dynamic mix of their investments able to adapt to the fluctuations of the influence factors. Thus, new opportunities will be generated in order to achieve the efficiency of pension funds and to prevent the diminution of the value of insured individualsa€™ contributions to these pension funds.
Cuvinte cheie: privately managed pensions, net assets, investments, factors of influence, statistical correlations
Cod JEL: G23, C15
Paginatia: 476 – 486
Titlul Lucrarii: CENTRAL BANK INDEPENDENCE AND MACROECONOMIC PERFORMANCES – AN EMPIRICAL APPROACH
Autor(ii): Dumiter Florin Cornel, Coroiu Sorina
Rezumat: The empirical evidence upon the macroeconomic performances of the independent central banks do not always have been successfully. In some cases, the consistency of the indices based on the interpretation of central banks statues used for measuring the degree of central bank independence is controversial, particularly for some of the indices. Moreover, the correlations between central bank independence and macroeconomic performance variables are not always confirmed, the causal relationship between central bank independence and inflation is controversial, and the higher disinflation costs, as a result of a higher sacrifice ratio correlated with the degree of independence is controversial, too. The effects of central bank independence upon macroeconomic performances focalized upon the empirical evidence of inflation, output or economic grouth and the disinflation costs. This is due to the lack of studies vis – a – vis of relationship between central bank independence and macroeconomic performances regarding some variables like interest rates and budgetary deficits. Specialists consider inflation and output as the main determinats of the social welfare. The economic literature regarding this fact suggests that the central bank is seen as a free lunch institution. This hypothesis sustains that independent central banks will have social benefits in terms of lower inflation rates, but without any costs in terms of the real macroeconomic performances as a higher output volatility or a lower economic growth. In this article we provide a qualitative analyses regarding the relationship between central bank independence and macroeconomic performances. For this purpose the authorsâ used the new index for measuring central bank independence and inflation targeting based on three pillars: political and legal central bank independence, central bank governance and conduct of monetary policy, central bank transparency and accountability. For estimating the connections between the evolution of central bank independence and macroeconomic performances we used five macroeconomic variables: GDP in constant prices, Harmonised Price Consumer Index, unemployment rate, budgetary deficit and current account deficit. Both measuring the degree of central bank independence and evaluating the average levels of the macroeconomic variables were analysed in the period 1990 – 2009, within 20 less developing countries. The final results will help clarify the complex relationship between central bank independence and macroeconomic performances in countries who fostered a large amount of institutional shift in recent years.
Cuvinte cheie: Central bank transparency, central bank accountability, inflation targeting, macroeconomic outcomes, free lunch hypothesis
Cod JEL: E50, E52, E58
Paginatia: 487 – 493
Titlul Lucrarii: COMPETITION IN THE BANKING SYSTEM OF REPUBLIC OF MOLDOVA
Autor(ii): Enicov Igor, Chetraru Aliona
Rezumat: The banking system is one of the financial market segments which plays an important role in the financial circuit both at the country level and as a component of the international financial system. Developing a competitive banking system allows to avoid monopoly situations creating the possibility for each bank to be oriented to a certain range of services and products provided willing to increase continuously their quality and attractiveness. The dynamic analysis of effective competition in the domestic banking system would allow determination of factors with negative influence on the rate of participation of each bank in the total bank portfolio items, and also the possibility of reviewing the financial policies pursued in the banking sector. Study of bank system competition is a topic of interest both for financial analysts, and for authorities, given the opportunities arising: qualitative assessment of competition in the banking sector, verifying in which way the regulations in force have influenced the dynamics of competition, measuring the intensity of competition in the banking sector, detection, based on statistical analysis of competitive situation, of the main qualitative types (categories) of financial institutions active in the financial market. Moldova’s banking system, according to the results obtained by analyzing the competition, has a moderate competition, even if it is obvious its increasing trend. Banking policies, trends in international financial markets, internationalization of capital markets affect the position of the banking system on domestic financial market, implicitly calculating the contribution of each bank in the formation of the portfolio: bank assets, total regulatory capital, the volume of loans and deposits.
Cuvinte cheie: banking system, competition, Gini coefficient, Herfindahl-Hirschman, Lorentz distribution.
Cod JEL: G21, D49
Paginatia: 494 – 498
Titlul Lucrarii: EXCHANGE-RATES FORECASTING: EXPONENTIAL SMOOTHING TECHNIQUES AND ARIMA MODELS
Autor(ii): Fat Codruta Maria, Dezsi Eva
Rezumat: Exchange rates forecasting is, and has been a challenging task in finance. Statistical and econometrical models are widely used in analysis and forecasting of foreign exchange rates. This paper investigates the behavior of daily exchange rates of the Romanian Leu against the Euro, United States Dollar, British Pound, Japanese Yen, Chinese Renminbi and the Russian Ruble. Smoothing techniques are generated and compared with each other. These models include the Simple Exponential Smoothing technique, as the Double Exponential Smoothing technique, the Simple Holt-Winters, the Additive Holt-Winters, namely the Autoregressive Integrated Moving Average model.
Cuvinte cheie: Forecasting, Simple Exponential Smoothing, Double Exponential Smoothing, Holt-Winters Additive, Holt-Winters Multiplicative
Cod JEL: G17, F31, F47
Paginatia: 499 – 508
Titlul Lucrarii: MEASURES AND INSTRUMENTS USED AS A RESPONSE TO CRISES IN EUROPEAN UNION – AN OVERVIEW
Autor(ii): FIRTESCU BOGDAN
Rezumat: During latest times, financial crises have been a common occurrence in emerging market (and transition) countries with negative influence for the economies. Financial crises have had negative effects on real output, work force, poverty and political instability. Latest crises (2008) that struck US become international, its consequence being received in European countries too. This paper wants to discuss some intervention measures taken in the European Union Area and some importants funds used as tools for crises fighting. The European Economic Recovery Plan and EU funding mechanisms (The European Social Fund (ESF) and The European Globalization Adjustment Fund (EGF)) are taken into discussion.
Cuvinte cheie: Crises prevention instruments , financial system, The European Economic Recovery Plan and EU funding mechanisms (The European Social Fund (ESF) and The European Globalization Adjustment Fund (EGF)
Cod JEL: J10, J20
Paginatia: 509 – 514
Titlul Lucrarii: EMPIRICAL STUDY OF THE PROBABILITY OF DEFAULT IN CASE OF ROMANIAN COMPANIES LISTED ON STOCK EXCHANGE
Autor(ii): Petru Tunde Petra, Farkas Dalma – Zsuzsa, Furdek Balazs – Marton, Marton Noemi, Racz Timea Erzsebet
Rezumat: The importance of estimation of a firmâs probability of default increased significantly during the economic and financial crisis for financial institutions, which can be explained by the fact that the share of nonperforming loans increased in this period. The probability of default can be estimated with structural models, which have on base the methodology developed by Merton (1974), methodology used by Moodyâs Corporation (known as KMV Merton model).
The aim of this study is to estimate the probability of default of companies listed on Bucharest Stock Exchange using this methodology.
This approach was widely used in the literature by many researchers (i.e., Kealhofer and Kurbat (2000), Crosbie and Bohn (2002), Duffie and Wang (2004), Bharath and Shumway (2004, 2008)). In Romania this methodology was empirically tested by Codirlaşu (2007), who estimated using Mertonâs methodology the probability of default of companies listed on the Bucharest Stock Exchange, respectively by Bobircă et al. (2008), where the probabilities of default were estimated in case of 42 companies listed on the Bucharest Stock Exchange for 2000-2008 time period.
In this paper we used Mertonâs model, which assumes that a company defaults if the value of its assets is less than the promised dept repayment at time T. The process of estimating the probability of default starts from the following firm specific variables: the market value of the firmâs assets, the share prices, the value of the liabilities and the risk-free rate. The analyzed period is 2003-2010, containing the economic and financial crisis period, too. Analyzing the financial statements of the companies listed on the Bucharest Stock Exchange, we determined the input parameters of the model and calculated the quarterly probabilities of default of each analyzed company. According to our results the probabilities of default have a reduced value in the majority of the cases.
Cuvinte cheie: Merton model, probability of default, credit risk, structural models, companies listed on the stock exchange.
Cod JEL: G12, G17, G32, G33
Paginatia: 515 – 523
Titlul Lucrarii: THE IMPLICATIONS OF VARYING EXCHANGE RATES FOR THE INTERNATIONAL TRADE
Autor(ii): Sandu Carmen
Rezumat: The benefit of international trade is a more efficient employment of the productive forces of the world. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (John Stuart Mill)
The exchange rate is a primary factor that influences economy. This instrument is used by some countries in order to improve the lack of balance caused as a result of the financial crisis felt in many countries considered by then infallible. The negative effects of the financial crisis can also be found in the decreased volume of commodities involved in international trade exchanges, as a consequence of modified prices and decreased offer. The globalizing trend leads to a constant expansion of exchanges between countries and to the consolidation of international cooperation. Except that economic interdependence generates an increased risk under the influence of economic, financial, monetary or political factors. The currency risk can generate either a gain or loss during foreign trade operations. The long period of RON depreciation made possible the entry of Romanian products on the international markets due to their prices. Sheltered by the gain generated by the evolution of the exchange rate, most of the exporters were not concerned by the increase of product competitiveness or by avoiding the currency risk. The fact that, for many years, the evolution of the exchange rate generated substantial losses for the exporters shows that risk coverage in Romania is, in most cases, a purely theoretical concept.
Cuvinte cheie: exchange rate, currency, depreciation, appreciation, J Curve
Cod JEL: F31, G15
Paginatia: 524 – 529
Titlul Lucrarii: LIQUIDITY MANAGEMENT AND CORPORATE RISK
Autor(ii): Tarnoczi Tibor, Fenyves Veronika
Rezumat: The consequence of the economic crisis, the access of the external financing resources was narrowed significantly and lenders had became more cautious. This meant that the external source providers analyze more thoroughly the source claimants, and they also need to be more aware of their situation, to submit well founded loan applications to financial institutions. The other aspect is why the indicators presented in the study, the firms should be addressed much more thoroughly than ever before to have a much better understanding their situation, to recognize the sources of internal funding opportunities, and to use more efficiently the available internal resources. However, analysts should be aware of which are the ratios which should be paid a special attention and which ones are essential to assess a given situation, knowing them they can properly inform the leaders as well as to give an appropriate help to the decision makers. To ensure the appropriate level of internal resources the companyâs activity is continuous financing closely related to the working capital management. The other reason is why the working capital management coming into view – which is linked to the previous one – that longer and longer payment periods have emerged in the corporate sales, in point of fact there is a significant increase in commercial lending period, the companies must be able to finance this period. The working capital is essential for companies to determine their short-term financial positions. A significant change in working capital provides an important information to the companyâs various stakeholders, and this is especially true for the net working capital. The working capital analysis is one way the companyâs creditability evaluation, and helps also to better understand the companyâs normal business cycle.
Cuvinte cheie: liquidity management, risk assessment, liquidity ratios, comprehensive liquidity index, cash conversion cycle
Cod JEL: G30, G32
Paginatia: 530 – 536
Titlul Lucrarii: CHALLENGES OF ENVIRONMENTAL ACCOUNTING AND TAXATION IN ROMANIA
Autor(ii): Blidisel Rodica Gabriela, Popa Adina Simona, Farcane Nicoleta
Rezumat: Environmental problems that have arisen all over the world are concerning many controversial aspects that were created due to the advance of industrialization in tandem with scientific and technological development. For solving these problems, in the past 40 years many international and national organizations have adopted a substantial and diverse range of environmental measures aimed to improving the quality of the environment. Our research aims to highlight how Romanian authorities face the problems regarding environment. To accomplish our objective we trace two main directions of the study, firstly we conduct an analytical investigation of green accounting regulations and secondly we describe the environmental fiscal policy at national level and their impact on Romanian companies.
Cuvinte cheie: environment, green accounting, fiscal policy, regulations
Cod JEL: M41
Paginatia: 539 – 544
Titlul Lucrarii: HOW ROMANIAN FINANCIAL AND INTERNAL AUDITORS ACQUIRE ACCOUNTING INFORMATION SYSTEMS KNOWLEDGE AND COMPETENCES?
Autor(ii): Cardos Vasile – Daniel
Rezumat: Research theme – in this article we investigate how Romanian financial and internal auditors acquire accounting information systems knowledge and competences and how they use this knowledge to improve their activity in order to fulfill their mission as required by the professional standards.
Objectives – our main purpose is to establish through what type of courses Romanian financial and internal auditors acquiring accounting information systems knowledge and competences and how useful these courses are perceived by the auditors.
Prior work – audit professional organizations prescribed that auditors must acquire, maintain and develop their knowledge and competences. Information technology and information systems are considered to be a main knowledge component of professional development programs. The scientific literature indicates that auditors have to enhance their information systems knowledge in order to cope with the increasing complexity of the clientâs entities accounting information systems. We consider that our article embraces Curtis et al. (2009) call for research on how auditors obtain information systems knowledge.
Methodology – an electronic questionnaire was created and sent to Romanian financial and internal auditors, which were required to indicate the number of accounting information systems course they attended and how the knowledge gained improved their activity.
Results – We concluded that financial auditors acquire accounting information systems knowledge mainly by attending the courses organized by the Chamber of Financial Auditors of Romanian, while internal auditors by attending the course organized by the companies they are working with.
Implications – The results of this study might be used by Romanian professional audit organizations in reconsidering their priorities regarding the accounting information systems knowledge and competence needs of their constituents.
Originality/Contribution – Our study is the first one to investigate how financial and internal auditors acquire accounting information systems knowledge.
Cuvinte cheie: accounting information systems, auditors, knowledge
Cod JEL: M 42
Paginatia: 545 – 551
Titlul Lucrarii: PROFESSOR I.N. EVIAN-PRECURSOR OF ACCOUNTING SCHOOL FROM CLUJ
Autor(ii): Crisan Teodora Viorica, Tiron Tudor Adriana
Rezumat: Our paper is about the history of accountancy in Romania, in Transylvania. We develop this subject because we consider that is very important to know about the history of your own country, and from our point of view about the history of accounting, which is a very important component of nowadays life.
This work paper presents the history of the accountancy trought the study of biography. So by describing the work of professor I.N. Evian, who was an important personality for the accounting history in Romania, we want to found historical elements that are not so able to see otherwise.
The article wants to highlight the impact that the work of professor Evian had in the history of accounting in Romania. Also, by presenting the work of professor I.N. Evian in the context of the Academy of High Commercial and Industrial Studies from Cluj, we want to prove that this institution was the first form of higher education in Transylvania in the accountancy field.
Cuvinte cheie: accountancy, history, personalities, accounting theories
Cod JEL: B10
Paginatia: 552 – 556
Titlul Lucrarii: THE IMPACT OF IFRS ON REPORTING FOR BUSINESS COMBINATIONS: AN IN-DEPTH ANALYSIS USING THE TELECOMMUNICATIONS INDUSTRY
Autor(ii): Mario Carrara, Diogenis Baboukardos, Cunningham Garry M., Hassel Lars G.
Rezumat: The mandatory use of IFRS by all publicly listed companies in the European Union created challenges for accounting and reporting of business combinations, goodwill impairment and disclosures for these items. Major issues are allocation of amounts to goodwill and specific intangible assets arising from acquisition. This study presents an in-depth exploration of compliance with IFRS 3 and IAS 36 using content analysis methodology of annual reports of eight European telecommunications that were chose because the industry is well known for significant acquisitions involving intangibles. The results show only partial compliance with little change over the four year period since mandatory IFRS adoption. While results cannot be generalized outside this group, the in-depth analysis yielded important insights for continued research using broader research methods.
Cuvinte cheie: IFRS, business combinations, goodwill, content analysis, annual reports, listed companies
Cod JEL: M41, M21, G34
Paginatia: 557 – 593
Titlul Lucrarii: A LONGITUDINAL ANALYSIS REGARDING THE EVOLUTION OF PROFIT TAX REGULATIONS IN ROMANIA – AN EMPIRICAL VIEW
Autor(ii): Cuzdriorean – Vladu Dan Dacian, Albu Catalin Nicolae, Albu Nadia, Fekete Szilveszter
Rezumat: The study conducted a longitudinal analysis regarding Romanian profit tax regulations. Beginning with the first profit tax regulation implemented in 1991 and until now, we analyzed based on a empirical approach all changes that have occurred over time in the Romanian accounting environment. The motivation of the study conducted was based on the strong relationship between accounting and taxation in the Romanian accounting environment over time, the profit tax being one of the main items of this relation. This particular study is divided into five sections. After a short introduction and presenting the motivation of the study (section 1), in section 2 we conducted the literature review based on international and national studies regarding the profit tax regulations through the relationship between accounting and taxation. Section 3 presents a brief review of the main Romanian regulations that concerned the profit tax and the most important changes that have occurred over time. In section 4 we conducted the empirical analysis. In this section is realized a series of analysis, aiming the following: (1) the total number of regulations that have amend the main regulations presented in the previous section; (2) the type of amendments implemented over regulations (abolishment, text amendment, adding new articles or alignments); (3) the total number of amendments approved by law without modifications, respectively the total number of amendments approved on the Official Journal through Government Ordinance or Emergency Ordinance and unapproved by law. The empirical analysis conducted documented that the main shortcoming associated with the profit tax regulation is due by the multiple changes which have been subject of the 5 main profit tax regulations. The last section (section 5) consists in presenting the conclusions of the study. As main conclusion, the profit tax regulation is stable only in terms of the small number of main regulations, the large number of amendments creating difficulties in the understanding and application by practitioners.
Cuvinte cheie: profit tax regulations, longitudinal analysis, Romania
Cod JEL: H25, H29, M40, M41
Paginatia: 594 – 601
Titlul Lucrarii: PRINCIPLES- AND RULES-BASED ACCOUNTING DEBATE. IMPLICATIONS FOR AN EMERGENT COUNTRY
Autor(ii): Deaconu Adela
Rezumat: By a qualitative analysis, this research observes whether a principles-based system or a mixed version of it with the rules-based system, applied in Romania – an emergent country – is appropriate taking into account the mentalities, the traditions, and other cultural elements that were typical of a rules-based system. We support the statement that, even if certain contextual variables are common to other developed countries, their environments significantly differ. To be effective, financial reporting must reflect the firmâs context in which it is functioning. The research has a deductive approach based on the analysis of the cultural factors and their influence in the last years. For Romania it is argue a lower accounting professionalism associated with a low level of ambiguity tolerance. For the stage analysed in this study (after the year 2005) the professional reasoning – a proxy for the accounting professional behaviour – took into consideration the fiscal and legal requirements rather than the accounting principles and judgments. The research suggest that the Romanian accounting practice and the professionals are not fully prepared for a principles-based system environment, associated with the ability to find undisclosed events, facing ambiguity, identifying inferred relationships and using intuition, respectively working with uncertainty. We therefore reach the conclusion that in Romania institutional amendments affecting the professional expertise would be needed. The accounting regulations must be chosen with great caution and they must answer and/ or be adjusted, even if the process would be delayed, to national values, behaviour of companies and individual expertise and beliefs. Secondly, the benefits of applying accounting reasoning in this country may be enhanced through a better understanding of their content and through practical exercise. Here regulatory bodies may intervene for organizing professional training programs and acting towards the improvement of the codes of conductâs effectiveness.
Cuvinte cheie: emergent countries, rules or principles-based system, IFRS
Cod JEL: M41, M48
Paginatia: 602 – 608
Titlul Lucrarii: THE TRANSPARENCY IN THE REPORTING OF INTELLECTUAL CAPITAL: BETWEEN THE MANAGEMENT RESPONSIBILITY AND THE STAKEHOLDERS’ REQUIREMENTS
Autor(ii): Dicu Roxana-Manuela
Rezumat: The increasingly ample orientation of the companies towards the intellectual capital is based on the rediscovery of this resource with (almost) unlimited potential, generating economic benefits for a company. Given its importance, the information needs of stakeholders on this line have increased. Thus, in this context, it was put the issue of reporting information related to intellectual capital and the transparency of information published by companies, given that its reporting is not currently regulated. The objective of this paper is to establish an answer to a question: Up to what limit should be made public information related to this capital, given that stakeholders want as much information, and managers only publish information that favors the companyâs image? In addressing this issue, the point of departure is the intellectual capital structure, most commonly found in the literature, namely human capital, structural capital and relational capital. With this structure, the paper establishes, as a first step, a series of relevant indicators relating to the three components from three different perspectives: resources, management achievements and future expectations. At first observation, the indicators are divided into two categories: financial and non-financial, the first ones targeting the companyâs performance in relation to the components of intellectual capital, and the latter ones having a pronounced social touch. Based on these indicators, the paper analyses whether a company is willing to publish information, particularly those with social influence, especially in the current conditions of intensely requested social responsibility. In addition to documentary research, we also consider the most important findings based on existing reporting arrangements of the companies, especially from the reports published by them, depending on different criteria, such as social engagement, financial and accounting criteria etc. Given the lack of clear regulations in this respect, it is up to the companies the amount of information publicly provided about this topic, although the benefits of social responsibility have an important impact on the intellectual capital and its components. In this context, accounting helps stakeholders by proposing a valuation model of intellectual capital, based on accounting figures. This financial assessment of intellectual capital, although very useful, is limited and not sufficient in reflecting the image of a company in public reports. This paper aims to present intellectual capital reporting valences, its two sides, financial (which includes the performance of the intellectual capital) and non-financial, including scoring the issues that underline the importance of such reports, from the perspective of the stakeholders and the accountability of the managers in relation to them.
Cuvinte cheie: intellectual capital, transparency, stakeholders, human capital, intangible assets
Cod JEL: M11, M14, M41
Paginatia: 609 – 615
Titlul Lucrarii: CORPORATE GOVERNANCE”THE ROLE AND APPLICATION OF THE PRINCIPLE OF TRANSPARENCY
Autor(ii): Fulop Melinda Timea
Rezumat: The aim of the current research is to clarify the concept of ˜corporate governanceâ as we believe it is a relatively new concept at national level. At the same time, our analysis focused on the manner in which the principle of transparency has been incorporated into the recommendations and regulations/provisions of the Bucharest Stock Exchange (Romanian: BVB) and how this principle has been applied by the companies listed with the BVB. In order to accomplish the objectives of our research, we adopted a deductive approach, from general to specific, by means of which we were able to combine qualitative with quantitative studies. Therefore, our approach started from the definition found within the principles of OECD according to which ˜corporate governanceâ is the system by which companies are run and controlled. In Romania, the concept of ˜corporate governanceâ was first advanced in 1999 by the Strategic Alliance of the Business Associations (Romanian: ASAA), which drew up a Voluntary code of corporate governance in association with the Confederation of Private Entrepreneurs in Timiº county and the Chamber of Commerce and Industry of Romania and Bucharest. Another facet of our research is the principle of transparency and the manner in which entities should put it to practice in order to ensure efficient corporate governance. To this effect, since the beginning of 2009 the entities listed with the BVB have been under obligation to report which recommendations of the new Corporate Governance Code have actually been implemented by the company in the current financial year by disclosing to BVB the Comply or Explain Statement. The findings of our research show that the concept of ˜corporate governanceâ has lately been a matter for intense debate due to the famous financial failures in recent years. In 2009, Transelectrica was the only company in tier I of the BVB which filled in and submitted the Comply or Explain Statement. Therefore, we believe that Transelectrica should serve as a fine example for the entities listed with the BVB as regards the filling in and submitting of the said Statement.The aim of the current research is to clarify the concept of ˜corporate governanceâ as we believe it is a relatively new concept at national level. At the same time, our analysis focused on the manner in which the principle of transparency has been incorporated into the recommendations and regulations/provisions of the Bucharest Stock Exchange (Romanian: BVB) and how this principle has been applied by the companies listed with the BVB. In order to accomplish the objectives of our research, we adopted a deductive approach, from general to specific, by means of which we were able to combine qualitative with quantitative studies. Therefore, our approach started from the definition found within the principles of OECD according to which ˜corporate governanceâ is the system by which companies are run and controlled. In Romania, the concept of ˜corporate governanceâ was first advanced in 1999 by the Strategic Alliance of the Business Associations (Romanian: ASAA), which drew up a Voluntary code of corporate governance in association with the Confederation of Private Entrepreneurs in Timiº county and the Chamber of Commerce and Industry of Romania and Bucharest. Another facet of our research is the principle of transparency and the manner in which entities should put it to practice in order to ensure efficient corporate governance. To this effect, since the beginning of 2009 the entities listed with the BVB have been under obligation to report which recommendations of the new Corporate Governance Code have actually been implemented by the company in the current financial year by disclosing to BVB the Comply or Explain Statement. The findings of our research show that the concept of ˜corporate governanceâ has lately been a matter for intense debate due to the famous financial failures in recent years. In 2009, Transelectrica was the only company in tier I of the BVB which filled in and submitted the Comply or Explain Statement. Therefore, we believe that Transelectrica should serve as a fine example for the entities listed with the BVB as regards the filling in and submitting of the said Statement.
Cuvinte cheie: corporate governance, transparency, efficiency, recommendations, regulations
Cod JEL: M42, M48
Paginatia: 616 – 621
Titlul Lucrarii: THE ROLE OF THE ACCOUNTANCY PROFESSIONAL BODIES IN DEVELOPING SOCIAL AND ENVIRONMENTAL REPORTING
Autor(ii): Girbina Madalina, Albu Nadia, Albu Catalin
Rezumat: In March 2010, the European Commission renewed its strategy to promote Corporate Social Responsibility in order to ensure long term employee and consumer trust. Corporate Social Responsibility is considered more relevant in the context of the economic crisis because it can help to build (and rebuild) trust in business and to identify new forms of value creation based on addressing societal challenges, which may represent a way out of the crisis. A priority area is repesented by companiesâ transparency on environmental and social issues.
This research aims to assess the involvement of the professional accountancy bodies in the development of social and environmental reporting. After a review of research studies on corporate social and environmental disclosure and the role of the accounting profession in this context, the research identifies the strategies, policies and actions taken by the International Federation of Accountants (IFAC) and of the Federation of European Expert Accountants (FEE) based on content analysis of public documents issued by the two bodies. The cases were selected having the influence exerted by the two organisms on other professional bodies and their ability to trace the strategic lines of the accounting profession at the international and European level.
The basis upon which the accounting profession was founded and continues to exist is public trust, which is the degree to which the public has confidence in the services provided by the accounting profession. Society is currently expressing high demands on the discipline of accounting and therefore the profession is under pressure to expand its horizons to better reflect these demands.
The research revealed that both accounting bodies had an intense activity and initiated political actions in the corporate social and environmental reporting field including sustainability in their strategic objectives. The following areas of involvement have been identified: issuance of assurance, education and ethics standards (in the case of IFAC which is also regulator), educational and web materials, participation in working parties, cooperation with other organisations in the development of reporting and assurance standards, research projects to support decision making, encouraging member bodies to develop similar policies, public statements inviting responsible parties to act. Based on its conclusions the study identifies some research directions to be developed. Academic and professional curricula of Romanian accountants could be analysed in order to determine how they could be improved in order to respond better to these societal requirements.This study identifies the political actions of main profesional bodies (IFAC and FEE) that might influence the actions of other bodies and future profile of accountants.
Cuvinte cheie: Social and environmental reporting, accountancy profession, professional bodies
Cod JEL: Q 56, M4, M2
Paginatia: 622 – 628
Titlul Lucrarii: RECENT DEVELOPMENTS OF THE FINANCIAL REPORTING MODEL: THEORETICAL STUDIES IN REVIEW
Autor(ii): Matis Dumitru, Bonaci Carmen Giorgiana
Rezumat: Our paper analyzes the manner in which the financial reporting model evolved towards fair value accounting. After a brief introduction into the context of financial reporting at international level, the analysis focuses on the accounting model of fair value. This is done by synthesizing main studies in accounting research literature that analyze fair value accounting through a theoretical approach. The analysis being developed relies on literature review methodology. The main purpose of the developed analysis is to synthesize main pros and cons as being documented through accounting research literature. Our findings underline both the advantages and shortcomings of fair value accounting and of the recent mixed attribute in nowadays financial reporting practices. The concluding remarks synthesize the obtained results and possible future developments of our analysis.
Cuvinte cheie: fair value, accounting research literature, mixed attribute, pros, cons
Cod JEL: M41
Paginatia: 629 – 635
Titlul Lucrarii: EVIDENCE FROM THE GERMAN CAPITAL MARKET REGARDING THE VALUE RELEVANCE OF CONSOLIDATED VERSUS PARENT COMPANY FINANCIAL STATEMENTS
Autor(ii): Muller Victor – Octavian
Rezumat: Financial statementsâ main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Hence, the following question arises logically – which of the two sets best serves the information needs of investors (and other categories of users), respectively which of the two sets is more relevant for investors? Of course, the possibility of both sets at the same time best serving the information needs should not be ruled out. In our scientific endeavor we conducted an empirical association study on the problem of market value relevance of consolidated financial statements and of individual financial statements of the parent company, searching for an answer to the above question. In this sense, we analyze the absolute and relative market value relevance of consolidated accounting information of listed companies on the Frankfurt Stock Exchange (one of the largest three stock markets in the European Union) between 2003 and 2008. Through this empirical study we intend to contribute to the relatively limited literature on this topic with a comparative time analysis of the absolute and incremental relevance of financial information supplied by the two categories of financial statements (group and individual). The results obtained indicate a statistically significant superiority of the relevance of consolidated statements (in detriment of individual ones). However, we could not statistically prove a superior value relevance of information provided together by consolidated and parent company financial statements as opposed to consolidated information. On the one hand, these results prove the importance (usefulness) of consolidated financial statements especially for investors on the capital market, and on the other hand, they question the necessity of publishing parent company financial statements.
Cuvinte cheie: Consolidated Financial Statements, Parent Company Financial Statements, German Capital Market, Market Value Relevance
Cod JEL: M40, M41
Paginatia: 636 – 642
Titlul Lucrarii: CURRENT STATE AND EVOLUTION PERSPECTIVES FOR MANAGEMENT ACCOUNTING IN THE ENERGY SECTOR BY IMPLEMENTING THE ABC METHOD
Autor(ii): Rof Letitia Maria, Farcane Nicoleta
Rezumat: Based on a controversial issue, namely determining and controlling costs in the energy sector, the present study falls within the scope of management accounting and control. This scientific approach was initiated as a result of personal research concerns in the area of accounting, starting from the need to know and quantify costs in a sector of the economy that is less exploited. The main objective of this scientific approach is to address the evolution of the energy sector in a national and international context, in terms of economy and finances, with the aim to underline the need to organize and conduct management accounting in this sector. We will present a few particularities of the energy system, the current status of implementation of a medium and long term strategy aimed at developing the energy sector, as well as the need to adopt modern costing methods in this sector, which ensure operative cost control and performance growth of the entities that operate in this sector. Information on the reviewed topic was conducted by studying the national and international literature in the field, by analyzing the associated legislation, by consulting specialized web-sites and various articles in the database. The main research methods used in this scientific approach were analysis and synthesis, and qualitative research was the type of used research. The results of the research will materialize in providing the necessary conditions for designing an econometric model for implementing the ABC method, the conceptual and ideological delimitation of the ABC method, the deepening of the positive and negative aspects that the implementation of the Activity Based Costing involves. The major implication for the researched field is ensuring success for the implementation of a modern costing method in the energy sector, underlining the shortcomings of the traditional costing methods. The added value of the paper consists in conducting a rigorous study of the current state of an overlooked sector of global economy and shaping trends in the evolution of energy costing.
Cuvinte cheie: energy sector, strategy, costing method, activities, operative control
Cod JEL: M40, M41
Paginatia: 653 – 660
Titlul Lucrarii: SOME INSIGHTS REGARDING CREATIVE ACCOUNTING IN ROMANIAN ACCOUNTING ENVIRONMENT – REGULATORS, FINANCIAL AUDITORS AND PROFESSIONAL BODIES OPINION
Autor(ii): Vladu Alina Beattrice, Grosanu Adrian
Rezumat: This empirical study reports the results of a survey designed to explore the existence and magnitude of creative accounting practices in the Romanian accounting environment using as a reference point the opinion of some of the top representative accounting professionals like: financial auditors, regulators and professional bodies representatives of the Chamber of Financial Auditors of Romania and also representative of the Body of Expert and Licensed Accountants of Romania. Since the existence of creative accounting practices are connected in accounting with issues of vulnerability and in some cases panic getting to know its magnitude can be regarded of higher importance. In this respect we were interested to see if our respondents can document its existence and magnitude based on their experience. In order to achieve this goal our methodology employed neutral and direct interviews based on closed questions questionnaire. The results of our empirical study documented that the credibility of accounting profession in the Romanian accounting environment is not affected by items like creative accounting since all our respondents asserted that is not facile to employ creative accounting schemes in the practice of accounting. One particular question was concerned about the ease of detection of creative accounting practices. In this respect we interrogated our respondents and all had similar opinions that in order to detect those practice skilled professionals are needed and more than that the desire to engage in this demarche since it is not specified particularly in the law.When it comes to creative accounting schemes that our respondents could identify in their day to day work they shared similar views: items like profit overstatement and profit undervaluation, income tax and leasing can be included frequently in those schemes. On the other hand practices of creative accounting that include goodwill, provisions and developments costs are not found in a significant proportion in the Romanian economic environment.
Cuvinte cheie: creative accounting, creative accounting practices, credibility, existence, magnitude
Cod JEL: M41
Paginatia: 661 – 668
Titlul Lucrarii: INTRINSIC AND EXTRINSIC MOTIVATION – AN INVESTIGATION OF PERFORMANCE CORRELATION
Autor(ii): Matei Mirabela Constanta, Abrudan Maria-Madela
Rezumat: A series of research untaken in the last decade have revealed some interesting aspects regarding the effects of different types of motivation on performance. Among the researchers who have shown interest in this field we can number: Richard Ryan, Edward Deci, Sam Glucksberg, Dan Ariely, Robert Eisenhower, Linda Shanock, analysts from London School of Economics, and others. Their findings suggest that extrinsic incentives may have a negative impact on overall performance, but a general agreement in this respect has not been reached.
In this paper we intend to shed some light upon the relationship between intrinsic and extrinsic motivation and performance. Experts define intrinsic motivation as being the execution of a task or activity because of the inherent satisfaction arising from it rather than due to some separate outcome. In contrast with intrinsic motivation, we speak of extrinsic motivation whenever an activity is done in order to attain some separable outcome.
With the purpose of contributing to the clarification of the links between concepts, we initiated and conducted an explanatory research. The research is based on the analysis of the relations between the results obtained by third year students and their predominant type of motivation. For this, we formulated and tested four work hypotheses using a combination of quantitative methods (investigation) and qualitative methods (focus group). After the validation of the questionnaires, the respondents were divided into four categories: intrinsically motivated, extrinsically motivated, both intrinsically and extrinsically motivated and unmotivated. To analyze the collected data, we made use of Excel and SPSS.
Some of the primary conclusions of the research are as follows: as the average increases, the percent of individuals having both extrinsic and intrinsic motivation is decreasing; the highest percentage of unmotivated students is concentrated in the highest average category; Female students tend to have better performance at university level. The research intends to be nearly a first step in the attempt to clarify the relationship between intrinsic (and extrinsic) motivation and performance. Further research is needed.
Cuvinte cheie: intrinsic motivation, extrinsic motivation, performance, correlation
Cod JEL: M12, I23
Paginatia: 671 – 677
Titlul Lucrarii: EDUCATIONAL MANAGEMENT- AS THE RESPONSE TO THE SOCIAL-ECONOMIC CRISIS IN CONTEMPORARY EUROPE
Autor(ii): Ortan Florica
Rezumat: Taking carefully into consideration the way in which emerged and evolved the actual economic and financial crisis, in Europe and in Romania, one can conclude that the educational management, as an academic program, or as a scientific research, can provide some solutions.
First are analyzed the initiatives taken by the decision factors from the superior European education, in 1999, before the breaking out of the crisis, through the Bologna Convention.
Due to the educational managementâs particularity to establish a communication channel between academics, specialists in educational sciences, educational institutions managers and political leaders, are presented the beneficial effects which a number of decisions like the stimulation of young peopleâs interest for the studying of economical and entrepreneurial sciences, systematic programs open socially and culturally of knowing the foreign languages, the analysis of careerâs dynamic in parallel to the modernization of the career education, could have.
Cuvinte cheie: education, management, social-economic crisis
Cod JEL: A0
Paginatia: 678 – 680
Titlul Lucrarii: STUDY ON QUALITY PARAMETERS AND ENZYMATIC ACTIVITY OF GRAIN MILL PRODUCTS REGION IN TRANSYLVANIA
Autor(ii): Popa Maria, Bostan Roxana, Varvara Simona, Glevitzky Mirel
Rezumat: This paper aims at determining the main quality parameters of grain mill products in the Transylvania region, also studying and emphasizing the enzymatic activity of flour. Determination of quality characteristics of grain mill products entails establishing physical, chemical and sensory parameters and assessing them against the limits imposed by law.
Analysis was performed on samples formed by mixing basic medium extracted from different batches. Incremental size, sampling tools, how to extract them, the training sample and laboratory environments, packaging and labeling of samples were performed according to STAS 1068 69.
Determination of the fall (Falling Number), an empirical test that relies on the ability of endogenous ï¡-amylase to reduce viscosity of the treated warm flour suspension is used, large scale milling and bakery industry to predict and assess the Baking quality of flour. In sprouted wheat, characterised by a low Falling number, dextrin produced by the action of ï¡-amylase leads to a sticky bread core. Experiments suggest that the values fall turnover (FN) does not shrink in direct proportion to the percentage of germinating seeds. Amylolytic activity depends on the stage of sprouting of grains. Lack of ï¡-amylase activity can be corrected by adding malt grain ï¡-amylase or fungal ï¡-amylase.
Cuvinte cheie:
Cod JEL:
Paginatia: 681 – 685
Titlul Lucrarii: THE EVALUATION OF EDUCATIONAL SERVICES QUALITY BY THE STUDENTS OF THE FACULTY OF ECONOMICAL SCIENCES žDIMITRIE CANTEMIR CLUJ-NAPOCA
Autor(ii): Rusu Corina, Vlad Miranda-Petronella
Rezumat: The evaluation of the educational services quality by the students represents an important element of the internal quality monitoring process for the identification of the necessary actions required in the continuous improvement of the offered educational quality, and on the other hand it represents an indicator of the university interest of having access at the studentâs point of view. Starting from the student needs, together with the staff involved in the evaluation and quality assurance committee of the Faculty of Economic Sciences Cluj-Napoca, Dimitrie Cantemir Christian University Bucharest, we elaborated a questionnaire for the evaluation of the educational services quality by the students, concerning: teaching-learning activities, available admission information, tutorial system, class schedule, material base, laboratory, course and seminar rooms equipments, administrative services, student organizations, counselling services offered by the faculty. The conclusions of the study were discussed with the facultyâs management, decisions being made to take actions in order to increase the student satisfaction level.
By developing and implementing their own strategy to quality policies and procedures, the higher education institution is explicitly committed to develop a quality culture in all its activities.
Cuvinte cheie: quality, university management, educational services, higher education, the quality circle
Cod JEL: I23, M10, M31
Paginatia: 686 – 692
Titlul Lucrarii: ASPECTS OF SERVICE QUALITY AND ECOLABELLING OF ROMANIAN LODGING SERVICES
Autor(ii): Tomescu Ada Mirela
Rezumat: Tourism has a significant environmental, economic and socio-cultural impact, which makes it important for environmental initiatives.
The Rio Earth Summit (1992) was a milestone for these initiatives, having introduced the concept of sustainable development, its major principles and recommendations of implementation. So, the ecological movement grew globally more and more by widely disseminated actions among various bodies as the governments, associations, businesses, academics, NGOs and communities.
In European Union eco-labelling scheme, is a voluntary initiative to promote products and services which have the potential to reduce negative environmental impacts, as compared to the other products and services in the same product or service group, thus contributing to the efficient use of resources and a high level of environmental protection. This shall be pursued through the provision of guidance and accurate, non-deceptive and scientifically based information to consumers on such products and services. In fact this is official approach known as EU-Ecolabel Scheme, launched in 2005.
In general, the idea of sustainable development, and eco-attitude of many of the activities carried out in different economic sectors have been encouraged to be certified, and to adopt sustainable practices to improve their environmental practices, and to inform and educate their clients regarding their friendly-environmental policies. The tourism sector adopted all of these.
One by one in hospitality industry have emerged new trends, new destinations. Some of these trends are as well connected to environmental policy, eco-initiatives that certify EMS (Environmental Management System) and to use of eco-label in hospitality industry.
For years, the tourism sector in Romania was declared a strategic sector. Within this framework, we decided to examine this area, the specific topic of eco-labelling and quality of lodging services in Romania.
This paper proposes a short examination by observation of studies dedicated to lodging eco-label services and their quality based on a comparative analysis between Romanian supply of tourism green services and international one.
This study has as a result a synthetic perspective on eco-label services and some aspects on the state of art of this topic in Romanian and international context of lodging services.
Cuvinte cheie: environmental policy, environmental management system, tourism, lodging services, quality of services, eco-labelling, Romania
Cod JEL: Q5 ,Q57, L15, L83
Paginatia: 693 – 699
Titlul Lucrarii: MANAGING RENEWABLE ENERGY IN THE EU10 REGION
Autor(ii): ZAMFIR Andreea, BUCUREAN Mirela
Rezumat: The problems of renewable energy and regional development have gained a global dimension, as well as the concerns about the economic growth. Therefore, this study investigates the issue of managing renewable energy in the EU10 region, within the context of recovery and anticipated growth of the region. The findings of this study disclose that an important source of economic growth in the EU10 regionâs countries may be to start some new investments in renewable energy. In order to develop the field of renewable energy may be used EU funds, and may be envisaged different public-private partnership models, that may contribute to lower societal costs and increased deployment rates. The study was conducted by combining a wide variety of sources, such as statistics, reports and articles. The results reported in this study could be used for further research in the area of implementing green energy projects in the EU10 region. Another direction for further research could be to identify the most attractive countries for different renewable energy investment projects in the EU10 region.
Cuvinte cheie: renewable energy, EU10 region, regional development, investment, economic growth
Cod JEL: Q42, R11, O30, M10
Paginatia: 700 – 706
Titlul Lucrarii: OBJECTIVES, PERFORMANCES, RESULTS – VIEWS ON THEIR USE IN THE PUBLIC ORGANIZATIONS FROM ROMANIA
Autor(ii): Bacanu Bogdan
Rezumat: The present paper focuses on the management associated with relatively common concepts: objective, result and performance (ORP). The study is important because in the Romania of the year 2011, a “state reform” is being planned, which will substantiate into the reorganization of public institutions, as the improvement of their activity is set forth by utilizing the set of tools associated with the aforementioned concepts.
The study represents an analysis related to the use of the set of management tools associated with the aforementioned concepts within the Romanian public organizations. The study is concerned with a qualitative estimation involving the translation of the existing theory into the practice of the present moment.
The review of the specialized literature is aimed at selecting the most common theoretical milestones, in order to increase the probability to retrieve them from the practice of the organizations. The works of Drucker represent the first theoretical system of reference. The way the ORP concepts have been utilized within the American organizations generate the guiding elements of the present study.
The research presents a longitudinal segmentation, the frontier between the two parts being the present moment. The current state of facts is studied by means of an inductive approach. The hypothesis related to the ORP management in the near future is actually built on the grounds provided by the estimation of this state of facts. Its deductive approach starts from evaluating the pragmatic premises, involving the support of the process that will utilize the ORP in the near future, according to the theoretical percepts. The analysis is qualitative in nature. The identification of the cases that represented “the exception” was taken into account.
The analysis focused on public institutions considered a priori as more transparent: the university, the hospital and the town hall. Even if in the case of the university there are regulations that facilitate the strategic planning, the utilization of objectives according to the MBO precepts is absent. The same situation is to be found in the case of hospitals and town halls. The use of primary and secondary information sources prove that the ORP has not been utilized. It was ascertained that the premises for utilizing the ORP are the same for the near future, a fact that implies the same results.
The main implication is associated with the “myth or reality?” question. The result has a demystifying impact, showing that a reliable estimation on the ORP basis related to the activities of or people working in these organizations cannot be developed nowadays – in 2011.
The present study aims at a realistic analysis related to the discrepancy between words and facts within the management of the Romanian public organizations. The fact that the aforementioned organizations represent the object of the “management of shallow labels content” is signaled and demonstrated.
Cuvinte cheie: objectives, MBO, results, performance, public organization
Cod JEL: H11, I00, I23, L31
Paginatia: 709 – 715
Titlul Lucrarii: STUDY REGARDING STUDENTSâ SATISFACTION WITH INSTRUCTIONAL PROCESS AS A DIMENSION OF ACADEMIC PERFORMANCE OF INSTITUTIONS OF HIGHER EDUCATION
Autor(ii): Bacila Mihai Florin, Tirca (Drule) Alexandra – Maria, Ciornea Raluca, Chis Alexandru
Rezumat: Economic education in Romania has gone through many changes in recent years, in order to modernize and adapt to the requirements of the economy based on knowledge. But, regardless of the stage, studentsâ satisfaction is a key criterion for assessing the relevance and the accomplishment of the mission of universities in society. The highest satisfaction should be a constant concern for managers of higher education institutions. In order to achieve this goal, it is very important to periodically determine which are the most significant factors for students, how satisfied are they and which is the performance of the higher education for these attributes. The knowledge transfer process and the degree to which we can speak of a modern university tailored to the needs of the business environment and focused on increasing the relevance of the educational process for the labour market can be appreciated taking into consideration the content of the educational activities. The objective of this research is to identify relationships between the importance, satisfaction and performance of the instructional process in the process of improvement of the university management and the creation of better university programs. Our analysis was based on an empirical research conducted in a major Romanian faculty in the field: Faculty of Economics and Business Administration of Cluj-Napoca. The research was carried out by means of the survey method using quota sampling. Findings have revealed a significant positive contribution of the assessed factors to the increase of the quality of educational process. Also the factors that characterize the instructional process are correlated. The results revealed studentsâ concern to acquire practical knowledge. There is also a significant difference between studentsâ expectations and studentsâ satisfaction regarding the quality of the content of teaching activity. Unfortunately, in case of all factors the performance of institution was negative associated with a number of negative effects.
Cuvinte cheie: institutions of higher education, educational management and marketing, quality of educational services, student satisfaction, instructional process.
Cod JEL: I21, I23, M39
Paginatia: 716 – 722
Titlul Lucrarii: SOCIAL RESPONSIBILITY VALUES: A CROSS COUNTRY COMPARISON
Autor(ii): CATANA DOINA, CATANA GHEORGHE ALEXANDRU
Rezumat: This empirical study aims at finding out how similar and/or different are the future Romanian and Slovenian managers in assessing the importance of organizationâs social responsibility values. The assumption of the research is that most of most of students in engineering and business will hold middle management position in the near future. The sample consists of 727 undergraduate and graduate studentsâ levels from Romania and Slovenia, two former socialist countries. The data has been collected between 2008 and 2009 in the framework of GLOBE student project , using a section of GLOBE III questionnaire, about the importance of CSR related values in critical decisions. The findings concern the similarities and significant differences between: 1) whole Romanian and Slovenian samples; 2) Romanian and Slovenian students in engineering; 3) Romanian and Slovenian students in business. Our findings revealed a trend toward convergence in the importance given to decisionâs effect on contribution to the economic welfare of the nation and local community, as well as on employeesâ professional growth and development and on environment. The biggest difference between the groups concerns the decisionsâ effect on firm profitability (the Romanians considering this value as more important in critical decisions than the Slovenians). The students in engineering proved to be a more homogeneous group, showing convergence in assessing the importance of eight out of fifteen social responsibility values. The biggest difference concerns the decisionsâ effect on firm profitability (Romanians consider it as having higher importance in critical decisions than the Slovenians). Comparison of students in business revealed convergence in assessing the importance of employeesâ professional growth and development and decisionâs effect on environment. The biggest positive difference concerns the same value of decisionsâ effect on firm profitability. The Romanians are well behind Slovenians in realizing the importance of decisionsâ effect on relationships with important partners of the organization, ethical considerations and decisionâs effect on long term competitive ability of the organization.
Cuvinte cheie: Social responsibility, Romania, Slovenia, students
Cod JEL: M14
Paginatia: 723 – 729
Titlul Lucrarii: THE PREMISES OF STRATEGIC MARKETING PLANNING IMPLEMENTATION WITHIN SMALL AND MEDIUM SIZED ENTERPRISES
Autor(ii): Curmei Catalin Valeriu, Ionescu Florin Tudor, Popescu Andrei
Rezumat: The main purpose of the present paper is to identify the framework and the necessary conditions for the small and medium sized enterprises (SMEs) to be able to adopt the strategic marketing planning. Also, the paper aims to underline the importance of the strategic marketing planning and the manner in which the SMEs can adopt, implement and operationalize the strategic marketing planning instruments, whose correct understanding and usage ensure the capacity to generate competitive advantage, the key element both from the perspective of the fierce competition and the perspective of the future development of the SMEs. Within SMEs the implementation of marketing becomes an evident requirment, mostly due to the relationship that these have with the market, thus, leading towards market orientation of the activities, a new approach developed by the marketing vision on managing the activities from these types of organizations. Regarded upon, from the marketing perspective, the activities from the SMEs, especially the marketing activities, cannot take place randomly. Resource allocation, a characteristic of these types of organizations, and the objectives with regards to superior customer needs satisfaction and economic efficiency maximization, claim thorough plannification and deployment of the activities in a sequence that represents the implementation of a strategy previously assumed. Within this framework, the strategic marketing planning appears as a complex process employing all scientific instruments that comprise segmentation, positioning and marketing mix. Utilizing the strategic marketing planning within SMEs depends to further extend on marketing integration; process directly related with a series of factors such as the nature of the market, development stage, product type, management quality and the influences of the marketing department of the SME. The implications onto the marketing activities from SMEs are reflected upon each strategic marketing planning instrument, where we can find, under correct understanding and application, objectives and market and penetration strategies as product, price, distribution and promotion strategies.
Cuvinte cheie: marketing, SMEs, segmentation, positioning, marketing mix
Cod JEL: M31
Paginatia: 730 – 735
Titlul Lucrarii: EDUCATIONAL INOVATION AND CONSUMER BEHAVIOUR. A STUDY OF STUDENTSâ PERCEPTIONS ON THE USE OF E-LEARNING IN CLASS.
Autor(ii): Eftimie Raluca Cristina, Avram Emanuela, Tufan Adriana
Rezumat: In European and international context of a knowledge-based society, education becomes a strategic element of sustainable economic growth. Developing human capital and adapt its training to the present requirements of the labor market requires major investments both in the formal education system and in individual study. In his position as a promoter of change, the educational environment must actively respond to external challenges, demonstrating a strong flexibility and openness to new.
Implementing the concepts and marketing strategies in the educational environment have gradually led to the development of educational services and improvement of their quality. Focusing on student, the mainstream of marketing, brings in front his requirements and expectations, and the development of the educational strategies aim to satisfy his information and intellectual development needs. School success is reflected in its students achievement as a successful commercial product is observed by analyzing sales figures recorded.
Frequent changes occurring in society as a result of accelerated evolution of technique and technology have made their mark on education. The assimilation of innovations in the traditional educational processes imposed and behavioral changes and adaptations to all education stakeholders. Thus knowing the consumer behavior, the influencing factors and the psychological processes decision making, becomes essential in creating an effective education system.
The emergence of e-learning platforms as a result of the growing importance of lifelong learning and integrating them in the traditional educational environment was a crucial moment in the evolution of educational practices. Focusing on computer, Internet and intranets, e-learning brings education a surplus of interactivity, interaction, responsibility and collaborative learning. Considered as innovative solutions, initially, complementary to the classical teaching techniques, e-learning technologies gradually penetrate the traditional classroom learning environment.
Introducing innovation in the educational environment causes changes in the behavior of all actors confronted with it. Hence, knowing the perceptions of the main consumers of knowledge is a key element in the implementation process of innovation and assessing its effectiveness. This paper aims to develop major behavioral theories on e-learning environments, seeking to establish and explain the attitude of students, the main consumers of educational services, in terms of their perceptions about the introduction and use of these technologies in the classroom.
Considering the results of the presented study may be the starting point in developing a complex behavioral pattern specific of the educational market by integrating behavioral aspects of all actors involved in providing education and confronting them with the main factors of influence.
Cod JEL: M31, I25
Paginatia: 736 – 740
Titlul Lucrarii: WIRELESS ADVERTISING: A STUDY OF MOBILE PHONE USERS
Autor(ii): Gurau Cãlin
Rezumat: Topic: Using a qualitative methodology, this study attempts to provide a general framework of the functions of mobile communication, and to identify the specific preferences of mobile phone users regarding the commercial messages received on their personal devices.
Research objectives: (1) To identify the specific characteristics of mobile communication as perceived by mobile users; (2) to define and analyze the functions of wireless communication as perceived by mobile phone users; and (3) to investigate usersâ preference regarding the content of commercial wireless communication.
Previous research: Bauer et al. (2002) identified time, location, information and personalization as relevant acceptance factors for mobile advertising. Barwise and Strong (2002) developed a conceptual model, arguing that social norms, userâs motives, mode, time, location and personal characteristics will affect the processing of mobile information by consumers. Tsang et al. (2004) evidenced the influence of entertainment, informativeness and irritation, while Bauer et al. (2005) argued that consumer attitudes are influenced by perceived information, entertainment, and social utility. In a similar study, Xu and Gutierrez (2006) tested the effect of entertainment, irritation, informativeness, credibility and personalization on the attitudes of Chinese consumers.
Research methodology: First, a series of academic and practical articles and reports have been accessed in order to assess the existing knowledge on this topic. Second, five focus groups have been organized with six mobile phone users, aged between 20 and 40 years old. Each focus group comprised an equal number of male and female participants. The focus groups lasted between 45 and 60 minutes and addressed three main issues: the specific characteristics of the mobile phones as a commercial communication media, the functions of mobile phone communication, and the specific preferences of mobile phones users regarding the content of commercial messages.
Findings: The participants demonstrated an active attitude regarding mobile advertising, which they think it has the potential to revolutionize the practice of commercial communication, by focusing more on consumerâs personal needs and circumstances.
Implications: This transformation cannot be realized without increasing the interactive control of mobile phone usersâ over the functionality and content advertising messages. Although the required technology already exists, it seems necessary to create new applications that can combine the advantages of customer-, product- and location- centered communication.
Original contribution: Previous studies often used an analytical approach, highlighting specific variables regarding consumer perception or technology adoption. Using a qualitative methodology, this study provides a general framework of the functions of mobile communication, and identifies the specific preferences of mobile phone users regarding the commercial messages received on their personal devices.
Cuvinte cheie: wireless advertising, mobile phones, functionality, content, usersâ opinions
Cod JEL: M37
Paginatia: 741 – 747
Titlul Lucrarii: THE IMAGE OF INVESTMENT AND FINANCIAL SERVICES COMPANIES IN WWW LANDSCAPE (WORLD WIDE WEB)
Autor(ii): Iancu Ioana Ancuta
Rezumat: In a world where the internet and its image are becoming more and more important, this study is about the importance of Investment and Financial Services Companies web sites. Market competition, creates the need of studies, focused on assessing and analyzing the websites of companies who are active in this sector.
Our study wants to respond at several questions related to Romanian Investment and Financial Services Companies web sites through four dimensions: content, layout, handling and interactivity. Which web sites are best and from what point of view? Where should financial services companies direct their investments to differentiate themselves and their sites? In fact we want to rank the 58 Investment and Financial Services Companies web sites based on 127 criteria.
There are numerous methods for evaluating web pages. The evaluation methods are similar from the structural point of view and the most popular are: Serqual, Sitequal, Webqual / Equal EtailQ, Ewam, e-Serqual, WebQEM (Badulescu, 2008:58).
In the paper: Assessment of Romanian Banks E-Image: A Marketing Perspective (Catana, Catana and Constantinescu, 2006: 4) the authors point out that there are at least four complex variables: accessibility, functionality, performance and usability. Each of these can be decomposed into simple ones. We used the same method, and we examined from the utility point of view, 58 web sites of Investment and Financial Services Companies based on 127 criteria following a procedure developed by Institut fur ProfNet Internet Marketing, Munster (Germany). The data collection period was 1-30 September 2010.
The results show that there are very large differences between corporate sites; their creators are concentrating on the information required by law and aesthetics, neglecting other aspects as communication and online service.
In the future we want to extend this study at international level, by applying the same methods of research in 5 countries from European Union: Germany, France, Britain, Italy and Spain.
Cuvinte cheie: Financial Companies Websites, Websites Content, Websites Layout, Websites Handling, Websites Interactivity
Cod JEL: G29
Paginatia: 748 – 753
Titlul Lucrarii: PRODUCT PORTFOLIO ANALYSIS – ARTHUR D. LITTLE MATRIX
Autor(ii): Ionescu Florin Tudor, Curmei Catalin Valeriu
Rezumat: In recent decades we have witnessed an unseen dynamism among companies, which is explained by their desire to engage in more activities that provide a high level of development and diversification. Thus, as companies are diversifying more and more, their managers confront a number of challenges arising from the management of resources for the product portfolio and the low level of resources with which companies can identify, at a time. Responding to these challenges, over time were developed a series of analytical product portfolio methods through which managers can balance the sources of cash flows from the multiple products and also can identify the place and role of products, in strategic terms, within the product portfolio. In order to identify these methods the authors of the present paper have conducted a desk research in order to analyze the strategic marketing and management literature of the last 2 decades. Widely were studied a series of methods that are presented in the marketing and management literature as the main instruments used within the product portfolio strategic planning process. Among these methods we focused on the Arthur D. Little matrix. Thus the present paper has the purpose to outline the characteristics and strategic implications of the ADL matrix within a companya€™s product portfolio. After conducting this analysis we have found that restricting the product portfolio analysis to the A.D.L. matrix is not a very wise decision. The A.D.L. matrix among with other marketing tools of product portfolio analysis have some advantages and disadvantages and is trying to provide, at a time, a specific diagnosis of a companya€™s product portfolio. Therefore, the recommendation for the Romanian managers consists in a combined use of a wide range of tools and techniques for product portfolio analysis. This leads to a better understanding of the whole mix of product markets, included in portfolio analysis, the strategic position held by each product within a market, the performance potential of product portfolio and the financial aspects related to the resource allocation process for the products within the portfolio. It should also be noted that the tools and techniques specific to product portfolio analysis do not give accurate answers, despite the appearances created by the analysis stage, where the products are plotted rigorously. However, their main virtue is simplicity, as these highlight the managersa€™ need for further investigations.
Cuvinte cheie: product portfolio, ADL matrix, life cycle, competitive position, strategic analysis
Cod JEL: M31
Paginatia: 754 – 760
Titlul Lucrarii: DEVELOPMENT OF THE E-GOVERNMENT MARKET IN THE EUROPEAN UNION: AN ANALYSIS OF THE SUPPLY VERSUS DEMAND SIDES
Autor(ii): Palade Marius, Veghes Calin
Rezumat: E-government represents one of the most palpable results of the dynamic development of the information and communication technology. Defined mostly as an intensive use of information technologies to provide public services, e-government has been approached in the literature rather from a technological perspective, with a significant importance given to the supply and a lower attention paid to the demand side. The increasing interest in taking into consideration the demand side in the development of the e-government initiatives and projects has created the foundation for a shift in the way the conceptual framework for e-government planning and implementation is defined, from the technology infrastructure and costs to the customer-centric character of all the efforts done.
The European Union put e-government on its agenda aiming to improve access to the public information and services, increase transparency of public administration, exploit effectively the information technology within public administration, and establishing e-procurement. The development of the e-government services in the Member States, as it is expressed by the data regarding the supply and demand side, has been conducted in a more or less different manner that led, at the Unionâs level, to a relatively high availability but a rather low usage of the specific services.
The paper explores the relationship between the e-government supply and demand based on the secondary data referring to the public services available to the citizens (as these are defined by the Eurostat methodology) and the usage of these services by the individuals, integrating them through an analytical matrix inspired by the BCG model. Probably the most important conclusion of this analysis states that development of the e-government services has not been accompanied by measures meant to stimulate their usage in the most of the European Union Member States. The analytical matrix allowed also the identification of the question mark, star, cash cow and dog Member States in terms of the e-government market development.
Cuvinte cheie: e-government market, demand, supply, European Union
Cod JEL: M31
Paginatia: 761 – 767
Titlul Lucrarii: INVESTIGATING THE PATIENT SATISFACTION WITHIN ROMANIAN PUBLIC AND PRIVATE HOSPITALS
Autor(ii): Popa Adela Laura, Rosca Remus Dorel, Mihoc Florin
Rezumat: Although it is not commonly accepted within healthcare services industry, the importance of marketing is more and more recognized nowadays by the organizations activating in the field. Current perception resides in a series of factors as: ethical aspects involved in the delivery process; special characteristics of the market; particular profile and behavior of the consumers of healthcare services and probably because of the inadequate understanding of the marketing role in the life of an organization. A deep analysis in the field of healthcare services will emphasize not only its complexity, but also its interdisciplinary feature under many aspects, as it is an area where many fields of interest are intersecting, both economic and social. It also reveals a particular field of study with many particular features – considered a sensitive field (Popa and Vladoi 2010: 232). Generated using the SERVQUAL model, the data presented in the paper are the result of a quantitative research designed to measure and compare the patient/client satisfaction degree for public and private medical services provided by the Romanian hospitals. The aim of the research is to identify and to measure the gap that appears between the patient/clienta€™ expectations and perceptions regarding the delivered services; to identify the potential profile of the private Romanian hospitalsa€™ clients regarding the demographic features and also to pin-point correlations between the image created in the mind of the Romanian patients/clients and the type of medical services (public or private) they were using. We consider that the results of this research are valuable for the managers of the medical units in order to initiate series of actions aiming to improve the quality of their services and, as a result the patient/clientsa€™ satisfaction degree. Later being one of the most important performance indicators of an organization that activates in a highly competitive business environment. We also consider this research may be useful in the process of improving the quality of the medical services in Romania, which must be a priority for any medical unitsa€™ management and for the society as a whole. Present paper intends to lay foundation for future research, tailored to correlate the quality culture for the Romanian hospitals and the satisfaction degree of their patients/clients.
Cuvinte cheie: relationship marketing, patientsa€™ satisfaction, public and private medical services, Oradea, Romania
Cod JEL: M31, I11
Paginatia: 768 – 773
Titlul Lucrarii: STRATEGICALLY REPOSITIONING RUSSIA
Autor(ii): Popescu Andrei, Caescu Stefan Claudiu, Brandabur Raluca Ecaterina
Rezumat: Positioning is a very important marketing concept. Its importance was strongly emphasized and implemented in the case of companies, but is somehow neglected when it comes to states. A country acquires a position in the mind of a person very much like any other product does, which is very important especially when that person exerts an executive role. Nowadays Russia has a poor image or no image at all, both internationally and in Romania. In order to regain an important position in the Balkans region, Russia must set aside any political agenda and reposition itself as a business partner on equal terms. The first goal of this article is to clarify Russiaâs position in the minds of future Romanian executives. The second goal is to outline a recommended course of actions for Russiaâs repositioning.
Cuvinte cheie: marketing, positioning, strategy, Russia, marketing research
Cod JEL: M3
Paginatia: 774 – 778
Titlul Lucrarii: BUSINESS INCUBATORS AND SUSTAINABLE INNOVATION
Autor(ii): Schebesch Klaus Bruno
Rezumat: Innovative businesses are often the result of collective action of organisations involved in many-sided market structures, which can be found in and around business incubators or tech¬no¬logy centres. Within such frame environments, many group interests beyond those of single producers and their immediate clients exist and interfere. Rather generically, important economic outcomes of innovations are se¬quen¬ces of cost reduc¬¬tion events at the level of econo¬mic sectors, where the na¬ture of (sector-wise) technology is influencing the pace of these events. At the conceptual le¬vel, we describe the social learning and social innovation process which leads to sustainable in¬no¬¬va¬tion by means of the influence exerted by firms on each other within constrained envi¬ronments such as business incubators. These environments need not to be organized according to any sector logic. We propose that the influ¬ence exerted between firms is increasing in firm simila¬rity, in the degree of product com¬plementarity, and also to depend on (mutual) trust relations.
We note that, very much in symmetry with the role of sustainability in society as a whole, in the world of firms and markets, the incubation process may be viewed as a moderator, which attempts to overcome the disadvantages of highly paced, short-term oriented capitalist economies. In sections 2 and 3 a concept for representing the societal forces shaping sustainability and incubation for the innovating firm is described and ways of transforming the concept into concrete tools of assessment and valuation are pointed at.
Cuvinte cheie: Innovation, Incubators, Learning, Networks, Sustainability
Cod JEL: A12, M39, O30, O31
Paginatia: 779 – 785
Titlul Lucrarii: THE IMPACT OF THE 21ST CENTURY FOOD MARKETING ON CHILDRENâS BEHAVIOUR
Autor(ii): Tarcza Teodora Mihaela, Olar Ana – Elena
Rezumat: This paper aims to raise a question mark regarding childrenâs food habits in the last decades in Romania, and how globalization, marketing and advertising influenced and changed our old romanian food prefferences. We will highlight that children spent a lot of time watching TV, choosing a cartoon character, or an advertising star on the same age as him/her as a model, and then copying their behaviour, and acting like them. So, they have the idea that they will gain their parentsâ love and their colleagues appreciation.
The rise of obesity is one of todayâs biggest societal challenges. Thus, to halt obesity has become a goal in several political sustainability strategies. The focus is on children since their health behaviour is expected to have a strong impact on consumers in adulthood. To fight childhood obesity, the challenge is to develop the ˜rightâ policy toolbox. One complicating aspect amongst others is the numerousness of actors involved. To find a policy mix and assess its consequences for all actors, it is essential to understand the underlying mechanisms – the impact of external and internal factors on childrenâs health behaviour. Tools such as regulation, information and education appear to be insufficient to curb this unsustainable consumption behaviour.
Cuvinte cheie: food marketing, advertising, children, gatekeepers, ethic code
Cod JEL: M31
Paginatia: 786 – 792
Titlul Lucrarii: MODEL DRIVEN DEVELOPMENT OF ONLINE BANKING SYSTEMS
Autor(ii): Avornicului Mihai-Constantin, Bresfelean Vasile Paul
Rezumat: In case of online applications the cycle of software development varies from the routine. The online environment, the variety of users, the treatability of the mass of information created by them, the reusability and the accessibility from different devices are all factors of these systems complexity. The use of model drive approach brings several advantages that ease up the development process. Working prototypes that simplify client relationship and serve as the base of model tests can be easily made from models describing the system. These systems make possible for the banks clients to make their desired actions from anywhere. The user has the possibility of accessing information or making transactions.
Cuvinte cheie: MDA, UML, Online Banking, Class diagram, Platform Independent Model
Cod JEL: C88, M15
Paginatia: 795 – 800
Titlul Lucrarii: MODELS AND SOLUTIONS FOR THE IMPLEMENTATION OF DISTRIBUTED SYSTEMS
Autor(ii): Ghencea Adrian, Vatuiu Teodora, Tarcã Naiana
Rezumat: Software applications may have different degrees of complexity depending on the problems they try to solve and can integrate very complex elements that bring together functionality that sometimes are competing or conflicting. We can take for example a mobile communications system. Functionalities of such a system are difficult to understand, and they add to the non-functional requirements such as the use in practice, performance, cost, durability and security. The transition from local computer networks to cover large networks that allow millions of machines around the world at speeds exceeding one gigabit per second allowed universal access to data and design of applications that require simultaneous use of computing power of several interconnected systems. The result of these technologies has enabled the evolution from centralized to distributed systems that connect a large number of computers. To enable the exploitation of the advantages of distributed systems one had developed software and communications tools that have enabled the implementation of distributed processing of complex solutions. The objective of this document is to present all the hardware, software and communication tools, closely related to the possibility of their application in integrated social and economic level as a result of globalization and the evolution of e-society. These objectives and national priorities are based on current needs and realities of Romanian society, while being consistent with the requirements of Romaniaâs European orientation towards the knowledge society, strengthening the information society, the target goal representing the accomplishment of e-Romania, with its strategic e-government component. Achieving this objective repositions Romania and gives an advantage for sustainable growth, positive international image, rapid convergence in Europe, inclusion and strengthening areas of high competence, in line with Europe 2020, launched by the European Council in June 2010.
Cuvinte cheie: information society, databases, distributed systems, e-society, implementation of distributed systems
Cod JEL: O33, M15, L86
Paginatia: 801 – 806
Titlul Lucrarii: IT&C AND THE PERSONAL DEVELOPMENT
Autor(ii): MARES MARIUS DANIEL, MARES VALERICA
Rezumat: In this paper I explore the phenomenon of personal development in an žunconventional way. The contribution of this paper is to use a different method (i.e. in -depth interviews) to focus on a different unit of analysis (i.e. managerial couples) in a different context. In addition the information and communication technologies (IT&C) are entering all the fields: business, state institutions, education and the day-by-day life. This paper contributes to the field by suggesting a different theoretical approach to personal development conflict as a decision-making problem. I propose using social exchange theory to explain personal development conflict as a complex evaluation of cost and benefits of exchanges between multiple actors on the basis of personal values and beliefs. The critical thinking is one of the most popular learning objects in the English speaking countries and they are also offering most of hopes to distance learning and also the critical thinking is a reflective one. This paper suggests that the field may be overlooking some fundamental variables. Content analysis of the interview transcripts reveals the crucial importance of implicit values and benefits, immanent or tacit actions such as decision-making and learning and communication and mutual understanding. Communication and personal development is essential in this respect. Itâs difficult to separate work, family and personal development and communication is fundamental in all directions. To conceptualize personal development conflict as a decision-making problem while taking into account exchanges and interactions between multiple actors and we can draw on equity theory or social exchange theory.
Future research should test whether decision making is central for the understanding of personal conflict only in managers or in other collectives as well. I recommend the couple as the best unit of analysis to address issues such as accommodation within couples and complex decision- making in both individuals and couples. Future research should draw on boarder and different samples to replicate our study and check the generalizability of its findings – because if it can be generalized it may have strong implication for theoretical development.
Cuvinte cheie: e-learning, critical thinking, IT training
Cod JEL: M15, O17
Paginatia: 807 – 813
Titlul Lucrarii: RESPONSIBILITY FOR ETHICS IN IT&C
Autor(ii): MARES VALERICA, MARES MARIUS DANIEL
Rezumat: In this article the authors aim to create a presentation of the triangle morals-ethics-responsibility with an accent on the current globalized society. Business ethics has to disseminate in all the corners of a company, and first of all it has to be understood. Understanding the moral criteria of behaviour in business is important because the new Organizational structures create new complications, related to information flow and information administration inside various workgroups and in the entire organization, for which there are no traditional precedents.
Cuvinte cheie: business ethics, corporatist social responsibility, ethical investments, green energies
Cod JEL: M15, O17
Paginatia: 814 – 820
Titlul Lucrarii: THE USE OF COMPUTER APPLICATIONS IN THE STUDY OF ROMANIAâS PUBLIC DEBT
Autor(ii): Vatuiu Teodora, Popeanga Vasile Nicolae, Popeanga Vasile, Tarcã Naiana
Rezumat: Total public debt represents all monetary obligations of the state (government, public institutions, financial, administrative-territorial units) at a time, resulting from internal and external loans (in lei and foreign currencies) contracted on short, medium and long term, and the state treasury and its own obligations for the amounts advanced temporarily to cover the budget deficit. Loans may be contracted by the state through the Ministry of Finance, in his own name or guaranteed by it. Public debt is expressed in local currency or foreign currency, depending on where the contracts and loan conditions. In order to evaluate Romaniaâs public debt, obligations denominated in another currency than the national currency is calculated using the exchange rate of National Bank of Romania. Also, total public debt of a country can be expressed in absolute values (to know the load on that countryâs economy which is subject to its creditors), the relative values as a percentage of GDP (to allow comparison over time and between countries) and the average size per capita (to allow comparisons and analysis in time and space). Total public debt is calculated and separately manages its two forms, namely domestic public debt and external public debt. Ministry of Finance shall prepare and submit annually to the Government for approval and to Parliament for information, report on public debt, which contains information on government debt portfolio, debt service, public indebtedness indicators and information about primary and secondary market securities state and how to implement the medium-term strategy in managing government debt for the previous year. In order to make comparisons quick and effective on public debt dynamics in Romania, Excel 2010 has new features such as charts and sparkline slicersâ features which can help discover trends and statistics in accordance with existing data. The aim of this article is accurate assessment of Romaniaâs public debt and its evolution in the economic crisis in recent years, using computer applications. As a novelty, it is proposed to use charts sparkline (Small diagrams that fit in a cell) to visually summarize data trends in a small space, but in a visual form meaningful and understandable.
Cuvinte cheie: report on public debt, public debt dynamics, computer applications, professional-looking diagrams, sparkline charts
Cod JEL: H63, L86
Paginatia: 821 – 826
