The Annals of the University of Oradea, Economic Sciences, Tom XX, 2nd Issue – December 2011
Titlul Lucrarii: PREDICTABLE TRENDS OF EU TARIFF POLICY IN GLOBALIZATIONâS CONTEXT
Autor(ii): Caba Stefan, Caus Vasile-Aurel
Rezumat: This paper consists of information regarding current situation of international trade relations, in particular those pertaining to EU, concerning to preferential trade agreements, the trend towards globalization and custom policies. The importance of this document is given by the identification of strategy trends in respect to EU tariff policy in the context of changes at commercial exchange level, as a consequence of international trade globalizationâs trend. The tariff policy, as a component of the trade one, represents a factor which influences companiesâ behavior and, consequently the structure of import-export interstates relations. Specialty literature has lately identified a less natural phenomenon: starting with adoption by WTO states members of some measures and principles that emphasize the trade globalization tendency, a significant number of preferential agreements were settled in the meanwhile, many of them being bilateral, fact at least at first view is opposite to globalization phenomenon. The causes of this phenomenon have not been yet completely identified by economic analysts, so that these preferential trade agreements can be translated as a an impediment in the way of globalization and, on the contrary an intermediate phase and an accelerator of global extension trade exchange phenomenon. The present work ideas are based on analysis by bibliographic guide that link to historical GATT/WTO and principles which sustain its operation and to dynamic of international trade. Also, there have been studied data related to strategies of trade policy adopted by EU. The results consist of information about tariff policy elements adopted or forecasted by EU in general strategic context of participation to international trade. Particularly, it is emphasized the new competencies that must be achieved by custom personnel because of changes in trade exchanges. The main idea is represented by the necessity of custom authorities responsibility transfer toward new fields which do not represent traditional activities.
Cuvinte cheie: international trade, globalization, regionalization, tariff policies, trade policies
Cod JEL: F13, F15
Paginatia: 18 – 24
Titlul Lucrarii: THE RISKS OF A TOO QUICK EURO ADOPTION BY THE EU MEMBER STATES. THE CASE OF PORTUGAL
Autor(ii): Cristian Stefan Ovidiu
Rezumat: In this article we present the risks faced by the new countries that have joined the European Union, and which also desire to adopt the euro currency as quickly as possible. We will analyze the existing literature regarding the ways these risks manifest themselves, depending on the economic conditions present in these countries. The risks are mostly caused by an incomplete fulfillment of the optimum currency area conditions, especially the ones regarding the synchronization of the business cycles, the existence of mitigation mechanisms in the case of asymmetric shocks, and to a lesser extent, the insufficient flexibility of the European labor markets. In addition, because there are different economic conditions between the countries that plan on introducing the euro currency and the ones that already had, mostly related to a lower economic development and lower prices, there are specific risks that affect the former countries. Moreover, the benefits of entering the EMU – greater monetary stability, reduced transaction costs, lower exchange rate volatility and a decrease of the interest rates – can in some specific cases become also costs. In order to quantify all these elements, we have constructed a case study of Portugal, which has entered the EMU in the first wave. We have determined that Portugalâs experience after the euro introduction was a negative one, when compared with the previous period, because the convergence process did not actually happened, as expected. Not only that, but the economic differences between Portugal and the other EMU countries deepened, and the countryâs fiscal situation also deteriorated badly in all these years, up to the point where Portugal was forced to ask for external help. The case of Portugal is very important for the countries that are eager to adopt the common currency without first achieving a sustainable economic development, through increasing labor productivity and exports. It shows that fulfilling the nominal criteria and entering EMU must not be a declared goal, but just the last measure implemented after reducing the economic disparities and reaching a balanced economic development. Based on the existing realities from the Central and Eastern European states, different scenarios can be constructed that will take into account the way these risks influence the future economic environment, should these states were to decide accelerating the common currency adoption process.
Cuvinte cheie: euro, risk, Portugal, adoption, EMU
Cod JEL: E52, E63, E65
Paginatia: 25 – 32
Titlul Lucrarii: SHORT REVIEW ON EUROPEAN TURISM IN 2010 THROUGH THE INFLUENCE OF THE FINANCIAL CRISIS
Autor(ii): MARINOIU ANA – MARIA, VICIU (CARAGIN) ANDREEA RALUCA
Rezumat: The aim of the present research paper is to present a short review on the European turism in 2010 through the influence of the financial crisis. The importance of the paper resides in the presentation of the impact that the economic downturn had on the European tourism, taking a closer look also in the investment in hotel industry in 2010. The paperâs objectives took into consideration the current situation and by proposing the rural tourism as an alternative we offer a solution in order to minimise its effects on this specific activity sector. The subject has not been extensively debated in the specialized literature even though it represents a current issue both regarding the private business environment as well as the main national and international bodies that regulate the tourism industry. The research metodology consists in a SWOT analysis through which we prove the rural and ecotourism to be a viable solution in order to minimise the downturn of the industry for countries in CEE. The added value of the paper consists in the analysis of o subject that is too little taken into consideration and of big importance for the companies acting in this specific domain.
Cuvinte cheie: european tourism, financial crisis, rural tourism, ecotourism
Cod JEL: L83, M16, R19, Q01
Paginatia: 33 – 40
Titlul Lucrarii: FOREIGN DIRECT INVESTMENTS DURING FINANCIAL CRISES
Autor(ii): VINTILA DENISIA MARIANA
Rezumat: The fundamental idea of International capital flows is that short-term flows can be easily reversed, while flows on a longer time horizon are more stable. Crises are associated with withdrawals of short-term capital flows and growth of the foreign direct investment flows. The current crisis has meant a major decline of international capital flows, also of the foreign direct investment. The analysis in this article tries to establish if and under which conditions foreign direct investments can bring greater stability during the crisis, comparing the evolution of foreign direct investments in the current crisis with their response in previous crises. We show that during previous crises foreign direct investments were stable, behaving differently from other types of capital. Yet, during the current crisis, foreign direct investments have proven to be not so stable and all the components declined, raising questions about the resumption of the positive trend. The stability of foreign direct investments in the past was given by the increase of mergers and acquisitions during the crisis, reflecting fire-sale FDI. This feature is not found in the current crisis as mergers and acquisitions were severe affected by the crises and recorded a major decline. The current paper is realized in the doctoral program entitled PhD in economics at the standards of European knowledge- DoEsEc, scientific coordinator Prof. PhD Rodica Zaharia, institution The Academy of Economic Studies Bucharest, Faculty of International Business, period of research 2009-2012.
Cuvinte cheie: foreign direct investment, financial crisis, fire-sale FDI, international capital flows, Asian crisis
Cod JEL: F30, F32, G21
Paginatia: 41 – 45
Titlul Lucrarii: INTERNATIONAL BIOMASS TRADE AND SUSTAINABLE DEVELOPMENT: AN OVERVIEW
Autor(ii): Chiriac Catalin, Rusu Nicoleta
Rezumat: It is crystal clear that the neoclassical economical theory, despite being probably the best growth model ever invented by man, tickled a cost of environmental degradation which can threaten our wealth and even our existence. For this reason, the concept of sustainable development (SD) is so empathic, being considered probably the best theoretical alternative invented by man to standard growth, because of its vision of a better world, where economics, society and environment are intimately linked. Thus, all human activities have to adapt to this new paradigm, in order to achieve its goals. From the economical perspective, production, consumption and trade must incorporate a kind of sustainable type of activity. In the recent years, growing demands in energy use and the increase of oil and coal prices, have led to the usage of new energy sources such as biomass, water, solar, wind and geothermal energy. This is why we propose in this paper to present an overview of international trade in biomass reported to the philosophy of SD. In short, we want to give an answer at two questions: how much is biomass trade sustainable and what risks may arise if the main source of energy used today, based on fossil fuels, will be totally substitute by biomass? To be sustainable, biomass, must meet certain criteria, such as: to possess a high capacity for regeneration, in a relatively short time; to offer a better efficiency compared with the traditional fossil fuel sources; to be less or non-polluting, to be used in solid, liquid and gaseous form; to have a broad applicability in production and consumption; to have a competitive level in terms of costs and prices for transport or storage, in both stages, as a raw material or as a finished product; to be a good substitute of traditional fuels (gasoline or diesel), without the necessity for structural changes of the of the engine. The article will conclude that the uprising trend of the EU biomass trade and consumption will continue, because of grown concerns of the EU Member States regarding the effects that greenhouse gas emissions have over the environment and over the quality of life standard, despite the critics which states that biomass production may have negative environmental effects, leading to massive deforestation and destruction of soil, water sources and natural habitat.
Cuvinte cheie: sustainable development, international trade, environmental impact, biomass, biofuels
Cod JEL: Q01, F18
Paginatia: 47 – 54
Titlul Lucrarii: COMPARATIVE ANALISYS BETWEEN THE OBJECTIVE AND THE SUBJECTIVE QUALITY OF LIFE APPROACH – STRENGTHS AND WEAKNESSES
Autor(ii): Constantinescu Mihaela, Daniel Moise
Rezumat: Quality of Life (QOL) can be defined as the degree in which the objective needs of an individual are satisfied in relation with the subjective perspective of his well-being. Thus, there are two different approaches in QOL evaluation: the objective approach (which analyzes the quality of life through economic indicators) and the subjective approach (which evaluates quality through the individualâs opinion and actions). There isnât a widely accepted view referring to the use of one of those two QOL approaches, each having a series of strengths and weaknesses. This paper presents a comparative analysis of the advantages and disadvantages brought by these two approaches in QOL studies. The objective analysis has a series of strengths (among which we mention the fact that allows valide comparisons and the fact that doesnât depend on individuals perception), but has also a series of weaknesses, starting with the dependence on statistical data, which in many cases has incomplete registrations,and ending with the fact that doesnât reflect the real value of the well-being perceived by population. The motives for which the QOL subjective approach is promoted, therefore its strenghtsrefer to the fact that it reflects important experiences for each individual and the fact that it reveals how macroeconomic policies satify the individualâs needs. Certainly, this type of QOL analysis has also some weaknesses, like the lack of validity and accuracy in the data collected through surveys. Considering all the above, there is a conclusion with a wide aplication in the present context of the economy: we canât make a clear delineation between the two QOL approaches, moreover we can state the fact that the is a strong correlation between those two. Thus, the most precise systems of quality of life evaluation are those which use both objective, and subjective indicators, reaching a high level of aggregation at the national and international level.
Cuvinte cheie: Quality of Life, Objective Approach, Subjective Approach, Strenghts, Weeknesses
Cod JEL: I31
Paginatia: 55 – 61
Titlul Lucrarii: SOCIAL AND ECONOMIC IMPACTS OF WIND POWER IN CORELATION WITH THE FINANCIAL CRISES
Autor(ii): Cucos Alina Florentina
Rezumat: Given the present day and age we live in, it is vital that the world considers the various natural resources available to us and how to best make use of them. Furthermore, it is imperative nowadays to look at the many environmentally friendly energy sources which will reduce the ill effects of global warming and provide a host of economic and social benefits too. One such beneficial resource is wind and the consequent conversion of wind energy into electricity. In fact, the advantages of wind energy are so immense that even the government has begun promoting it. Since generating electricity from wind doesnât emit any green house gases or produce any particulate emissions, it massively reduces the rate of global climate change, and at the same time doesnât contaminate our water resources such as lakes and reservoir.Wind energy provides security and stability in the national consumer energy market. By reducing a nationâs dependency on foreign fossil fuels, such as coal and natural gas, spikes in fossil fuel costs or other supply disruptions will not have as much of an adverse impact on the national economy. Also the price of wind energy is relatively stable because there are no fuel costs, which is a major operating expense for most coal and gas fired electric generation facilities. Although wind farms occupy large swaths of land, wind turbine towers themselves take up less space, only a few meters at their base. This leaves space to utilize the land around the turbine tower for several other purposes, such as ranching or agriculture. The application of advanced technologies has succeeded in making the conversion of wind energy much more resourceful and well-organized. Furthermore, wind is a proven clean, free and renewable form of energy that preserves our natural resources. Wind energy conserves water resources as wind farms virtually require no cooling, as opposed to natural gas, coal and nuclear power plants that require a tremendous amount of water for cooling. In fact, electricity generation is the leading contributor to water withdrawals from our nationâs water reservoirs. Since wind turbines come in an array of different sizes, they are a great resource to generate energy in remote locations to support varying population levels. The use of wind energy reduces Greenhouse Gas emissions, and increases security and stability by diversifying the national electricity portfolio. Apart from environmental profits, there are many social and economic advantages too in promoting wind energy. One of these is that the promotion of wind energy assists in revitalizing rural economies, thereby creating jobs at the ground level, such as assembly workers, surveyors, engineers, lawyers, bankers, technicians, to name just a few. In doing so, it also benefits local communities, mainly in the form of property tax revenues and new types of income for landowners through land lease payments.
Cuvinte cheie: wind energy, alternative source, ecological advantages
Cod JEL: P 28, Q 4, Q 27, Q 28
Paginatia: 62 – 68
Titlul Lucrarii: MAIN THREATS TO THE ROMANIAN LABOUR MARKET IN THE CURRENT CONTEXT
Autor(ii): DIMIAN Gina Cristina, DIMIAN Mihai
Rezumat: The paperâs topic is focused on the Romanian labour market prospects, which is going to be affected by two main threats: aging and population decline. These two factors are supposed to dramatically change Romaniaâs economic structure. It is therefore necessary to know how they will evolve in the next decades, facts which represent the main objective of our article.
These topics are debated at large scale at the European and national level, because they describe a process which implies European Union as a whole.
The methodology used in order to quantify this phenomenon includes statistical methods (correlation analysis and descriptive statistics). We have used data available at national and European level in order to build a proper argumentation.
The results obtained are worrying because there is a high risk to assist at an accelerated aging of the Romanian people, doubled by a very low birth rate. This might create huge problems in the economic and social system due to productivity decrease and the pressures on the pensionâs funds.
The paper offers scientific arguments for developing macroeconomic policies in order to prevent the negative situation in which we could be within less than 40 years. As a comparison term we brought into attention the Germany situation, country which offers economic equilibrium to the EU, but is also affected by aging.
The manner in which this problem has been approached is an original one because we tried to put Romaniaâs situation into the context of the European Union general situation, the threat being emphasised by the fact that it is going to be a trend for the whole continent.
Actually, if it is not taken adequate measures, we will be confronted with a demographic crisis, much worse than the current financial one, because the effort of the country to reverse a birth rate decreasing trend with an aged population will take decades.
Cuvinte cheie: aging, labour market, employment structure, sustainable development
Cod JEL: J11, J21, O16
Paginatia: 69 – 76
Titlul Lucrarii: CREATIVE POTENTIAL OF RESEARCH AND DEVELOPMENT – A COMPOSITE INDEX OF POTENTIAL SIENTIFIC CREATIVITY
Autor(ii): Dinescu Maria – Cristina, Fabian Anne Marie
Rezumat: Both Lisbon Council in March 2000 and the one in Barcelona in 2002 represent major turning points in science and research activities at European level. At that time there was a formal recognition that science, technology and innovation, coupled with a quality education is the key to development and long-term competitiveness of European space. Moreover, the decade 2000-2010 was declared as a dedicated to the investment in these sectors, and 2009 was named Year of Creativity and Innovation at European level. In a study in the EU States and candidate countries, whose results were published in 2010, it was noted however that, despite the special attention given lately to these issues, index fund allocations for research and development budgets national level of 2007 is 0.67% on average in the EU (27 countries), compared with Japan (0.68%), South Korea (0.80%) and especially the United States (1.03 %).
The purpose of this paper is to identify those factors that influence a nation\’s potential of scientific creativity and to find a way to compare different countries in terms of such potential. If until now many attempts were made to create an index of national or regional creativity, our goal is to narrow the field of creativity to scientific research and to compare the performance / potential of Romania compared to other European Union countries. Among the basic elements which have a direct impact on the potential for innovative scientific development, one can identify investment, human resources and current performance. Based on the above factors, a composite index of scientific creativity potential was developed, which takes into account the three main elements described above: human capital (human resources in science and technology and researchers), financial capital (investment in research and development) and scientific performance (Hirsch Index). Data for the first two were extracted from the Eurostat database for comparisons to be made between countries, while the third one has been estimated by specialized research teams based on data available on Essential Science Indicators (ESI) of Web of Knowledge. The main limit is the level of accuracy in data provided by each nation, and the extent to which such data were estimated, not final. The main benefit is that of identifying the position one country compared to others, but also to find the main factors that placed that country at one level or another in the overall classifications, thus allowing for the development of action plans particularly focused on those elements.
Cuvinte cheie: research and development,human reources, creative potential, investment in research and development
Cod JEL: O15, O31, O32
Paginatia: 77 – 82
Titlul Lucrarii: FINANCING INSTRUMENTS USED IN THE CENTRE DEVELOPMENT REGION
Autor(ii): Hada Teodor, Cretu Simion
Rezumat: The paper presents the main financing instruments (projects) used in the Centre Region, approaching aspects regarding the Centre Development Region, such as its features in terms of the geographical profile of employment. In regard to the involvement of the population to the economic life, statistics show relatively low values of the overall activity and employment rates recorded primarily in the rural area. If we consider only the population included in the age group 15 to 64, the active population represent 62.2% of total, and the employment rate is 56.3% of the total active population, both declining in the last 15-20 years. At regional level, in order to implement the regional development policy in accordance with Law no. 315/2004 on regional development in Romania, two institutions are functioning: Regional Development Board and Centru Regional Development Agency. The paper also presents the use dynamics of funds in the Centre Region. Starting with 2007, Centru Regional Development Agency has become an intermediary body within ROP 2007-2013 with the role of promoting and managing the funds allocated to this region. In regard to the stage of implementation of ROP in the Centre Region, starting with February 25th, 2011, all 12 key areas of intervention of the programme were launched and a number of 1.053 projects were submitted in the Centre Region for a total amount of 1.033,99 million euro, the paper showing a diagram of the submitted projects. There is also a diagram of the amounts requested for funding the projects submitted until February 25th, 2011 at the Centru RDA and the available financing budgets on priority axes. Until February 25th, 2011, a number of 174 projects were contracted under ROP for a total value of 1.549.430.419,97 lei. In the end, we review the main indicators of the contracted projects. They belong to rural development, transport infrastructure, social infrastructure, regional and local business environment, tourism development and promotion.
Cuvinte cheie: Centre Region, labour force, project, indicators, structural funds
Cod JEL: R1, R58
Paginatia: 83 – 90
Titlul Lucrarii: NEEDS OF LOCAL SUSTAINABLE DEVELOPMENT
Autor(ii): Ionita Predescu Lorena, Radu Florin, Tabirca Alina Iuliana
Rezumat: In terms of structure of local authorities, we made an analysis of how the principle of sustainable development applies by highlighting the fact that it differs locally in structure and content from the overall development which shall be addressed at national level. Locally, we have identified disruptions that may adversely affect the implementation of sustainable development policies. It is about the existence of undue restrictions in allocating funds from the state budget. In most cases these restrictions have a political tint. Specifically, we stressed the requirements of sustainable development in Romania, consisting mainly of a responsible financial management and human resources management, towards meeting the needs of local people.
Cuvinte cheie: sustainable local development, local administration, public policy, public services
Cod JEL: Q50, H76, H83, M41
Paginatia: 91 – 97
Titlul Lucrarii: CONTEMPORARY TENDENCIES AND ASYMMETRIES IN THE E.U. UNEVEN ECONOMIC GROWTH AND GLOBAL GROWTH DIFFERENCES
Autor(ii): Iovitu Mariana
Rezumat: Being in the phase of searching for the best socio-economic recipe, Europe is facing two tendencies: economic revival and global growth differences. Both processes require subsequent management at a local, national and European level in order to reduce the socio-economic risks.
Facts, arrangements and decisions with European consequences are unreeling, currently, heavy and slow due to the lack of cohesion between the European and the national interest. Economic politics form a European level, on currently relevant economic crisis, have an impact on social changes exacerbated by the resources crisis and the environmentâs critical state.
The economic crisisâs domino outcome overshadows the Europeâs social and economic future, and will suffer. Currently, the conflict between national and community interest (trade and financial protectionism) generates tensions between European countries, creating asymmetries regarding economic relaunch.
Economic performance implications on the social ones are the basis for operating trilemma of the European economy. Balancing the budget, reducing the economic inequalities, the increase in the employment level , initially formulated in the Lisbon treaty, remain, further onin actuality regarding the relaunching the European economy.
Cuvinte cheie: globalization, economic growth, financial protectionism, unequal development, economic relaunch
Cod JEL: O0, F0
Paginatia: 98 – 102
Titlul Lucrarii: SUSTENABLE DEVELOPMENT OF THE ROMANIAN ECONOMY BY ADOPTING THE CHINESE MODEL OF SPECIAL ECONOMIC ZONES
Autor(ii): NEGREA Adrian
Rezumat: The architecture of the Chinese economy began to take shape in the late 1980âs, because of the new reforms that the Chinese Communist Party started to take. With the death of Mao Zedong in 1976, the Chinese leadership is taken by Deng Xiaoping, who stated a blitz course in capitalism. The new president encouraged foreign direct investments by creating special economic zones near the costal cities, were foreign companies obtained several tax brakes and other incentives, only to invest in those regions. With the help of statistical data from WTO, IMF, and the World Bank, the current paper analyzes the impact of these special economic zones on the Chinese economy, raging from mutations in the labor market and economic sectors structure and their evolution in the formation of the GDP, FDI inflows, and last but not least external trade and current account situation. On the other hand, the paper tries to make a connection with Romania, computing and predicting, based on the Chinese figures, the way in which the Romanian economy, by creating four economic zones within the counties of Satu Mare, Bihor, Arad, and Constanţa, will be able to experience the same growth. The first three counties have been piked up based on their proximity to the Schengen area, and/or on their infrastructure, plain terrain, and a qualified and skilled labour force. Constanţa, the only one that resembles with its Chinese counterparts, has been considered because of its capabilities of shipping products right away as they are manufactured. The results would decrease the disparity that exists in revenue levels across Romania, Bucharest leading the group way ahead of the other counties. Foreign direct investments in those areas will attract more others made by the local authorities in the infrastructure (schools, universities, roads, airports, high speed railways). This development will have a direct impact on the current account of the Romaniaâs balance sheet of payments, while its external trade deficit will reduce in time, even transforming in a trade surplus, and helping this way in putting an end to the chronically external debt.
Cuvinte cheie: special economic zones, counties, external trade, economic impact, foreign direct investment
Cod JEL: F21, F32, G18
Paginatia: 103 – 108
Titlul Lucrarii: AGRICULTURE IN ROMANIA IN THE PROCESS OF INTEGRATION INTO EUROPEAN STRUCTURES DURING POST – ACCESSION
Autor(ii): Paun Georgeta, Matoschi Oana, Paun Mihaela Cristina
Rezumat: European Union and its Member States shall adjust some provisions of the development strategies aimed at increasing food production in sustainable ways, protecting natural resources and increase competitiveness of European agriculture on the world market.
Romania faces imbalances in market conditions is not rationally use land particularly favorable to obtain a competitive agricultural supplies. Large annual variations in crop conditions in which the yields per hectare and per animal is about half the EU15 average does not provide the power necessary at affordable prices, especially for vulnerable population groups.
Addressing structural and operational problems of the institutional system of agriculture in Romania\’s European integration process is an important way of overcoming the situations to which the elimination of disparities in economic development and social peace disturbed by high and rising prices of food, produced in quantities increasing imports.
In the current international situation in which Romania difficulties in structural adjustment in agriculture and reduction of disparities compared to EU Member States, a national policy of granting real priorities for the sector is badly needed. These priorities cover both ways of achieving the overall objectives which fall within the strategic guidelines of the European Union and European integration meets the needs and solving specific national targets.
Cuvinte cheie: European integration, rural development, agricultural policy, national objectives, agricultural holdings.
Cod JEL: Q0 , Q1
Paginatia: 109 – 115
Titlul Lucrarii: THE ROLE OF THE PREVENTIVE MEDICINE IN SUSTAINABLE DEVELOPMENT. A STUDY CASE ON THE PRIVATE MEDICINE SECTOR IN ORADEA
Autor(ii): Unita Lucian, Rahota Daniela, Maghiar Teodor Traian, Straciuc Oreste
Rezumat: The concerns with respect to healthy life styles, preventive medical approaches, safe environment, and early warning systems represents the Millennium Development Goals, the United Nations Organizationâs so called Decade for Education for Sustainable Development, the European Unionâs sustainability strategy, the Global Environmental Outlook of the United Nations Environment Programme (UNEP) and the ten Principles of the UN Global Compact, all aiming to attain the sustainable global health, which is possible only through collective multilevel efforts for the sake of human wellbeing, equity, livelihood, and worldwide sustainable development and stability.
Romania, as an EU Member States, have to take into consideration the fact that health is a precondition for economic growth and sustainable development, and this way, it has to promote the EU common approaches to health policy. Between these approaches, the prevention plays a key role when addressing to the global health challenges such as the pandemicsâ control, and the rising tide of non-communicable diseases. For these purposes, preventive strategies need to include promoting polices that foster a healthy environment, healthy life styles and equitable access to health care and information, so, it is necessary to meet the requests towards sustainable global health.
From this perspective, for the empirical research pursued in this paper, we have considered the Global Challenge Index, which focuses on seven global challenges of the new millennium, and on this basis, we have compared Romania with the other EU Member States. Then, we have computed the index for Oradea and its neighbour region, including the framework of a comprehensive analysis of political, economic and social target system.
The key issues we have considered in this context were referring to lifestyles, life care and education for lifelong well-being, partnerships for health, institutions and related policy areas, alternative intercultural preventative medical approaches, and the good governance, policy relevance, and corporate social responsibility, and were analyzed mainly referring to the potential of the Romanian private medicine sector in preventive medicine.
The conclusions of the paper reveal the fact that the region of Oradea is much above the average index of Romania when it comes to preventive medicine, but still behind the other EU Member States. So, the background for meeting the precondition for economic growth and sustainable development in Oradea was created, but there are still a lots to be done on short term, even because of the features of this area, which situates it at the top of the cancer diseases registered cases in the country.
Cuvinte cheie: sustainable development, preventive medicine, Romanian health care system, private medicine sector, Oradea – Bihor County
Cod JEL: H11, H51, I11, I15, I18
Paginatia: 116 – 123
Titlul Lucrarii: THE PRODUCTION OF MEDICINES IN ROMANIA AFTER 1990. WHAT’S THE REASON FOR IMPORTS?
Autor(ii): Unita Lucian, Straciuc Oreste, Maghiar Teodor Traian, Uivarosan Diana
Rezumat: Since 1990, Romania turned itself slowly but surely, from a large drugs producer, which has used to supplydrugs to the whole former Council for Mutual Economic Assistance Member States, and with a net positive trade balance in medicine sector, into a large drugs importer, trying hardly to attract investors which could produce medicines not only for the Romanian domestic market, but also for all other Eastern European markets, Ukraine, Russia and Turkey.
This paper focuses on the empirical analisys of the medicines production sector in Romania after 1990, aiming to emphasises the factors which have mostly affected this industry, in correlation with different interests and reasons which determined the increasing imports of drugs during the last years, by underlying at the same time, the role of the new public authority in charge of supervising the distribution and import of medicines in Romania, The National Medicines Administration (NMA).
The paper relevance relies in the fact that Romania registered during the last years drug imports of an average of 1.7 billion euros, while the drug exports were only around 0,1 billions euros, according to the computations made on the data provided by the Romanian Institute of National Statistics (INS). The most imported products are patent drugs, which are more expensive than those produced by the domestic manufactured. At the same time, Romania registered an increase of the pharmaceutical market of around 20% only since its EU integration, this market proven to be largely driven by expensive products.
Our research conducted to the conclusion that the Romanian resort authorities have to immediately adopt measures meant to limit consumption of expensive drugs, on the one side, and to reinforce the domestic manufacturers on the other side, even by attracting major investors in this sector. We have also identified that there is a large competitiveness for Romanian medicine products on the international market, due to its production costs (Romania still is a low cost economy in this sector), as well as due to its tradition.
Cuvinte cheie: drug manufacture, medicine production, Romanian economy, FDI, exports and imports
Cod JEL: F14, I12, L52, L65
Paginatia: 124 – 130
Titlul Lucrarii: DO WE REALLY NEED FOREIGN LANGUAGES IN THE ROMANIAN TOURISM? SOME CONSIDERATIONS ABOUT THE LEGITIMACY OF MULTILINGUAL COMPETENCES
Autor(ii): Constatin Felicia
Rezumat: At the confluence of philology and economy, foreign languages for business are a more and more interesting domain for the European economic agents, aware of the value of multilingual competences. Tourism is a priority domain of the economy, and within international tourism, foreign languages are a priority. This paper offers an interpretation of the Master Plan for National Tourism Development 2007-2026 from an applied linguistics point of view, aiming to synthesize the role of the foreign languages in the national strategy for the promotion of tourism. The extensive study developed by the Ministry of Regional Development and Tourism, the beneficiary of a remarkable professional guidance, offers a realistic image of the Romanian tourism at the time of Romaniaâs integration in the EU and it predicts its evolution over a span of 20 years. The recommendations from the Business Forum for Multilingualism and the ELAN study highlight the impact of foreign languages in business, the direct relation between linguistic competence, performance, profit and development. The research methodology consisted in identifying the accommodation units (hotels and guesthouses) in Oradea, capital city of Bihor county, and Băile Felix, a famous resort situated at about 10 km from Oradea – both of them are situated in the border region with Hungary – and in analyzing their websites. Their on-line presentations are generally made in Romanian, but there is also a concern for the multilingual presentation. This paper intends to sum up the linguistic scene of these websites from the perspective of the orientation to international tourism. We have observed that, despite their indisputable potential to make profit, foreign languages are almost unanimously ignored by officials and by hotel and guesthouse owners alike. Although they are in the private sector, therefore directly interested in the prosperity of their business, they do not choose to apply a strategy of multilingual openness, even though they have personal websites. The languages used are Romanian and English, followed by German, Italian and French. We have tried to find some possible explanations of this phenomenon and to identify solutions. The solutions open the university up to the private sector, with a view to establish a cooperation that would benefit the academic and economic development alike. This paper signals the absence of a national linguistic policy in tourism, which has bad consequences on the local tourism. In the context of internationalism and globalization, the multilingual competences continue to hold a secondary place in international tourism, and this is a paradox. These data will support the pro-multilingualism presentation within a doctoral study carried out at the University of Reims, France, in collaboration with a research team interested in the multilingual management of information, under the coordination of professors J. E. Tyvaert and E. Castagne. The originality of the paper consists in the interpretation of the Master Plan in relation to the linguistic competences and also in the connection between the Master Plan and the linguistic scene of the local promotion of tourism. The data offer theoretical conclusions, as well as practical solutions which can be applied to several foreign languages and in various tourist regions.
Cuvinte cheie: specialized languages, international tourism, multilingualisme, virtual presentation, Bihor
Cod JEL: Y8
Paginatia: 132 – 139
Titlul Lucrarii: ENGLISH LANGUAGE FOR SUCCESSFUL INTEGRATION: LEARNING FROM THE BOLOGNA PROCESS
Autor(ii): Hernandez – Carrion Jose Rodolfo
Rezumat: The Bologna Process aims to provide tools to connect the European national educational systems. The purpose of this paper is to analyze what we have learned and what challenges remain today. Since the beginning all participating countries had to agree on a comparable three cycle degree system for undergraduates (Bachelor degrees or Grades) and graduates (Master and PhD degrees) in order to create compatibility and comparability for achieving international competitiveness and a worldwide degree of attractiveness in higher education. The Bologna Declaration, originally signed by 29 countries, has now reached 47 countries, engaged in the process of creating a European Higher Education Area (EHEA), searching to be competitive to launch the European Academia of the 21st Century.
The European Credit Transfer and Accumulation System (ECTS) has turned out to be the perfect tool to design, describe, and deliver programs and award higher education qualifications. Markets and European universities are going to be able to compete overseas in the future if the new regulations let them to create profitable business in the education area. As expected, European Universities have responded promptly and actively to the call.
In the case of small countries like Spain, it is an opportunity to internationalize Spanish universities; moreover, there is the opportunity for the expansion and consolidation of the Spanish language as the second most important foreign language. The 2009 Report highlights that early teaching of a foreign language is advancing in Europe. In lower secondary education, earlier teaching of English is becoming widespread; and the three Nordic countries, Germany, and the UK are the highest innovation performers. The result is a system of higher education more competitive and more attractive for Europeans and non-Europeans students and scholars. Reform is needed today if Europe wants to match the performance of the best performing higher education systems in the world. The English language seems to be the response in the search for a common European answer to solve common European problems.
Cuvinte cheie: English, Bologna Process, European Higher Education Area, EHEA, Spanish
Cod JEL: I23: Higher Education and Research Institutions
Paginatia: 140 – 146
Titlul Lucrarii: Multinational Corporations and Foreign Direct Investments in Romania. Effects on the Romanian Trade
Autor(ii): Catana Adina Mihaela
Rezumat: This paper focuses on the study of transnational corporations and their business development through foreign direct investments made in other countries, mostly greenfield type countries. The objective of this paper is to determine the impact of these companies enlargement on the Romanian retail market, especially on the consumer goods market. Transnational companies have experienced a very dynamic economic growth,
enjoying success at first in their country and then expanding to other countries. As independent players on the international market, multinational corporations are becoming more and more powerful every day. Most of these companies record annual sales of ten million dollars each.
The most important aspect of business globalization is the interdependence between national economies. In this process, Foreign Direct Investments have an important role, given the fact that the internal resources are not enough to ensure the development and support of businesses hence the need to obtain external resources. Generally, FDI have a strong training effect both in the national and global economy, providing the replacement
and modernization of techniques and technologies, increasing production and supply of goods, improving their quality and competitiveness, creating new jobs and growing the quality of life. Thus, each national economy is building its economic development strategy in which investments have a predominant role.
Foreign Direct Investment is a major driver of globalization that characterizes the modern economy. Increasing of Foreign Direct Investment flows, accompanied by the increasing of the portfolio investments, highlights the major role played by transnational corporations, especially in developing economies and transition economies. The most important areas in which FDI was made in Romania are: financial intermediation and insurance, trade, construction and real estate, information technology and communication. The entering of retail networks on the Romanian market generated mutations in the forms of trade, causing modern trade, which by 2010 reached a market share of 50% of total trade.
Cuvinte cheie: trade, foreign investments, multinational corporation
Cod JEL: F01, F14,D40,M16,M20
Paginatia: 148 – 156
Titlul Lucrarii: MACROECONMIC TENDENCIES OF ENVIRONMENTAL TAXES IN
Autor(ii): Cristea Anca
Rezumat: Reforms of environmental taxes in EU member states began to consolidate a strategic conceptual basis since the early ’90s, when it was launched the idea of changing the tax burden from the tax factor of production, work to the environmental factors and use of environmental unfriendly activities and goods. The theoretical support of this view is represented by the corrective taxes Pigou situation justifying the optimal level of activity of producing goods and services from a social perspective, the collection of taxes imposed by the state of polluters, depending on the amount of damage and damage to third parties, the principle of “polluter pays”. Despite the green fees start reforms of the EU member countries and their levels are not increased in recent years as a share of GDP. In the EU-27, 2008, revenues from environmental taxes represented a rate of about 2.8% of GDP and 6.1% of total revenues compared to 2.9% and 7.0% record share of GDP in 1999.
Effects of environmental taxes on eco-efficiency must be seen not only in terms of their size or budget as income tax to GDP ratio, but also as a positive economic and social impact generated by larger beneficial effects of reducing pollution and preserving the quality natural resources and environmental factors.
Cuvinte cheie: envoironmental taxes, eco-eficiency, green fees, corrective taxes Pigou
Cod JEL: Q5
Paginatia: 157 – 168
Titlul Lucrarii: MODERN FACTORS THAT ENHANCE COMPANYâS FINANCIAL PERFORMANCE
Autor(ii): Gruian Claudiu-Marian
Rezumat: Company performance varies among economic sectors, countries and regions. It is influenced by a very large number of factors. This study aims at identifying and analyzing the determinants that must be considered by companyâs management presently in order to face competition and achieve superior financial performance. The research methodology used is specific for the theoretic nature of the article and includes literature review, comparative analysis and synthesis. Results validate and argue as relevant modern factors that influence the performance of contemporary companies: organizational culture, corporate social responsibility, innovation, knowledge spillovers. Study limits refer to the fact that these four factors are not entirely responsible for modern business performance and future research should be done to develop an integrative point of view on overall performance determinants.
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, organizational culture, innovation, corporate social responsibility, knowledge spillovers
Cod JEL: D20, D23, L20, L25
Paginatia: 169 – 175
Titlul Lucrarii: ROMANIA’S ENERGY POTENTIAL OF RENEWABLE ENERGIES IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT
Autor(ii): Maghear Diana
Rezumat: The concept of sustainable development and the necessity for its realization has gone a long way in order to be unanimously accepted. Over time many authors have written about the problem regarding resources depletion, about the effects of pollution and their economic, ecological and social aspects of it. From the observation of the pollution phenomenon and its implications and until this problem has been acknowledged and accepted by a large number of people this problem has been extensively described by various authors be they economists, ecologists, biologists or psychologists and discussed at multiple conferences conducted in order to find a solution to this problem.
In the last century, the use of fossil fuels (coal, gas, oil) has had disastrous effects, catastrophic even on the environment, greater than any human activity in history. Among these effects we can enumerate: global warming, the emergence of acid rains, thinning of the ozone layer, etc. In consequence, the use of alternative energy resources becomes imminent for the today world. Among these resources we can include the sun, the wind, geothermal water, biomass, water, etc., which have the capacity to generate alternative energy namely solar energy, wind energy, hydro energy, wave energy, geothermal energy, bioenergy (biofuels), biodiesel, etc. that have the as purpose the reduction of the thermal, radioactive and chemical pollution anywhere on the globe.
Renewable energy sources are largely indigenous; they are not based on the future availability of conventional sources of energy, and natural or predominantly decentralized makes that the respective economy to be less vulnerable in front of the supply with volatile energy. Therefore, they constitute a key element of a sustainable energy future.
This paper is meant to highlight the need for achieving a sustainable development both in terms of the problem that humanity faces which threatens the entire ecosystem and namely the environmental pollution as well as the depletion of the conventional resources that are highly polluting, highlighting the energy potential that renewable energy resources Romania has. This issue will be extensively discussed in the thesis entitled The necessity and importance of sustainable development of Romania. Case study on the use of renewable energies for heating the population in the western part of Romania which I intend to realize and support at The West University of Timisoara, Faculty of Economics and Business Administration, under the guidance of Professor Doctor Laura Cismas.
Cuvinte cheie: Sustainable development, solar energy, geothermal energy, biomass, wind energy
Cod JEL: O13, Q01, Q27
Paginatia: 176 – 180
Titlul Lucrarii: IS READY ROMANIA FOR EURO ADOPTION? FROM STRUCTURAL CONVERGENCE TO BUSINESS CYCLE SYNCHRONIZATION
Autor(ii): Marinas Marius – Corneliu, Socol Cristian, Socol Aura – Gabriela
Rezumat: The objective of this study is to identify gaps between economic and commercial structures between Romania and the euro area and to explain whether the results obtained justify recently decision to delay euro adoption beyond 2015. According to theory of optimum currency areas, the existence of similar economic structures, increasing trade integration and synchronization of business cycles with monetary union will provide greater symmetry of shocks between Romania and the euro area. If the shocks are more symmetrical, then common monetary policy of the European Central Bank will act as a tool to neutralize the shocks in the case of Romania, and the euro adoption would have fewer adverse effects. To meet the research objective, we have structured this paper into three parts. In the first part we referred to the importance of the proposed theme in the economic literature. In the second part, we used several statistical methods to identify how divergent is Romania relative to the euro area economies. The results obtained show increasing divergence between economic structures until 2009 year using the NACE 6 methodology. In fact, Romania has the most divergent structure in EU-27 countries, being characterized by lowest contribution of services to GDP. However, structural differences do not constitute an obstacle to euro adoption, as long as Romania becomes more commercially integrated with other European countries. Thus, Romania is the seventh economy in terms of trade with the EU-27 (73.3% of exports and 74.3% of imports), and the degree of convergence between the structure of exports and imports have increased significantly compared with 2000 year. In the third part, we estimated the degree of synchronization of business cycles between Romania and the euro area, based on Hodrick-Prescott filter. Results showed an increasing correlation of business cycles as a result of increasing industrial activity and export synchronization.
Cuvinte cheie: euro area, sectoral divergence, business cycle synchronization, Krugman index, Hodrick-Prescott filter
Cod JEL: E32, F15
Paginatia: 181 – 186
Titlul Lucrarii: TRENDS IN ROMANIAN TOURISM
Autor(ii): Pirjol Florentina, Maxim Raluca Georgiana, Nagy Andrea
Rezumat: Tourism is an industry of the future, having the potential to provide significant revenues, and an industry of žbeauty, because it will protect, preserve and contribute to arranging the environment affected by other human activities. This is why it is very important to know the evolution of this underdeveloped field in our country. This paper is intended as a study on current trends in Romanian tourism without any claim of being an exhaustive research on the industry, describing the main indices of tourist traffic and their influence on Romanian tourism. Nowadays, we witness three main trends in Romanian tourism: sustainability, ecotourism and the increasing presence of cultural tourism. Ecotourism, as a form of tourism, has emerged from people’s need to withdraw in nature, to visit and learn about the natural areas which have or have not a national or international protection status. Cultural tourism appears as a type of tourism clearly differentiated from other forms or types of tourism, particularly through motivation. It can be defined as a form of tourist mobility whose primary goal is broadening the horizon of knowledge by uncovering its architectural and artistic heritage and the areas in which it originates. Sustainability for tourism, as for other industries, has three independent aspects: economic, socio-cultural and environmental. Sustainability implies permanence, which means that sustainable tourism requires the optimal use of resources, minimizing the negative economic, socio-cultural and ecological impact, maximizing the benefits upon local communities, national economies and conservation of nature. Regarding statistical data, in what quantity is concerned, there is an increase in Romanian tourism, but in what quality is concerned there is a setback for tourism in the last years. This aspect should make public authorities take concern in improving the infrastructure and the quality of the touristical activity and in diversifying entertainment.
Cuvinte cheie: sustenability, cultural tourism, ecotourism, trends, tourist traffic
Cod JEL: O11
Paginatia: 187 – 192
Titlul Lucrarii: THE DYNAMICS OF THE ROMANIAN UNIVERSITIES GRADUATES NUMBER IN THE 2005-2010 PERIOD
Autor(ii): Popovici Adina
Rezumat: In the context of the European single market, where information, capitals, persons, goods and services circulate free and fast, where economic rationality is different at the global level from the national one, radical mutations occur in each member stateâs strategy with regard to the educational system. Therefore, the Romanian educational system, especially the Romanian higher education must correlate the graduates number with the Romanian and EU labour force requirements, and take into account the necessities imposed by the participation at international competition. On the other hand, a countryâs economic and social development level depends very much on its citiyensâ educational level, especially in nowadays knowledge-based society, which is a society of life-long-learning.
Cuvinte cheie: dynamics, university graduates, economic growth
Cod JEL: E00
Paginatia: 193 – 199
Titlul Lucrarii: TRUST – A FACTOR OF PRODUCTION
Autor(ii): Prunea Petru
Rezumat: The economic activity is more and more influenced by the condition and the evolution of some immaterial and non-financial elements which exist in a firm or a country. One of these elements – information – has unanimously been accepted as the 4th production factor. In this paper I try to demonstrate that trust too, has to be accepted as a production factor. Especially as it fulfils the fundamental conditions for this to happen : it is infinitly divisible and homogeneous and, thus, its marginal product can be calculated. In nowadays world, characterized by the apparently unstoppable expansion of the cruel individualism and of market fundamentalism, which have undermined the trust in the success of private initiative, producers increasingly need community, need another mode of involvement of the state in economy and they need another way of relating to each other. The costs resulting from the diminishing of trust have become so significant that their transformation into income is necessary, if we succeed in basing ourselves on trust in the economic process.
Cuvinte cheie: production factor
Cod JEL: E0
Paginatia: 200 – 202
Titlul Lucrarii: THE EVOLUTION OF ROMANIAâS LABOR MARKET, DURING THE LAST 20 YEARS
Autor(ii): Vadasan Ioana, P̣rean Mihai РOlimpiu
Rezumat: In this paper, the authors will try to analyze the evolution of Romaniaâs labor market, in the last nearly 22 years. More precisely, we will analyze the evolution of the number of employees, the number of pensioners, and the number of unemployed workers, in the mentioned period of time, and we will draw some conclusions.
We consider that the dynamic of the labor market is an important indicator, showing both the economic situation, as well as its future evolution; this is why we have chosen to focus our study on it.
In order to do so, using the data published by the National Institute for Statistics, and the National Agency for Labor Force Employment, we have noticed worrying evolutions for Romaniaâs labor market: a decrease in the number of employees, an increase in the number of unemployed workers and pensioners, as well as an increase in the number of those who, although able to work, do not have and do not officially look for a workplace. In fact, this is a limit of our research, because those persons either work (abroad, or on the black market), either do look for a workplace, but are not registered as unemployed workers. Another limit of our research is related to the insufficient explanations related to the evolution of the different indicators. But our purpose was to offer an overview of the labor market for the last nearly 22 years, and to suggest some measures to be taken in the future.
In order to do that, we have analyzed the evolution of the number of employees, the percentage of employees in the population able to work, the evolution of the number of unemployed workers, the evolution of the number of pensioners. Also, we have made a comparative analysis of the evolution of the number of employees and of the number of pensioners.
Through this paper, we have tried to draw attention upon the worrying phenomena taking place on Romaniaâs labor market, as well as upon the fact that our country should take urgent measures in order to increase the number of employees in the economy.
Cuvinte cheie: labor market, employees, pensioners, unemployed workers, Romania
Cod JEL: E24 Employment, Unemployment; E 26 Informal Economy, Underground Economy
Paginatia: 203 – 208
Titlul Lucrarii: THE SPECIFIC MARKET RESEARCH METHODOLOGY USED AT GENERAL MOTOR\’S EUROPE ,
Autor(ii): Zima Liliana Adela, Toadere Rita Monica
Rezumat: As difficult as segmenting consumer markets is, it is much simpler and easier than segmenting industrial markets. Often the same industrial products have multiple applications; likewise, several different products can be used in the same application. Customer differ greatly, and it is hard to discern which differences are important and which are trivial for developing a marketing strategy. Making the research at General Motor’s Europe I realized that the most industrial marketers use segmentation as a way to explain results rather than as a way to plan. In fact, industrial segmentation can assist companies in several areas like: analysis of the market, selection of key markets and management and marketing. In this study I tried to make a better understanding of the total marketplace, including how and why customers buy and to develop strategies, plans and programs to profitability meet the needs of different market segments and to give the company a distinct competitive advantage. The Marketing Plan is based on an Information System which can be interpretaded in two different ways. In this case its singular form focusing on both formal and informal information system is appropriate. The investigation explains the environment of the European Business Team . The techniques used were: system maps, observations, interviews, questionnaires and company documents. The initial stage of exploring the situation starts usually with a dialog between the potential client – in this particular case the European Business Team – and the analyst. The vague impression is then given that not everything is running as it should be by the client. This was, however, not completely true in my case, as I had to go looking for problems. Preliminary investigations into product communication did show a feeling of unease between the departments. Having expressed the current situation of the European Business Team , I then chose three areas to study further. I had to confirm my choice to be able to grasp the complexity of the working environment
Cuvinte cheie: Marketing plan, market requests
Cod JEL: M: Business Administration and Business Economics; Marketing ;Accounting
Paginatia: 209 – 214
Titlul Lucrarii: COMPARATIVE STUDY REGARDING OVERNIGHTS REGISTERED IN THE MEMBER STATES OF THE EUROPEAN UNION AND ROMANIADURING JUNE-SEPTEMBER 2009/2010
Autor(ii): Borma Afrodita
Rezumat: Second year PhD student at the University of Oradea, under the guidance of Prof. Alina Bãdulescu, within the Doctoral Research Project entitled žDoctoral studies and phd candidates for a competitive research in a knowledge-based society, (01.10.2009-01.10.2012), I chose the presentation of this theme because after studying a number of statistics presented by Eurostat (Statistics in Focus 53/2010, 6/2011, 19/2011 etc.) we could not ignore the alarming situation regarding the number of overnights registered throughout Romania, in comparison with the other Member States of the European Union. By chosing the following research theme: žTourism and development in the euroregional context I felt the need to find out more answers regarding the afore mentioned problem. In consequence I started to consult the statistics recorded in our country concerning the number of overnight stays registered in Romania during the period June-August 2009/2010, in order to check whether an error has sneaked in.
The research methodology employed consisted in the use of the insse.ro site, in order to gather representative data for the period June-September 2009/2010, regarding the number of nights spent by foreign and Romanian tourists in Romania. For this study to be even more representative I have established Romania’s main touristic areas preferred by Romanian and foreign tourists.
Following the data collected, unfortunately, it has been confirmed the situation presented by Eurostat in the table at the beginning of paper on the number of overnight stays registered in Romania. According to the data presented in this table, Romania ranks last in the EU, registering in 2010 a rate of only 15% of total nights spent by non-residents in our country.
I also tried to find answer to the following questions:
Which are Romaniansâ favorite touristic areas?
In which tourist area of Romania has been recorded the highest number of overnight stays of foreign tourists?
Why the number of nights spent by foreigners in Romania is so small?
Which are the main shortcomings of Romanian tourism?
For the last two questions I tried to answer with the help of some experts in tourism, who consider that although there presented inadequacies exist for more than 10 to 15 years, the steps taken for their improvement are achieved with the slowness.
Cuvinte cheie: European Union, Romania, the number of overnights, residents, non-residents
Cod JEL: A 12
Paginatia: 216 – 222
Titlul Lucrarii: HOLON APPROACH IN NEED OF COMPANY RESTRUCTURING
Autor(ii): BREBAN LUDOVICA, BOCHIS LEONICA
Rezumat: Holon concept of systems theory and systems developed in after 80s of last century. The term holon (Greek: Hales = whole, derived from parts) was taken over by specialists in the field of systems, from the American Professor A. Koestler , who first used in the context of the systems division, talking about systems that operate in other systems. The holon is essentially an operating system under which one or more autonomous systems, integration.
The holon is integrative role that optimizes operation and results of embedded systems, limiting excessive generalization of the classical notion of system. This approach assumes that there are quite a few companies in the state of vitality or less and those who remain in a state of alert and that in most cases, even a viable business, reservations, or to increase the effectiveness of that maintaining this state requires some effort, area businesses in difficulty or vulnerable under these conditions is expanding.
Cuvinte cheie: holon system, restructuring, analysis diagnosis, risk analysis, risk of bankruptcy, stakeholders
Cod JEL: M � Business Administration and Business Economics; Marketing; Accounting
Paginatia: 223 – 229
Titlul Lucrarii: INVESTMENT STRUCTURE AND EVOLUTION IN THE CONTEXT OF ECONOMIC CRISIS
Autor(ii): CODAU CIPRIAN-CRACIUN
Rezumat: The scope of this article is the evolution analysis of net investment in Romania between economic growth and international economic crisis. The analysis captures both the evolution of net investment by structure elements (buildings, outfits, other investments) and the structure and evolution of investments by sources of financing. Also there is an analysis of the foreign direct investment (FDI) share in the total net investment and the impact of the economic crisis on this share. The article aims to identify the main factors for the evolution of investments in Romania before the financial crisis and determine how the financial crisis influenced the structure and volume of investments in the national economy.
Most previous studies have focused either on a small part of the investments made in Romania (in most cases the FDI have been analyzed) or on the period of economic expansion without capturing the evolution of investment during the economic crisis. Previous research has highlighted especially the FDI influence on macroeconomic indicators of high importance for the economy (unemployment rate, GDP growth rate, etc.) with less focus on the factors influencing these investments and the close connection between the economic context (economy status) and the volume of these investments.
For the analysis of the investment evolution during the mentioned period statistical data was used that captured both the investment evolution trend and the changes occurred by the national economy stepping into recession amid the global financial crisis established. To get an overview of the situation it was considered a time internal that captured both the economic growth and the period after the onset of the economic crisis. Thereby information was obtained on the volume of net investment during 2000-2010, on foreign direct investment in the period 2003-2010 and their share in total net investment and also on the main sources of investment financing during the economic growth and the influence of the economic crisis on the structure of these funding sources.
The analysis of this information and results allowed drawing conclusions on the impact of the economic crisis on the volume and structure of investment in Romania, on the main sources of financing used by investors in times of crisis and regarding main courses of action to stimulate investment activity in order to re-launch economic activity.
Cuvinte cheie: investitii nete, Romania in perioada de criza, investitii straine directe, surse de finantare a investitiilor, evolutia investitiilor
Cod JEL: D920
Paginatia: 230 – 235
Titlul Lucrarii: THE SIX SIGMA SYSTEM IN RELATION TO THE BUSINESSâ STRATEGY AND PRIORITIES
Autor(ii): Dragoi Ionut, David Marcel, Boldea Monica
Rezumat: Now more than ever, corporations the world over are scrambling to redefine the processes, techniques, and strategies they need to survive in an age of uncertainty. Businesses today seek an effective corporate performance measurement system to maximize the bottom line. With the advent of the Internet, ongoing globalization, and standardization in management systems, business leaders must focus on how to measure performance to monitor their continued viability and success. Many existing performance measurement systems were designed to support business practices and to monitor progress. With shrinking margins and competitive pressures, however, corporate performance measurement systems must do more than monitor. They must identify opportunities for optimizing profitability and growth, without pitting one against the other. The idea is to use performance measures to add value, instead of simply measuring for a formality.
The Six Sigma method is not only a trendy new solution, it is not a business whim linked to a single method or strategy – the study trying to draw attention to the fact that Six Sigma is a flexible system to improve the management and the performance of companies. The research paper seeks to demonstrate that the Six Sigma method refers to both the passion for customer service and a drive for new ideas, and to statistics and processing numbers, finding application in the fields of marketing, services, human resources, finance and sales, as well as in production and engineering.
Cuvinte cheie: Six Sigma method, quality, performance measurement, profitability, growth
Cod JEL: M10, L21, O43
Paginatia: 236 – 242
Titlul Lucrarii: THE ROLE OF THE SUSTAINABILITY REPORT IN CAPITALISTIC FIRM
Autor(ii): Gazzola Patrizia, Meo Colombo Carlotta
Rezumat: The aim and the central topic of this research is the understanding of the importance of Sustainable growth strategy approach as a driver to achieving top-line growth and bottom-line results.
The main contributions of this line of research are to demonstrate the idea that the sustainability report is an instrument for social interaction and social cost/benefit analysis and to show that such an instrument can describe, comment on and sum up the firmâs own behaviour aimed at sustainable growth.
The work integrates the CSR management literature with a large body of research in accounting and finance.
This study draws from theoretical research about the nature of the corporation, its role in society and contributions by recent research on corporate social, environmental, ethical responsibility and accountability.
Our research demonstrates that the economic existence of the capitalistic firm as a producer of economic and financial values must be appreciated, in terms of the sustainability of the development path of the firm, and evaluated by a wide range of social performance measures of outcome or benefit.
It also shows how the Sustainability report emphasizes the link between firm and territory, and affirms the concept of the firm as an entity that, by pursuing its own prevailing interests, contributes to improving the quality of life of the members of the society in which it operates.
This paper contributes primarily to the academic debate by reviewing past attempts to theorise CSR and stakeholder dialogue, identifying gaps and weaknesses, and proposing the Sustainable Growth implementation processes for the creation of value. It also highlights the relationship between CSR activity and corporate image and performance.
The research shed light on aspects of CSR activity for which little is known and much less is being understood; namely, the channels and the mechanisms through which the CSR impact is perceived and realized for creation of value.
Carlotta Meo Colombo (3) considers the capitalistic firm as Business Value-Creating Organizations and Patrizia Gazzola (1-2;4-6) considers the Sustainable Growth implementation processes for the creation of value.
Cuvinte cheie: Sustainable Growth, Creation of Value, Sustainability Report, Performance, Stakeholders
Cod JEL: M14, M41
Paginatia: 243 – 250
Titlul Lucrarii: CODES AND PRACTICES OF IMPLEMENTATION OF CORPORATE GOVERNANCE IN ROMANIA AND RESULTS REPORTING
Autor(ii): GROSU MARIA
Rezumat: Corporate governance refers to the manner in which companies are directed and controlled. Business management was always guided by certain principles, but the current meaning of corporate governance concerns and the contribution that companies must have the overall development of modern society. Romania used quite late in adopting a code of good practice in corporate governance, being driven, in particular, the privatization process, but also the transfer of control and surveillance of political organizations by the Board of Directors (BD). Adoption of codes of corporate governance is necessary to harmonize internal business requirements of a functioning market economy. In addition, the CEE countries, the European Commission adopted an action plan announcing measures to modernize company law and enhance corporate governance. Romania takes steps in this direction by amending the Company Law, and other regulations, although the practice does not necessarily keep pace with the requirements. This study aims on the one hand, an analysis of the evolution of corporate governance codes adopted in Romania, but also an empirical research of the implementation of corporate governance principles of a representative sample of companies listed on the Bucharest Stock Exchange (BSE). Consider relevant research methodology, because the issuer of the Codes of CG in Romania is BSE listed companies requesting their voluntary implementation. Implementation results are summarized and interpreted at the expense of public reports of the companies studied. Most studies undertaken in this direction have been made on multinational companies which respects the rule of corporate governance codes of countries of origin. In addition, many studies also emphasize the fair treatment of stakeholders rather than on models of governance adopted (monist/dualist) with implications for optimizing economic objectives but also social. Undertaken research attempts to highlight on the one hand, a misapplication of the principles of corporate governance in Romania at present, but also a lack of transparency in the dissemination and publication of information. They should promote a Board of Directors determined and would allow stakeholders access to information about the company. Research results can provide a basis for reconsidering the CG policies in Romania.
Cuvinte cheie: Corporate Governance, Governance Code, Corporate Governance Principles, Annual Report, Governance models
Cod JEL: G34, M14, M48, N40
Paginatia: 251 – 256
Titlul Lucrarii: HOW COULD HOSPITALS ACT IN AN AGEING SOCIETY?
Autor(ii): Leuca Mirela
Rezumat: The demographic changes are of great importance for all European societies. Their impact and effects have multiple, deep facets. Each European healthcare and welfare system will be facing considerable changes in the new demographic context. The hospital sector plays an important role in each health system. This paper focuses on the impact of the demographic changes on hospitals, presents and analyzes statistical data for the German hospitals sector in order to underline the importance of the older age groups for the number of the hospital inpatient cases, the provided range of medical services and disciplines and for the hospital disease costs. The paper also reveals main findings from 30 interviews conducted in 2010 with German health experts (from hospitals, health insurance companies, universities, institutes and regional healthcare policy makers) that accepted to answer questions referring to the demographic impact on the German healthcare system and hospital sector. The results of the interviews show that hospitals will have to act and react to the demographic changes. German hospitals might play different roles in the healthcare service provision for older people when engaging in new models of integrated care that will have to be developed. Processes, structures, human resources expertise, hospital service provision and medical departments will undergo major changes in response to the demographic challenges. Networks, centres of excellence for older persons and integrated care will probably be indispensable structures of the German healthcare system in the future. Strategic partnerships with pre- and post-hospital healthcare service providers are considered to be top priorities for German hospitals when facing the demographic challenge. Central case management and process optimization can be essential factors of success in the hospital care of the older, multimorbid patients. Acute geriatric medicine will be a main quality feature for the hospital care of older patients not only in the German healthcare system.
Cuvinte cheie: hospital care, ageing society, hospitalized elderly patients, demographic challenge, expert interviews
Cod JEL: I11, J11, M10
Paginatia: 257 – 263
Titlul Lucrarii: VISITOR AND EXHIBITOR CLUSTERS AT EASTERN-EUROPEAN AGRICULTURAL FAIRS
Autor(ii): Varga Levente
Rezumat: There is no exact information concerning the economic effect of the agricultural exhibitions neither on national nor on international level. Some publications focus on the positive externalities of exhibitions, but the exhibition itself is a neglected topic. Although the fair is one of the most ancient marketing-tools; its role is still relatively high in the marketing mix of different economic sectors, even nowadays, in the Internet-age. One of these sectors is the agribusiness, where the exhibition is a place of business-to-business communication, Customer Relationship Management, and last, but not least an important Point Of Sale.
The aim of the present paper is to point out the importance of exhibitions through the assessment of their popularity. From this aim, we have derived the following objectives:
- To build a model concerning the relationships among the interested parties.
- To asses the visitors of five Eastern-European exhibitions.
- To asses the exhibitors of the same exhibitions.
- To compare the opinion and expectance of the mentioned groups.
- To test the model, based on the questionnairesâ data.
- To measure the radius of attraction by the attendees, as well as by exhibitors
I have collected primary data through questionnaires and site visit, and also have obtained secondary data from printed and electronic documents.
In this paper, I present a model, which describes the relationships among the interested parties. The data was collected on four different exhibitions: Farmerexpo (Debrecen, Hungary) in 2005 and 2006, OMÉK (Budapest, Hungary) from 2005 and Polagra-Farm (Poznan, Poland) 2006.
Cuvinte cheie: Exhibition, fair, visitors (attendees), exhibitors, radius of attraction, cluster analysis
Cod JEL: Q1
Paginatia: 264 – 280
Titlul Lucrarii: ROMANIA : PORTUGAL: A COMPARATIVE ANALYSIS OF THE TWO COUNTRIESâ LABOUR MARKETS
Autor(ii): DIMIAN Gina Cristina, DIMIAN Mihai
Rezumat: Our choice was justified by the fact that between the two countries exist some features that make them interesting to study from the employment point of view. Thus, both countries are Latin and this is why we consider they are comparable, because employment means people, more precisely mentalities and attitudes to work.
We considered that it is interesting to see how the labour market from the east Latin Europe has evolved, in a comparable, crucial period, with its counterpart from west Latin Europe. First of all, we would like to point out the fact that our intention is to analyse the periods which from the economic history point of view have influenced in a decisive manner the present evolution of the two countries.
The Portugal labour market is a subject of real scientific interest (we would like to mention that even Michael Porter was interested by this topic). Our paper tries to emphasize the common and different features of the two labour markets, in order to facilitate an experience sharing process on this topic.
To achieve the paperâs objectives statistical and cluster analysis have been used. This is one of the best ways to capture the influence of determinant factors on labour market performance.
The degree of originality is given by the assumed objectives, namely studying some very up-to-date problems from an interconnected perspective (historical similarities, structural changes, labour market performance) and analyzing the Romanian situation compared to other EU countries, i.e. Portugal.
The main impact of the paper will be on the practical level through the model outcomes and conclusions. One of the objectives is to look for solutions to the problems identified and to persuade policy makers to give them a greater importance.
Our main contribution is represented by the fact that we have approached this topic from an economic and historical perspective, trying to find explanations for the present situation in the modern past of the two nations.
Cuvinte cheie: labour market, structural changes, education, cluster analysis, EU accession
Cod JEL: J21, J24, J88
Paginatia: 282 – 288
Titlul Lucrarii: EVALUATING TEACHING PERFORMANCE. FROM THEORY TO PRACTICE USING STATISTICAL TOOLS
Autor(ii): MARE CODRUTA, DRAGOS SIMONA, SPAN GEORGETA
Rezumat: The teaching performance is influenced firstly by the quality of the educational system. The universities are trying to raise the expectations regarding the methods used for evaluating the teaching quality. In order for the results to be as much as credible the evaluation must defer to the existing theory and to follow the standardized procedures, starting from some basic principles. The most used framework is represented by the 3P model which contains three parts: 1. The input (factors that come under the students and the professor) 2. The learning process (activities focused on learning, teaching methods, practical ability, individual study) 3. The outcome (the output of the learning process).This study presents some results of a questionnaire based on the existing economic theory and applied to a sample of master business students from Romania. The students were asked to give grades from 1 to 5 to several aspects related to the educational process. These aspects took into consideration the following: if the didactic activity was interesting for the students/ the relationship between the objectives of the course and the activity evolved/ the clarity of the presentations/ the degree of students� participation required by the teacher/ the methods and materials used/ the availability of the teacher. The average grade is 4.39, indicating a very high level of satisfaction, taking into account that the grades ranged from 1 to 5. For 50% of the students, the average grade was below 4.53, while for the other half it was above the specified value. But one has to see the value returned for the majority of the students. The mode equals 5, meaning that most of the students involved in the analyzed programme are extremely satisfied with the quality of the educational process. With a significance value Sig. = 0.004 < 0.01, we can state that there is correlation between the level of satisfaction expressed by the average grade and the number of classes missed by a student, at a confidence of 99%. The value of the Pearson coefficient is -0.213, which shows the existence of a weak reverse connection.
Cuvinte cheie: higher education, teaching quality
Cod JEL: I21, I23
Paginatia: 289 – 294
Titlul Lucrarii: AN OVERVIEW OF HUMAN RESOURCES IN SCIENCE AND TECHNOLOGY (HRST) FROM RESEARCH DEVELOPMENT AND INNOVATION (RDI) SECTOR DURING 1993-2009 IN ROMANIA
Autor(ii): NICOLOV MIRELA
Rezumat: The present paper present a study done on the Human Resources in Science and Technology (HRST) in Research Development and Innovation (RDI) sector in Romania during 1993-2009 .This paper started from the elements defined in Canberra Manual based on the qualification and occupation. Labor force in this study refers to university level and technician level as skill from education. These definitions from Canberra Manual for HRST were used in the present paper in reference to all the researchers in Romania for different areas of research as engineering and technology sciences domains, natural and exact sciences, medical sciences, agricultural science, social sciences and humanities. After a short presentation of the US origin of the Human Resources in Science and Technology Management and the situation from Europe, the present paper are dealing with the area of the Human Resources in Science and Technology system from Romania, the sector of Research Development and Innovation. This study is focused on the employees by categories of the activities in research, development and innovation sector. We took into account the employees with different categories of graduation diploma which are working in the fields of research and development activities too. Samples data were took from Tempo online database from National Institute of Statistics from Romania, updated database in 21 of October in 2010.Data were took for simulations in December 2010. We try to do a simulation on the evolution of Human Resources in Science and Technology (HRST) in Research Development and Innovation (RDI) sector in Romania during this period (1993-2009) and we observed that real data fitting on a regression curve of sixth degree whose coefficients were defined during this study. This type of simulation can be good for future forecasting for Human Resources in Science and Technology in Research Development and Innovation (RDI) sector in Romania. The present study is part of Doctoral Grant �Implications for innovation and research and development role in the development of Romania’s economic competitiveness�, during 2010 and 2013 and having Director 
rof.Dr.Alina Badulescu in Oradea University, Faculty of Economic Sciences.
Cuvinte cheie: Human Resources, Human Development, Statistical Simulation Methods, Employment, Higher Education and Research Institutions, Labor Force and Employment, Size, and Structure.
Cod JEL: O15 , C15 , E24 , I23, J21 , J24.
Paginatia: 295 – 302
Titlul Lucrarii: SOME STATISTICAL RESULTS REGARDING THE EVALUATION OF THE QUALITY OF THE MASTER EDUCATION
Autor(ii): POPA IRIMIE, DRAGOS CRISTIAN, MARE CODRUTA
Rezumat: The article emphasizes aspects regarding the evaluation of the higher education�s quality. In certain countries, the questionnaires regarding quality of the activity of HEIs (Higher Education Institutions) are administrated by specialized institutions led by the Ministry of Education or the university associations. The evaluation principles derive from well-known economic and social theories, evolving even evaluation models (see the SERVQUAL model). As a result of the Bologna Treaty (1999), the European Union has the objective to become an international reference concerning the higher education quality and to be more attractive than in the present for students, professors and researchers from other regions of the world. So as to fulfill these objectives ENQA (European Association for Quality Assurance in Higher Education) recommends HEIs to include in their development plans regarding quality aspects five principles described in the article. The practical study refers to the results of a questionnaire applied to the master business students from a Romanian university. In order to assess the level of satisfaction of students in relation to the master programme they are involved in, a questionnaire was applied on a sample of 200 such persons. The responses were then analyzed using multidimensional data analysis methods. Out of these, the present research is based on multiple response analysis. In the questionnaire, students were asked to return their level of satisfaction for different aspects related to the educational process they are involved in. The questions were constructed as five-level Likert items. In this way was insured a connection between answers given at each of the questions assessing the quality of the programme. Only 0.2% of the answers given relate to aspects about which the students were not satisfied at all. These answers represent 3.2% of the number of respondents. 30% of the students were slightly satisfied, returning 57 choices of this type. As one can see, the volume of each group increases with the level of satisfaction. The processing of the questionnaire was made on recent economic theories concerning the quality assurance in the university environment, which are briefly presented in the beginning of the article.
Cuvinte cheie: higher education, teaching quality
Cod JEL: I21, I23
Paginatia: 303 – 308
Titlul Lucrarii: A STUDY CONCERNING THE OPPORTUNITY OF INTRODUCING THE FLAT TAX IN THE CASE OF THE INCOME TAX FOR INDIVIDUALS IN ROMANIA
Autor(ii): Abrudan Leonard, Abrudan Cristina
Rezumat: In this paper we will try to find out if the flat tax as an income tax has answered the objectives of the governors in the field of the public economy. We will study if the budgetary receipts from this particular tax met the expectations of those who thought that this could be a solution in order to energise the economic and social activity.
Cuvinte cheie: flat tax, income, budgetary receipts
Cod JEL: H21, H24, H31
Paginatia: 310 – 315
Titlul Lucrarii: THE LEGAL INDEBTEDNESS CAPACITY OF ROMANIAN LOCAL GOVERNMENTS – THEORETICAL AND EMPIRICAL EVIDENCES
Autor(ii): Bilan Irina, Oprea Florin
Rezumat: The factual, not only formal capacity of local governments to appeal to borrowed resources is, considering the current conditions, a prerequisite for ensuring economic and social development of local communities. In this paper we intend to position the main theoretical and empirical evidences on local governmentsâ indebtedness capacity, mainly focusing on its sizing according to Romanian regulatory framework. With respect to previous research, the issue approached is one of great interest as it has not been, in the Romanian literature on local public finances, subject to a separate analysis of proportions.
The undertaken analysis comprises a quantitative dimension, based on processed data from the consolidated general budget of Romanian local governments for 2007-2009, in permanent conjunction with monitoring and analysis of the involved qualitative aspects. To ensure the relevance of the research results, the analysis undertaken refers to the legal framework in function throughout the considered period of time, without involving the legislative changes operated in mid-2010.
The main conclusions drawn from our analysis indicate that, considering the current Romanian socio-economic environment, under the impact of specific factors of different nature, the legal indebtedness capacity is far from being well valued, thus bringing its benefits to local communities development. This conclusion is valid from a global perspective as well as for different types of local communities. This appears to be inconsistent with the permanently claimed need to fund important local public investments, mainly in infrastructure, indicating, despite the high legal indebtedness capacity, the lack of factual access to borrowed resources.
We suggest, therefore, to introduce the concept of effective indebtedness capacity, the result of a particularized correlation for different local governments between legal indebtedness capacity and the manifestation of several factors with specific action and we intend to contribute, by future research, to its measurement.
Cuvinte cheie: legal indebtedness capacity, effective indebtedness capacity, local governments, local public debt, local autonomy
Cod JEL: H74
Paginatia: 316 – 322
Titlul Lucrarii: SUBSTANTIATION OF THE PUBLIC DEBT SUSTAINABILITY USING KALMAN FILTER
Autor(ii): Bolos Marcel, Otgon Cristian, Pop Razvan
Rezumat: Global economic conditions have pushed many countries into the delicate situation of contracting foreign loans, leading overnight at alarming volumes of public debt. The need for control and relevant analysis for the sustainability of a country\’s public debt has led us to use the Kalman filter in predicting future values of the key indicators of public debt. The development of a mathematical model of analysis for public services and the budget deficit was necessary to objectively assess the level of the public debt sustainability.Knowing future values of the public debt or the future evolutions of the revenues for the operational budget, offers the posibility of a better handling of the operational expenditures and finally a better balance for the public budget deficit.Using the mathematical mechanism of Kalman filters implemented in Matlab programming language, we generated the estimated future values of the proposed model proposed and key indicators, the results confirming the fears of a low public debt sustainability for Romania.We predicted the future values for the debt service, the public external debt and the operational public revenues,expenditures and deficit, and compared them, to obtain an image of the future evolution and position of the sustainability of the public debt. The work in this paper is an innovative one for the public science sector, and the results obtained are promising for future researches. The values estimated by the Kalman filter are an orientation for the future public policies, and indicate a rather stable but negative evolution for the public debt service. The sustainability of the public debt depends on the decisions taken for the correction of the estimated values, in changing the negative evolution of the budgetary indicators into a positive one.Taking all this into consideration we will conclude that the mathematical mecanism of the Kalman filters offers valuable informations for Government and future research should be oriented to develop itâs returned results.
Cuvinte cheie: Kalman filter, debt, sustainability, deficit, prediction
Cod JEL: H63, H68, C02C53, C88
Paginatia: 323 – 334
Titlul Lucrarii: STANDINGâS PLACE AND ROLE IN THE FINANCIAL ANALYSIS OF THE
ECONOMIC ENTITY
Autor(ii): Csegedi Sandor, Batrancea Larissa-Margareta, Bejenaru Aurel
Rezumat: In this paper, the authors present the methods of determining the company\’s financial standing, based on its financial reporting. Hence, in the debate are included concepts commonly used in financial literature and banking practice such as credit worthiness, credit rating and standing.
Cuvinte cheie: financial standing, creditworthiness, rating, credit-standing
Cod JEL: G32
Paginatia: 335 – 339
Titlul Lucrarii: A BEHAVIORAL APPROACH TO THE GLOBAL FINANCIAL CRISIS
Autor(ii): DEDU Vasile, Turcan Ciprian Sebastian, Turcan Radu
Rezumat: The purpose of this paper is to reflect the behavioral biases that led to this global financial crisis. The paper presents briefly the real causes of the crisis (structural and cyclical factors) and puts a greater accent on the behavioral factors. The authors considered to structure the paper in three main pillars: behavioral factors, the collapse of ethical behavior and the role of behavioral finance in studying, regulating and assessment financial risks. The first pillar consists in a brief presentation of the behavioral factors such as: optimism and wishful thinking, overconfidence, greed, regret, pessimism, passing the responsibility, herding – groupthink, anchoring, representativeness biases, informational cascades and this time is different syndrome. The second pillar of the paper presents the collapse of ethical behavior that led to the global financial crisis: predatory lending practices, inappropriate compensation schemes, rating agencies behavior, corporate governance reforms and financial institutions opacity in their reporting. The third pillar presents the mismanagement of risk and regulations that led us into this global mess. The paper concludes with the need of integrating biases of human behavior into regulations in order to make them more effective and people become less financially vulnerable.
Cuvinte cheie: behavioral finance, irrationality, regulation, crisis
Cod JEL: G01, G15, G20, G28, D23, D82
Paginatia: 340 – 346
Titlul Lucrarii: THE VALUE ADDED TAX AND THE EVASION CHAIN OF INTRA-COMMUNITARIAN VAT
Autor(ii): Deliman Eugen, Herbei Marius, Bene Gheorghe Florin, Dumiter Florin Cornel
Rezumat: The relationship IRS – taxpayer runs the risk of turning into a psychological war in which, however, given the positions held, the IRS is by far on a favorable footing. Between the apparently excessively formal position held by the IRS, which seems to conceal behind the laws, and the sometimes forced interpretation of the laws, by the taxpayer, there are the courts of law, also disturbed by the legislative changes which appear to have entered a perpetual motion.
The objective of the fiscal administration regarding the value added tax is to combat tax evasion and fraud. It is very important to combat evasion in the VAT field because it represents the indirect tax of the largest share in the consolidated general budget. VAT evasion represents the intention of not paying the tax, withholding or not declaring it, or requesting its refund which would not be fit, due to the exaggeration of the deductible amount of the VAT. The essential aim of the IRS inspector is to verify the correctness of the declared amount of the value added tax. It should also be observed whether the incorrectness is deliberate or whether it was due to misunderstanding, carelessness or the ignorance of the payer. In all cases judgment is necessary, as for the cases of negligence the amount to be paid must be corrected and accompanied by applying fines and / or penalties, and in the cases of intended fraud legal actions are to be applied in order to obtain a conviction. Deceitful deductions represent other methods for tax evasion and are undertaken based on fake invoices, invoices often used several times for deduction, or invoices related to purchases that have never been made. Thus there are examples of economic agents who have practiced the right to deduct the VAT due to the acquisition of goods which consisted in the property of other economic agents. In other cases noticed was the deduction of VAT on goods or services that were not included in the activities of the economic agent who purchased them. Registration errors seem innocent, but they occur frequently and have a high value; for example, some economic agents do not calculate the Value Added Tax at the receipt of advanced payments from customers but when the goods are delivered.
Cuvinte cheie: Value added tax, intra-communitarian acquisitions, IRS inspector, deduction, taxpayer
Cod JEL: G2, H2, H3
Paginatia: 347 – 353
Titlul Lucrarii: DETERMINATION OF RESIDUAL VALUE WITHIN THE COST BENEFIT ANALYSIS FOR THE PROJECTS FINANCED BY THE EUROPEAN UNION
Autor(ii): Droj Laurentiu
Rezumat: This paper will be later used within the Doctoral thesis: The Mechanism of Financing Investment Projects by Usage of European Structural Funds, which is currently under development at the University Babes Bolyai Cluj Napoca, Faculty of Economics and Business Management, under the coordination of the prof. univ. dr. Ioan Trenca. An increasing debate is rising recently between the academic community, the business community, the private lending institutions(banks, investment funds, etc.) and the officials of the Romanian Government and of the European Union regarding the proposed method for calculation of the residual value in the European financed investment projects. Several methods of calculation of the Residual Value were taken into consideration and contested by different parties in order to prepare and to submit financial analysis studies for investment projects proposed to be financed within the European Regional Development Fund(ERDF). In this context, the present paper proposes to address the three main methods of calculation of the residual value and later to study its impact over the indicators, especially over the Internal Rate of Return, obtained in the financial analysis for an investment project proposed by a Romanian medium sized company. In order to establish the proper method which should be used for selection and calculation of the residual value previously published studies and official documentations were analyzed. The main methods for calculation of the residual values were identified as being the following: A. the residual market value of fixed assets, as if it were to be sold, B. accounting economic depreciation formula and C. by using the net present value of the cash flows. Based on these methods the research model was elaborated, and using the financial data of the proposed infrastructure investment was created a case study. According to the realized study a pattern was established for proper determination of residual value and for determination of IRR and methods A and C were proposed to be used. This paper tries to analyze a specific problem of the Romanian enterprises which access European funding, so it can be further used to improve the current methodology of the ERDF programme in Romania: Sectorial Operational Programme Increase of Economic Competitiveness.
Cuvinte cheie: Cost benefit Analysis, Residual value, IRR, Investment, Structural Funds, Valuation
Cod JEL: G30, O16, G32, G38, F35, C63, C12
Paginatia: 354 – 360
Titlul Lucrarii: EFFECTIVE CORPORATE INCOME TAX RATE IN ROMANIA: A MICRO-BACKWARD LOOKING APPROACH
Autor(ii): Sebastian Lazar
Rezumat: Within the framework of micro-backward looking methodology, the paper computes the effective corporate income tax rate for Bucharest Stock Exchange non-financial companies for 2000 – 2009 period, using data from companies financial reports. We find that effective tax rate computed as profit tax/pre-tax income ratio was below the statutory tax rate, throughout the period, except for the year 2009 (when an alternative minimum tax was introduced) and the differences have diminished since the flat tax was adopted (2005). When applying a correlation analysis, we find that the difference between this effective tax rate and the statutory tax rate presents a strong negative correlation with the return on assets ratio (ROA). Also, we have find that commerce is enjoying the most favourable tax regime, while energy is the most heavily taxed.
Cuvinte cheie: effective corporate income tax rate, backward looking methodology
Cod JEL: H22, H25
Paginatia: 361 – 366
Titlul Lucrarii: NOKIA PERFORMANCE AND CASH FLOW ANALYSIS
Autor(ii): Moscviciov Andrei
Rezumat: In this paper the author presents the ways to analyze the performance of the company Nokia. Thus based on a system of indicators are highlighted the key situations that emphasize performance, namely: operational activity, financial balance, cash flows.
Cuvinte cheie: net sales, gross profit, ROE, ROA
Cod JEL: G32
Paginatia: 367 – 370
Titlul Lucrarii: FINANCIAL CONTROL EFFICIENCY IN ECONOMIC ENTITIES
Autor(ii): Pop Ioan
Rezumat: In this paper the author presents ways to address issues of financial control efficiency of economic entities through tax administration of budgetary revenues.
Cuvinte cheie: financial control, fiscal control, economic efficiency
Cod JEL: G32
Paginatia: 371 – 374
Titlul Lucrarii: TAX CONTROL – PREVENTION AND CONTROL OF TAX EVASION
Autor(ii): Pop Ioan
Rezumat: In this paper the author highlights the ways of preventing and combating tax evasion. For this purpose are highlighted the ways Tax Administration acts in the Romanian business environment to attract additional funds to the state budget.
Cuvinte cheie: fiscal control, tax evasion, economic effects
Cod JEL: G32
Paginatia: 375 – 380
Titlul Lucrarii: BASES OF STATE SUPERIOR EDUCATIONAL SYSTEM FINANCING FROM ROMANIA
Autor(ii): Schneider Suzana, Cosma Dorin, Bene Gheorghe Florin
Rezumat: This study concerning state superior educational system financing comes to emphasize the main state superior educational system financing forms from Romania, looking forward to find new future state superior educational system financing forms. Romanian educational system reduced financing imposes a special attention for educational process, concerning both quality and, especially, an appropriate financing level endowment. For the future of academic education, it is vital to be found new financing sources, because a composite, diversified financing leads to the raise of total amount of resources at the service of universities, to their freedom degree, too, making them capable to undertake the constraint imposed by the dependence of a solely financing source.
Cuvinte cheie: the financing of the academic education, private funds financing, public fund financing, public funds usage surveillance.
Cod JEL: I22
Paginatia: 381 – 385
Titlul Lucrarii: VALUE AT RISK – CORPORATE RISK MEASUREMENT
Autor(ii): Anis Cecilia-Nicoleta, Roth Anne-Marie, Apolzan (Angyal) Carmen-Maria
Rezumat: The notion of risk is used in a number of sciences. The Faculty of Law studies the risk depending on its legality. The Accident Theory applies this term to describe the damage and the disasters. One can find studies on the risks in the works of psychology, philosophy, medicine and within each of these areas the study of the risk is based on the given science subject and, of course, on their methods and approaches. Such a variety of risk study is explained by the diversity of this phenomenon.
Under the market economy conditions, the risk is an essential component of any economic agent management policy, of the approach developed by this one, a strategy that depends almost entirely on individual ability and capacity to anticipate his evolution and to exploit his opportunities, assuming a so-called risk of business failure.
There are several ways to measure the risks in projects, one of the most used methods to measure this being the Value at Risk(VaR).
Value at Risk (VaR) was made famous by JP Morgan in the mid 1990s, by introducing the RiskMetrics approach, and hence, by far, has been sanctioned by several Governing Bodies throughout the world bank. In short, it measures the value of risk capital stocks in a given period at a certain probability of loss. This measurement can be modified for risk applications through, for example, the potential loss values affirmation in a certain amount of time during the economic life of the project- clearly, a project with a lower VaR is better.
It should be noted that it is not always possible or advisable for a company to limit itself to the remote analysis of each risk because the risks and their effects are interdependent and constitute a system .In addition, there are risks which, in combination with other risks, tend to produce effects which they would not have caused by themselves and risks that tend to offset and even cancel each other out.
Cuvinte cheie: risk, value at risk, confidence intervals, variance, Monte Carlo simulation
Cod JEL: M21, G30, C58
Paginatia: 387 – 392
Titlul Lucrarii: MEASURING THE RISK OF BANKRUPTCY IN THE COMMERCIAL SECTOR IN ROMANIA
Autor(ii): Batrancea Larissa-Margareta
Rezumat: In this paper, the author presents ways to evaluate the rating of commercial entities based on logit model. On this basis were determined the ranges of financial security and was set the probability of failure of these firms in Romania.
Cuvinte cheie: rating, financial ratios, rating models
Cod JEL: G32
Paginatia: 393 – 399
Titlul Lucrarii: COORDINATES AND OBJECTIVES OF ROMANIAN FISCAL POLICY
Autor(ii): Caraiman Adrian – Cosmin
Rezumat: The fiscal policy may target the achievement of certain different purposes, either of economic or social nature, of the public infrastructure. Fiscal policy is integrant part of the general economic actions of the state, interfering powerful with the sector, budgetary, monetary, social policies, and also with sector or national development strategies for ensuring the macroeconomic balance. By means of the fiscal policy may be acted so as to protect or encourage certain economic niches, and from this respect the fiscal interventionism targets different objectives, such as: stimulating economic agents for making investments in certain fields, increasing quality and competiveness of the products, stimulating the export, encouraging small enterprisers, stimulating the agriculture, etc.
Cuvinte cheie: Keywords: fiscal policy, monetary policy, financial policy, taxes, fees.
Cod JEL: E 62
Paginatia: 400 – 405
Titlul Lucrarii: THE IMPACT OF THE FINANCIAL AND ECONOMIC GLOBAL CRISIS OVER THE ROMANIAN BANKING SYSTEM
Autor(ii): Ciobanu (Sireteanu) Elena
Rezumat: This paper analyzes the evolution of the Romanian banking system during 2007 – 2010 compared to the same segment of financial market dynamics in the Member States. Also seeks to detect the effects of the global financial and economic crisis on lending activity, the management of liquidity risk and thereby the effect on the profitability of the Romanian banking sector and outline the prospects of further development.
The macroeconomic and financial international background has undergone negative changes, especially in the autumn of 2008. Romania\’s financial system has evolved but strongly marked by the virulent manifestations of global financial and economic crisis. The banking system which is the dominant component in the financial system is well capitalized, has resisted, until now, these pressures, without recording any bankruptcy.
As a lending crunch from the increase in provision expenses, against the backdrop of bad loans it seems to be a poor performance of the banking system for the future period, taking into account the negative financial result recorded at the end of 2010.
Given the high degree of capitalization, liquidity level indicators, on this, consider that local banks are well placed to support the real economy on long-term lending conditions imposed by prudential regulations in the field.
Currently, at the level of the Romanian banking system, we consider it is necessary to continue the measures imposed by the monetary authority to ensure the reduction of uncertainty and reassure market participants in future developments, as trust is the essential factor for the crisis. In this sense, we consider very important the debate, the direct involvement of representatives of the central bank and academic themes reflecting the current state of the Romanian financial system, lessons learned from the crisis and Romania\’s objectives for the future – providing a sustainable process of nominal and real convergence of the Romanian economy – towards European integration in a not too distant horizon.
Cuvinte cheie: financial crisis, Romanian banking system, non-performing loans, profitability
Cod JEL: G01, G2, E51
Paginatia: 406 – 412
Titlul Lucrarii: OVERVIEW OF THE RELEVANT INDICATORS OF DEFAULTED AND NON-DEFAULTED COMPANIES AND POSSIBILITIES OF IMPROVEMENT FOR THE RATING SYSTEMS USED BY THE ROMANIAN COMMERCIAL BANKS
Autor(ii): Kovacs Ildiko, Doczi Henrietta, Erdely Attila, Felfalusi Éva, Knoch Renáta-Kinga, Patka Kinga-Enikő
Rezumat: Since the beginning of the financial and economic crises many news came to light which discussed the increasing number of non-performing loans, and the fact that as a result of the company break-downs, the bank portfolios have also gone worse and worse. In this paper our goal is to find out which internal factors influence the solvency of a company, therefore, to point out the weaknesses of the current Romanian rating systems, which as we will see, do not take into only relevant criteria when according a loan to a company. In order to conduct this study, we choose 18 indicators from several categories to predict bankruptcy. Some of the indicators mentioned above are really common in the international and the Romanian literature (e.g. ROA, ROE, ROS, assets turnover ratio), some of them are less. On a sample of 3000 Romanian companies we use the T-test statistical method to find out if an indicator is significant or not. The sample consists of companies (defaulted and non-defaulted as well) which have presented their financial statements (balance, profit and loss account between 1999 and 2008). For each company a set of 18 financial indicators was calculated, but the results obtained show that only 8 of them is significant in predicting bankruptcy: ROA, assets turnover ratio, equity/total assets, general leverage, current assets to total assets, cash to total assets, total assets and sales. In the next step, by analyzing the obligatory forms used in credit lending, we conclude which indicators are used by different Romanian commercial banks. We found that only four out of seven banks calculate all of the significant indicators identified in the first part of the paper. Finally, we made a proposal about which quantitative indicators should the banks use to minimize the credit losses and to avoid the overdue payments. In addition, we consider that the banks should pay attention to the qualitative factors as well to effectively filter out non-performing loans.
Cuvinte cheie: corporate failure, default, risk, financial ratios, rating systems, Romania
Cod JEL: G32, G33, D22
Paginatia: 413 – 418
Titlul Lucrarii: THE RISK OF FAILURE – CAUSES AND CONSEQUENCES OF THE IT INDUSTRY
Autor(ii): Moscviciov Andrei
Rezumat: In this paper the author shows the ways to asses the bankruptcy risk using a related system of methods: economic, managerial, banking and statistics. At the end of this paper is addressed this issue with the help of Robertson Model.
Cuvinte cheie: bankruptcy risk, economic risk, financial risk
Cod JEL: G32
Paginatia: 419 – 424
Titlul Lucrarii: ASSETSâ STRUCTURE AT CREDIT UNIONS
Autor(ii): Tiplea Augustin
Rezumat: Balance is a static tool for assessing the entity’s position, profit and loss on one hand and cash flow statement on the other hand. These are dynamic situations on one hand showing the effectiveness or ineffectiveness of the total consumption of resources ( profit and loss) and on the other hand entity’s business viability (by cash flows).
As reflection of financial position, the balance, established at the end of the reporting period (called a financial year), describes separately items of assets, liabilities and equity of the company.
Assets are resources controlled by the enterprise as a result of past events and from which is expected to generate future economic benefits for the enterprise. The economic benefits correspond to a production potential, a possibility for conversion into cash or a reduction in output capacity of funds (cost reduction) that an asset contributes, directly or indirectly to a company-specific cash flow.
Cuvinte cheie: assets, credit unions, balance sheet, bank, customers
Cod JEL: G2
Paginatia: 425 – 429
Titlul Lucrarii: THE CREDIT RISK-COMPONENT OF THE BANKING RISKS
Autor(ii): Tirlea Rodica
Rezumat: The risk management means the risk identification, evaluation, quantification and the strategy to counter and to find solutions and levers which can abate or even eliminate the possibility to appear of the probable consequences if they have place. The credit generates risks.
The inadequate financial state of the companies plus the economic conjuncture and the absence of the surveillance are the principal causes of the risks. From the bank perspective, the effects are materialized in total or partial looses of the borrowed capital.
As consequence, to avoid these risks or to diminish it, the banks proceed to the carefully analyze of the authorized limits to offer credits, to create immobile and mobile guaranties, the carefully surveillance of the clients activity during all the time of the credit.
Cuvinte cheie: Credit, risk, risk management, risk assumption, financial risk, corporation risk, bad credits
Cod JEL: G32
Paginatia: 430 – 437
Titlul Lucrarii: THE POLITICS OF THE NATIONAL BANK OF ROMANIA TO DEAL WITH
CREDITING RISK
Autor(ii): Vechiu Camelia, Gherman Liliana – Victoria, Tudose Geanina
Rezumat: Economia de piaþã presupune existenþa unui sistem bancar care sã asigure mobilizarea tuturor disponibilitãþilor monetare ale economiei ºi orientarea lor temporarã sn desfãºurarea de activitãþi economice eficiente. O laturã semnificativã a performanþei bancare este dimensionarea riscurilor, sn scopul reducerii lor. In condiþiile sn care managementul bancar este defectuos iar riscurile nu sunt luate sn considerare se poate ajunge la reducerea rentabilitãþii ºi, sn final, chiar la faliment. Aceasta pentru cã acordand credite bãncile sºi asumã riscuri care sunt determinate fie de calitatea sndoielnicã a debitorului (apare insolvabilitatea acestuia), fie sunt datorate evoluþiei economice generale (care se manifestã sn cazul bãncilor sub forma riscurilor dobanzilor ºi cursurilor de schimb), fie de structura financiarã a bãnci (manifestatã printr-o expunere mare, sndeosebi prin finanþarea creditelor pe termene lungi din depozite pe termene scurte sau la vedere).
Riscul bancar poate fi provocat de cauze interne bãncii sau externe acesteia, generate fiind de mediul concurenþial. In literatura de specialitate, metodologia utilizatã sn managementul riscului presupune dezvoltarea pe mai multe etape: identificarea ºi analiza riscului; eliminarea ºi controlul riscului; evaluarea ºi asumarea riscului; finanþarea riscului prin acoperire (debitarea rezervelor generale sau specifice) sau prin transfer, ceea ce presupune asigurarea societãþii bancare. Pentru bãncile care acþioneazã sn Romania, riscurile operaþionale sunt mai pregnante, datoritã mediului economic ostil sn care lucreazã, dar ºi specificului sistemului bancar romanesc, aflat sncã sn faza de creºtere ºi adaptare la rigorile concurenþiale ale economiei de piaþã. Lucrarea va sncerca sã surprindã implicaþiile riscului de credit asupra activitãþii bãncilor, avand sn vedere importanþa ºi rolul acestuia sn asigurarea creºterii rentabilitãþii unei bãnci.
Cuvinte cheie: crizã, risc bancar, smprumuturi neperformante, supraveghere bancarã, gestionarea riscului de credit
Cod JEL: G21
Paginatia: 438 – 444
Titlul Lucrarii: A LINIAR MODEL OF ANALYZING INFLATION IN ROMANIA, BULGARIA, TURKEY AND CROATIA
Autor(ii): Zapodeanu Daniela, Gavris Natalia, Leac Dafina Roxana, Teudan Ana – Maria
Rezumat: The study uses a linear model that reviews the connection between inflation rate and a few macroeconomic indicators: Harmonized Index of Consumer Prices (HICP), Gross Domestic Product (GDP) and unemployment (Unempl). The purpose of this study is to discover the influence of these macroeconomic indicators on the inflation rate, taking into consideration a period of ten years: 2000-2010. The analysis approaches this issue from the perspective of two EU member countries: Bulgaria, Romania, and another two countries – EU candidates: Turkey and Croatia.
Although the tradeoff between inflation and unemployment has been long discussed, starting with the famous idea of the Phillips curve that has evolved during time (M.Friedman, E.Phelps), economists are still studying this theme in order to find satisfactory explanation for it. In this paper we have tried to find out whether, in the analyzed countries, there is a strong tradeoff between inflation and unemployment, but we also added other variables that influence inflation: the gross domestic product and the previous values of inflation.
Our paper started with a study of the economic background of each analyzed country then, we have collected quarterly data from the period of 2000-2010, that we processed using the econometric software Gretl. After building several models for each country we concluded that inflation in Romania and Croatia are influenced by the following variables: GDP and previous HICP, while the values of inflation in the other two countries are affected by more diverse range of independent variables.
Cuvinte cheie: : Inflation, Harmonized Index of Consumer Prices, Gross Domestic Product, Unemployment, Monetary policy
Cod JEL: E24, E31, E52
Paginatia: 445 – 451
Titlul Lucrarii: EXAMINE THE PAST FOR GOING FURTHER: A LITERATURE REVIEW IN THE FIELD OF FAIR VALUE
Autor(ii): Andreicovici Ionela – Irina
Rezumat: The current study is part of the scientific approach being assumed at the beginning of the Ph.D. as the theme New valence of evaluation in accounting under the guidance of prof. univ. dr. Dumitru Matis. This article aims to realize a more comprehensive study of relevant literature in accounting with fair value as the main subject. We have built our study attempting to answer the following research questions: How much fair value activity has there been since 2008? What research topics are being addressed? Who is leading fair value research? What are the limitations of current research? To achieve our proposed objectives we analyzed two databases (Science Direct and Business Source Premier) during 2008-2011, analyzing in detail a total of 22 articles divided into five specific research directions: international regulations on fair value accounting, fair Value Accounting and Financial Crisis, financial reporting at fair value, the relevance of fair value and fair value versus historical cost.
With this research we try to see what is known in the field of fair value so far . In addition to qualitative analysis which we performed to discover the interest of researchers in this field, we conducted a quantitative analysis concerning the reported studies , being divided into research themes, research methodology and year of the article publication. Quantitative research results are those anticipated, that the most fair value activity took place in 2008 and 2009, surveys having as main research theme international regulations on fair value accounting.
Cuvinte cheie: fair value, literature review, research direction, databases
Cod JEL: M41
Paginatia: 453 – 458
Titlul Lucrarii: ACCOUNTING AND CREATIVITY: A SOCIOLOGICAL AND PSYCHOLOGICAL APPROACH
Autor(ii): Balaciu Diana Elisabeta
Rezumat: This article presents aspects related to creativity in accounting. In our approach we started from theoretical aspects regarding the position of accounting in the field of scientific knowledge. The paper aims to justify these positions (as a language of communication, communication tool, social game), and from there to mirror the way of expressing creativity in accounting.
In terms of research methodology, we have appealed to a qualitative research inspired by sociology and psychology.
The sociological survey shows the vision of society related to creators, the way in which it admits or rejects them. The sociological approach allows us to understand the importance of collective consciousness in assessing and maintaining the creation.
The psychological study regarding the creator describes a creature endowed with an excessive sensitivity, accompanied by a worker with permanent activity, but who is constantly gripped by an existential doubt. In conclusion, the consultant or the researcher will have to recognise the creatorâs right to be wrong and surround him with a climate of confidence.
This paper shows that there is a path where the one who talks to numbers (and does not have the skill of words) and those who possess the mastery of words actually meet.
This paper is part of the PhD research entitled: Identifying and motivation of creative accounting practices – the case of Romanian listed companies, carried out under the guidance of PhD Prof. Feleaga Liliana, research carried out within the framework of the Bucharest Academy of Economic Studies.
Cuvinte cheie: language figures, social game, creative approach,creative accounting,humman capital
Cod JEL: M 41
Paginatia: 459 – 465
Titlul Lucrarii: INTELLECTUAL CAPITAL REPORTING AND DISCLOSURE IN THE ANNUAL REPORTS OF ROMANIAN MANUFACTURING LISTED COMPANIES : METHODOLOGY AND DISCUSSION OF RESULTS
Autor(ii): Bogdan Victoria, Platon Judit, Popa Dorina Nicoleta
Rezumat: In our study we have proposed to measure the extent of intellectual capital disclosure using annual reports as the source of our documentation. The empirical analysis is twofold: firstly we are interested in analyzing the value of intellectual capital using a value-based approach, through the evolution of market to book value ratio over the selected period and secondly we carry out a content-based analysis of the complete annual reports of the selected companies over the five year period and calculate an intellectual capital disclosure index. Looking at the figures we can conclude that only 50% of Romanian manufacturing companies hold intellectual capital assets for the period analysed and also they are mostly disclose information that refers to relational capital. The intellectual capital voluntary disclosure index for the 2005-2009 years for the sampled companies is on average almost 19%, considered very low.
Cuvinte cheie: knowledge, intellectual capital reporting, annual reports, listed companies, disclosure
Cod JEL: M41, M10, G14, D83
Paginatia: 466 – 476
Titlul Lucrarii: THE PROFIT TARGET IN A RESTAURATION UNIT
Autor(ii): Briciu Sorin, Scorte Carmen
Rezumat: The hospitality industry represents one of the most dynamic sectors of the contemporary society, with an emphasised role in the process of globalization. Currently, the hospitality industry does not only face the challenges of the economic crisis but the changes in the market, the consumersâ behaviour and the technological trends, too. That is why, in this time, it is extremely important to apply the management accounting and the cost calculation in any entity in the hospitality industry in order to cope with the market challenges.
The main services are performed through the hospitality industry: the accommodation and the restauration. These services satisfy the vital needs of the tourists, but this industry must meet other needs or requests such as the acknowledgement of the social status, the desire to know other cultures or traditions, to spend free time in a pleasant manner etc.
Our intention and goal in the current article is to approach an image of the CVP analysis in the decision making process with an emphasis on the restauration in the hospitality industry. In order to cope with this critical time, the competition and to achieve the profits estimated, the managers in the hospitality industry can apply the CVP analysis, one of the simplest and most useful analytical instruments.
The paper will tackle with the problem of the break even point in a restaurant, one of the main indicators of the CVP model and also the possibility of the decision making process orientation.
Cuvinte cheie: Prag de rentabilitate, Industria ospitalităţii, Restaurant, Profit ţintit
Cod JEL: M41
Paginatia: 477 – 483
Titlul Lucrarii: MANAGERIAL AND COST ACCOUNTING PRACTICES – A ROMANIAN OVERVIEW
Autor(ii): CARDOS ILDIKO REKA, PETE STEFAN
Rezumat: Research theme – Globalization and technological changes generates complexity both in the business environment and the accounting systems. Under these conditions managerial accounting needs to learn new practices in order to become an active consultant of management. Objectives – The main objective of this paper is to present how managerial accounting changed over the years in Romania. We intend to present how the managerial accounting system is implemented within Romanian organizations, to report the level of adoption of traditional practices, tools and techniques, to identify to what extent contemporary managerial accounting practices are implemented and used, and finally to identify whether managerial accounting information is useful for business decisions.
Prior works – Over the years researchers from all over the world were interested in managerial accounting changes and innovations, in managerial accounting practices, tools and techniques adopted by organizations. On international level the study made by Pavlatos and Paggios (2009) and on national level the study made by Jinga et al (2010) represents the starting point of our study. Both research team conducted a study on managerial accounting practices and the utility of managerial accounting information and found out that managerial accounting information is useful for managers in the decision making process but traditional practices, tools and techniques are used to produce this type of information. Design/methodology – An empirical study was conducted in 2010 within Romanian accounting professionals. A questionnaire was sent to a number of 1871 professionals members of The Body of Expert and Licensed Accountants of Romania regarding managerial accounting practices, tools and techniques adopted and implemented. Data obtained was processed and analyzed with the help of descriptive statistics.
Results/findings – Romanian professionals consider that managerial accounting information is useful for management in the decision making process but these information are produced using traditional managerial accounting practices, tools and techniques are preferred by Romanian organizations in the detriment of modern practices like activity based-costing or target costing. Implications – The results of our study represents a reference point for both researchers and practitioners who are willing to carry on future research in the field of managerial accounting. Originality/Value – This paper tries to fill a gap in the literature related to the Romanian managerial accounting systems and practices. Moreover, it present an overview of managerial accounting practices within Romanian companies giving the possibility to formulate suggestions and proposals for its future development and evolution.
Cuvinte cheie: managerial accounting, cost systems, practices, empirical survey, Romania
Cod JEL: M41- Accounting and Auditing
Paginatia: 484 – 490
Titlul Lucrarii: ENHANCING ASSETS’ PROTECTION THROUGH AN ADEQUATE MONITORING OF INTERNAL CONTROL SYSTEM BY INTERNAL AUDIT
Autor(ii): Dan Eugen Cosmin
Rezumat: The assets are established into a company as very important and strategic resources that are contributing at the creation of the needed premises to conduct the daily-basis activity and also to reach present and future planned objectives. Recent studies like COSOâs Fraudulent Financial Reporting 1998-2007 have highlighted an increasing fraudulent activity against assets therefore the efforts of fighting against fraud must be supplemented in order to preserve the existence and value of those resources. Internal controls are processes implemented in order to give a reasonable assurance that the company will not become a fraud victim. Even so, a lot of internal controls are paying a heavy tribute to their lack of efficiency and update. Thus, for a correct functioning, internal controls must be monitored and assessed permanently in order to preserve their strength and ability to fulfill their mission. This approach will deliver more added value because rather than being corrected after they have already occurred, the frauds related with the assets will be prevented, detected and reported at a timely moment, thereby the incidence and value of those criminal activities will decrease significantly. Furthermore, because not only the process of monitoring is important but even the entity conducting this activity we believe that internal audit is the most appropriate to undertake this responsibility. Thus, through this material we opened a discussion about how important permanent monitored and updated internal controls are in order to assure a proper assets protection and why internal audit, rather than the management, should be the most eligible to undertake this responsibility. Also we provided some suggestions regarding the main activities that must be taken into consideration by an internal audit professional when is being involved in a monitoring process of internal control system. We do believe that this paper will be the starting point for new discussions about the future activities and resources that must be invested in order to assure that internal auditâs independence, objectiveness and professionalism will deliver a proper degree of security against frauds.
Cuvinte cheie: internal audit, monitoring, internal control, assets, fraud
Cod JEL: M42
Paginatia: 491 – 497
Titlul Lucrarii: ISSUES RELATED TO THE ACCOUNTING TREATMENT OF THE TANGIBLE AND INTANGIBLE ASSETS DEPRECIATION
Autor(ii): Danciu Radu, Deac Marius
Rezumat: The issue of accounting depreciation is an older concern of this studyâs authors on the incidence over the true and fair view of the earning and the net value of the non- current assets. Proceeding from the consideration that the present depreciation methods, acknowleged by the accounting standards and regulations are not sufficient to render the reality of the irreversible impairment of the fixed assets nor that of the material and immaterial investment recovery we performed a research on the indicators reported by 20 companies in Cluj county and we applied a questionnaire to each entity on the depreciation methods used, their incidence on the true and fair view and their proposals for the completion of the depreciation methods.
The objective of the research is to identify the most appropriate depreciation methods, truthfully illustrating the effects of the irreversible impairment on the net asset and on the earning, to introduce the excluded assests in the cathegory of the non-current assets ( like property and plant, goodwill, intangible assets created with ones own strengths) and the enforcement of appropriate treatments to the revaluation differences and their own overhead investments.
The International Accounting Standard IAS 16 – Property, plant and equipment refers to three depreciation methods: the straightline method, the diminishing balance method and the technical depreciation method (units of production method). In Romania only two of these methods are accepted: the straightline method, the diminishing balance method and the accelerated method was additionally instilled, which is used internationally in exceptional situations and not currently.
The results of the research led us to the following conclusions:
- for the depreciation of the machinery, facilities and technological equipments it is recommended to use the technical depreciation method or the units of production method;
- taking into consideration the financial conception on the non-current assets the depreciation of all cathegories of tangible and intangible assets is recommended, the purpose being the gradual recovery of the investment in these assets and not the covering of the wear and tear or obsolescence;
- the surplus value resulted from the revaluation of the tangible assets musnât be depreciated because it generates in fictional expenses;
- the depreciation of the overhead assets musnât be acknowledged as an expense but it should be treated as a reduction in the income resulting from fixed assets;
- the completion of the depreciation concept with its financial meaning, namely the process of recovering the investments in tangible and intangible assets;
- The application of the research results leads to correcting the image provided by financial reportings on the tangible and intangible assets contribution to the income, the depreciationâs reflection in the expenses and the net value of these assets.
The contribution of the authors consists in interceding to ensure the application of the research results by modifying and completing the national accounting rules in order to achieve accountingâs consecrated objective: reproducing a true and fair view on the financial position and performances. These issues have not been addressed in other specialty studies in the country or abroad.
Cuvinte cheie: irreversible depreciation, accounting depreciation, technical depreciation depreciation, provision for positive reevaluation diferences
Cod JEL: M41, M42
Paginatia: 498 – 502
Titlul Lucrarii: PREFERENCE OF THE LISTED ENTITIES REGARDING THE SELECTION OF THE EXTERNAL AUDITOR
Autor(ii): Fulop Melinda Timea, Tiron-Tudor Adriana, Span Georgeta Ancuta, Popa Irimie Emil
Rezumat: The present research aims to highlight the importance of the external auditing in supporting corporate governance and the preference of the listed entities to be audited by the big audit companies. Given the proposed objectives of the research, our scientific method is based on a deductive approach from general to particular that combines quantitative and qualitative studies. The role of the external audit was analyzed by conducting a study of literature on two levels: a theoretical-conceptual level in terms of economic theories and an empirical-practical level based on literature from which we extracted through a content analysis the defining elements of the audit work quality. Falling within the scope of the study, we evaluated the preference of the listed entities to be audited by the Big Four. To this end we used the content analysis of the publicly posted audit reports for the period 2005-2009. Our research results show that although we are a country with an emerging capital market development, the entities in the I-st category on the Bucharest Stock Exchange tend to an audit conducted by one of the big audit companies. Another result arising from our study is that the entities of the I-st category on the Bucharest Stock Exchange become more transparent from a year to another. Whether for the year 2005 we find only 12 audit reports publicly posted, in 2007 we can find 21 audit reports publicly posted. The trend of the large entities audited shows that the preference of the entities to be audited by one of the Big Four is higher from a year to another. The preparation of the financial statements and their audit must be done according to regulations for the currently period. The presumption found in the literature according to which the large entities are audited by the big audit companies which provide higher audit quality is confirmed in the case of our national country as well.
Cuvinte cheie: external audit, audit report, opinion, listed companies, Big Four
Cod JEL: M42, M48
Paginatia: 503 – 509
Titlul Lucrarii: AUDIT EXPECTATION GAP IN THE PUBLIC SECTOR IN ROMANIA
Autor(ii): Gherai Dana Simona
Rezumat: Theme : It is know that the large public and auditors hold different beliefs about the auditorsâ duties and responsibilities. In this conditions audit expectation gap represents that level of expectation that remains uncovered. In this study paper, audit expectation gap represents the difference between the achievements of public auditors and the expectations that general public (students) have beyond those responsibility.
Purpose : The evolution of audit expectation gap has been examined in various countries, but the extent of the concept has not been investigated so much in public area. This study attempts to assess the perceptions of possible future auditors, students, regarding the existence of expectation gap in public area. Literature review : A review of the literature identifies many researches who define the concept since was given the first definition of audit expectation gap as the difference between the levels of expected performance and the results that auditors give, but just a few analysis the public area using studentsâ knowledge to understand the perception of future users of accounting information or potential bidders of accounting information.Methodology : This paper represents the beginning of a broader study that will be part of the doctoral thesis entitled a€œOrganization and exercise of public audit in Romaniaa€Â, started in 2009 at University Babes Bolyai from Cluj Napoca, coordinated by PhD Professor Matis Dumitru. The aim of this paper is to explore the findings of an empirical study, made on 352 students, were the primary data used were obtained through a questionnaire technique regarding the audit expectation gap in the public sector in Romania, looking into future to obtain responses using a larger respondent group.
Findings : A reasonableness gap was uncovered, there is a gap between the expectation of students regarding the public auditors\’ profession and their results and there are differences between level of knowledge of the students regarding the statements in audit and the expectation gap. Also there is a significant difference in perceptions of the role of the public auditor in respect of fraud detection. The research will be extended to other users of accounting information (accountants, executives, managers, bankers) to see their understanding of the role of external public auditors, this we consider
Originality/value : This paper adds evidence to the important debate about expectation gap from a region that has had little coverage. In Romania are just a few information regarding the importance of education in reducing the audit expectation gap in public area. We try to draw attention in two sectors that are left one side, education and public domain. A correlation between these two, in the context of audit expectation gap will give some answers absolutely necessary.
Cuvinte cheie: audit, audit expectation gap, expected performance, education.
Cod JEL: M42
Paginatia: 510 – 516
Titlul Lucrarii: IMPLICATIONS OF THE APPLICATION OF IFRS FOR SMES IN ROMANIA ON TAXABLE AND DISTRIBUTABLE PROFIT
Autor(ii): Girbina Madalina, Albu Nadia, Albu Catalin
Rezumat: On 9 July 2009, the International Accounting Standards Board (IASB) issued the International Financial Reporting Standard for Small and Medium Sized Entities (žIFRS for SMEs) which aims to provide a financial reporting framework for SMEs falling within its scope. It is a matter for authorities in each jurisdiction to decide which entities are permitted or required to apply IFRS for SMEs. Because of the connection between accounting and taxation certain european countries had a reluctant position related to the application of IFRS for SMEs. Opponents focused on the incompatibility between IFRS for SMEs framework and the principles commonly accepted for tax purposes.
As the individual financial statements drown up in compliance with IFRS for SMEs will serve for profit distribution under the 2nd European Directive the question arises weather the profits determined under these accounting rules can be considered as realized for distribution purposes. In order to mitigate the mismatch between accounting and distributable profits, Member States will need to reconsider the circumstances in which gains and losses arising from re-measurement at fair value through profit and loss should be considered as realized.
In this scenario, two important questions arise: What are the potential tax effects of the application of IFRS for SMEs? Is the profit determined under IFRS for SMEs available for distribution or some adjustments are necessary? The paper addresses these issues in the context of the Romanian accounting and taxation systems. Romania represents a relevant case study, as it is one of the European countries with a close linkage between financial and tax, where the fiscal profit is dependent on the accounting profit (currently determined under domestic regulations).
The methodology consists in a comparative analysis of the recognition and measurement rules between national accounting regulations and IFRS for SMEs in order to identify the differences with possible consequences on taxable and distributable profit.
The comparative analysis identified tensions between accounting and taxation that should be solved and new accounting policies with impact on taxable and distributable profit. Under these circumstances regulators should analyse if new policies proposed by IFRS for SMEs are acceptable considering the purpose of specific regulations and modify the legal framework.
Cuvinte cheie: IFRS for SMEs, taxable profit, distributable profit
Cod JEL: M 40, M 41, M 48
Paginatia: 517 – 522
Titlul Lucrarii: STUDY REGARDING THE INFLUENCE OF ROMANIAN ACCOUNTING REGULATIONS ON CREATIVE ACCOUNTING TECHNIQUES
Autor(ii): GROSANU ADRIAN, RACHISAN PAULA RAMONA, BERINDE SORIN ROMULUS
Rezumat: The main objective of this paper is the analysis of Romanian accounting regulations and the identification of the impact they have on creative accounting techniques. Also, we shall investigate the influence some of these creative accounting techniques have on the true and fair value. Basically, we desire to answer the question: to what extent is being affected the true and fair value reflected within the financial statements of a certain entity by appealing to creative accounting. At international level there are several papers having as subject creative accounting, most of them emphasizing the negative role it has upon achieving the true and fait view. The papers that analyze creative accounting techniques in Romania are rather few, reason to start studying the extent to which Romanian accounting regulations allow the use of creative accounting techniques. We shall use the experience comprised within papers published at international level in order to substantiate an objective analysis of creative accounting techniques in Romania and of the impact they have on true and fait view. Being familiar with the creative accounting techniques is equally useful to the entire palette of accounting information users, including the researchers, for one can quantify the positive or negative impact they have on the true and fair value. One can bring suggestions to modify the accounting regulations, if some creative accounting techniques affect the legitimate interests of certain accounting information users. Also, one can perform analyses regarding the situation of this field in Romania in comparison with the existent situation in other countries. The paper\’s originality is given by the study on the impact of applicable accounting regulations in Romania on creative accounting techniques. There are very few studies in this field in our country and we appreciate that it would be a useful source for the accounting information users. Also, the usefulness of this study is given by the suggestions concerning the instruments to identify the creative accounting techniques that have a negative role on financial statements, so that they would keep their relevance and credibility for the users of accounting information.
Cuvinte cheie: creative accounting, true and fair value, regulations, corporate governance, financial statements, flexibility
Cod JEL: Accounting and Auditing: General M40; Government Policy and Regulation M48
Paginatia: 523 – 528
Titlul Lucrarii: ENVIRONMENTAL REPORTING AT INTERNATIONAL LEVEL (STUDY OF THE LITERATURE)
Autor(ii): IENCIU Ionel-Alin
Rezumat: One of the most important areas of development during the last 15 years, as far as accounting is concerned, has been the environmental reporting and accounting, generating interests beyond the restrictions imposed by purely academic discussions or the professional accountants community. The objective of the paper is represented by the analysis of scientific knowledge and existing practices in the area of environmental reporting. Mathews (1997, 2001) and Parker (2005) are one of the most representative studies that examine the evolution and status of researches in the area of accounting and environmental reporting. Because of the fact that reports offered by the traditional financial accounting system are insufficient for reflecting a clear and complete image of the company’s environmantal impact, I monitored the frameworks or mechanisms of environmental information. Also, the paper analysis the articles treating international environmental reporting, articles publised in ISI quoted or BDI indexed journals. The collection and analysis of reporting frames, the interpretation and analysis thereof represent the main instruments used in order to bring to the forefront the main existing reporting frames for environmental information, found at international level. The quantitative, applicative research is used to reflect the current status of researches in the field of environmental reporting, using the non-participative observation to reflect the current status of researches in the field of environmental reporting, by using the non-participative observation, the collection and analysis of articles as main research instruments. The study concludes that environmental reporting continues to represent the main attraction of researchers in the field of environmental accounting. The main reason for researches on environmental reporting is represented by the description, investigation and improvement of practices on accounting and reporting environmental impacts. Although the complexity of researches and existing international and European reporting frameworks have contributed to creating the required premiss for introducing the environmental accountability international standards and regulations, they delay their appearance. The study add value to the existing literature in the field of environmental reproting by presenting and analysing environmental reporting frameworks and important papers that analysis environmental raporting practices.
Cuvinte cheie: environmental reporting, reporting framework, analysis of literature, applicative research, environmental accounting
Cod JEL: M49, Q56
Paginatia: 529 – 535
Titlul Lucrarii: EVALUATION OF ENVIRONMENTAL REPORTING FOR COMPANIES LISTED ON THE LONDON STOCK EXCHANGE
Autor(ii): Ienciu Ionel-Alin
Rezumat: Environmental aspects have become significant for an increasing number of companies and can have, under certain circumstances, a significant impact on financial statements. A large number of studies can be outlined in time analyzing the variation of environmental reporting (Deegan et al, 2002; OâDonovan, 2002; Holland and Foo, 2003; Nyquist, 2003; Cormier et al, 2005; Yusoff et al, 2006; Jorgensen and Sodorstrom, 2006; Taylor and Shan, 2007; Sumiani et al, 2007). The main objective targeted by this study is the evaluation of environmental reporting for the European companies listed on the London Stock Exchange. In order to achieve the proposed objective, we have completed an longitudinal and transversal analysis of environmental reporting within companies listed on FTSE 100, monitoring first of all the way in which these companies report non-financial and financial aspects related to environmental impact as well as how these reports are being audited. For each annual statement or sustainable report, we have analized the level of environmental reporting. The evaluation of how information on environmental impact are being reported is based on four categories of information: information on indicators (technical, financial) that would reflect the environmental impact (water, air, soil), information regarding the financial indicators (investments, assets and other environmental costs, debts and provisions), non-financial information (related to the companyâs comitment, objectives, programs, management, future perspectives etc), information on environmental audit. Analysing the results we have obtained, the following can be outlined a certain increasing trend on the level and relevance of environmental information supplied for the companies listed on FTSE 100. Only 22 of the analysed companies are reporting the environmental performance indicators recommended by accredited bodies such as the GRI Guidelines (the most complex guidance in this respect). 20 of the 48 analysed companies have audited such information, thus increasing the relevance of this type of information. The paper contribute to the understanding of environmental reporting at international level, creating an image of the quality of environmental informations provided by the most representative companies at international level.
Cuvinte cheie: environmental reporting, companies, London Stock Exchange, applicative research, environmental aspects
Cod JEL: M49: Other
Paginatia: 536 – 543
Titlul Lucrarii: A RETROSPECTIVE OF EVALUATION MODELS ON INTELLECTUAL CAPITAL
Autor(ii): Ienciu Nicoleta Maria
Rezumat: In the classical theory of economics, capital is one of the three factors of production, in addition to land and labor, and refers in particular to buildings, equipment, and machinery etc., used for the production of other goods (the term physical capital is also used by the specialized literature) (Bṛtianu & Jianu, 2006). The present study intend to bring to the forefront the main evalluation methods for intellectual capital, as proposed, supported and criticized at the same time by researchers and practitioners. The study offers response to the following research questions: Which are the advantages and disadvantages of the intellectual capital evaluation methods? And what are the main studies approaching the subject of intellectual capital evaluation at international level? The collection and analysis of intellectual capital evaluation models and the non-participative observation are the main instruments used to bring to the forefront the main international existing evaluation frameworks. The information sources representing the base for these researches are especially constituted by articles published in specialized magazines, both from accounting and economics fields, specialized works relevant to the reference field, legislative documents, official documents, press releases and other documents issued by various national and international bodies. The most representative studies bringing to the forefront the evaluation of intellectual capital are the ones elaborated by Mouritsen et al (Mouritsen et al, 2001), Manea and Gorgan (Manea and Gorgan, 2003), Tayles (Tayles, 2002), Tayles et al (Tayles et al, 2007). The presented approaches offer a general idea on the range of methods, disciplines and operational specializations existing for the evaluation of intellectual capital. Only one of them РBalanced Scorecard Рis largely used, while the rest of the methods remain too theoretical or too poorly developed to be universally accepted. We believe that the efforts from the regulation and standardization bodies in the view of intellectual capital evaluation are too small, despite the fact that community shows an increased interest in this sense, many companies being tempted to build their own system of evaluating performances with regards to intellectual capital.
Cuvinte cheie: intellectual capital, evaluation models, companies, Balanced Scorecard, international level
Cod JEL: M49: Other
Paginatia: 544 – 549
Titlul Lucrarii: THE DEPRECIATED REPLACEMENT COST – REPRESENTATION OF FAIR VALUE IN ACCOUNTING. TENDENCIES AND PERSPECTIVES IN THE ROMANIAN ACCOUNTING PRACTICE
Autor(ii): Manea Marinela-Daniela
Rezumat: The Romanian accounting system has gone through a radical reform in the last years, but the preoccupations for improving and developing Romanian accounting still continue. In order to preserve the general objective of rendering available to financial managers and analysts a common internationally agreed framework for drawing up and presenting financial statements, accounting professionals have the duty to contribute to the elaboration of accounting policies capable to transform accounting in an essential leadership instrument. Under these circumstances, there is the attempt to identify a dialogue form between accounting norms and policies, between the freedom to choose accounting procedures and the obligation to provide users with credible relevant information. The present work aims to make a thorough analysis of fair value adjustment – version of the depreciated replacement cost – which is specific to specialized corporal immobilized assets seldom commercialized on the market, by starting from the approaches and concepts existing in specialized literature, while afterwards it will carry out a comparative study between normative provisions and the concrete reality of Romanian accounting practice. Aware that fair value adjustment represents the profession of assessment experts, the presents work aims to present the potential models for quantifying fair value, which is an useful information basis for accounting professionals who have one more instrument at their disposal, for effectively and practically applying IRFS norms.
Acknowledgement: This work was cofinanced from the European Social Fund through Sectorial Operational Programme Human Resources Development 2007-2013, project number POSDRU/1.5/S/59184 Performance and excellence in postdoctoral research in Romanian economics science domain.,institution:Alexandru Ioan CuzaUniversity of Iaşi, period: 01.11.2010 – 30.04.2013, tutor: Ph.D. Professor Vasile Cocriş
Cuvinte cheie: device method, cost method – capacity, wear and tear, life span, reproduction cost
Cod JEL: M41
Paginatia: 550 – 556
Titlul Lucrarii: THE PLACE OF THE EMERGING ECONOMY OF ROMANIA INSIDE THE EUROPEAN UNION ECONOMIES IN TERMS OF FTSE CRITERIA
Autor(ii): Mardiros Daniela-Neonila
Rezumat: The importance of this research lies from the need to know the economies developed, emerging and frontier of the European Union and the mode of their manifestation according to the market indicators. Consequently, we had in mind a presentation of the economies in the categories mentioned above framed in terms of market criteria used by FTSE Group, a provider of stock market indices and associated data services. Using data from a series of reports published by FTSE we made an analysis of how each of the considered economies and in particular Romania, acts according of these. Was taken into consideration criteria as: market and regulatory environment (formal stock market regulatory authorities actively monitor market; fair and non-prejudicial treatment of minority shareholders; non or selective incidence of foreign ownership restrictions; free and well-developed equity market; no objections or significant restrictions or penalties applied on the repatriation of capital; free and well-developed foreign exchange market; non or simple registration process for foreign investors); custody and settlement (settlement-rare incidence of failed trades; custody-sufficient competition to ensure high quality custodian services; clearing & settlement; stock lending permitted; settlement-free delivery available; custody-omnibus account facilities available to international investors); dealing landscape (brokerage-sufficient competition to ensure high quality broker services; liquidity-sufficient broad market liquidity to support sizeable global investment; transaction costs-implicit&explicit costs to be reasonable and competitive; short sales permitted; off-exchange transactions permitted; efficient trading mechanism; transparency); derivates (developed derivatives market). The final part of the paper is reserved to the understanding of the mode in which each of the considered economies of the European Union, including Romania and regardless of what category they belong (developed, emerging or frontier economies) behave in relation to the above criteria used by the FTSE in relation with the market quality. In terms of research methodology, this took into account the data collection through the observation method. This method use, as research tool, the observation guide. We have also had regard to the proper definition of the concepts and their operationalization in order to bring to the fore a number of relevant indicators for the economies of the European Union.
Cuvinte cheie: FTSE group, emerging market, frontier market, market criteria
Cod JEL: G10, O 52
Paginatia: 557 – 563
Titlul Lucrarii: PROFESSIONAL JUDGMENT AND CREATIVE ACCOUNTING UNDER IFRS IN EX-COMMUNIST COUNTRIES: CASE OF ROMANIA
Autor(ii): MEGAN Ovidiu
Rezumat: The accounting rules from each country evolve in time in order to respond the social, cultural and economical environment needs. After some communist countries (as Romania, Bulgaria, Poland, Hungary, Czech Republic, Slovenia, Estonia, Lithuania, s.o.) joined the European Union an important number of local companies became to apply accounting regulation according with International Financial Reporting Standards (IFRS).
This paper surveys the theoretical and empirical literature on the possible risks for companiesâ management from ex-communist counties by applying (mandatory or voluntary) International Financial Reporting Standards reporting regulation and professional judgment. Under the pressure of economic globalization all the ex-communist countries ware obliged to adopt International Financial Reporting Standards in the field of accounting. The main objective of this paper is to find out from the experience of different companies who already adopted IFRS which are the risks related to professional judgment application under IFRS on the financial statement users. As research methodology we integrated theoretical and empirical studies from accounting and law (especially from Romanian experience) in order to contribute to the cross-fertilization of our field of interest.
As final results of our paper we find that the biggest risk of applying professional judgment prescribed by IFRS in ex-communist countries is to appear different creative accounting techniques which influence in a negative way the decision-making process for the financial statements users. During worldwide financial crisis the majority of Romanian companies tried to use in the most appropriate way the professional judgment in order to arrange their financial reports and to save companyâs money (in relation with local government) or to show higher performance (in relation with financial institutions) for the fund-raising process
We identified several motivations including the existence of tax levies based on income, confidence by shareholders and workers in management that is able to report stable earnings and psychological expectations relating to increases or decreases in anticipated income.
Cuvinte cheie: professional judgment, IFRS, globalization, creative accounting, risk
Cod JEL: M41 – Accounting
Paginatia: 564 – 570
Titlul Lucrarii: AUDITOR ROTATION – A CRITICAL AND COMPARATIVE ANALYSIS
Autor(ii): Mocanu Mihaela, Stefanescu Aurelia, Turlea Eugeniu
Rezumat: The present paper starts out from the challenge regarding auditor tenure launched in 2010 by the Green Paper of the European Commission Audit Policy: Lessons from the Crisis. According to this document, the European Commission speaks both in favor of the mandatory rotation of the audit firm, and in favor of the mandatory rotation of audit partners. Rotation is considered a solution to mitigate threats to independence generated by familiarity, intimidation and self-interest in the context of a long-term audit-client relationship. At international level, there are several studies on auditor rotation, both empirical (e.g. Lu and Sivaramakrishnan, 2009, Li, 2010, Kaplan and Mauldin, 2008, Jackson et al., 2008) and normative in nature (e.g. Marten et al., 2007, Müller, 2006 and Gelter, 2004). The objective of the present paper is to perform a critical and comparative analysis of the regulations on internal and external rotation in force at international level, in the European Union and in the United States of America. Moreover, arguments both in favor and against mandatory rotation are brought into discussion. With regard to the research design, the paper has a normative approach. The main findings are first of all that by comparison, all regulatory authorities require internal rotation at least in the case of public interest entities, while the external rotation is not in the focus of the regulators. In general, the most strict and detailed requirements are those issued by the Securities and Exchange Commission from the United States of America. Second of all, in favor of mandatory rotation speaks the fact that the auditor becomes less resilient in case of divergence of opinions between him and company management, less stimulated to follow his own interest, and more scrupulous in conducting the audit. However, mandatory rotation may also have negative consequences, thus the debate on the opportunity of this regulatory measure remains open-ended.
Cuvinte cheie: independence, financial audit, familiarity, rotation
Cod JEL: M40
Paginatia: 571 – 577
Titlul Lucrarii: HOW TO BETTER MEET OUR STUDENTS� LEARNING STYLE THROUGH THE COURSE RESOURCES
Autor(ii): Mutiu Alexandra, Moldovan Georgeta
Rezumat: Publishers of the course resources for business higher education are willing to help professors and instructors to develop the learning process. An important part of the learning process is affected by the each student�s learning style. Our paper focuses on how meeting students� learning styles can be done through the course resources we use.
The scope of the paper is to identify a way to link students� learning preferences with the available course resources. The literature on this topic is limited, the interest in research being focused less on resources used and their useful diversity. We heavily relied in our research on the preliminary results of a market research study conducted by the Higher Education Group from Harvard Business Publishing among instructors who use resources from Harvard Business School�s library.
The research methodology is based on the case study method. We tried to recommend a treatment to our students and then analyze the effect of the applied treatment. The main instruments used are the VARK test followed by tailored recommendations for each student. The first conclusion of the research is that identifying the learning styles is extremely useful for students in terms of learning process. Knowing and exploiting their particular learning style helped students to maximize their learning. The second conclusion is that recommending resources based on learning styles is useful because it really helps students to learn in their own styles.
The results of our paper show, firstly, that learning process could be facilitated by professors� directly identifying students� learning styles. Secondly, our findings underline the importance of having a diversity of resources available for our students, and to be able to offer them a constructive solution regarding their learning styles. Moreover, our contributions are reflected in the methodology we used in linking the learning styles with the course resources and in building our personal approach in issuing our students individual recommendations on study strategy based upon their learning styles.
Cuvinte cheie: learning process, course resources, learning styles, VARK test physiological dimension of learning
Cod JEL: M49
Paginatia: 578 – 585
Titlul Lucrarii: CONCEPTUAL DELIMITATIONS OF CONTROLLING
Autor(ii): Nedelcu Serban
Rezumat: žControlling represents a new concept in the Romanian economic environement, being implemented successfully in very few companies. Unlike the German space where controlling is very well represented both at a practical level and in the academia, in Romania controlling can only be found at a practical level, and the specialized literature is restraint, almost absent.
Since the practicians of controlling in Romania only know the toolkit they use and not the theoretical elements as well, what is needed in this case is a conceptual delimitation so that controlling would be better implemented, and improved with various elements of the economic environment. In practice, inside various linguistic areas different problems of communication may occur very often in regards to the use of different concepts that may be missunderstood. Therefore in the Romanian research area it becomes imperative to try and clarify the existing issues and to intensify the reasearch in this field. Studying the evolution of the concept we observe that the need for its implementation is primarily experienced at the practical level of the companies, to be then followed by a debate in the specialized literature. The internationalization and the fierce competition that the Romanian companies are confronting on the ecenomic market represent the decissive factor in adopting the concept of controlling.This article is part of the research conducted for my doctoral thesis, “Controlling in hetergenous economic envirnoments”, under the coordination and supervision of Prof.Dr.Dumitru Matis.
Cuvinte cheie: Controlling, Management Accounting, Management Control, Accounting, Internal audit
Cod JEL: M49
Paginatia: 586 – 590
Titlul Lucrarii: FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW
Autor(ii): Negrea Laura Georgeta, Matis Dumitru, Mustata V. Razvan, – –
Rezumat: The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main proâs and conâs in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, Cash Flow is King, while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.). As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investorsâ choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and accounting report.
Cuvinte cheie: free cash flow, reporting, management, agency theory, creative accounting
Cod JEL: M41
Paginatia: 591 – 596
Titlul Lucrarii: CASH FLOW REPORTING AND CREATIVE ACCOUNTING
Autor(ii): Negrea Laura Georgeta, Matis Dumitru, Mustata V. Razvan
Rezumat: Within the wide field of creative accounting, the main preoccupation of researchers surrounded earnings management. The current study comes to acknowledge that creative cash flow may distort the assessment of financial performance and should therefore, become a subject of the same interest for analysts and investors, as earnings management is. In order to reach the objective proposed, there are two hypotheses formulated, to be validated within the research: H1: Creative accounting distorts cash flow reporting within the boundaries of current regulations. H2: Real activity manipulation alters significantly the operating cash flow. The steps followed were analyzing the accounting standard related to cash flow statement, IAS 7, in order to uncover issues not taken into account, or options of allocation provided for accountants, which could lead to opportunistic choices and lack of comparability. The relevant literature was reviewed, so as to identify the opinions of accounting and finance specialists related to this subject, the results of their scientific process. The final step was a synthesis of relevant results and observations, which lead to the acceptance of the hypothesis of the research. Moreover, several techniques were identified, both related to creative accounting and to real activity manipulation, influencing mainly the figure reflecting operating cash flow, and thus the image on the potential of business continuity. Main conclusions were that the techniques applied were within the limits set by the standard: opportunistic allocation of dividends and interest collected or paid misallocation of certain activities like sale of receivables, but mainly recording non-recurring events into the operating cash flow, without separate notes of information or adjustments. Real activity manipulation should also be considered as it is even more difficult to detect, unless analysis is also performed on notes to financial reports and the figures within the profit and loss account. The contribution of the current study is providing a synthetic arrgumentation to why cash flow should be analysed in the context of creative accounting, reviewing methods and techniques that distort significantly the results of operating activity, providing basis for further study related to the impact of such practices on forecasts of cash flow and predictability of bankruptcy.
Cuvinte cheie: operating cash flow, creative accounting, non-recurring activity, IAS 7, financial performance
Cod JEL: M41
Paginatia: 597 – 602
Titlul Lucrarii: A NEW APROACH OF CONCEPTUAL FRAMEWORK FOR GENERAL PURPOSE FINANCIAL REPORTING BY PUBLIC SECTOR ENTITIES
Autor(ii): Nistor Cristina
Rezumat: The importance of accounting in the modern economy is obvious. That is more elevated bodies of the European Union and elsewhere dealing with the organization and functioning of accounting as a fundamental component of business (Nistor C., 2009).
The mission of the International Federation of Accountants (IFAC) is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by initiating and encouraging the professional standards of high quality, the convergence process these international standards and to discuss issues of public interest which is extremely relevant international experience of (IFAC, 2011).
Currently, the concepts related to financial reports in public sector are developed by IPSAS references. Many of today’s IPSAS are based on international accounting standards (IAS / IFRS), to the extent that they are relevant to the requirements of the public sector. Therefore today’s IPSAS are based on concepts and definitions of the IASB’s conceptual framework, with changes where necessary for public sector specific approach.
Thus this study present this brief draft statement under discussion by the leadership of IFAC in collaboration with other organizations and groups that develop financial reporting requirements of the public sector. Then, we highlight the importance and the degree of acceptance of the project which results from comments received. On the basis of combining qualitative with quantitative research seeks to demonstrate the necessity and usefulness of a common conceptual framework of the International Accounting Standards (in this case the Public Sector), starting from their emergence from presenting their bodies involved in the foundation, the content standards, experience of different countries. The results have direct implications on Romanian public accounting system, given that the reference of the international implementation and reporting is an actual goal.
The study is primarily addressed to graduate, doctoral students, professors and researchers working in public sector accounting. The study aims at presenting the acceptance of the theme subject for discussion by the IPSASB. It is addressed also to all those interested to know the current evolţia development of International Public Sector Accounting.
Cuvinte cheie: financial reporting, consultation paper, public sector, public sectors references, Romania
Cod JEL: M40, M41
Paginatia: 603 – 609
Titlul Lucrarii: THE TYPOLOGY OF REGIONAL MERGERS FROM THE PERSPECTIVE OF FINANCIAL-ACCOUNTING ASPECTS
Autor(ii): RACHISAN PAULA RAMONA, BERINDE SORIN ROMULUS
Rezumat: The interest for approaching this paper is determined by the actuality of the theme concerning mergers, and also by the scale proportions this type of transactions have arrived at, both at global level and also at national level, everything having as cornerstone a market economy within which competitiveness plays a more and more important role. The aim of the study consists in analyzing the external restructuring of entities under the form of mergers. On one side, in order to clarify and deepen the theoretical aspects concerning mergers, and on the other side, in order to identify certain features related to merger transactions in Cluj County. The aim of the study is to identify the conditions and manner of merger development within commercial entities from Cluj County and to establish a typology relying on the results concerning the relationship between the entitiesâ shareholding structure, their contribution and the exchange ratio when performing the transactions. The actuality of the theme, the requirement and the increasing manifestation of the merger phenomenon also within the Romanian teritory, the necessity of a thorough analysis of merger trends and typologies, they all have been trigger factors of this objective. In order to achieve the objective a research methodology was followed, assumptions were made, which have been confirmed of infirmed. The methodological sphere consists of an approach of considered quantitative and qualitative models, of techniques for data collection, hypotheses testing, but also of research boundaries. As a result of the processing and analysis of the data on which this study relies, one arrived to the following conclusions concerning mergers that were performed in Cluj County, conclusions which could lead to the elaboration of a typology for the mergers that have occurred in this region: in terms of shareholding structure, the two entities usually had a joint majority shareholder, and regarding the financial aspects, the contributions of both entities are in most of the cases positive, and the contribution of the absorbent entity is greater, and rarely, when the contributions are negative, these contributions usually belong to the absorbed entity. Also, when the shareholding structure is the same, the exchange ratio is usually 1:1.
Cuvinte cheie: merger, contribution, exchange ratio, positive equity, negative equity
Cod JEL: Accounting and Auditing: General M40; Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34
Paginatia: 610 – 617
Titlul Lucrarii: COMPARING EXPERIENCES IN REPORTING INTELLECTUAL CAPITAL IN UNIVERSITIES
Autor(ii): Silvestri Antonella, Veltri Stefania
Rezumat: The paper focuses on the intellectual capital (IC) report in universities, a relevant theme actually for the growing interest in applying an IC approach in managing universities. The paper compares the experiences in reporting IC of two different university institutionsthe Autonomous University of Madrid (UAM) and the Austrian Universities, to highlight pros and cons of the two different IC models employed. In order to compare these two experiences, firstly we analyzed, through a literature review, the state-of-the-art in measuring and reporting IC, then we focus on the IC measurement models used as framework by the two institution, finally we turned our attention to the IC reports issued by the two universities. Both experiences presented refer to advanced IC measurement models, but both suffer of some limits in applying the models in practice. Like all measurement and management systems that deal with knowledge-based processes, Austrian and UAM˜s IC reports face the methodological problems of measuring non-physical processes and outputs. In detail, Austrian IC reports lack of qualitative indicators, UAMâs IC report lacks of efficiency-related and activities-related indicators.The main research limit is that the theoretical comparison has been carried out on two experiences, due to the lack of awareness of IC relevance in managing universities. The establishment of an ad hoc IC measurement model for universities could have both internal and external benefits. As regards the policy implications, Government, ranking universities by their IC, can get information about their strengths and weaknesses and using it to reallocate resources. This study contributes to broaden the research communityâs understanding about a relevant management (internal) and communication (external) universitiesâ tool, the IC report, through the examination of two real life European universities experiences in disclosing intangibles. To the best of our knowledge, this is the first paper that focuses on comparing the two best university practices in reporting IC.
Cuvinte cheie: Intellectual capital, universities
Cod JEL: M41, I23
Paginatia: 618 – 624
Titlul Lucrarii: PARTICIPATORY GOVERNANCE IN THE PUBLIC HEALTHCARE SYSTEMS OF THE SCANDINAVIAN AND BALTIC COUNTRIES
Autor(ii): Stefanescu Aurelia, Mocanu Mihaela, Turlea Eugeniu
Rezumat: The diminished trust of citizens in the public sector, the increased complexity of policy issues and the reforms in accordance with the new public management principles generate the need of focusing more extensively on participatory governance. Participatory governance can be defined as the genuine engagement of citizens and other organizations in the formulation of policies and strategies, in the decision-making process from the public sector and in the implementation of the decisions. The present paperâs objectives are to define the concept of participatory governance, to argue in favor of implementing it in the public sector and to find to what extent public healthcare institutions from Scandinavian and Baltic countries publish information on participatory governance and how they perceive community engagement. The research findings are that the information on participatory governance disclosed on the websites of relevant institutions from within the Scandinavian and Baltic public healthcare systems is scarce. The countries with the greatest concern for community engagement are Denmark and Sweden. It is argued that there should be a shift in focus within the public sector in general and within the healthcare system in particular, so that citizens are genuinely involved in the relevant processes and their satisfaction is indeed at an adequate level.
Cuvinte cheie: participatory governance, engagement, public healthcare, Scandinavian, Baltic
Cod JEL: M40, H0
Paginatia: 625 – 630
Titlul Lucrarii: THE GOING CONCERN – THEORY AND PRACTICE IN THE FINANCIAL AUDIT
Autor(ii): Tara Ioan Gheorghe
Rezumat: The financial audit is called in to take the responsibilities on prevention of shocking events in the life of a company. Therefore we have to look into both of some concepts and the practice of financial audit so as to improve its performance and utility.
On this purpose we assume some proposals to going concern concept and its practically use improvement. Thus, taking in account the actual statements of the IFAC documents (ISA 570) and the latest results on going concern research (A. Rosman 2011, Bihmani and Co. 2009, Geiger, Raghunandan and Rama 2005, N. Kuruppu and Co. 2002) we consider something more might be done to accurately clarify the concept and to meet the investorsâ requirements regarding financial auditors responsibilities on the future of the audited companies.
We are going to focus on subjects such as: which are the responsibilities of the financial audit and the management regarding the going concern, what kind of audit should be performed on the matter of a company future, which are the best methods to analyze the future going of a company, where the information should comes from and how compulsory a mission of audit on going concern should be.
Using a sample of a couple of listed companies filing for bankruptcy we reached a conclusion regarding the connection between going concern opinion and its real effects. The conclusion consists in the fact that there is not a compulsory connection between the going concern opinion and the decision for bankruptcy. On this basis and, as a result of studying the conclusions of the upper named authors, we assume the idea that a separate going concern audit mission should be conceived, organized and performed. In this sense the concept of going concept, itself, should be improved.
In our opinion a new concept of going concern would have better practical results regarding both methodology of performing the assessment of an entity as going concern and the responsibility of financial auditors in issuing the financial audit opinion.
Further research on this subject we will perform, analyzing more conclusive data with an emphasis on financial crisis effects.
Cuvinte cheie: going concern, financial audit, IFAC, international standards, financial auditors.
Cod JEL: M41, M42
Paginatia: 631 – 635
Titlul Lucrarii: THE INTELLECTUAL CAPITAL STATEMENT AND THE BALANCED SCORECARD AS COMPLEMENTARY MODELS IN MEASURING FIRM INTANGIBLES
Autor(ii): Veltri Stefania
Rezumat: The purpose of this paper is to examine the role of two different new management tool, the Balanced Scorecard (BSC) and the Intellectual Capital Report (ICR) in managing and reporting intangibles. Unlike the majority of IC scholars the author, and consistently with Bukh et al. (2005), the author starts from the idea that BSC and ICR are not alternative, but complementary tools in measuring intangibles, addressing different needs for firms that measure, manage and report intangibles. The research hypothesis of the paper will be demonstrated through the analysis of a case study of an Italian group which use both intangiblesâ reporting systems. A case study methodology has been chosen, given that it is widely used by researchers and provide the basis for the application of ideas and extension of methods (Yin, 1994). Intercos group has been chosen to test the research hypothesis, since it makes use of both models in measuring and reporting intangibles. The study of the case Intercos group found evidence that the two types of extended reporting are different and yet complementary and that both tools are necessary for firm in measuring IC, since they address different aims. This includes therefore a marked difference in use of indicators, given that IC indicators in the ICR have to support the overall aims derived by companyâs strategy, while BSC indicators provides a breakdown of strategic goals with respect to profitability, growth etc. The contribution of the paper to the IC literature is to extend the findings of the Bukh et al.âs (2003) study, investigating the hypothesis (and finding evidence) that BSC and ICR are complementary in reporting intangibles in an Italian group. Implications of the paper are for companyâs manager, who increase the awareness that they have at their disposal two management tools, with address different aims, to manage intangibles.
Cuvinte cheie: Intellectual capital report, balanced scorecard, complementary models
Cod JEL: M41
Paginatia: 636 – 642
Titlul Lucrarii: DETECTION OF EARNINGS MANAGEMENT – A PROPOSED FRAMEWORK
BASED ON ACCRUALS APPROACH RESEARCH DESIGNS
Autor(ii): Vladu Alina Beattrice, Cuzdriorean Dan Dacian
Rezumat: The scope of this theoretical research is to outline recommendations for improving the complex process of detection of accounts manipulation. In this respect we turned to the previous literature and assessed empirical studies in order to be able to develop a robust model for understand the process of detection for accounts manipulation and further to ease the path of detection by proposing as we stated above a theoretical framework in this respect. Since there is a constant conjecture between cause and effect we are able to assert that two direction of research can be identified and both can explain further the roots for limiting earnings management since its detection can be much easier approached: the event that can represent the root for accounts manipulation and the normal trend considered for a certain company related to the accruals level and economic trend. In the end if we know the cause we can interpret the event and combat its appearance. But when this kind of research appears, another question springs. Should we fight earnings management practices? Clikeman (2003:78) sensed that by using those practices companies are walking on a very slippery slope where minor accounting gimmicks become more and more aggressive until they create material misstatements in the financial statements. So, the recourse to such practices creates a stake that is not negligible. The users of financial statements are misled when making decisions based on manipulated accounting numbers. To a certain extent, the existence of earnings management distorts the usefulness of financial statements, and in this respect the process of detecting it can be regarded both as being important and challenging.
Our proposal is not related to a technical process of detecting earnings management as typical empirical studies found in the literature and more than that we open a new stream of research based on understanding the forms of manifestation for accounts manipulation, getting to know the antecedents, the features, the possible interactions among antecedents and current features. Based on the recommendations found in the literature the eradication of manipulative processes is next to impossible but the limitation can be a reality. In this respect the researchers recommend controlling the conditions and motives that increase the likelihood of its presence and also developing stronger tools to detection.
Cuvinte cheie: earnings management, accruals
Cod JEL: M41
Paginatia: 643 – 648
Titlul Lucrarii: THE ADOPTION/ADAPTATION OF THE žSUPPLY CHAIN CONCEPT IN ROMANIAN
Autor(ii): Butilca Delia – Alexandra, Crisan Emil Lucian, Salanta Irina – Iulia, Ilies Liviu
Rezumat: There are several terms used in Romanian for the English term supply chain. We have counted eleven. It has been adopted in several ways and it is perceived (adapted) in several ways in Romania. There are several causes which have determined this fact: the English terminology inconsistence regarding supply chain has been translated into other languages, professionals roots determine the usage (logistics professionals use it for logistics, strategic logistics use it in general etc.), the lack of Romanian discussions regarding the new professional terminology at general level and supply chain and logistics in particular. We expose the different ways by which supply chain is reflected in Romanian, we discuss the causes which have generated this total confusion and then we suggest a proper term for supply chain in Romanian, considering the real meaning of the term and the strategies adopted by other countries regarding supply chain adoption. In conclusion, we propose a general adoption and adaptation for the term in Romanian.
Cuvinte cheie: supply chainlogistics, strategy, adoption,adaptation.
Cod JEL: M29, M19, L19,M31
Paginatia: 650 – 660
Titlul Lucrarii: RENEWABLE ENERGY, A KEY TO INTEGRATING COMPETITIVE POLICIES WITH ADVANCED ENVIRONMENT PROTECTION STRATEGIES
Autor(ii): Cinade Lucian Ovidiu
Rezumat: Development of competitive policies and improvement of environment protection strategies are two basic trends of the development of the European Unique Market. Energy, also known as žindustry bread, is basic product and strategic resource, where energy industry plays an obvious role in the economic and social development of any community. Traditional energy production is marred by three major drawbacks: it generates negative externalities by polluting; it is totally in the hands of the producers; hence, prices rise at their will, of fossil fuels such as oil and gas.
Present study focuses on electric energy industry, yet bearing over the whole length of the chain producer-to-end-consumer, thus revealed as particularly complex. The question is do alternative energy sources meet the prerequisite of market being competitive meanwhile environment protection being highly observed. We identify limits in point, of the energy market; effects of market liberalization; entry barriers; interchangeability level of energy sources; active forces on the energy market.
Competitive rivalry has been expressed as per market micro-economic analysis, based on Michael Porterâs 5-forces model.
It will thus be noticed that, morphologically, competition evolution depends firstly on the market type. For the time being, the consumer on the energy market stays captive, for various reasons such as: legislation; limits of energy transfer infrastructure; scarcity of resources; resources availability imbalance; no integrative strategy available, of renewable energy resources usage. Energy availability is vital for human society to function.
Comparative advantages of renewable energy resources are twofold, as manifested: in terms of economics, i.e. improving competition by substitute products entered at the same time as new producers enter market; and in terms of ecology, by reducing CO2 emissions. As to energy production technology and transfer, the complementary nature will be noticed, of renewable energy resources, such nature manifesting itself as a 6th force, žthe force of complementary products apt to stimulate low competition on the energy market.
Cuvinte cheie: competitionenvironment protection, renewable energy, strategy
Cod JEL: M11-Q42
Paginatia: 661 – 666
Titlul Lucrarii: CURRENT ECONOMIC AND MEDICAL REFORMS IN THE ROMANIAN HEALTH CARE SYSTEM
Autor(ii): Dragoi Mihaela Cristina
Rezumat: The issue of health has always been, both in social reality and in academia and research, a sensitive topic considering the relationship each individual has with his own health and the health care system as a public policy. At public opinion levels and not only, health care is the most important sector demanding the outmost attention, considering that individual health is the fundamental prerequisite for well-being, happiness and a satisfying life. The ever present research and practical question is on the optimal financing of the health care system. Any answer to this question is also a political decision, reflecting the social-economic value of health for a particular country. The size of the resource pool and the criteria and methods for resource allocation are the central economic problems for any health system. This paper takes into consideration the limited resources of the national health care system (the rationalization of health services), the common methods of health financing, the specificity of health services market (the health market being highly asymmetric, with health professionals knowing most if not all of the relevant information, such as diagnosis, treatment options and costs and consumers fully dependent on the information provided in each case) and the performance of all hospitals in Romania, in order to assess the latest strategic decisions (introduction of co-payment and merging and reconversion of hospitals) taken within the Romanian health care system and their social and economic implications. The main finding show that, even though the intention of reforming and transforming the Romanian health care system into a more efficient one is obvious, the lack of economic and demographic analysis may results into greater discrepancies nationwide. This paper is aimed to renew the necessity of joint collaboration between the economic and medical field, since the relationship between health and economic development runs both ways. (This paper was co-financed by the European Social Fund through the Operational Programme of Human Resources Development 2007-2013, POSDRU/1.5/S/59184 žPerformance and excellence in the economic science postdoctoral research in Romania coordinated by the Bucharest Academy of Economic Studies; my postdoctoral research period lasts from Nov. 2010 to Mar. 2013)
Cuvinte cheie: health care system, rationalization, decentralization, co-payment, hospital mergers
Cod JEL: H 51, H 75, I 18
Paginatia: 667 – 673
Titlul Lucrarii: COMPARATIVE STUDY ON CORPORATE GOVERNANCE
Autor(ii): Gavrea Corina, Stegerean Roxana
Rezumat: Corporate governance is a key element of todayâs economic reality being more and more present in many countries around the world. This paper has two main objectives. The first one is to offer more insight into the concept of corporate governance by a thorough literature review and by presenting and analyzing a framework of corporate governance. The second objective of this paper is to investigate the corporate governance situation in three developing economies (Romania, Bulgaria and Hungary). The World Bank and the European Bank for Reconstruction and Development published a series of reports on corporate governance. The present study uses data from these reports in order to illustrate how these developing economies are dealing with corporate governance. Based on ROSC Reports a corporate governance score was calculated. As this score shows, there is room for improvement for all three developing economies. This study is important because it shows the differences in corporate governance among developing economies and the need to study these nations at the individual country level. Corporate governance has many benefits for developing economies. It helps developing economies to register sustainable growth rates, to increases investorsâ confidence in the national economy, and to increase the ability of capital markets to mobilize savings.
Cuvinte cheie: corporate governance, shareholders, stakeholders, investors, corporate governance principles
Cod JEL: G30, M10
Paginatia: 674 – 680
Titlul Lucrarii: COMPETITIVENESS AND PERFORMANCE ON THE COSMETICS MARKET
Autor(ii): Grigore Ana – Maria, Bagu Constantin, Radu Catalina, Catanet Alina
Rezumat: Most organizations are going through massive changes. Their customers are changing, their competition is changing, their customerâs needs are changing and their resources availability is changing – the cosmetics companies are no different. Organizational survival and success depends on the ability of the managers to detect and adapt to critical changes in the environment, which may impact the company.
The paper has two main purposes. First to underline the importance performance measurement has in todayâs business and second to present a few key elements regarding the performance of the cosmetics sector in Romania. For this we have tried to answer the following question: Are the cosmetics companies competitive?
This paper is based on exploratory literature review of different approaches regarding organizational performances in organizations in general.
Despite the global economic crisis and the general slowdown of many markets, the Romanian beauty and personal care market continued to grow in 2009. Consumer awareness and product knowledge is growing rapidly and the development of retailing chains and their widening product offer have also helped to further the development of the beauty and personal care market.
The paper also presents the results of section three of an online survey conducted at 10 cosmetic companies from Romania. The results have shown that multinationals have both the economic and managerial power to succeed in obtaining their goals. Even though the sample of 72 respondents was rather small, we managed to conclude from the received answers that the majority of companies focus on economic and managerial performance rather than on social and ecological performance indicators.
This paper aimed to contribute to the literature review development in the field of performance management. The results of this study can be of use for managers from the analyzed domain or for other researchers in the economic field.
The authors have contributed to the originality of this paper, by presenting pertinent conclusions about the cosmetics market from Romania, resulted from the literature review and from an empirical study.
Cuvinte cheie: management, performance, cosmetics market, competition
Cod JEL: M10, L25, L66
Paginatia: 681 – 686
Titlul Lucrarii: THE ROLE OF THE E-PROCUREMENT IN THE PURCHASING PROCESS
Autor(ii): Pop Sitar Corina
Rezumat: This article aims to examine the role of the E-procurement forms in the six phases of the purchasing process. The paper starts with an introductory part about the purchasing process. Next, based on a literature review we selected and defined the most important forms of E-procurement. Furthermore, we develop a theoretical framework that suggests what form of E-procurement is best to use in every phase of the purchasing process. At the end of the paper we draw conclusions and we set some ground rules for managers regarding to the implementation of an E-procurement form.
Cuvinte cheie: purchasing, E-procurement; management, supply chain management, optimization
Cod JEL: M15, 032
Paginatia: 687 – 691
Titlul Lucrarii: HUMAN RESOURCES MOTIVATION – A CHALLENGE FOR SMES ECONOMIC PERFORMANCES
Autor(ii): POPESCU Dan, CHIVU Iulia, CIOCARLAN-CHITUCEA Alina, POPESCU Daniela-Oana
Rezumat: The present research aims to establish and configurate human resources development strategies for the employees of small and medium-sized enterprises (SMEs) that activate in the tourism field of activity (hotels and other accomodation establishments, restaurants, passenger trasnport, travel agencies, cultural turism agencies). As knowledge role in the contemporany economy is increasing and defining the economical and social context as knowledge-based ones, we shall consider the research frame as the knowledge-based economy.
Moreover, in order to better highlight weaknesses and strenghts of the human resources management approaches and to define recommendations, our research theme is developped as comparative study: similarities and differences within SMEs human resources management practices in Romania and other European Unionâs country members (the example of Spain was considered).
Cuvinte cheie: human resources, motivation, profitability, SMEs, tourism
Cod JEL: M3, M31, L81
Paginatia: 692 – 697
Titlul Lucrarii: OPPORTUNITY TO REDUCE RESISTANCE TO CHANGE IN A PROCESS OF ORGANIZATIONAL CHANGE
Autor(ii): Prediscan Mariana, Sacui Violeta
Rezumat: This paper aims to present the research results conducted on several models of organizational change regarding the identification of the appropriate moment in which the managers interest should turn towards the reduction of the employees resistance to change. More specifically, we intend to identify when is the best moment to reduce the resistance to change, depending on the change we want to achieve.
After more research of organizational change models, we have reached the following conclusions:
– not all models of organizational change present reducing resistance to change as a necessary stage;
– the place of this phase in the models of organizational change is not considered to be the same;
– some models of organizational change recommend indirectly reducing employee resistance to change by indicating the use of some methods, techniques, processes that would lead to this result. Here we include mainly: communication, training, positive motivation of employees;
– we recommended that the place of this stage should vary depending on the desired change to achieve;
– in strategic changes, which are extremely important for an organization and which affect a large number of employees, we recommend that the reduction of the employee resistance to change be achieved before passing to the implementation of the plan developed to implement the change;
– in imposed changesin conditions of crisis when we have no time available to plan the change, immediately after it had been implemented it is necessary to conduct effective actions meant to ensure, even if the change has been made, the reduction of the resistance to change of the affected employees
– to achieve time savings in the process of organizational change, we recommend that after having obtained a certain attachment of some employees to change, the implementation of the methods, of the techniques that would increase their commitment to continue to be developed in parallel with the implementation of the change.
Cuvinte cheie: organizational change, resistance to change, success, opportunity, organizational change model
Cod JEL: O30, O39
Paginatia: 698 – 702
Titlul Lucrarii: THE INTENSIFICATION OF THE MOTIVATIONAL CHARACTER OF SMES MANAGEMENT
Autor(ii): Robu Nicoleta Raluca, SAVLOVSCHI Ludovica Ioana
Rezumat: Irrespective of their size, all the companies in Romania face deficiencies in the motivation of the staff, situation leading to the employeesâ dissatisfactions in work, their instability, the lack of interest of employees in the performance of the organization.
An effective motivational system is the one bringing satisfaction in work to the staff. The satisfaction in work is the state of balance that the individual reaches when he/she answers completely some aware or unaware needs or expectations.
The new vision in the field of human resources is that managers should have in their suborder self-motivated working teams, who, with a little supervision, can put into effect the goals established. In this case, the managers have only the supporting role, granting consultancy to the members of the team and providing the interface of the team wit the exterior. As for the rest, the team members do it all, from the establishment of the objectives to accomplish to their achievement. The concept of motivation approaches aspects that make people work better and more; that they should be perseverant and to go over obstacles; that they should be committed to work and enthusiastic with respect to the activity they carry out. A component of the managerial role is that of providing people with motivations, making them be committed to their work, but the success will be unlikely if we do not fully understand what people want from their job.
Cuvinte cheie: reengineering, human resource, motivational management, motivational scale
Cod JEL: M1
Paginatia: 703 – 706
Titlul Lucrarii: METHODS OF IDENTIFICATION OF THE NEED FOR ORGANIZATIONAL
CHANGE AS BEING OPPORTUNE
Autor(ii): Roiban Roxana Nadina
Rezumat: In conditiile in care lumea actuala este intr-o continua schimbare, iar ritmul in care au loc aceste schimbari este unul foarte rapid, e vital ca organizatiile sa constientizeze necesitatea si oportunitatea schimbarilor, inainte ca rezultatele sau performantele lor sa scada. Cu toate ca auzim mereu vorbinduse despre schimbare, acest concept ridica in continuare numeroase intrebari si probleme, iar managerii organizatiilor au dificultati in ceea ce priveste identificarea schimbarilor care ar trebui sa fie facute in cadrul organizatiei lor, elaborarea unui plan de actiune in vederea realizarii schimbarii si gestionarea intregului proces de schimbare.
Fara a schimba mereu si fara a se adapta noilor cerinte ale pietei, care in urma procesului de globalizare nu mai include doar piata locala ci si pe cea internationala, organizatiile nu vor putea supravietui si nu vor fi eficiente si eficace in vederea atingerii performantei.
Scopul acestei lucrari este de a sublinia importanta identificarii oportune a schimbarilor pentru succesul oricarei organizatii, prin prezentarea modalitatilor de recunoastere a acestora de catre manageri sau de catre proprietarii firmei, in vederea gestionarii eficiente a resurselor rare si pentru a obtine rezultate bune pe termen lung. In vederea identificarii oportunitaii nevoii de schimbare se recomanda analiza mediului ambiant, pornind de la factorii interni si externi organizatiei, pentru a vedea influenta pe care acestia o manifesta, astfel incat organizatia sa realizeze acele schimbari reactive, de adaptare la mediu, sau dimpotriva sa promoveze schimbarile de tip proactiv care fac ca organizatia sa influenteze mediul si nu invers.
Indiferent de tipul de schimbare care are loc intr-o organizatie este important de subliniat faptul ca aceasta trebuie sa atraga cu sine un progres, astfel ca managerii de varf, care au o viziune mult mai clara asupra organizatiei in ansamblul ei, trebuie sa promoveze doar acele schimbari care duc la rezultate superioare celor inregistrate inainte de demararea procesului de schimbare.
Cuvinte cheie: schimbare organizationala, oportunitatea nevoii de schimbare, procesul de schimbare, factori interni, factori externi
Cod JEL: M10
Paginatia: 707 – 712
Titlul Lucrarii: SOCIAL PERCEPTION OF THE EDUCATION SYSTEM REFORM. SURVEY CONDUCTED IN UPPER HIGH SCHOOLS OF BIHOR COUNTY
Autor(ii): Sabau Remus Mircea
Rezumat: Between the elements which mark the global processes, we can include educational issues, the management of processes in pre-university education. Therefore, the synthetic approach to educational problems in Romania, studied in terms of the processes and the phenomena of social development, but also due to the need for submiting the pre-university Romanian educational process to the European Union requirements, appears to be current and important.
This analysis focuses on the decentralization of education. This theme is a true significant of the stage and of the the changing potential of the management practice in the public area. Its actuality is also hard to contest under the conditions in which changes in this area have been slow compared to those of the other countries that joined the European Union (Hungary, Czech Republic, Poland), contradictory and inconsistent (Herczynski and Levitas, 2001: 1-2). The legislative changes, training facilities, as well as the constant institutional reorganization of pre-university education show the presence of an active interest in this matter. However, the real reform of university education still requires essential improvements. This study analyzes the social perception of performers in pre-university system, establishes positive and negative aspects of the reform in pre-university education, all from the perspective of teachers. The research was conducted between March 1st, 2011 and April 1st, 2011. During this time the questionnaire was applied and the data interpreted. The data obtained from the questionnaire interpretation were introduced into the SPSS program. For the analysis and interpretation of data we used SPSS 15.0. under Windows license. My investigation efforts were directed towards the impact of decentralization on the performers in pre-university education system and on their perception. The main purpose of the experimental study was to determine the essential perceptions of the performers involved in the decentralization process. Two general hypotheses were formulated: it is presumed that there is a negative perception concerning the reform in pre-university education, and it is also presumed that the reform in pre-university education does not coincide with a quality education, hypotheses confirmed at the end of the research.
Cuvinte cheie: reform, education, pre-university, MECTSperception.
Cod JEL: I20, I21
Paginatia: 713 – 718
Titlul Lucrarii: GENERAL CONSIDERATIONS REGARDING THE EVALUATION OF PERFORMANCES OF EMPLOYEES IN A SME
Autor(ii): SAVLOVSCHI Ludovica Ioana, Robu Nicoleta Racula
Rezumat: The evaluation of performances, in a broader meaning, is deemed an action or a certain type of cognitive activity whereby an evaluator assesses or estimates the performance of a person in relation to the performance standards settled, as well as his/her mental representation, with his/her own system of values or his/her own conception regarding the performance obtained.
The performance evaluation systems are an intrinsic and utterly important part of the management of human resources system, because the evaluation, when it is not done as a mechanical activity, turns out to have a significant influence on the economic/social activity and on the organisational climate within an organization, with direct repercussions on the efficiency increase in general and the productivity in particular.
Cuvinte cheie: performance evaluation, appreciation, performance management
Cod JEL: M1
Paginatia: 719 – 722
Titlul Lucrarii: DO WE REALLY HATE OUR JOBS? DETERMINANTS OF JOB SATISFACTION IN ROMANIA
Autor(ii): Saveanu Tomina Gabriela, Saveanu Sorana Mihaela
Rezumat: Job satisfaction is said to be an important factor of work productivity along with having the proper training, interests and motivation. Frustrations at work may derive from different aspects of the job itself, the work environment as well as personal motivation for work and its results. Human resources management theories focus on job satisfaction and motivations as means for achieving the institutionâs objectives, and consequently see motivations and satisfaction at an individual level. Our paper investigated these issues at macro level, going beyond the individual variables of job satisfaction to the ones that explain the attitudes towards work at national level. This approach is derived from cultural theories analyzing attitudes towards work as a cultural value that varies across nations. In this manner we analyze data at national level, investigating the factors that influence work satisfaction and attitudes towards work of Romanians.
Our aim is to explain the identified differences regarding the individualâs attitude towards their professional life. Considering the fact that work occupies a lot of time in peopleâs life and it is considered the second most important aspect of life after family, we questioned the aspects that explain the levels of job satisfaction both in the light of theoretical constructs and as results on the Romanian population. These indexes have a direct impact on the quality of life, reflect the level of development, as well as point to further social aspirations of individual actors. The current analysis reflects on different aspects of the appreciation of work and investigates variations of work satisfaction: Which is the value attributed to work? How important is work and how satisfied are individuals with their jobs? Which are the characteristics that determine variations of job satisfaction?
After a theoretical synthesis of different approaches of work related attitudes in the literature, the second section presents the data and the main research findings. For data analysis we used the data obtained in the European Values Survey 2008, research conducted by the Romanian group for the study of social values, supported by the Quality of Life Research Institute. Other data used in this paper derived from a research program developed at University of Oradea – Social Sciences Faculty – HURO 0801/180 ENRI. The research section of this paper follows the theoretical questions: first we focus on the value attributed to work by Romanians and its contribution to self definition, then reflect on the significations of work, and finally explain the levels of work satisfaction. The main findings of our analysis suggest that even though work is seen as very important by Romanians, the main explanatory factor of job satisfaction at a general level is connected to economical status provided by a certain job. In the concluding section we stated several research directions that would provide better insight in this topic.
Cuvinte cheie: apreciation of work, job satisfaction
Cod JEL: M12, O15, J89
Paginatia: 723 – 729
Titlul Lucrarii: INTERNAL ENVIRONMENT ANALYSIS TECHNIQUES
Autor(ii): Caescu Stefan Claudiu, Popescu Andrei, Ploesteanu Mara Gabriela
Rezumat: Theme: The situation analysis, as a separate component of the strategic planning, involves collecting and analysing relevant types of information on the components of the marketing environment and their evolution on the one hand and also on the organizationâs resources and capabilities on the other.
Objectives of the Research: The main purpose of the study of the analysis techniques of the internal environment is to provide insight on those aspects that are of strategic importance to the organization.
Literature Review: The marketing environment consists of two distinct components, the internal environment that is made from specific variables within the organization and the external environment that is made from variables external to the organization. Although analysing the external environment is essential for corporate success, it is not enough unless it is backed by a detailed analysis of the internal environment of the organization. The internal environment includes all elements that are endogenous to the organization, which are influenced to a great extent and totally controlled by it. The study of the internal environment must answer all resource related questions, solve all resource management issues and represents the first step in drawing up the marketing strategy.
Research Methodology: The present paper accomplished a documentary study of the main techniques used for the analysis of the internal environment.
Results: The special literature emphasizes that the differences in performance from one organization to another is primarily dependant not on the differences between the fields of activity, but especially on the differences between the resources and capabilities and the ways these are capitalized on. The main methods of analysing the internal environment addressed in this paper are: the analysis of the organizational resources, the performance analysis, the value chain analysis and the functional analysis.
Implications: Basically such an analysis of the internal environment allows the organization to identify its resources and capabilities as best as possible, in relation to the threats and opportunities brought about by the crisis situations.
Authorsâ Contribution: The research allows the identification of the organizational behaviour of resource and capabilities capitalization that must be adopted during the economic crisis. The study may be useful to both the academic and the business environment.
Cuvinte cheie: marketing environment, internal environment, resource analysis, performance analysis, value chain analysis
Cod JEL: M31
Paginatia: 731 – 736
Titlul Lucrarii: THE ROLE OF THE SALES TECHNIQUES IN THE MARKETING ACTIVITY OF THE COMPANIES IN BUCHAREST
Autor(ii): Cruceru Anca, Moise Daniel, Tatu Cristi
Rezumat: In a time of economic crisis there can be easily observed the difficulty in finding managerial viable solutions to support the business at least at a level considered satisfactory in terms of economic performance. The managers will try to adopt marketing strategies able to drive to the preservation of the competitive position held in the reference market and to achieve goals. But this cannot be achieved without a pertinent analysis of the situation of both enterprise and business environment. It is also necessary to assess the marketing skills at its disposal, those specific capabilities needed to conduct a profitable operation. All the marketing department\’s efforts will be directed to implement sales techniques capable of giving to the promoted products specific advantages and thus to achieve the marketing goals proposed.
Cuvinte cheie: sales techniquescompetitive position, competitiveness, marketing
Cod JEL: M: Business Administration and Business Economics; Marketing; Accounting
Paginatia: 737 – 741
Titlul Lucrarii: STUDY ON RETAIL BRAND AWARENESS IN RETAIL
Autor(ii): Dabija Dan Cristian, Abrudan Ioana Nicoleta
Rezumat: Brand awareness, together with other behavioural indicators (sympathy, trust, image, satisfaction or loyalty), is one of the main vectors that has an essential contribution to the outline of brand equity in general and to that of retail brand, in particular. The perception upon these indicators must be taken into consideration by production, service or retail companies in order to be able to identify their position on target markets, and in order to be able to create an adequate strategy that would help them reach the desired positioning.
The aim of this paper is, on one hand, to reveal both the dimensions of brand awareness, and the relationship between these and consumersâ brand perception and, on the other hand, to offer a suitable instrument to measure awareness level of various retail chains. Questioning of almost 4.000 consumers indicates a significant awareness of the retailers that have been on the selected market for a longer period of time.
Cuvinte cheie: awareness, recall, recognition, retail brands
Cod JEL: M3, M31
Paginatia: 742 – 748
Titlul Lucrarii: CONSUMER BEHAVIOR ON THE FRUITS AND VEGETABLES MARKET
Autor(ii): Istudor Nicolae, Pelau Corina
Rezumat: In the past years the intensification of competition has changed the way in which companies communicate with their customers. The main challenge doesnât represent anymore to create good products but also to be able to sell them. The best marketing strategy of a company can be best developed if the needs and the behavior of the consumer are known. In this paper there are analyzed the results of a research about the behavior of consumer towards fruits and vegetables. The research was done in the period December 2010 : February 2011 on 146 respondents regarding the buying behavior of consumers at retailers. The focus in the research is put on the cognitive and emotional reactions consumers have when they make the buying decision and consisted out of an observation and a survey. In this article there are presented both aspects regarding the observed behavior towards fruits and vegetables and the motives which led to this behavior. Depending on these results, there are presented the implications of this behavior on the marketing strategy of a company.
Cuvinte cheie: consumer behavior, emotional and cognitive reactions, fruits and vegetables market
Cod JEL: M31
Paginatia: 749 – 754
Titlul Lucrarii: PORTFOLIO ANALYSIS – A BASIC INSTRUMENT IN STRATEGIC
PLANNING. CASE STUDY ON THE ROMANIAN INSURANCE MARKET
Autor(ii): Petrescu Marian, Petrescu Eva Cristina, Ioncica Diana, Bicajanu Vasile
Rezumat: Practice proved that strategic planning is a necessary process for insurance companies. This process can help companies to adapt more easily to environmental changes. The strategic planning of the activity of an insurance company cannot be realized without a careful analysis of the evolution of the market and without studying the company\’s market position. A classic model used in the portfolio analysis is the Boston Consulting Group model. In this paper we have used the model for studying the activity of the leader of the Romanian insurance market. In 2009 Alliantz Tiriac had 17 types of insurance in the portfolio. Each class of insurance was considered a strategic business unit. We have studied the insurance portfolio by using secondary data from specialized publications, such as the Romanian Insurance Supervisory Commission. Using the data, we have calculated for Alliantz Tiriac, for each class of insurance, the relative market share. The company was leader on the market for five classes of insurance. The economic crisis had a severe impact on the evolution of the Romanian insurance market: from the 17 classes of insurance studied: nine had registered a decrease of the market, eight had registered an increase, but only for three of them the growth exceeded 10%. Using the relative market share and the market growth we have identified the a€œcash cowsa€Â: there are five classes of insurance in this category, among which the a€œInsurance for land vehicles (CASCO)a€ which represented more than half of the sales (55.82%); unfortunately, in the case of this insurance type there was a very significant decrease of the market in 2010 compared to 2009: -25.12%, the a€œquestion marksa€ : there are three classes of insurance in this category, and the a€œdogsa€Â. Due to the crisis, a large number of the company\’s products are in this category and there are no a€œstara€ products.
This work was supported by CNCSIS : UEFISCSU, project number 915 / 2009 PNII : IDEI 1773/2008
Cuvinte cheie: insurance market, strategic business unit, BCG model, market growth, relative market share
Cod JEL: M31, G22
Paginatia: 755 – 761
Titlul Lucrarii: COMPETENCES ACQUIRED BY GRADUATES THROUGH MARKETING HIGHER EDUCATION – FINDINGS FROM THE EMPLOYERSâ PERSPECTIVE
Autor(ii): Plaias Ioan, Pop Ciprian Marcel, Dabija Dan Cristian, Babut Raluca
Rezumat: The primary purpose of the economic higher education in providing the graduates with marketing competences is to train them for employment. In light of the said objective, two important aspects must be taken into account by educators. First, the gap between theory and practice must be eliminated. Secondly, educators must select and provide the competences required by employers so that new graduates may obtain employment matching up to their training. The purpose of the present study is to highlight the main dimensions which define employersâ perception of the marketing competences developed by the graduates whom they have employed. The starting point of the present scientific endeavour is the evaluation of the variables which define the transversal competences and the marketing-specific competences.
Cuvinte cheie: competences, curriculum, employers, evaluation, quality assurance
Cod JEL: M1, M3, M31
Paginatia: 762 – 769
Titlul Lucrarii: THE COMPETITIVE POSITIONIG OF THE SMEâS ON THE MARKET
Autor(ii): Pop (Bandi) Ramona
Rezumat: Having in view at the same time the possibilities identified for the development of the competitivity of the Romanian SMEs in order to face the new challengens and the use of the opportunities to operate on the inner market as well as the on the level of the European Union, the strategy has in view a series of measures and actions that are connected to a series of priorities. These priorities and related actions were established on basis of the present-day situation of the SMEs carried out by the ANIMMC. According to the position of the SMEs on the market,. these can choose different types of marketing strategies with the aim of attaining in a certain period of time of the objectives established and at the same time their consolidation on the market.
Cuvinte cheie: SMEâs, competitive, integration, marketing strategies
Cod JEL: M31
Paginatia: 770 – 773
Titlul Lucrarii: EUROPEAN POLICIES FOR THE STIMULATION OF THE DEVELOPMENT OF SMALL AND MIDDLE SIZE ENTREPRISES
Autor(ii): Pop (Bandi) Ramona
Rezumat: Europeâs small and medium-sized enterprises are the engine of the European economy and the main drivers for achieving sustainable growth and more and better jobs. At EU level, the European Commission has developed a comprehensive SME policy, which aims to ensure that Community policies and actions are small-business friendly and contribute to making Europe a more attractive place for setting up a company and doing business.
Cuvinte cheie: SMEâs, European Commission, financing opportunities, private and governmental policies
Cod JEL: M31
Paginatia: 774 – 777
Titlul Lucrarii: THE IMPORTANCE OF ENVIRONMENTAL PROTECTION IN CSR POLICY
Autor(ii): Rosca Mihai Ioan
Rezumat: The CSR policy of companies occupy a privileged environment through coaching programs to other interests such as employees, suppliers, customers, authorities and various NGOs. This is why we wanted to see what the environment is important for managers on companies in Romania, the company’s CSR policy.
In the literature the definition of social responsibility and ways to implement this in practice are often encountered. Some authors claim that societal marketing concept has not found its way into the language of business. From here, there were other terms that had a greater impact on the business environment such as social responsibility. Increasing the company’s impact on the environment, the pressure exerted by stakeholders, and identifying positive elements of socially responsible approach have been the main stimulus for development of social responsibility. From that a lot of studies on academic and commercial problem.
And the present study fit the same line we conducted a research on 50 companies,it was an exploratory research. As respondents were chosen only marketing managers or general managers or even owners compnaie depending, in other words I tried to go directly to company decision makers in developing and building its image. While this one sample is statistically representative of the point of view we have covered with him in all areas of business activities and of all sizes can say that the results provide a clear enough picture of managersmentality in companies in Romania on business activities with the problem of intereactiunii environment
Managers of companies in Romania recognize the environmental problems and say they are implicating in various actions to protect the environment. On the declarative level social environment is one of the most important areas being the most nominated as one of the top three areas of social nature that would involve having the greatest opportunity for development in coming years, over 60% of companies saying they would like to be involved in future environmental programs. Instead, the real actions to protect the environment are relatively few or are carried out not caring for the environment but because of economic worries, because there is an economic advantage for application of these methods. These actions result in social activities and what they had to declare they have made to protect the environment and the ways reporting their concerns for the environment in economical manner. The lack of environmental reports, the lack of certifications and the lack of requairements of certification amond the suppliers shows once again the real place of the environmental problems among the managers interests.
Cuvinte cheie: green marketing, ecological products, Romania
Cod JEL: m31
Paginatia: 778 – 784
Titlul Lucrarii: ADOPTION OF E-BANKING IN ROMANIA: AN EXPLORATORY STUDY
Autor(ii): Rosu Anca Maria
Rezumat: E-banking, or banking via the Internet, is revolutionising the business, having multiple benefits both for the financial institutions and for clients. E-bankers offer better customer service, creating opportunities for customers and providing added value. They treat customers as individuals, making masss customisation possible and creating customer loyalty. E-banking is an opportunity for banks to leverage their strenghts and create a totally new banking experience. The present paper investigates and analyses the adoption and evolution of electronic banking in Romania, and the appropriate strategies for development of online banking services in the Romanian context.
Cuvinte cheie: E-banking, customer adoption, banking channels, Romania
Cod JEL: G21, L86, M31
Paginatia: 785 – 790
Titlul Lucrarii: THE FORTIFIED CHURCHES FROM TRANSYLVANIA – HOW WELL ARE THEY KNOWN BY THE ROMANIAN CITIZENS?
Autor(ii): Serb Silvana Valentina
Rezumat: The Fortified Churches from Transylvania represent an important category of historical and religious sights of the anthropic touristic potential – historic cultural potential of this region. However, they are not exploited from a touristic point of view at their fair value, one reason being the weak promoting activity, especially the lack of information among citizens about the existence of these churches. In this paper, I intend to highlight on the information level awareness among the Romanian citizens regarding the existence of these churches, to identify which are the most well known and visited churches and to establish the profile of those who visit the churches.
In the end, the results of this research impose a set of measures to improve the level of information among the Romanian citizens concerning the existence of this historic and religious heritage.
The paper is relevant for the doctoral research project called Marketing Places – religious and historical sights of touristic interest from Transylvania under the guidance of Professor Doctor Marius Pop, Babes-Bolyai University of Cluj-Napoca, Faculty of Economics and Business Administration, during 1st of October 2009 – 1st of October 2012.
Cuvinte cheie: fortified churches, tourism, awareness, romanian citizens, research
Cod JEL: M31
Paginatia: 791 – 797
Titlul Lucrarii: THE SAVING AND INVESTING CONSUMER BEHAVIOR ANALYSES ON THE ROMANIAN FINANCIAL MARKET.
Autor(ii): Tanase (Rosca) Laura Daniela
Rezumat: This article aims to provide an analysis of the saving and investing consumer behavior, that where researched in a time of changes after a severe financial crisis. The analyses purpose was to determine the reasons, or the way that the reasons would change, for buying different financial instruments, and also the way that the consumer perceives investing and saving. Different demographical characteristics and their influence on the financial behavior of the consumers were also studied. The investor behavior on the developed markets is being studied carefully for many years. The need to create financial products for each customer type, such as Generation Y, intensely investigated by various research teams, in different ways, resulting in different characteristics such as general proclivity to the marketing, advertising, consumerism, branding, environmental issues, fashion and even anxiety, begins to be felt also on the Romanian market. So, to better understand the actual degree of knowledge that the consumer have on the concepts of saving and investing and on that activities involved into this concepts is a very important step of the research. The research method is a survey based on a sample chosen with the simple random method undertaken in 2010. There were gathered 480 questionnaires. Research is not a statistical nationwide representative because of the lack of the financial and human capabilities.
The developed questionnaire summarized 22 questions, in order to illustrate the way that saving and investing were seen, to see actual investing behavior and to measure the degree of trust given to the most known investing means. We expect that the methods of investing that are most known and used to be bank deposits because in Romania the risk appetite is a low one. The people’s appetite for saving activities we expect to be motivated by the need for purchasing consumer goods, and eventually buying a car or a house but not the desire to accumulate capital by making real investments such as those in financial assets. An important factor for the decision to invest should be a higher income and also the family structure. Study could be interesting for researchers because it offers an opportunity to view an analysis of the customer behavior on the financial market. The research instrument is complex, the mix and the large number of question should provide an accurate image of the way the Romanian consumer of financial products think and act on this market. The study also helps to understand consumers\’ needs for practitioners, because this field is not a largely researched one. The originality of this article is given by the manner in which the questionnaire was made. The battery of questions, including a series of likert question, it should provide an accurate mirror of the know-how the Romanian consumer of financial products actually possess, the reasons on with their behavior is based on, and what are the most important characteristics that influence the purchase behavior.
Cuvinte cheie: consumer education, saving, investingmarketing research, financial market
Cod JEL: M31
Paginatia: 798 – 804
Titlul Lucrarii: THE ROLE AND IMPLICATIONS OF THE EVENT BASED COMMUNICATION IN THE ELECTORAL CAMPAIGN
Autor(ii): Tatu Cristian Ionut, Pastiea Mihai, Ion Andrei
Rezumat: The electoral campaigns are considered to be among the most delicate challenges for a marketer due to the limited time available, the sensible margin for error, the high impact of each statement and the condensation of a quite large amount of resources in a 30 day period. While the ultimate goal for the campaign staff is to bring the global electoral package closer to the electorate and earn their votes most, of the time various competitors use disappointingly similar tactics that create confusion among the electorate. The campaign related events turned out to be one of the tactics that allows for a pin-point targeting of the electorate and a better control on the receivers of the message. This paper focuses on the types of events used that can be used in an electoral campaign reinforced with their particularities and effects registered in previous campaigns.
Cuvinte cheie: electoral marketing, communication, events, targeting, global electoral pachage
Cod JEL: M39
Paginatia: 805 – 810
Titlul Lucrarii: A MARKETING VIEW OVER THE ROLE OF THE PUBLIC AUTHORITIES IN THE PROTECTION OF THE CONSUMERSâ PRIVATE SPACE
Autor(ii): Veghes Calin, Acatrinei Carmen, Dugulan Diana, Palade Marius
Rezumat: The concept of privacy, seen in connection with the consumer\’s private space, and defined in terms of the rights the consumer have to disclose or not, respectively to have protected their personal data has gained an increasing importance, as a result of the organizationsâ extended and more and more aggressive attempts, within their marketing efforts, to capture, process and use the consumersâ personal data. Privacy protection has become an important but, in the same time, extremely sensitive and challenging topic to be taken into consideration by all the stakeholders involved in the processing and employment of the consumersâ personal data. A key role in this respect is played by the public authorities acting as data controllers – the Data Protection Authorities, that have to adopt a more proactive and efficient attitude in adopting and implementing policies and processes aiming to ensure a more effective protection of the personal data and private space, conduct privacy impact assessments and continuously improve the specific activities.
Paper presents the opinions of the consumers through the results of an exploratory study regarding the importance given to the protection of the personal data, the area of protection of the specific laws, the need for laws regulating the personal data protection, the balance between the public and private entities in providing a proper protection of the personal data, and the relationship between the domestic, European, and international levels in ensuring the protection of the consumersâ personal data. Results regarding the role of the public authorities in the protection of the consumersâ personal data and private space- in terms of the most appropriate institution to act as a data controller, the rights consumers consider important in relationship with the protection of their personal data and the risks faced in the context of a less effective protection – are also presented.
Cuvinte cheie: consumer, public authorities, personal data, consumer private space, Romania
Cod JEL: M31
Paginatia: 811 – 816
Titlul Lucrarii: CAN MARKETING SUPPORT THE IMPLEMENTATION OF EFFECTIVE EGOVERNMENT? ANALYSIS OF THE SINGLE POINT OF ACCESS PORTAL FOR ROMANIAN ELECTRONIC PUBLIC SERVICES
Autor(ii): Velicu Bogdan Calin
Rezumat: The advances in technology hold great potential for helping Romanian government respond to its challenges namely, better service delivery, better procurement, efficient working and better communication with citizens and businesses. While the European Commission develops the main strategies on eGovernment, every member state has the freedom to identify its own necessities and decide according to specific social, administrative and economic context. Designing, cost setting, choosing the best supply channels or communicating with involved actors, are all marketing instruments which, if used accordingly, can ensure modern and efficient public services. This paper presents an analysis of the degree of development of public services available at the www.e-guvernare.ro portal, the single point of access for specific Romanian electronic public services.
Cuvinte cheie: electronic government, public services, marketing instrument, development, internet
Cod JEL: M30, M31, M38
Paginatia: 817 – 826
Titlul Lucrarii: THE USE OF EXPERT SYSTEMS IN RURAL TOURISM IN MARAMURES
Autor(ii): Moisuc Diana-Aderina, Simion Simona-Alina, Steliac Nela
Rezumat: The existing accommodation in the rural Maramures region is essential for the development of tourism. Most accommodation units are within the typology of rural tourist hostels, therefore special attention should be paid to promote and diversify their touristic offers. Despite its attractive potential, the rural tourism in Maramures has its weaknesses because there is no organizational strategy for its deployment. Tour operators must adopt new solutions to promote tourist services, one of which may be using expert systems.The main purpose of this study is to develop a model of an expert system, applying new methodological approaches to the evaluation and ranking of countryside hostels in Maramures. This model can be easily implemented with private and public entities and could be a source of significant benefits for them.
Scientific literature in the field highlights the benefits of using expert systems in all business sectors and reinforces our conviction that they can be applied extensively in tourism as well.
The research methodology included: defining the nature and scope of the problem, identifying experts, acquiring knowledge, selecting the system building tools, as well as encoding and evaluating the system. In the knowledge acquisition phase we used interviews, thus obtaining a database with information on countryside hostels in Maramures. We turned to tourism professionals to establish expert rules in a way that reflects as accurately and completely as possible the context. These rules led to the encoding of the system. In order to encode them, we used the Corvid system, developed by Exsys, which was verified and validated.
The system, once designed, provides a user-friendly interface. After being implemented in specialized sites, the system will be able to facilitate searching and finding information by users.
We propose that the model obtained will be a starting point for further research, given that the development environment allows the system to be constantly updated. Using the system will enrich the knowledge database by storing user requirements, and the results thus obtained can be used for statistical calculations useful in determining future development strategies.The implementation of the proposed model in websites, through the assistance it provides, can attract customers both from our country and from the top tourism consumer countries of the European Union and around the world.
Cuvinte cheie: Expert System , Exsys, Corvid, rural holiday hostels, Maramures
Cod JEL: C80, C88, L83
Paginatia: 828 – 834
Titlul Lucrarii: THE ROMANIAN EXTERNAL TRADE AND THE FOREIGN DIRECT INVESTMENTS INFLOWS AFTER 2007. A CRITICAL SURVEY.
Autor(ii): Giurgiu Adriana
Rezumat: Focusing more on the evolution of the Romanian external trade and FDI inflows after 2007 – the year of Romaniaâs EU integration – the paper provides insights in the trade and FDI inflows determinants in the context of the convergence process and also in relation to the financial global crisis. As the statistic data envisage, Romanian exports and imports were high over the period 2000-2010, and there were also large FDI inflows in the economy, mostly until 2008. Although the data appear to be encouraging, it seems that Romania did not succeed to maximize the benefits which should result from such a situation. Moreover, the situation after 2008 shows that Romania is in a deep recession accelerated and maintained by uninspired government policy measures with a strong negative impact on the Romanian economy.
The aim of this paper is to empirically investigate Romanian export and import demand functions after the year 2007, and to compare them with those of the period 2000-2006, using quarterly data, in correlation with the FDI inflows.
The main contribution of the paper is that it is an empirical analysis on Romaniaâs FDI and external trade, providing the impact of the main determinants of export and import of Romania, by using the Engle-Granger two step method. Following Allard (2009) rather than just providing the elasticity, this method combines the elasticity with the evolution of the explanatory variables to quantify their impact during the analysed period. The analysis aim to cover all possible factors underlying the external sector performance of Romania and thus, they are complemented with country specific analysis. The empirical analysis will therefore provide some interesting insights not only in the context of the convergence process of the country with the Eurozone but also in relation to the exchange rate regime.
The theoretical framework relies on the imperfect substitutes model (Goldstein and Khan; 1985), and it is used in the paper to estimate the demand functions of the Romanian exports. Furthermore, the effect of the FDI on export performance is also investigated.
The conclusion which came out was, on one side that the export growth in Romania since 2007 is mainly due to strong FDI inflows since 2000, while the real exchange rate appreciation seems to not have significant impact on export developments of the country. On the other side, the significant imports growth was due to strong reduction in productivity and in the gross capital formation rate, which combined with the lack of domestic capital, have largely affected the private sector, and mainly the manufacturing one, on which the Romanian economy should rely on, mainly due to its competitiveness.
Cuvinte cheie: external trade, FDI inflows, exports, imports, Romaniaâs economy
Cod JEL: F14, F15, F21,F43
Paginatia: 835 – 841
Titlul Lucrarii: IS THERE ANY CORRELATION BETWEEN THE CHRONIC BALANCE OF TRADE DEFICIT AND THE ROMANIA’S INCREASING EXTERNAL DEBT?
Autor(ii): Giurgiu Adriana
Rezumat: According to the data provided by the Romanian National Institute of Statistics and Eurostat, the balance-of-payments current account registered a permanent and increasing deficit since 1990, while the domestic production was accelerated decreasing and the FDI inflows were far from being enough to cover the internal consumption needs. These being the facts, the present paper aims to underline the fact there is a direct correlation between the increasing external debt of Romania in the last years, and the balance of trade increasing deficit, which is due mainly to the lack of domestic capital, as well as to the decreasing productivity. The research methodology is based on a theoretical model of external debt sustainability, using time series data for Romania and using a multi-equation model.
The results show that the relationship between external debt and the balance of trade deficit should be analysed with a simultaneous equation model, because there is a two-way relationship between debt service and deficit growth: the higher the imports, the higher the external debt, and as a consequence, the higher the balance of trade deficit, if the productivity is low. This result is consistent with the Romanian experience, and its implications are very large and will multiply over the years, if there will be no adequate policies meant to revival the private sector, mainly the SMEs.
In this respect, the paper concludes that the Romanian government should immediately take the necessary measures to facilitate the easy access to capital for the private investors, which will further stimulate the internal production, with a direct impact onto the increase of exports, which will determine on the one hand, the reduction of the balance of trade deficit and simultaneous, the increasing of the necessary budgetary revenues to pay back the external debt. Otherwise, all costs will be supported by the next generations, with no return, if the probability for declaring default will be successfully surpass in the short run.
Cuvinte cheie: Romanian external trade, balance of trade, current account deficit, external debt
Cod JEL: F14, F15, F21, F32, F36
Paginatia: 842 – 849
Titlul Lucrarii: STAGES OF DEVELOPMENT WITHIN THE ROMANIAN FINANCIAL ACCOUNTING SYSTEM IN TERMS OF LABOUR PROTECTION FOR THE EMPLOYED WORKERS IN ROMANIA AND IN OTHER EUROPEAN COUNTRIES
Autor(ii): DAVID DELIA, POJAR DANIELA
Rezumat: This paper aims to highlight the main stages of development within the financial accounting system for the protection of the personnel engaged in Romania and at the same time, to compare it with the one of other European countries. The importance of the work consists in identifying forms of social protection through the legislative framework in order to achieve a diagnosis of Romanian social welfare. As a research model used in a particular study, the methodology includes information accompanying theoretical basis and methods for it. This paper contains a positivist tinge and itâs constructive, going with the researchâs mainstream. Of course, one aspect is not left out: the critical approaches to the accounting referential standard concerning the protection of the staff in Romania as well as in Europe.
The foundation of the research is represented by the last decadesâ economic reality. The work tries to find answers to the question: How did the Romanian social protection develop and which was its legal framework? The research type is a deductive one which means that the thereâs a way crossed from the general to the particular, starting from a theory which has as purpose applying the prediction itself and, at the same time, assuring a wider range of knowledge and being more operative. Information gathering was done through various methods such as quantitative and qualitative research and the pieces of information presented in this paper were collected from various sources such as published articles, books, legal documents, all from the economical field. Afterwards, the collection of the pieces of information was followed by data analysis. Having this as purpose, the following research methods and techniques have been applied: cross-section (analysis protection staff at a time) and longitudinal (protection of staff development in Romania), survey (protection of staff is described, compared and explained in Romania and the European context), non-participating observation (as statistical data) and analysis (collection, sorting and interpreting the information in the protection of staff in Romania). Research results and general conclusions concerning the information system for the protection of staff are listed at the end of the paper.
Cuvinte cheie: social protection, stages of development, insured, labor code, social security accounts
Cod JEL: M41, G01, K31
Paginatia: 864 – 870
Titlul Lucrarii: RESSOURCES ALLOCATION POSSIBILITIES WITHIN HEALTH SERVICES
Autor(ii): Toplicianu Selina, Manea Liliana
Rezumat: The state policy in the health care area must take into account the complexity and specificity of the domain. Health means not only to treat, but also to prevent and to recover and rehabilitate the individual physically. Regardless of the adopted health insurance system, the health system is facing a big problem and this is the insufficient funds necessary to function properly.
The underfunding may have various causes, from a wrong health policy, based on treating instead of preventing, by the misuse of funds. This papers intended to formulate assumptions that underpin the research I am conducting within the Doctoral Research Program held at the Valahia University of Targoviste, which aims at using the management control in increasing the health services performance.
The application of the accounting and management control methods in determining health costs can be a beginning to streamline the system. This is also a result of the fact that health care is a public service with specific characteristics: it can not be subject only to market requirements but at the same time he must undergo an administrative savings, representing a typical case of market failure.
The increased cost of treatment, as well as the decline in their quality can be determined by the discrepancy between the funding and payment mechanisms. Different payment systems currently available do nothing but perpetuate the shortcomings in the system. Switching to the introduction of cost and budgets by cost centers or object (if solved) can be a step forward for a better management of resources. In this context, we consider as a necessity to be imposed the cost analysis on responsibility centers, the definition of the cost object and cost center identification and determination of direct costs and those indirect services to choose the basis for the allocation of cost centers and the determination of each actual cost per diagnosis.
Cuvinte cheie: health, revenue allocation, management accounting, costs
Cod JEL: H51, I18
Paginatia: 871 – 877
