Title: A VIEW UPON THE HISTORY OF THE PEASANT ASSOCIATION

Author(s): Pop Stanca Alexandra

Abstract:  The whole social and economic life is based on some form of association. People live in societies, so the idea association appeared in the most natural way, at first in an unconscious form, moving later towards the conscious and organized association. Seeing that through the association they were able to defend their professional interests, fulfil their economic goals and meet their common needs, peasants adopted its formula with confidence. The ways in which the association spread were diverse. Depending on the economic, social and moral circumstances and on the habits and goals of the various masses of peasants, there have been developed mainly one of the three forms: trade unions, cooperatives, and mutuality.

The peasant associations helped the rural communities everywhere and were the object of interest of many theoreticians, who sought their roots, their forms, presented their principles and analyzed their results. One of them was Professor Nicolae Ghiulea, a Romanian economist and sociologist, fervent supporter of the association idea.

Nicolae Ghiulea was among the most important representatives of the cooperative doctrine of the interwar period and was well-known for his prestigious academic career. He filled several administrative and social leading functions and had a rich publishing activity in the areas of statistical theory, social economy, cooperatives and sociology. This article sets out to present his view upon the history of the peasant association, as exposed in one of his books entitled „The peasant associations”. The author focuses on the various forms of peasant associations, their history and their practical results in interwar Romania, explaining why they were beneficial. At a closer look, peasant associations are still a viable solution to many current social issues, especially those concerning agriculture.

 

Keywords:  peasant association, agrarian reform, cooperative, Nicolae Ghiulea

JEL Classification:  B31, J54, N54, O13, P13, P32, Q13, Q15

Pagination:  523 – 532

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Title: THE THEORY OF THE FIRM AND THE EVOLUTIONARY GAMES

Author(s): Sirghi Nicoleta

Abstract:  The neoclassical theory of the firm deals with the pattern of perfect competition, within which the perfect information available to economic agents provides instant allocation of production factors and access to economic goods. The Austrian School (C. Menger, L. von Mises, Hayek, etc.) supported the idea of minimal state intervention on the markets, bringing important conceptual developments on the theory of the firm. Hirschleifer (1982) put forward the model of social and institutional functioning, arguing that the game theory is able to predict the outcome of the collective behavior and the human characteristics necessary for building the respective institutions.The evolutionary theory provides the firm and the entrepreneur the recognition of the functions of innovation, of generating and exploiting information and of organizing and coordinating production. The evolutionary perspective of the firm assumes the existence of a body of knowledge that is acquired through and builds up the organizational memory, subsequently found in routines, all choices being made based on these routines (Nelson and Winter, 2002). The evolution of the firm is considered to be similar to natural selection, but unlike the classic market selection, the evolutionists suggest the existence of a plurality of selection media. The present research is structured as follows: a brief introduction into the theories of the firmthe second part of the paper analyzes the theories of the firm from an institutional, neo-institutional and evolutionary perspective. In the third part of the paper the evolutionary games are described and analyzed from the evolutionary perspective of the firm. The last part of the paper represents a study of the “hawk-dove” game dynamic replicator. The final conclusions of the paper show that the evolutionary theory brings valuable contributions to the foundation of explanations regarding economic phenomena, indicating new directions for advanced economic research.

Keywords:  theory of the firm, game theory, evolutionary theory, evolutionary games, dynamic replicator

JEL Classification:  D21, D43L13, C73, C71

Pagination:  533 – 542

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Title: BEHAVIORAL ASPECTS IN INSURANCE MARKET

Author(s): Stroe Andreea

Abstract:  The insurance industry has an essential economic importance.In spite of the great progress,we have to emphase that  the existing theoretic models cannot entirely explain the mechanism of the insurance market and of its decisional process,especially in the case of the events with low probabilities.That is the point where the behavioral economists come with a larger view of the factors that influence the consumer decision explained through the Prospect Theory of Kahneman and Tversky, through the Cumulative Prospect Theory that represents an enhanced view of the Prospect Theory and Prelec function.The concept of utility is also detailed in some extend in this paper contribuing to a larger perspective about decision in insurance market and its role in the development of insurance market.Prospect theory tries to emphasize the role of psychological effects upon the consumption decision showing that the economic agent does not have a rational behavior and is not risk averse in all situation.In this paper there are showed and debated some situation in which psychological effects like loss aversion, reference point, status-quo and framming effects can influence the deccision of the consumer and are not consistent with the standard economic model.In addition to this aspects, Cumulative Prspect Theory enhance the fact that decision makers overestimate low peobabilities and underestimate high probabilities,thus buying inadequate insurance in many situation.in thiss sense, in order to support this idea I tried to make a qualitative presentation of the model used on the insurance market using Prelec function which is the function related with the Cumulative Prospect Theory  which can be used in the insurance context.The weak points of the theory of expected utility are explained through this new perspectives and nevertheless aspects like insensivity to bad news concerning incomes,elasticity of price,displacements of status-quo and default,disposition effect and equity premium are taken into consideration.As example,I chose a Kunreuther experiment about insurance decision in with is underlyined the fact that for moderate risk people buy insurance with premiums that exceed the expected loss.There are demands for low deductibles in the the markets for extended guarantees and insurances for mobile phones where was observed that the insurance underwriting rate increases with the probability of loss keeping the expected loss constant.It is better to mention that the theory and the model that are presented here comes as  complementary to the economic standard theory not as a substitute.

 

Keywords:  Insurance market, Prospect Theory, Cumulative Prospect theory, consumer decision,estimated probabilities,expected utility

JEL Classification:  D03

Pagination:  543 – 550

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Title: THE ECONOMY IN BIHOR COUNTY IN THE CONTEXT OF THE GLOBAL FINANCIAL AND ECONOMIC CRISIS

Author(s): Stefanescu Florica, Bekesi Delia

Abstract:  Abstract: This paper proposes an approach of the relationship local-global in terms of the response of local economy to the challenges of the present economic and financial crisis. We reviewed some ideas from the specialty literature on the topic of the paper and we developed a case study on Bihor economy. The analysis of socio-economic indicators for the period 2008-2011 in Bihor county shows a specific response of Bihor economy to the economic crisis, arising from the particular conditions that characterize this area.Even if there are elements of convergence with the general features of the global crisis, there are a number of features that enable a rethinking of the role of the local, of communities in future economic developments. Taking into account the economic and demographic particularities of Bihor county, the local authorities have developed strategies that enabled a superior utilization of local potential and the reduction of vulnerabilities.

Thus, in order to attract local and foreign investors, a network of industrial parks has been developed, along with providing facilities to potential investors. Located in the border area, Bihor county benefited from European funding opportunities specific to these areas, in this case HU-RO, which involved joint projects with the Hungarian areas bordering Romania, which were heavily accessed with visible results especially in the plan of SMEs, infrastructure, culture, education and health. Special attention was paid to energetic strategy as Bihor County has significant geothermal resources. Being a multi-ethnic and multi-religious county, a cultural strategy was considered appropriate, having as main objective the increase of quality, diversity, attractiveness of cultural life, intercultural support, stimulation of cultural performance, and the maintenance and restoration of cultural sites. Another strategy was developed in tourism marketing, as the tourism potential of the county is high, but poorly capitalized because of road, rail and air infrastructure, which is more precarious than in most areas of the country. The conclusions of the paper favor the idea of decentralization encouragement which allows greater flexibility and adaptation to \”the present time\”, especially in terms of policies and strategies that can be shaped and implemented.

 

Keywords:  economic and financial crisis, globalization, anti-crisis measures, socio-economic indicators, local- economy

JEL Classification:  A10

Pagination:  551 – 560

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Title: A NEW CHALLENGE IN EU: EFFECTIVE FINANCIAL EDUCATION

Author(s): Suciu Marta-Christina, Lacatus Maria Liana

Abstract:  Financial literacy is a need for people responsible for their money. The decisions people made in respect with the money have impact on their future. Their responsibility and the risks assumed increase as long as employers and government responsibility and assumed risks in this respect decrease. Financial education is based on principles such as: active long life learning, individuals needs oriented, part of the early education provided by schools, basic concepts on financial issues and risks oriented. In Romania, financial education is part of school based curriculum. The Ministry of Education recommends all schools interested in delivering financial education programs schools a syllabus for an optional subject focused on financial issues. Banks are also interested to contribute to financial education. They help schools in conducting financial education programs and, additionally, they developed their own financial education programs.

Keywords:  economic education, financial education, financial literacy, school based curriculum, financial education programs

JEL Classification:  A20, A21

Pagination:  561 – 571

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Title: “NEW” AND “OLD” IN ECONOMIC NEOLIBERALISM

Author(s): Zirra Daniela

Abstract:  In the evolution of economic history, the economic neoliberalism can be considered one of the most important. On the one hand, neoliberalism is a promoter of freedom in decision making process and competition. On the other hand, the market and its capability to supply information for the individuals and firms represents one of the central pillars for economic growth, development and profitability. Finally, we cannot ignore the diversity of neoliberal ideas, the number of promoters, and the global extension of neoliberalism. For these reasons, we consider that a short incursion in the history of neoliberalism is also actual and necessary. In the recent evolution of the neoliberal doctrine we can mention several important stages in the 20th century. During the first stage – between the first and second decade – Mises revived the School of Vienna, in his attempts to combat the concepts strongly promoted in the economic theory by the socialist doctrine. The second stage, comprised between the third decade and the end of the fourth decade, was an unfavourable period, during which the concepts of liberal orientation were strongly criticized. The third stage of the neoliberalism evolution, as a doctrine, can be placed between the last part of the fourth decade and the end of the fifth decade, having as object of debate the criticizing of the concepts launched in the economic literature by John Maynard Keynes. The fourth stage meant the entry of neoliberalism in a shadow cone, which lasted from the beginning of the 1950’s until towards the middle of the 1970’s, due to the popularity “enjoyed” by keynesism. The failure to apply the keynesist theories, declared in the second half of the 1970’s, meant the entry of neoliberalism in an extended stage of development, which lasted until towards the end of the first decade of the 21st century. After year 2008, there are voices stating that the neoliberal principles are unable to find the answer to the world economic crisis and that, in fact, their promotion to such a wide scale contributed to this negative evolution of the economy.

Keywords:  history of economic thought, neoliberal paradigm, economic neoliberalism, neoliberalism evolution

JEL Classification:  B13, B25, B53

Pagination:  572 – 578

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Title: SOCIAL CAPITAL FRAMEWORK AND ITS INFLUENCE ON THE ENTREPRENEURIAL ACTIVITY

Author(s): Badea Mihaela-Raluca

Abstract:  The aim of this article is to understand the theoretical framework of the social capital concept, based on different approaches identified in the literature and highlight the direct influence social capital has on the entrepreneurial personality characteristics of individuals and organizations. The objectives of the paper focus first on conceptualizing the notion of social capital, by acknowledging the social capital structure and components in the acceptation of the most popular scholars in the research field, the sources of social capital and its role in building social economy; further on, the article  explores the influence of social capital in the creation of innovation and economic growth, its dimensions in the entrepreneurial process and the definition of the instruments of measurement, including indicators of trust-generalized and institutional, number of social networks, associational activities-passive and active membership and civic norms. The paper gathers some of the outcomes of different researches conducted in the literature with respect to the positive relationship between social capital dimensions and entrepreneurship, through attracting the right potential of human capital and the required level of financial capital, reducing the transaction costs, identifying new market opportunities and leveraging the social networks, transfer and knowledge overflow and information channels, enabling the launch and the survival of business venture and help gain competitive advantage that would ensure sustainability and success. The case studies referenced in this article use various approaches of highlighting the social capital as a key enabler and not necessarily a generator of entrepreneurial activity, by analyzing the likelihood to launch new ventures based on the interactions with key partners and exchange of information, the sustainability and success of a start up or push/pull factors that determine an entrepreneur to enter the new ventures environment. The article is concluded by a high level introspection on how social capital is created in large corporations, what are the dimensions and the structure of this new “must have” capital form.

Keywords:  Social capital; entrepreneurship; social networks; innovation; corporation

JEL Classification:  M10; M13; M14; M19

Pagination:  581 – 589

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Title: SOCIAL RESPONSIBILITY OF ROMANIAN COMPANIES: CONTRIBUTION TO A “GOOD SOCIETY” OR EXPECTED BUSINESS STRATEGY?

Author(s): Badulescu Daniel, Petria Nicolae

Abstract:  Starting with J. K. Galbraith who conceptualized what ”good society” means and how it can be achieved, a long series of both theoretical and practical concerns has emerged. One way of implementing it is companies’ social responsibility. Companies are parts of the society, involved in social, cultural and educational field, contributing to economic and social development by creating jobs, producing goods, providing incomes and resources for public communities, innovations and general progress. Moreover, the companies’ social responsible actions cannot exclude the concern for major problems of the society, e.g. unemployment and social exclusion, equal chances or environmental issues. The social responsible companies involve themselves more and more in sponsorship and humanitarian mecenatum. At the same time, on the theoretical side, last decades testified of an effervescence of the researches on practices related to the concept of corporate social responsibility. Whilst so far corporate social responsibility is mainly promoted by a number of large companies, it is relevant in all types of companies and in all sectors of activity, from SMEs to multinational companies. A number of companies with good social and environmental records indicate that these activities can induce better performance and more profit. The paper investigates various issues concerning Romanian companies’ CSR projects, attempting to reveal to what extent these actions really contribute to a “good society” or they are just business strategies to attract customers and make more profit. In its first part we introduce the subjects and briefly review the literature and main concepts, while in the second part we present main facts and figures related to CSR in Romania, along with the main types of companies’ involvement in social and humanitarian area. We analyse the differences between behaviour of large companies versus small and medium sized companies, and also the most adequate forms of intervention (financially and legally) to ensure maximum efficacy and visibility of CSR actions. Finally we conclude on the importance of CSR within society but also on the risk that it could be converted in a business strategy or marketing tool, without any social impact.

Keywords:  corporate social responsibility, good society, Romanian companies. business strategy

JEL Classification:  M14; A13; L21

Pagination:  590 – 600

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Title: MODERN INDICATORS DERIVED FROM VALUE CREATION AND DISCOUNTED

Author(s): Cican Simona, Lala – Popa Ioan, Anis Cecilia

Abstract:  The manner in which resources are allocated, the generation of cash through present resources and the allocation of new liquidities derive from a company’s cost-benefit analysis, which is part of management control. The modern financial theory changes the company management objective of maximizing profit with the objective of maximizing its value. The traditional return measures are considered to be insufficient to express the economic reality. Traditional cost-benefit indicators exclude opportunity costs, effects of inflation and risks. The financial experts claim firm value maximization as the main objective of a company’s management. The emergence of modern return measures derived from firm value maximization reflects the changes in the economic environment, their emergence creating a dispute over the most appropriate approach regarding value creation. The fact that the data required for their calculation is taken directly from accounts makes them sensitive to accounting distortions. The emergence of modern cost-benefit indicators derived from value creation provides new perspectives on the return. Firm value can grow by generating a higher level of cash flow, by reducing financing costs and by extending the growth period. The value created can be measured by using both modern indicators derived from the theory of value creation and discounted cash flow methods. The value created can be calculated by using discounted cash flow models, which, moreover, are very complicated and take into account a lot of variables. The alternative to these methods is represented by modern cost-benefit indicators that have a more simple calculation methodology, and the forecast of calculation factors is narrower and easier to accomplish.

In this article, we will present the connection between discounted cash flow methods and the indicators derived from value creation, based on the business finance theory, which says that firm value will increase if projects with positive net present value are accepted, while it will be destroyed if projects with negative net present value are accepted.

 

Keywords:  modern return measures; economic value added; discounted cash flow model; the net present value; the internal rate of return; cash flow return on investment.

JEL Classification:  G32; M21

Pagination:  601 – 607

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Title: INVESTMENT FUNDS IN ROMANIA

Author(s): COPIL CRINA ANGELA

Abstract:  I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI  in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages, respectively the investment in instruments with larger capacity, the flexibility determined by the possibility of withdrawal in any moment without losing the cumulated gain, the administration of the portfolio by the professional administrators, the access to diversified placements with small sums, the reduction of the risk by the diversification, the strict regulation and surveillance of the activity of investments administration by the authorities  surveying the financial markets. In the developed countries, the placements in administered investments  can reach up to 40% of the financial assets of the families, and the deposits own a percentage of 40-50% of the assets, while in Romania the percentage of the investments administered of the total financial assets of the families is under 10%, and the placements in deposits represents over 80%. I consider that the founding of the subsidiaries of assets management in Romania by the banking financial groups contributed and will contribute in a great measure in the future to the increase of the degree of knowledge and acceptance of the investment in investment funds.

Keywords:  investment funds, investors, efficiency, portfolio, placements, fund units

JEL Classification:  A11, E44, G11, G12, G21.

Pagination:  608 – 617

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Title: CORPORATE GOVERNANCE COMMITTEES IN EUROPEAN UNION EMERGING ECONOMIES

Author(s): Mihaela Dumitrascu, Andra Gajevszky

Abstract:  The aim of this research is to analyze the support committees of European Union emerging economies. The importance of good corporate governance is vital for an organization, especially in the emerging markets, fact that leads to a several perceived improvements of the entity, while being more trustable, open and transparent in relationship with all its stakeholders. In our demarche we started by choosing the emerging economies from European Union, which lead us to a sample consisting of the companies listed on Bucharest Stock Exchange, Sofia Stock Exchange, Warsaw Stock Exchange, Prague Stock Exchange, Budapest Stock Exchangewithout taking into consideration a specific tier. In order to have a heterogeneous sample, we did eliminate the financial institutions from our research. This study is developed at European Union level and takes into consideration the following indices: BET® BUCHAREST EXCHANGE TRADING (Romania), SOFIX (Bulgaria), WIG 20 (Poland), PX (Czech Republic), BUX The Share Index of the Budapest Stock Exchange Co. Ltd. (Hungary). The data are extracted from the Annual Reports, Corporate Governance Codes, Comply or Explain Statement or the websites of the listed companies, from period 2007 – 2011. We choose this period, because we wanted to see the evolution of the corporate governance committees’ implementation from the period when the last countries from our sample joined the European Union since nowadays. Our conclusion is that we can not discuss about good corporate governance practices. Even so, we can observe from our investigation that the trend in this regard is encouraging. Like future research, we thought at developing our study by comparing the emerging economies from European Union with those outside this area. It is an interesting field of investigation, as every country has different regulations.

Keywords:  corporate governance, committees, emerging economies, transparency

JEL Classification:  G30, G34

Pagination:  618 – 630

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Title: SOME CONSIDERATIONS REGARDING THE MANIFESTATION OF FISCAL FRAUD  IN ROMANIA

Author(s): Dumitrescu Serju, Avram Marioara

Abstract:  In our paper we shall try to present two  mechanisms of fiscal fraud used by economical agents and also found in the control actions performed by the fiscal organs at different commercial societies from Romania. The presented mechanisms refer to the fiscal fraud resulted from fictitious acquisitions of goods and services done by Romanian firms which have as beneficiaries other commercial societies which are fiscally registered in Romania. Being empirically examined, the fiscal fraud will be presented through the use of some figures which will describe the detailed operations step by step.For the cases we have chosen to present we will describe the real circuit of goods and money according to the documents. We will also refer to the possibility of identifying the risk of fiscal fraud that results from the reports provided by the economic agents for different state institutions. We will also consider the information provide by the books of prime entry and bookkeeping, documents which have to be written by the commercial societies according to the Law accountancy nr. 82/199, with further modifications and completions. The mechanisms of fiscal fraud in use can be identical with the ones presented in this paper or they can be different as „new elements” can appear; these „new elements” depend on the type of activity performed, the modifications the legislative framework, the performers’ creativity or other external or internal factors which are not identified by the fiscal organs. By identifying  the fiscal fraud mechanisms and the way in which they function, the fiscal organs will be given the opportunity to take the necessary measures so that the fiscal resources of the state consolidated budget should not be affected by such operations. It is will known that we can speak of fiscal fraud and shadow economy in any country but ,according to the reports and statistics published by different international institutions, Romania’s shadow economy represent almost 30% from the Gross Domestic Product. The Romanian authorities should carefully think about this phenomenon as it requires strict measures to reduced it.

Keywords:  fiscal fraud, mechanisms, control, fiscal organs, fiscal resources

JEL Classification:  H 26

Pagination:  631 – 639

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Title: INNOVATION IN THE CREATIVE INDUSTRIES – CASE STUDY OF AN EVENT PLANNING COMPANY

Author(s): Filculescu Adina, Cantaragiu Ramona

Abstract:  Creative industries have recently gained attention from economists and policy makers as they are said to contribute in a significant way to the economic and technological development of knowledge societies. In Romania there has not been too much talk about the way in which these industries are inserted in the larger chain of industrial innovation, nor about the particularities of their innovation processes which could provide interesting insights for the more traditional industries that are in need of a creativity boost. This paper seeks to fill this gap by offering a process view of business innovation in an event management company, which we argue has many of the characteristics encountered in organizations belonging to creative industries. Through an in-depth case study based on diary entries and interviews we uncover the way in which innovation is understood in this service sector and how this understanding is translated into repeatable business processes. Based on the review of the literature concerned with innovativeness in creative industries we have decided upon four important research themes: people, products, places and policies. By people we refer, first of all, to the entrepreneur who was asked to reflexively answer questions related to passions/interests, formal and non-formal knowledge and social capital in order to assess the entrepreneurial capacity. Also included in this category are the clients of the company and the employees, which represent major players in the innovation process during different stages. Places are important because they are used in the definition of innovation: something new to someone somewhere, and also because they are regarded as a source of inspiration and a possible hindrance in the implementation of the desired event design. Products encompass the raw materials that are used in creating the flower arrangements and the general room décor as well as the technologies that stand behind them, while policies refer to national or local governmental mechanisms that seek to guide and fund innovation. These categories represent (f)actors that bring important contributions to the innovation process, while at the same time representing sources of major business risks for the event management company. The article follows the way in which these four items interact during the innovation process which was split into four stages: idea generation, negotiation of the idea, preparations for implementation and implementation of the idea. We conclude with the observation that innovation in event planning is human centered, the main referential system being based on the dyad company-client, a thing which has not been explicitly researched until now. Also we suggest that before trying to understand the way in which companies innovate, it is critical to undergo a thorough assessment of the entrepreneurs’ perception of business risks.

Keywords:  innovation; floral design; creative industries; small and medium enterprise; risk; entrepreneurship.

JEL Classification:  M19; O31

Pagination:  640 – 649

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Title: DOES CIVIL SOCIETY CREATE SOCIAL ENTREPRENEURS?

Author(s): Gauca Oana, Hadad Shahrazad

Abstract:  The purpose of this paper is to analyze whether civil society itself can enhance or stimulate the creation of social entrepreneurs, by studying the traits of the civil society and the various definitions attributed to it. The main question that the paper wants to answer to is <Does civil society create social entrepreneurs?> and the main approach used in this research paper is the theoretical one. By studying existing articles and books on the topic, the paper tries to emphasize the various dimensions that civil society can embrace, as pictured by various authors, as well as how these dimensions can relate to social entrepreneurs and the emergence of social businesses. The paper is not meant to be a breakthrough in the field, but rather to launch a question that is related to very important topics these days, social entrepreneurship, social innovation, social businesses and their connection to a very much debated topic-civil society. The paper is work-in progress and wants to stimulate research regarding the search of the sources of social entrepreneurship, in order to analyze them and better establish them as incubators for the future. It wants to be of use to whoever is researching the concepts illustrated above, as well as for those who want to get in touch with the new buzz words of the academic and entrepreneurial fields. The hereby paper stands, as previously stated, in a theoretical framework and the findings represent a mere analysis of the cause-effect relationship between the characteristics of civil society and those of social entrepreneurs. However, we are of the opinion that it can be a very good starting point for the ones interested in the domain, to analyze more sources of social entrepreneurship or further refine the answer to the question addressed in this article.

Keywords:  civil society, social entrepreneur, social change

JEL Classification:  L26

Pagination:  650 – 657

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Title: THE AUTHENTICITY AND TRACEABILITY OF FOOD – CONSUMERS PROTECTION FORM

Author(s): PASCU EMILIA

Abstract:  The quality of food is closely related with food safety, highlighted by their authenticity and traceability. Essentially the food it is a carrier of information, his quality reflecting off the capability of the body to decode them and so to provide a healthy lifestyle. Each individual, as well as the community, is preoccupied by the great problems of food, eating and the food behaviour, seeking the right solutions to the questions: what, how, when, and where do we eat to satisfy our physiological necessities. Food and food behaviour are essential determinants of our numerous pathologies, appreciating that many of the severe diseases may be prevented by lifestyle changes where the food is playing a key role. For authentic products, in this article there are presented information regarding benefits of traceability of products. The traceability of food products can be obtained by registering the ups and downs of the physical flux obtained during the production process. The objective of traceability is to obtain total control on products by individual and group identification to intervene in case of post-processing defects or any inconvenience. In traceability the “one step back, one step ahead” principle is applied. This means that any company has the obligation to have all the necessary information regarding the product, including the nature of raw and auxiliary materials and to possess information regarding the date and delivery destination. For the accomplishment of this wish, the individual identification of the goods, products, locations and place is indispensable. The traceability of the product is based on the identification code. It is monitored the changes that have occurred during the production processes, transport, storage and distribution flux.

Keywords:  Foods, consumer, safety, health, sustainable development

JEL Classification:  M10, Q01

Pagination:  658 – 662

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Title: THE ANALYSIS OF PERFORMANCES OF THE ENTREPRISE THROUGH INDICATORS OF THE VOLUME OF ACTIVITY

Author(s): POP Fãnu&#539;a, FÃT Codru&#539;a

Abstract:  The activity of any economic entity is aimed at providing objects, works and services meant to fulfill certain social needs, as well as at achieving a certain level of profit which would enable the entreprise to maintain and/or develop in business. In order to reach these objectives, the offer of the entreprise should meet the demand of the market whithin which it activates in terms of: volume (how much it is demanded?), structure (what brands are demanded and what is their share in the total production?), rhythmicity (during what span of time?) and level of quality (does the offer of the entity meet the qualitative level demanded by clients?). The entreprise develops interconditioning relations with its external factors, namely clients, suppliers, the state, employees, shareholders, banks, the government and budgetary institutions; the degree to which their expectations are met reflects the efficiency of the activity undertaken. Among the main indicators of performance, one could cite the turnover and the added value that reflect the economic raise of the entity, conditions its strategic position and defines its place in relation to other competitors, within the branch of activity concerned. A high level of turnover and added value guarantees that the economic entity develops a profitable activity, that it is expanding and developing, a fact with consequences upon the main economic-financial indicators but also upon the efficiency of the activity of the economic entity. The main objectives of the present paper are to point out the dynamics of the indicators of volume of activity, of factors of influence and of their strategies of growth. In addition to that, the study tries to ground and analyse theoretical aspects by providing some practical examples based on real data obtained from an economic entity during the period 2008-2011, but also data published by the INSSE for the same period, in order to observe its evolution in relation to other evolutions from the sector concerned.

Keywords:  turnover, volume indicators, methods of analysis, dynamics structure, strategies of growth, factors of influence

JEL Classification:  L25 M11 O12

Pagination:  663 – 672

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Title: ENTREPRENEURIAL ACTIVITY IN ROMANIA – A TIME SERIES CLUSTERING ANALYSIS AT THE NUTS3 LEVEL

Author(s): Sipos-Gug Sebastian, Badulescu Alina-Daciana

Abstract:  Entrepreneurship is an active field of research, having known a major increase in interest and publication levels in the last years (Landström et al., 2012). Within this field recently there has been an increasing interest in understanding why some regions seem to have a significantly higher entrepreneurship activity compared to others. In line with this research field, we would like to investigate the differences in entrepreneurial activity among the Romanian counties (NUTS 3 regions). While the classical research paradigm in this field is to conduct a temporally stationary analysis, we choose to use a time series clustering analysis to better understanding the dynamics of entrepreneurial activity between counties. Our analysis showed that if we use the total number of new privately owned companies that are founded each year in the last decade (2002-2012) we can distinguish between 5 clusters, one with high total entrepreneurial activity (18 counties), one with above average activity (8 counties), two clusters with average and slightly below average activity (total of 18 counties) and one cluster with low and declining activity (2 counties). If we are interested in the entrepreneurial activity rate, that is the number of new privately owned companies founded each year adjusted by the population of the respective county, we obtain 4 clusters, one with a very high entrepreneurial rate (1 county), one with average rate (10 counties), and two clusters with below average entrepreneurial rate (total of 31 counties). In conclusion, our research shows that Romania is far from being a homogeneous geographical area in respect to entrepreneurial activity. Depending on what we are interested in, it can be divided in 5 or 4 clusters of counties, which behave differently as a function of time. Further research should be focused on explaining these regional differences, on studying the high performance clusters and trying to improve the low performing ones.

Keywords:  entrepreneurship; cluster analysis; time series; regional clustering

JEL Classification:  L26; C38; R11

Pagination:  673 – 682

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Title: COMPANIES’FINANCIAL STATUS AND THE BUSINESS TURNOVER ON EMERGENT MARKETS: THE ROMANIAN CASE

Author(s): Stefea Petru, PANTEA Mioara

Abstract:  The aim of this study is to test for the relevance of some financial ratios as descriptors of companies’ financial status in explaining the evolutions of their business turnover. We are considering a data sample of 36 companies quoted on the Romanian capital market for a time span between 2007 and 2010.The predictive capacity of some significant financial ratios for the companies’ business turnover is analyzed and a methodology for the evaluation of their financial status based on these ratios is advanced. We found that the predictive capacity of some relevant financial ratios for the dynamic of some quoted companies’ turnovers is non-uniform across the two conventional sectors in which we have grouped these companies according to their field of activity. Based on these results, an synthetic indicator of the companies’ financial status is constructed at the level of each individual sector and the non-linear correlation between this indicator and the business turnover is tested.

Keywords:  financial ratios; business turnover; financial status

JEL Classification:  M49

Pagination:  683 – 696

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Title: A MODEL TO MINIMIZE MULTICOLLINEARITY EFFECTS

Author(s): Baciu Olivia, Parpucea Ilie

Abstract:  Multicollinearity implies near-linear dependence among regressors and is one of the diagnostics that harms enough the quality and the estimation of the regression models. Among the effects of multicollinearity can be mentioned that parameter estimates could lead to opposite signs or the variables turn out to having insignificant coefficients although it is known from theory or reality that the relationship exists. Also, when other variables are included or removed from the model this can affect the parameter estimates. Usually, multicollinearity is measured with the help of Variance Inflation Factor. A value greater than ten indicates severe multicollinearity in the model. Different approaches are known to reduce or eliminate multicollinearity effects but some of them are not always applicable due to data.  The most used methods include addition of more data or elimination of the variable that is highly correlated with other independent variables or the use of the Ridge Regression. In addition to the well known and used models it is proposed here a new approach for the multicollinearity reduction. This method implies creating an index variable as a linear combination of the highly correlated ones. The index coefficients are selected under specific constraints imposed on the variables such that the new variable becomes highly correlated with the response variable but not with the independent ones. The best coefficients can be chosen out of the solution domain using an optimization program. In the new model, the highly correlated variables are replaced by the index one. The quality of the new model is improved by reducing or even eliminating the effects of multicollinearity. The regression model is expected to yield proper estimates.  Also, VIF returns appropriate values, lower than ten. The method is exemplified on the BRD stock portfolio. Multicollinearity was eliminated, as showed by a value of one of the VIF and the model is expected to improve.

Keywords:  multicollinearity, econometric model, regression, VIF

JEL Classification:  C51, C20, C58

Pagination:  699 – 706

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Title: WHAT INFLUENCES STUDENTS&#8217; EXPECTATIONS IN WHAT REGARDS GRADES?

Author(s): Mare Codruta, Popa Irimie Emil, Span Georgeta Ancuta

Abstract:  After a period of studying a certain subject, students form an opinion about it and begin having certain expectations. These expectations and the degree in which, in the end, they fulfil, contribute to the reputation of the university. Consequently, a continuous evaluation of the quality of the educational process is needed. The present research presents a part of a more complex study made on a sample of master students in Audit and Financial Management in Romania. The goal was to evidence the main factors that affect students&#8217; expectations in what regards the grades they will obtain at the end of the semester. For this, a questionnaire of 20 questions was applied to 250 such students. After factor reduction procedures were applied, six most significant variables were kept in the analysis: the proportion of knowledge acquired, the perceived level of utility of the discipline in the professional career of the student, the proportion in which the subject could contribute to getting employed in the field it belongs to, the evaluation method and two variables evaluating through grades the didactic performance during the course and the overall performance of the tenure professor. The influence of these variables upon the grade expected by the student was assessed with the help of the OLS regression, both in the simple and multiple forms. Out of the six hypotheses formulated, only one proved to be false based on the simple regression analysis. When individually assessed, the evaluation method announced by the teacher at the beginning of the semester turned out to have no statistically significant influence upon students&#8217; expectations. For the rest of the variables, results were according to the assumptions made, i.e. all determine in a significant positive manner the students&#8217; opinion about the grade they will get. We have also constructed the multiple regression models. When putting all variables together, the significance changes. The level of difficulty of the evaluation method becomes significant, while from the rest of the variables only the proportion of knowledge acquirement still holds. The final conclusion is as expected: the higher the proportion of acquirement, the higher the grade expected at the end of the semester, while the more difficult the evaluation method, the lower the grade.

Keywords:  academic performance, master program, education, OLS regression, evaluation expectations, students&#8217; grades

JEL Classification:  A23; C12; C21; C31; I21

Pagination:  707 – 715

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Title: ENVIRONMENTAL PROTECTION IN ROMANIA THROUGH EUROPEAN STRUCTURAL FUNDS &#8211; A SPATIAL ECONOMETRICS APPROACH

Author(s): Mare Codruta, Span Georgeta Ancuta, Popa Irimie Emil

Abstract:  European Structural Funds have been created with the clear goal to redistribute money among European Union members in such a way as to help poorer regions diminish the gaps between them and the richer ones. The present study assesses this problem for the Structural Operational Programme Environment in Romania. Using spatial econometrics methods, we evaluate two issues on the sample of 42 Romanian counties. The first one is if any clusterization process takes place in what regards contracting funds through ESF for environmental protection projects. The second one is intended to test whether the main principle of the ESF is satisfied &#8211; helping the poor in a sustainable development process. Using the quartile maps and the spatial Moran&#8217;s I autocorrelation coefficient we show different results for the clusterization topic. When considering the budget value of the projects implemented through SOP ENV, both as total and as eligible share, Romanian counties group based on a positive global spatial autocorrelation. This means that counties with approximately the same budget levels are neighbours. Transylvanian counties have gained the most out of the projects on environment. When the number of contracts is assessed, the distribution of the counties proves to be random and no global spatial autocorrelation was found. Moreover, the map analysis shows that, in general, there is a negative relationship between the value of the budget and the number of contracts. The spatial regression analysis shows the violation of the ESF principle. The coefficients of the GDP are positive. This implies a direct relationship between the richness of the county and the projects implemented through the SOP ENV. Thus, instead of being used by the poorer regions, money goes to the richer ones. The higher the GDP, the higher the value of the budget for the environmental protection programmes financed through European funds. The GDP also positively influences the number of contracts scheduled or signed, but the only at a 10% significance level.

Keywords:  SOP ENV, sustainable development, environment, Romanian counties, spatial distribution, spatial regression model

JEL Classification:  C31; Q56

Pagination:  716 – 725

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Title: HUMAN CAPITAL: CAUSE AND EFFECT OF THE ECONOMIC GROWTH. AN EMPIRICAL ANALYSIS

Author(s): NEAGU OLIMPIA

Abstract:  From the birth of the human capital theory, economists were interested to find evidences showing the impact of the human capital on the economic output, discussing and debating more or less the effect of economic growth on the accumulation of  human capital in the economy and the association between education and health.

The paper aims to test several econometric models to explain the relationship between human capital and economic output. Using World Bank data, 17 countries with the fastest economic growth rate during 1960-2010 were selected. Four econometric models are tested to explain the accumulation of human capital as input and as effect of economic output. Correlation coefficients were calculated to highlight the association between education and life expectancy.

The paper demonstrates that human capital, in his two components (education and health), in countries with a fast growth rate, are positively and strongly  related to the economic output, in both senses, human capital being input and output of the economic growth. On the one hand, the economic growth adds to the resources available in the economy for improvements in health and education and, on the other hand, human capital is influencing significantly the economic output. Education and health are interrelated, being positively and strongly associated.

 

Keywords:  human capital, education, health, economic growth

JEL Classification:  J 24, I 25, I15, O40

Pagination:  726 – 735

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Title: STABILITY, BIFURCATIONS AND CHAOS IN UNEMPLOYMENT NON-LINEAR DYNAMICS

Author(s): Pagliari Carmen, Mattoscio Nicola, Odoardi Iacopo, Tenerelli Fabiana

Abstract:  The traditional analysis of unemployment in relation to real output dynamics is based on some empirical evidences deducted from Okun’s studies. In particular the so called Okun’s Law is expressed in a linear mathematical formulation, which cannot explain the fluctuation of the variables involved. Linearity is an heavy limit for macroeconomic analysis and especially for every economic growth study which would consider the unemployment rate among the endogenous variables. This paper deals with an introductive study about the role of non-linearity in the investigation of unemployment dynamics. The main idea is the existence of a non-linear relation between the unemployment rate and the gap of GDP growth rate from its trend. The macroeconomic motivation of this idea moves from the consideration of  two concatenate effects caused by a variation of the unemployment rate on the real output growth rate. These two effects are concatenate because there is a first effect that generates a secondary one on the same variable. When the unemployment rate changes, the first effect is the variation in the level of production in consequence of the variation in the level of such an important factor as labour force; the secondary effect is a consecutive variation in the level of production caused by the variation in the aggregate demand in consequence of the change of the individual disposal income originated by the previous variation of production itself. In this paper the analysis of unemployment dynamics is carried out by the use of the logistic map and the  conditions for the existence of bifurcations (cycles) are determined. The study also allows to find the range of variability of some characteristic parameters that might be avoided for not having an absolute unpredictability of unemployment dynamics (deterministic chaos): unpredictability is equivalent to uncontrollability because of the total absence of information about the future value of the variable to be controlled.

Keywords:  Unemployment, Economic growth, Logistic map

JEL Classification:  E24, O47

Pagination:  736 – 745

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Title: THE FACTORS APPEARANCE AND DEVELOPMENT OF RURAL TOURISM

Author(s): Ionel Barbu

Abstract:  In this paper we try to show as well the main factors of the emergence and development of rural tourism in order to establish priorities in the joint action of local people, entrepreneurs, tourists and local and national administrations. In many countries, the tourism industry fall within government priority. Tourism has been identified as one of the primary industries with potential to support local communities in developing economic diversity. Rural tourism has developed due to revenue growth (it is mostly discretionary income), due to increased leisure life and diversification motivations and desires of tourists. Tourism development is favored by improving infrastructure, historical monuments and architectural restoration and promotion of environmental conservation. Rural areas have a special attraction for tourists because of the distinct characteristics associated with mystical, cultural, historical, ethnic and geographical. For progress together with profit for those involved, it requires several components: attractions, investment, appropriate infrastructure, services and diversified hospitality promotion. To run this set of factors need to join entrepreneurs and public administrations. From the literature we can draw a number of necessary conditions for the development of rural tourism and a number of motivations for its support. The public sector is responsible for policy formulation, research and planning, development of basic infrastructure, the development of certain landmarks, establishment and management of service delivery standards, establishing management measures and recovery planning and environmental protection, setting standards for training and improve employment, maintaining public health and safety. The private sector is responsible for the development of accommodation services, travel agency operations, the activity of commercial tourist enterprises, development of landmarks and advertising  through specific marketing activities, all based on existing infrastructure provided by public administration. We believe that a revision of an important part of approaches that have appeared in the literature in terms of the concept of rural tourism, in terms of methods of analysis of tourism activities and, not least, requiring the use modern techniques for foresight indicators by which to make assessments on these activities.

Keywords:  rural, tourism, development, factors

JEL Classification:  M1; M19

Pagination:  750 – 758

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Title: SUSTAINABLE TOURISM AND ITS FORMS – A THEORETICAL APPROACH

Author(s): Bac Dorin

Abstract:  From the second half of the twentieth century, the importance of the tourism industry to the world economy continued to grow, reaching today impressive figures: receipts of almost $ 1,000 billion and direct employment for over 70 million people (WTTC 2012), without taking into account the multiplier effect (according to the same statistics of WTTC, if considering the multiplier effect, the values are: $ 5,990 billion in tourism receipts, and 253.5 million jobs). We can say that tourism: has a higher capacity to generate and distribute incomes compared to other sectors; has a high multiplier effect; determines a high level of consumption of varied products and services. In this context, voices began to emerge, which presented the problems and challenges generated by the tourism activity. Many regions are facing real problems generated by tourism entrepreneurs and tourists who visit the community. Therefore, at the end of the last century, there were authors who sought to define a new form of tourism, which eliminated the negative impacts and increased the positive ones. As a generic term they used alternative tourism, but because of the ambiguity of the term, they tried to find a more precise term, which would define the concept easier. Thus emerged: ecotourism, rural tourism, Pro Poor Tourism etc.. All these forms have been introduced under the umbrella concept of sustainable tourism. In the present paper we will take a theoretical approach, in order to present some forms of sustainable tourism. During our research we covered the ideas and concepts promoted by several authors and academics but also some international organizations with focus on tourism. We considered these forms of tourism, as they respect all the rules of sustainable tourism and some of them have great potential to grow in both developed and emerging countries. The forms of sustainable tourism we identified are: ecotourism, pro-poor tourism, volunteer tourism and slow tourism. In the second part of this paper we presented both the pros and the cons of each of the identified forms.

Keywords:  sustainable tourism; ecotourism; slow tourism; pro poor tourism;

JEL Classification:  L83; Q56;

Pagination:  759 – 767

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Title: THE EVOLUTION OF TOURISM IN THE NORTH – WEST DEVELOPMENT REGION (DURING 2009 – 2011)

Author(s): Borma Afrodita

Abstract:  Abstract: Fourth year PhD candidate at the University of Oradea, under the guidance of Professor Mrs. Alina B&#259;dulescu in the doctoral research project entitled: “Doctoral studies and Ph.D. candidates for competitive research on a knowledge based society”, a co-financed project by the European Social Fund through the Operational Program for Human Resources Development 2007 – 2013, Priority Axis 1. “Education and training in support for growth and development of a knowledge based society” I chose to present this subject in order to demonstrate the connection that exists between tourism and development regions of Romania. Having as research topic “Tourism and development in the Euro regional context” I felt it would be appropriate to devote a subchapter in presenting the evolution of tourism in developing regions of Romania. The research methodology that was used consisted in documentation from the specialised literature and statistical data collection from the site http://www.insse.ro/cms/rw/pages/index.ro.do in order to gather representative data on the evolution of national tourism for the 2009 – 2011, in each districts of North-West. The first part of the paper presents the foreign visitors who come to Romania, hence the largest number of foreign visitors and how it evolved from 2009 to 2011 the number of foreign tourists in Romania.The second part deals with the existing tourism potential in the North-West region and the opportunities offered by the region. The three part deals with the main touristic indicators in the six counties of North-West and the differences between them. The analysis is based on the comparison of main tourism indicators showing the tourist activity in the development regions of Romania, namely: the number of arrivals, number of nights and existing tourist capacity. The last part presents the steps that should be followed to overcome the losses caused by the crisis of 2008-2009 and to ensure a positive growth of the indicators analyzed.

Keywords:  districts of North-West, tourism potential, touristic indicators,

JEL Classification:  L83

Pagination:  768 – 775

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Title: EXPLORATORY RESEARCH REGARDING ROMANIANS&#8217; PERCEPTION ABOUT THE REGIONAL BRAND &#8220;MARAMUREª&#8221;

Author(s): Drule Alexandra-Maria, Chiº Alexandru, Dunca Adina-Georgeta

Abstract:  In recent years, the expansion of touristic activities confirmed the importance of marketing activities in touristic regions. In tourism as well, globalization implies an unlimited number of options, and the traditional elements regarding competition and differences related to price or quality are no longer sufficient in efficiently differentiating the touristic region. A key factor in this sense is represented by the notion of place branding or, to be more precise, regional branding. Theoretical studies on this subject are relatively recent, and fewer compared with studies on traditional brands, for example. A practical research regarding a touristic region can thus provide a series of utile information that marketers can use in elaborating marketing strategies and, specifically, in the branding process. The study&#8217;s main objective aimed at shaping the regional brand &#8220;Maramureº&#8221; using mainly projective techniques, scarcely used in studies of this kind in Romania, based on a sample of more than 200 respondents. The information obtained focused on the respondents&#8217; perceptions regarding the region of Maramureº as a touristic brand, the associations made, the values attributed to the region in terms of touristic potential, of touristic infrastructure, of weak and strong points of the touristic brand Maramureº, but also elements of the regional image and identity (at this point were considered certain associations with visual elements but also with its personality). By highlighting respondents&#8217; subjective and diverse opinions, it was aimed to point out some directions that would eventually guide a new approach of the brand for this touristic region. Also, the results of this study could represent a starting point for a program of regional development, funded through various local or European funds. Furthermore, based on the information obtained from respondents, it has been proposed a new logo of the region, as a first step in running a promotion campaign of Maramureº as touristic destination.

Keywords:  regional brand, regional marketingtourism destination, tourism brand&#8217;s personality, Maramureº

JEL Classification:  M31; M38; L83

Pagination:  776 – 785

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Title: APPROACHES TO ANALYZE THE QUALITY OF ROMANIAN TOURISM WEB SITES

Author(s): Lacurezeanu Ramona, Stanca Liana, Chis Alexandru

Abstract:  The decision to purchase the tourism product is influenced by the information provided to the tourist. The Internet information, which is the primary source, is used. The tourists choose the company based on the information provided. The main purpose of an online agency is to sell vacations. On the other hand any online agency must respond to user needs even if they are not always commercial (obtaining impressions of a destination, documentary on cheap destinations, etc.).

The purpose of our work is to analyze travel web-sites, more exactly, whether the criteria used to analyze virtual stores are also adequate for the Romanian tourism product. Following the study, we concluded that the Romanian online tourism web-sites for the Romanian market have the features that we found listed on similar web-sites of France, England, Germany, etc. In conclusion, online Romanian tourism can be considered one of the factors of economic growth.

 

Keywords:  tourism; tourism on-line; ITC in tourism; quality of a web site; testing the consistency; usability rules.

JEL Classification:  L86, M15, M31

Pagination:  786 – 796

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Title: THE PERFORMANCE OF TOURISM AS A TOOL OF DEVELOPMENT FOR BRASOV REGION

Author(s): Salagean Liana Ramona

Abstract:  Tourism is a strategic economic activity in Brasov, its importance in the local and national economy being likely to grow in the next few years. Tourism is now one of the world’s largest industries and one of its fastest growing economic sectors. This paper is aimed at analysing the tendencies in tourism over the past five years in Brasov, observing the evolutions and suggesting some viable solutions for this region to become and remain a successful tourism destination in the future. The measurement of tourism activity from the perspective of the consumption of visitors entails the estimation of the observation units – trip, visitor and travel party – and their corresponding characteristics. Tourism is a consumer of cultural and natural resources, direct and indirect services, being a source of services in turn. A significant part of the Brasov region abounds in natural and antrophic tourism resources, which makes it possible that an increasing flow of both national and international travellers should be drawn by tourism development, while new towns may appear and flourish as tourism resort.  In the case of Brasov region, the main reflection topic should be focused on the difference between the expected performance – the regional resources and the geographic position. As an absolute and also relative value in GDP, in the last few years, the Romanian tourism achieved performances which place it in the second half of the classifications related to Europe.  The contribution of tourism activity to the general economic development in Romania shows that tourism may act as in impetus for the global economic system. This implies the specific demand of technologies, goods, and services produced by various economic branches should be met.  Brasov area has a diversity of natural tourist resources and cultural assets of a great historical, architectural, and artistic value, those distinguish it from other areas. An accurate estimation of tourist potential elements requires a qualitative and quantitative system of criteria. Tourism favours the local utilization of several resources, of the labour market, for instance, contributing to its stabilization by diminishing the migration process towards the urban areas.

Keywords:  tourism, system of indicators, accommodation, performance, analyse.

JEL Classification:  M10, M20

Pagination:  797 – 806

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Title: EFFECTS OF CUSTOMER ORIENTATION, LEARNING ORIENTATION AND INNOVATIVENESS ON HOTEL PERFORMANCE – EVIDENCE FROM CLUJ COUNTY

Author(s): Stegerean Roxana, Petre Anamaria, Gavrea Corina

Abstract:  This paper seeks to relate a strategy of diversification to inovativeness and to the performance of a hotel. Due to the more increased competition within the area of tourism e.g. hotel sector, the need of analyzing the variables mentioned in the title of the paper has become more and more obvious. The first part of the article regards the literature review for the three variables and thus, like an outcome four hypotheses are stated. The second part consists of developing findings for the studied region of Cluj County based on the presented research methodology. The results show that hotel performance is influenced by customer orientation and hotel innovativeness, while the latest one is associated in a positive manner with learning orientation. The three chosen variables could be considered real driven forces for competitiveness in the hotel sector. Thus, any management team should be aware of the results of this study and should create an appropriate environment within the organization able to sustain an expected performance level by focusing on the mentioned variables. Making a deeper analysis about the performance indicators, the results demonstrate the actual development stage of the hotel sector for Cluj County: above the national average, but with potential of growing, mainly from the perspective of efficiency. At this point, management should be aware about how significant could be innovativeness and learning orientation for creating or improving services and delivering processes. In the hotel sector it is very obvious that due to the increased role of employee the awareness is more valuable than in other sectors. Due to the most relevant market segment e.g. business tourism, the studied county is customer oriented and has a good mean value for sales goal achievement, also. In order to improve the profit goal achievement value, innovativeness and learning orientation have to be considered powerful instruments for management team. Taking into consideration the potential of growth in the Romanian hotel sector, we consider that the three chosen variables – customer orientation, learning orientation and innovativeness, should  be further analyzed in respect with other performance indicators. Thus, we consider the study being valuable and relevant because it can be expanded not only to other regions – which gives it practical value, but also by including other performance indicators – for academic value.

Keywords:  hotel; customer orientation; learning orientation; innovativeness; performance; competitiveness

JEL Classification:  L83; L25; M10

Pagination:  807 – 814

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Title: CONSUMERS&#8217; PERCEPTION ON INNOVATION IN THE TOURISM VALUE CHAIN

Author(s): Ravar Anamaria Sidonia, Iorgulescu Maria-Cristina

Abstract:  In the current economic environment, innovation is considered critical by the majority of tourism companies that are increasingly willing to spend more to become more innovative. This tendency is visible in all segments of the tourism value chain: accommodation services, transportation, intermediaries &#8211; travel agencies and tour-operators &#8211; as well at entertainment and leisure facilities. The final aim of innovation in tourism enterprises is to increase customer satisfaction and thus secure the enterprises&#8217; competitive advantage on a continuously changing market. Thus, consumers&#8217; perception on innovation is relevant not only to academics and researchers, but especially to organisations in the business environment, which use customer feedback in order to develop innovative products which are better suited to the individual needs of tourists. The purpose of this article is to determine how consumers of tourist services perceive innovation in the various segments of the tourism value chain. The results will indicate the perceived intensity with which innovation is implemented in the tourism industry as well as the sectors in which innovation could bring additional benefits to tourists. To this aim, it was conducted a literature review on the main types of innovations in hospitality, airline transportation and travel intermediaries, as well as a pilot questionnaire-based study on 120 regular consumers of tourist services. Results indicate a discrepancy between the importance tourists give to innovation and the actual perceived level of innovation in the tourism value chain. Furthermore, the research shows the importance of innovation in different segments of the tourism value chain in the purchase decision of a tourism product. Unfortunately, results indicate that Romanian tourism operators&#8217; perceived innovativeness is lower in comparison with foreign tourism operators. The study is exploratory, representing a starting point into a more comprehensive research into the means through which innovation can be enhanced in the various sectors of the tourism industry.

Keywords:  innovation, tourism, hotel industry, travel agencies, transportation, technology

JEL Classification:  L83, O14, M10

Pagination:  815 – 824

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Title: WHAT MOTIVATES CULTURAL TOURISTS? AN ANALYSIS OF BUCHAREST INHABITANTS&#8217; MOTIVATION TO VISIT THE CENTRE REGION

Author(s): Ravar Anamaria Sidonia, Mahika Cristina

Abstract:  Cultural tourism is currently one of the main driving forces of the tourist phenomena, accounting for a significant part of the world&#8217;s tourist flows. Cultural tourism may take many forms, according to the motivation behind tourists&#8217; impetus to travel to a certain destination. Cultural heritage and historical sites, dance, music and theatre performances, art galleries, museums and exhibitions, religious and worship sites and ethnic traditions are the main attractions for tourists motivated by knowledge seeking, self-development and the desire to experience other cultures. Although cultural motivations play an important role in the generation of tourist flows towards cultural tourism destinations, a tourism experience is rarely generated as a result of a single motivation. The act of choosing a specific destination and tourism product is influenced by multiple motivations, not only cultural but also connected to relaxation or family. Furthermore, tourism products are rarely homogeneous &#8211; a single holiday may include experiences with cultural content as well as leisure time, sports, adventure or entertainment. Thus, culture is not always the main motivation behind cultural tourism and may in fact be less central to the decision to travel than other factors. This is particularly true in the case of destinations which dispose of various cultural assets, but whose natural tourist resources &#8211; such as landscape, climate, access to the sea &#8211; also makes them attractive for other types of tourism. The aim of this article is to show that in the case of tourist destinations where cultural attractions represent the vast majority of the areas&#8217; tourist heritage, cultural motivations remains central to the decision to travel. Furthermore, we will seek to identify the main types of cultural attractions that motivate cultural tourism in Romania by investigating Bucharest inhabitants&#8217; perception of the Centre Region, a cultural destination par excellence in light of the latest statistics and developments. The article is based on the findings of an exploratory survey-based research carried out in the first three months of 2013 on more than two hundred tourists and potential tourists in Bucharest.

Keywords:  cultural tourism, tourist motivation, Centre Region, cultural attractions, cultural destination

JEL Classification:  L83, M31, Z10

Pagination:  825 – 834

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Title: THE CURRENT STATUS OF ACADEMIC EDUCATION FINANCING IN ROMANIA

Author(s): Avram Marioara, Dr&#259;gu&#351;in Cristina-Petrina

Abstract:  At the moment academic education is imperative for any society based on knowledge or which tends to it. Academic education can be treated as the “engine” of the society development as it contributes to the individual development of citizens and the development of the community as a whole. Therefore, the amounts for academic education should not be treated as burdensome expenses, but as true long-term investments for the community development. However, the Romanian academic education funding has always been a sore spot and a highly controversial topic of debate for members of the political class and civil society. For a long time it has been searching for the optimal solutions in university funding as an essential lever for shaping and sustaining a high quality education system. Over time, academic education has been funded from multiple sources: not only from public funds and financial resources from individuals or companies, but also from its own resources. Although efforts have always been made to sustain academic education from public funds, the recent research in higher education funding reveals a decrease of the amounts allocated by the state. The economic and financial crisis has clearly made its mark even on public funding of state universities. In this pessimistic context, in order to carry out their missions, universities have been forced to find new sources of funding. In this paper we propose, by a persuasive presentation from a theoretical perspective, to illustrate key aspects of current funding of academic education in Romania. In this purpose we will analyze the funding mechanism for state universities and private universities and we will try to provide answers for the following questions: To what extent could the current system of financing academic education in Romania be improved and what can we do to improve it? Could new sources of funding be identified as to support the educational process?

Keywords:  academic education funding, basic funding, additional funding, complementary funding, own incomes, financial university autonomy

JEL Classification:  H52; I22.

Pagination:  837 – 845

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Title: BUDGET AND BUDGET EXECUTION IN THE NORTHWEST REGION OF ROMANIA

Author(s): IOAN BATRANCEA, BECHIS LIVIU, BATRANCEA LARISSA, STOIA IOAN

Abstract:  The budget is a tool multiannual financial forecasting both at micro and macro level. In this sense, regional and local government budget is a financial instrument that connects resources to use local funds in order to ensure the prosperity of the community concerned. Construction and especially budget execution highlights the effectiveness of local and regional government. Using a system of indicators correlated reveals income, expenditure and budgetary outturn.

Keywords:  budget, budget execution, cash flow, revenue collection level, primary deficit

JEL Classification:  H72

Pagination:  846 – 855

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Title: COMPARATIVE ANALYSIS OF GLOBAL TERTIARY EDUCATIONAL SYSTEMS

Author(s): Ciumas Cristina, Manta Stefan George, Sarlea Mihaela

Abstract:  Higher education system occupies a special place in the policy of each nation. Regardless of geographical location, socio-economic or cultural differences, the need to improve the education offered for population by facilitating access to higher education becomes more and more important. Providing a suitable framework for the personal development of each student is expensive and involves high amounts of money. From the analyses carried out we couldn\’t identify the substantial differences between the way it is structured and organized education system worldwide. However, we were able to identify a number of common elements that create a global University System. The need to invest in human resources through structural reforms in each country is present, and therefore a higher indention to pay greater attention to the development of the higher education system. In our work we decided to analyze education systems in countries like United States of America (USA), United Kingdom (GB), China (CHN), Germany (DE), France (FR), Russian Federation (RU), Japan (JPN) average values recorded for EU-27 and last but not least Romania (RO). Although the investment in the University system is hard to quantify, it is unanimously acknowledged that a country can achieve a competitive advantage in international relations through a very well prepared and trained personnel. The countries reviewed in this paper have different policies when it comes to financial support of the University System. If Germany and France have decided to get involved directly in supporting the system by allocating the necessary funds from the State budget, another European country, the United Kingdom, decided to apply a policy diametrically opposite, similar to that existing in the USA and cover in a lesser degree the needs of universities in Government funds. Regardless of the policy adopted the results are intended to be the same: facilitating access to university education, a high quality of teaching and research process, greater mobility among teachers and students and last but not least, scientific and academic recognition worldwide. However, these reforms, even if they are creating value in an initial stage, over the long term can negatively affect the social situation of the country.

Keywords:  university system, quality, financing, unemployment, perspectives,

JEL Classification:  H52, H75, I21, I23

Pagination:  856 – 866

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Title: THEORETICAL ASPECTS OF FINANCIAL LIBERALIZATION PROCESS

Author(s): Ciupac-Ulici Maria-Lenuta, Ardelean Ciprian George, Nistor Ioan Alin

Abstract:  Financial liberalization process and its implications on financial emerging markets have been multidisciplinary research since 1970. Reform of financial liberalization is a complex and long phenomena. This implies that the impact of this reform on financial markets should not be immediate, but rather gradually during a long time period. It is also important to note that liberalization does not occur in the same way on all financial markets. Each country, according to his specification regarding the economic climate and the specificity of financial markets, has differently set its progress of liberalization process. It is generally accepted that the process of financial liberalization is not composed of a single event, but a series of events. The idea is that market reform is a gradual process where the data identified above only refers to the most significant events. Regarding the effect of liberalization reform on emerging markets has been shown; on the one hand, that liberalization helps to reduce the cost of capital, helps to integrate the emerging markets in the global market, enhances economic growth and allows emerging markets to become more mature. On the other hand, financial liberalization process has a very ambiguous and inconclusive impact on informational efficiency and volatility in emerging markets. Launching liberalization reforms provided an analytical framework for studies that attempt to investigate the effectiveness of emerging markets and empirical links between liberalization and efficiency. The first reason is that with liberalization, the authors believe that emerging markets have become more speculative and more competitive. So there is a chance to see if the weak form market efficiency is verified. The second reason is that the authors explore the relationship between liberalization and efficiency. Researchers and regulators seek an answer to the fundamental question: financial liberalization helps the stock market become more efficient? Financial liberalization is not a riskless process.

Keywords:  financial liberalization; stock market; capital

JEL Classification:  O16; G10; G32

Pagination:  867 – 875

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Title: MEANS OF ESTABLISHING CHURCH PROPERTY AND FUNDING SOURCES

Author(s): Cricovean Mircea

Abstract:  Abstract

Regarding the administration of goods, the Church finds guidance in the laws of the State to which it belongs (Stan, 1952) but taking into consideration the fact that the Church cannot “have its special principles and rules contradicted”(Floca, 1990: 448). However, the church, in fulfilling its purpose – the salvation of believers, needs wealth or heritage. This is not to understand that the Church can “lose its essential character, supernatural character, because, for the Church the earthly possessions and temporal happiness are not an immediate end” (Floca, 1990: 451-452). To understand the Church’s sources of financing it is necessary to take account of its properties. Along the time the church was holder of ownership rights. Its property had to be maintained, at least, so it needed funding. The Church’s canonical and statutory provisions are those governing the Church’s source of funding. They cannot conclusively be understood without observing the principles and rules specific for the ecclesiastical wealth management. Noted should be that previously there were no generally accepted rules on the management of financial resources of the church. The canonical, legal and statutory establishments have become customary in time, making it possible this way, by the dioceses supervisors, that sources of funding should be directed towards the maintenance of the Church, of the worship and of social activities.

 

Keywords:  sources; financing; Church; patrimony; canons; principles

JEL Classification:  Z12, K11, G02, G32

Pagination:  876 – 886

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Title: CIVIL LIABILITY OF DOCTORS AND THEIR INSURANCE (MALPRACTICE)

Author(s): Gârbo Viorica Irina

Abstract:  Malpractice insurance of medical staff is probably the oldest professional liability insurance underwritten in the insurance market in Romania. The aim of our research is to theoretically examine in a qualitative inquiry the usefulness of insurance completion by the practitioners from the Romanian health system at both state and private, in order to improve a best practice medical insurance. The medical profession is practiced in Romania under the Code of Medical Ethics 30 March 2012 prepared in code that complies with international standards contained in the Geneva Declaration of 1948, as amended by the World Medical Association and the International Code of Medical Ethics. The forms of medical liability are: disciplinary, administrative, civil and criminal and only the civil liability can be taken into insurance because only it meets the conditions of insurability. Once we explain in general and the insurance liability in particular we show articles of the Romanian Civil Code which establishes the obligation the one that caused an injury to a third person for the repair or indemnify and conditions provided by the Civil Code as an act to be considered liability. Then we refer to situations where the patient may be damaged through the fault of the doctor or the doctor unit operates. The object of malpractice insurance is loss of money that the insured would have to pay a patient whom he caused injury as a result of acts or deeds of negligence committed to, during and in relation to professional activity. Risks taken in the insurance are personal injury, illness or death of the patient and / or moral damages. Regarding the excluded risks we have presented an overview of the more common contracts underwritten by Romanian insurance companies. We show the way of underwriting, the insured sums of the standard insurance and the additional one which subscribes moral damages, to companies in Romania agreed by bodies which organize and supervise the Romanian medical system. The current procedure for determining the guilt of a doctor and his patient complained of the amount of damages is a long and difficult. The procedure for determining the guilt of a doctor reported by his patient and the amount of compensation is a long and arduous one. In conclusions we have shown that along with the reform and reorganization of the Romanian medical system, the civil liability insurance of the medical staff, the way of contracting, the way of establishing the guilt of the applicant and the amount of compensation need to be reformed.

Keywords:  doctors, liability insurance, malpractice, indemnity, compensation.

JEL Classification:  G22, I14, I19

Pagination:  887 – 896

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Title: INDIRECT TAXES IN EUROPEAN UNION

Author(s): Inceu Adrian Mihai, Zai Paul Vasile, Mara Ramona

Abstract:  The main objective of our research is to make extensive analysis on the budgets of EU member states in order to emphasize the main trends within the period 2000-2011. We are using common measures such as: data in millions of euro, percentage of GDP, fixed base index, chain based index, percentage of total revenues or total taxes. Through this study case, we aim to create a good presentation of the EU. State members, an image of the percentage modification related to a base year, achieved by the main budgetary components from year to year. On our case study we are focusing only in indirect taxes since these are, for many EU countries the main budgetary revenues. Another important reason for focusing on indirect taxations is the fact that most countries during the financial crises consider readjusting of these taxes on of the main tool to adapt to the lack of public resources. Our research is based on data extracted from EUROSTAT and our calculation and compilations. Our working hypothesis is that despite huge differences in tax policy among all 27 European countries there are some common trends and Romanian tax policy must adapt and must follow them. Another important element is that trends in fiscal policy may vary due different elements such as: level of development, social policy issues, systems of financing different public expenditures, number and structure of populations, regional and local objectives and many others. The VAT, the main important indirect tax is extensively annualized since most of the trends of taxation are dictated by the trends of VAT. Romania is a special example, not the only one., where VAT has significance importance for budgetary revenues and was the main element of fiscal adjustments during the financial crisis.

Keywords:  fiscal policy; indirect taxes, VAT, European Union, fiscal harmonization

JEL Classification:  E62; G28; H20; O52

Pagination:  897 – 905

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Title: THE INFLUENCES OF CHANGES IN TAX LEGISLATION

Author(s): MORAR IOAN DAN

Abstract:  Taxation is a fairly important field in the relationship between taxpayers and tax authorities, especially given the frequent changes in specific legislation. Legislative changes affect the patrimonial position of the taxpayers, but also their behavior, therefore this phenomenon is important to advise those interested and also to analyze the changes resulting from changes in tax legislation. This paper aims to meaningfully present the latest legislative changes and to analyze their influences on taxpayers and on budget revenues from taxes subject to change.  The research methodology is based on comparison and inference, based on previous analyzes for such studies on the tax system.  In the literature there are known ways and methods of increasing the tax burden and, based on these variables, in the present paper we will highlight the particular influences on the taxpayer’s , loaded by weight imposed by the official distribution of the tax burden.  The implications of legislative changes in tax matters should be sought in the innermost chord of taxpayers and also in the increasingly large and patched pockets of the modern state.  In the first place, we will point out the implications on changing tax procedures, in terms of the workload for the taxpayer and the tax collectors.  By accurately and relevantly analyzing the influences generated by such changes, the author aims to demonstrate the harmful influences of some changes in terms of discouraging investments and honest labor.

Keywords:  corporate tax, budget revenues,social contribution, deductibility.

JEL Classification:  H30, G18.

Pagination:  906 – 909

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Title: EXPERT SYSTEMS – DEVELOPMENT OF AGRICULTURAL INSURANCE TOOL

Author(s): NAN Anca-Petru&#355;a, MOISUC Diana-Aderina

Abstract:  Because of the fact that specialty agricultural assistance is not always available when the farmers need it, we identified expert systems as a strong instrument with an extended potential in agriculture. This started to grow in scale recently, including all socially-economic activity fields, having the role of collecting data regarding different aspects from human experts with the purpose of assisting the user in the necessary steps for solving problems, at the performance level of the expert, making his acquired knowledge and experience available. We opted for a general presentation of the expert systems as well as their necessity, because, the solution to develop the agricultural system can come from artificial intelligence by implementing the expert systems in the field of agricultural insurance, promoting existing insurance products, farmers finding options in depending on their necessities and possibilities. The objective of this article consists of collecting data about different aspects about specific areas of interest of agricultural insurance, preparing the database, a conceptual presentation of a pilot version which will become constantly richer depending on the answers received from agricultural producers, with the clearest exposure of knowledgebase possible. We can justify picking this theme with the fact that even while agricultural insurance plays a very important role in agricultural development, the registered result got from them are modest, reason why solutions need to be found in the scope of developing the agricultural sector. The importance of this consists in the proposal of an immediate viable solution to correspond with the current necessities of agricultural producers and in the proposal of an innovative solution, namely the implementation of expert system in agricultural insurance as a way of promoting insurance products. Our research, even though it treats the subject at an conceptual level, it wants to undertake an attempt to present the necessity and importance of implementing expert systems in agricultural insurance as a solution of development of the Romanian agricultural sector since insurance play an important role in the stimulation of investments in agriculture and in the stabilization of agricultural producers incomes. The results of the study, at a conceptual level, confirms the necessity of aplying expert systems in agricultural insurance because of the benefits which would be created (informing agricultural producers about the existence and importance of agricultural insurance, the development of the insurance market which would lead to the development of agriculture, creation of new insurance products adapted to the needs of the farmers).

Keywords:  agricultural insurance; expert systems; agriculture

JEL Classification:  C80; C88; G22; Q14

Pagination:  910 – 918

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