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2nd issue / December 2013 – The Annals of the University of Oradea. Economic Sciences, Tom XXII -2013

Full Volume here – 2nd issue / December 2013 – The Annals of the University of Oradea. Economic Sciences, Tom XXII -2013


Author(s): ALASMARI Khaled

Abstract:  Abstract

Pakistan is one of the world’s top producers of narcotics. Pakistan neighbors Afghanistan, the world’s top producer of opium. Pakistan faces a task of controlling, cultivating, producing and trafficking narcotics within its territory (World Drug Report, 2005). Riddled with corruption, poverty, high unemployment rate amongst its population, the government of Pakistan has invested much resource in the fight to the social vice inflicting its population (Niazi et al, 2009). This paper seeks to identify and analyze the measures the Pakistan government has been implementing in curbing the problem.  Strategies implemented by the government of Pakistan such as supply reduction by eradicating cultivation of opium poppy, reducing the demand through mass awareness campaigns, and cooperation with the international community in the fight against drugs. The effectiveness and challenges faced in the process have also been well analyzed, revealing whether any advancement is being made or not. Various agencies and departments put in place by the Pakistan’s’ government have also been reviewed, together with their responsibilities. The causes of such extensive abuse of narcotics in a society are reviewed, revealing in a way the susceptibility of Pakistan as a country to narcotics (Drug Abuse Control Master Plan, 2008). The usefulness of the information contained in this paper cannot be overemphasized. Governments facing a similar problem, or willing to install preventive mechanisms can benefit a lot from the information herein. The various agencies involved in narcotics control within Pakistan can also benefit from the information by getting an outsiders viewpoint of the conditions influencing Pakistan’s case.  The paper information is based on empirical data collected by various agencies in relation to abuse of narcotics in the world and specifically in Pakistan, and its neighbor Afghanistan. In conclusion, a review of the whole Pakistan case in regard to narcotics production, abuse, and trafficking has been done. Recommendations and improvements, and corrective measures to identified weaknesses have been presented for consideration.

Keywords:  Narcotics; Trafficking; Drug; Opium; Cultivation; Abuse; Pakistan; UNDOC.

JEL Classification:  A19

Pagination:  15 – 23

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Author(s): Benea Ciprian Beniamin, Sacara-Onita Adina

Abstract:  The paper is about how Germans think about negotiations, and how they use negotiation in promoting their goals. Of course, the German cultural traits play a crucial role in determining German behavior and German negotiating style. We try to present the importance of understanding German negotiating style both because these people are quite fascinating, and because this peculiar culture pushed Germany to the best positions in global economic environment. Their determination, aiming at a precise goal made German companies fearful competitors at global stage. But exactly these qualities are to be identified by someone who enters a negotiation with Germans. They are determined, precise, purposeful, well documented and informed; as their products are: they are: they are durable, powerful, and useful. Both, the negotiation peculiarities and the characteristics of the products share the same German cultural roots. In the same time the precision and lack of flexibility are to be found even when there is a business negotiation, followed by a meal. Each are distinct elements of the same relationship, but they are very separated in time and space. Negotiations and meals are two very distinct social activities. There could be seen how Germans try to use their national food and drinks to create good atmosphere in a relationship, but how different they use food in comparison with Americans, and especially French. If Americans use meals as occasions for business debates (for they time is money), the French would try the best to use French cuisine to create a special mood through impressing the foreigner with their national food and drinks. Germans try to do the best with what they have in culture, and in cuisine, and they do it very well. In the same time the presentation of the Gesamtkonzept has a peculiar space in the paper. Its role in a negotiation is a crucial one, and it is presented in this light. Everything spring from it: it is the conceptual idea which moves the German before, during, and after a negotiation process.

Keywords:  German behavior, German culture, German negotiation style

JEL Classification:  F00; F23; F44

Pagination:  24 – 28

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Author(s): Benea Ciprian Beniamin, Sacara-Onita Adina

Abstract:  The paper is about how cultural roots influence language and behavior. The people which it is focused are Germans, which – due to their culture have logical goals and are capable in finding extremely practical solutions. In a rapidly globalizing business environment, it is a keystone to understand other people think, and as a consequence how they act. Here cultural traits play the most important role in defining peoples’ behavior. But language is a part of a people’s culture; it is a social coagulant, which facilitates social interaction. One could not enter a society if he/she cannot speak the language of those with which he/she interacts. Furthermore, language is a soft element of the cultural tools and traits of a people; it expresses the way the people belonging to a peculiar culture, and which speak a peculiar language see the world, their relation to the environment in which they live and act, the way they use that environment, the way they use time, space, and social relations. The research is both theoretical, and empirical, looking at the cultural traits of the Germans both from inductive and from deductive perspectives. It is a qualitative research aiming at helping understand the roots of German negotiating behavior and the way Germans communicate in negotiations, and in their normal life. Furthermore, the paper will present some examples of the reasons for German behavior and negotiating style, and how the German language expresses their most peculiar characteristics: precision, and parsimony. The role of the “idea” in German thinking is presented, too; and connected to this how they see the Gesamztkonzept of a peculiar negotiation, and how they relate to it all what they are looking in that peculiar negotiation. Of course, the roots of these peculiar traits of German language and negotiation style are to be found in Germany’s history, geography, economy, and philosophy, all of them being explained in a manner which is aimed to the reader’s enlightenment.

Keywords:  German culture, German language, German negotiation style

JEL Classification:  F00; F23; F44; F51

Pagination:  29 – 38

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Author(s): Prelipcean Gabriela, Cozorici Angela – Nicoleta

Abstract:  Despite the current uncertain economic times, the globalization has continued to perform. One can see the interconnection between the economies around the world in the levels of developing the cross-border trade. The globalization has become an irremovable process, which was developed with a floating speed, but sometimes quite high, including within its sphere in a direct or indirect way the set of the world states. This paper carries out an analysis and compares the effects of the economic openings in Romania and Bulgaria. The results have indicated the idea according to which, the level of economic opening has had a higher impact over the economy in Romania, as comparing to Bulgaria. The defining feature of this paper is related to the use of economic globalization index. The objective evaluation of both causes and consequences on globalization has represented a priority for the contemporaneous societies. The economic, social and political analysis has needed information, and the globalization index has represented an important tool in order to provide the realistic data. The globalization indexes have been used in various ways. Besides the academic analysis, these have been used in the analysis of the economic activity, in the mass-media, as well as in the political groups. This paper emphasizes the assessment of the level of globalization by assessing the importance given to the globalization index. The paper underline that a proper understanding of the globalization process requires interdisciplinary action. Despite some various methodologies, of the variables set or weights in order to study and measure the globalization in a significant way, new cooperation frames have proven to be necessary.

Keywords:  globalization; globalization index; globalization index’s methodology; economic development.

JEL Classification:  F62; F63; O11

Pagination:  39 – 50

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Author(s): Popescu Tudor

Abstract:  Private equity is an alternative form of financing companies, besides classical methods (bank loan or bonds), which is done in exchange of a part of the share capital of the company. This funding is realized by investors interested in the company that also offer portfolio companies expertise in order to increase their value. Private equity is viewed as the most expensive form of financing because is done against a stake in the company’s share capital and gains from selling the shares at a higher price than the buying price. The operations can be divided into two main categories, regarding the owned stake in the company. There are venture capital investments, that are made in the early stages of company development, the involvement of investors is mainly consulting and the percentage of owned share capital is under 50%. The other category is buyout investments, that are made in more mature companies, the percentage owned is more than 50% and the involvement of investors goes to complete restructuring of the company. The article is structured in four parts. The first part is the introduction and presents the private equity activity. The second part is a brief presentation of the present state of the industry at a global level. The third part presents the European private equity market, with a focus on European fundraising, investments and divestments. The data is gathered from European Private Equity and Venture Capital Association ( and represents the evolution of the market in the last five years, between 2007 and 2011. The last part represents the conclusions of the research. We present the state of the industry globally, with US representing more than half of total activity, followed by Europe and Asia-Pacific. The European market is dominated by the United Kingdom, with more than 40% of total activity, followed by France and Germany. The funds are raised primarily from pension funds and banks and are invested in different sectors, depending on the type of operations: venture capital or buyout. We also find that the preferred exit routes for investments are trade sale and secondary sale.

Keywords:  private equity; venture capital; buyout; funds raised; investments; divestments; exit

JEL Classification:  G32, O16, O52

Pagination:  51-60

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Author(s): Andrei Anghel, Tudor Cristiana

Abstract:  The literature on dividend policy and its relationship to stock returns relies on two important concepts: information asymmetry and agency theory both of which suggesting that there should be a positive relationship between dividend changes and stock returns. In this paper, we investigate whether there is any preference among investors on the Romanian stock market for dividend paying stocks, as reflected by their abnormal return around certain key dates related to companies’ dividend policies. To serve our purpose, we take three events related to the dividend policy for each of the 25 companies included in the BET-XT index, namely 1. The announcement date of the proposed dividend for the year 2011; 2. The General Shareholders Meeting date, a date when dividend distribution becomes certain ; 3. The Ex-dividend date. We cannot report that investors exhibit a preference for dividend paying companies during the investigated time period, but we find that  among dividend paying companies there seems to exist a preference for the larger-dividend-paying companies and that this preference seems to manifest strongest between the announcement date  and the General Shareholders Meeting date.

We also analyze the relationship between dividend yields and the abnormal return for the dividend paying Romanian listed companies. We can report that for the period between dividend announcement and the General Shareholders Meeting there is a statistically significant positive correlation between the dividend yield and the subsequent stock return. Finally, another statistical significant relationship encountered in this research is the negative correlation between the yield of high-dividend-paying stocks and the stock return on the ex-dividend date.

Keywords:  dividend policy, ex-dividend date, abnormal returns, dividend preference, Bucharest Stock Exchange

JEL Classification:  G14, G15, G35

Pagination:  61 – 69

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Author(s): Capmare Irina-Cosmina

Abstract:  This paper is about European Union funds in Romania and tries to give relevant information on this aspect. The paper is addressed to all persons interested in this domain, especially for those that work in this sector (non-governmental sector, public institutions, etc) and that need to have a better perspective on the situation. The methodology was based on self-documentation which involved a wide range of materials: reports, case studies, paper works, articles, specific sites, European Union guides. This paper underlines the importance of European Union funds and how they differ from one country to another, the situation of absorption in Romania with dates regarding the level of absorption. My research includes both quantitative and qualitative dates; the ideas are embraced by my own opinions on the topic and expresses also my beliefs on the matter. The added value of the paper is provided by the elements brought together: the situation of European Union absorption in Eastern European countries and in Romania, the rage of absorption for each Operational Program and relevant conclusions. The paper starts with an introduction that offers general information about the topic, a short background on the next headlines. As follows, each headline surprises with punctual elements of European Union funds and absorption: determinant causes, solutions found, institutions involved, conclusions. The results of the paper shows that in the next period there are big chances for absorption to growth due to the identified problems. Lack of experience and non-qualified persons, low quality management lead to unsatisfactory results. Institutions in Romania are concerned about this situation and fight to bring out the best solutions. This paper should be read and acknowledged as a study for the European Union funds’ absorption and it aims to create an interest for more persons in contributing to the strategic growth of the country by implementing co-financed projects.

Keywords:  European Union; funds absorption; structural funds; sustainable development

JEL Classification:  Z13; F15, F36

Pagination:  73 – 82

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Author(s): Felea Adrian Ioan

Abstract:  Competitiveness is a key concept and a constant concern of the contemporary society. This article is meant to evaluate Romania’s industrial competitiveness level. The first part of the article, referes to the importance of the constant concern regarding the national competitiveness concept, and also regarding it’s branches and economic sectors. The second part of the article reveals the set of applied indicators used to describe the sectoral competitiveness in the context of sustainable development. This indicators refere to the following: GDP (I1); GDP annual growth rate (I2); Employment rate (I3); Work force productivity (I4); Exports (I5); Total gas emmissions (I6); Energetic intensity (I7); Sustainable energy resources percent of total primary energy (I8); Waist disposable performance (I9); Research, development and innovation expenses as a percent of GDP (I10); Engineers and exact science specialists percentage (I11); Professional training degree (life long learning) (I12) TIC training degree (I13) Generated FDI stock / received FDI stock (I14). The application developed in this article is meant to present the results of the conducted evaluations, regarding the economic competitiveness indicators used in the field of anian industry, and in the last part of the paper reveals the conclusions and recommendations of the analysis. The application was developed using the data bases presented by the Romanian National Institute of Statistics and Eurostat.

Keywords:  competitiveness, industrial competitiveness, applied indicators

JEL Classification:  F23; R11

Pagination:  83 – 96

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Author(s): Gazzola Patrizia, Colombo Gianluca

Abstract:  Abstract: This paper is aimed at designing a research programme to improve the communication with the stakeholder through the analysis of the managerial actions in order to create shared value.  At the core of this research we propose to observe the relationships between management actions and the strategic conversations. Thus the dialogue and the communication become the key tool for strategic change.  Two fields of analysis are proposed: the dialogue between stakeholders and among the scholars of share value creating. Our hypothesis is that enterprises are formed and changed through sequences of thoughts and actions, in which the medium is always conversational. Thus dialogue becomes the privileged method of intervention in strategic change. This dialogue is always constructive because it proceeds through positive feedbacks and feed-forwards. A dialogue is aimed at including the stakeholders and their arguments, in a relationship oriented to the mutual understanding.. A good relationship with potential customers, NGOs, citizens, governments and other stakeholder is not some vague objective that’s good to achieve, if possible. It is a determinant key of competitiveness. But it is necessary to recognize that traditional Corporate Social Responsibility (CSR) fails the challenge by separating stakeholder engagement from business. In this way shared value creating becomes part of the culture of the company and as such it is fully integrated into strategy, thus finding its natural place in the value chain. The creation of long-term value is only possible through the implementation of a strategy to develop economic and social conditions simultaneously. For a company it is a strategic decision to fund the creation of value that binds to improving the quality of life of employees and the communities in which it operates. In the first part of the paper we introduce some basic concepts, the terminology and the model of the relationships between managerial actions, communication processes and stakeholder engagement. In the second part of the paper, to better understand the link between stakeholder engagement and shared value creating we consider one company that has distinguished itself, one time for scandals, now for shared value creating: Nestlé. The paper shows how implementing a shared value approach is an opportunity not only to contribute to good works, but also to redefine core business strategies, simultaneously creating value for society and for shareholders.

Keywords:  creation of value, stakeholder engagement:, communication, strategy, CSR, managerial actions

JEL Classification:  M14,, M16

Pagination:  97 – 105

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Author(s): Jubenot Marie-Noelle

Abstract:  The Romanian economy experienced a contrasting trend in recent years. Some of its features are similar to those of other Central and Eastern European Countries, that have joined the European Union in May 2004 and 2007, but some of them are very specific. Indicators of convergence and catching-up seem to show a GAP between Romania and other European countries, and even other CEEC. Indicators of convergence and catch-up are usually used to analyse the effectiveness of EU policies applied in all European countries. Apparent Romanian lag may be the result of too important weight of the rural sector in the economy.  This sector is characterised, for example, by too many farms and very small agricultural holdings that induces a certain loss in productivity, also by low income and poverty. This result is consequence of both the story and original policy choices. This paper consists of two parts. In the first one, we detail the specificities of new member states and particularly Romanian. The second part allows analysing the link between the agricultural sector and development. Notably, the Kuznets curve can be used as a tool in order to better understand the mechanism of this link. The Kuznets hypothesis is applied to the case of Romania and allows us to draw some conclusions about the recent developments.

Keywords:  agriculture, Kuznets curve, convergence, inequality, development

JEL Classification:  P20, Q18

Pagination:  106 – 115

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Author(s): Nicoara Mihaela

Abstract:  The interest of any individual to achieve progress and growth and the entrepreneur’s desire to make a profit at all costs, show that humans have a consumptive and destructive nature, that is, man has often forgotten that he is part of the natural system, so that imbalances have been created, leading on the long-term to the deterioration, degradation and destruction of the natural environment, the effects being already felt worldwide. Educating and training people is an essential element that must be included in all programs regarding ecology and sustainable development, the only way to ensure a future.

In order to eliminate the repercussions of climate change, population growth, poverty, water crisis, drought, depletion of resources, loss of biodiversity and to ensure social progress, economic and human development, clear actions are necessary, summarized in specific and measurable objectives, that are subject to some of the national strategies .

The ecological / integrated monitoring involves obtaining an accurate, overall image of the environment’s quality state at a moment in time as well as the evolution tendency on the two basic components – the biotic and abiotic environment – in their interaction.

Sustainable development allows a nation to plan, implement and monitor the progress of society in order to achieve long-term goals, to meet the needs of current generations, but without preventing future generations to meet their own needs. We need to establish specific projects that enable us move on to a high added value generating model, generated by the interest in knowledge and innovation, aimed at continuously improving the quality of life of humans and the relationships between them, in harmony with the natural environment. Given the fact that Romania has an economy based on intensive use of resources and the natural capital is facing the risk of damage that may become irreversible, the assimilation and practical application of all the principles and practices of sustainable development is required. To integrate all the objectives of sustainable development at the heart of economic activity one should consider the tax and legal regulations to bring changes in the way of production and consumption.

Keywords:  environment, natural environment, artificial environment, ecosystem, ecology, ecologic balance

JEL Classification:  E20

Pagination:  116 – 125

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Author(s): Venig Adelina

Abstract:  This work is an approach to state aid policy, as part of European Union policy in the field of competition. The paper proposes to pursue the achievement of the specific objectives of: presentation of conceptual framework of “economic competitiveness”, which contains the definitions formulated by the literature and the evolution of this concept from the perspective of economic theory and analysis of the forms that assume economic competition in the market economy; critical analysis of the role, importance and significance on state aid; economic analysis of granting state aid; analysis of the institutional framework of the state aid policy, aiming to give the existence of supranational control in this area from the European Commission, as well as the specific role fulfilled by the European Court of Justice, the European Parliament and the Council of the EU, the rules that are set out, The ‘State aid rules’ are set out by the European Commission and comprise various articles of the Treaty on the Functioning of the European Union, regulations, frameworks and guidelines – which set out what aid can be given. The European Commission governs member states’ compliance with these rules and must be notified of all schemes involving State aid. State aid control stems from the need to maintain a level playing field for all companies active in the Single Market, irrespective of the Member State in which they are established. State aid control also contributes to avoiding contests between Member States where they try to outbid each other to attract investment. Preserving competitive markets is the best way for European citizens to get the products they want at competitive prices, and to foster innovation and growth. State aid is one of the few remaining ways in which Member States can hold up liberalization and protect companies from competition. As sectors become open to competition, the State aid rules start to become more important – this includes areas which have been the subject to State monopoly. Where in years past, sectors were national in nature, they have become cross-border: coal, transport, financial services and broadcasting are examples. The paper also contains an empirical analysis of State aid granted in the period 2008-2011 for Romania. State aid has been analyzed from multiple perspectives to pleasantly surprise to an extent as comprehensive place and their role as the grant of economic phenomenon.

Keywords:  competition, state aid, European institutions, EU funds.

JEL Classification:  L12, F35, N70

Pagination:  126 – 133

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Author(s): Catarig Andra-Teodora

Abstract:  One of the key steps in the process of labour force recruitment is drafting and advertising vacancies. Although today most of the recruitment process is conducted on the Internet, the supplements and pages devoted to economic information of the mainstream newspapers contain ads especially for hiring managers for large companies or public administration. In this paper we analyze the structure of these ads, the selection, organization and prioritization of the information provided as well as the language using a corpus extracted from the French daily magazine Le Monde and based on the methods and concepts provided by discourse analysis and textual linguistics. Whereas ads for vacancies are generally written in a simple and direct style, those relating to management positions are larger, have a well-defined structure and the language used is precious, sometimes even difficult to decipher for those who are not familiar with the language of the employing company. Even if they appear in the pages of newspapers, these ads are not written by journalists, but by representatives of head hunting firms or of the employing company. They can be defined as a mini-portrait of the ideal candidate intended both to inform and to capture and incite action. The ideal candidate’s profile is shaped by listing several exceptional qualities and skills. The potential candidate is often presented as an expert, a strategist, an animator and/or a diplomat. The red thread of the text is the isotopy of quality, success and supreme competence. Both the employing company and the future employee have to be able to face any situation, no matter how complicated, and always obtain performance. To propose this type of texts in French language courses and seminars means not only to familiarize students with certain structures of the language but also to instil the idea that they should gain, during the years of study, skills and aptitudes that will guarantee their successful labour market integration.

Keywords:  genre, isotopie, objectivité, offre d’emploi, recrutement, stratégie discursive

JEL Classification:  J24, Y80

Pagination:  137 – 145

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Author(s): Hamburg Andrea

Abstract:  The aim of following study is to present the idea, principles, working methods and practical applicability of cooperative learning, a relatively new didactic concept used successfully in educational institutions – universities included – of the United States, Canada and other countries. This didactic method fits for every educational cycle from the preschool level up to the university and is in total accordance with the principles of student-centred education. In contrast to other (traditional) didactic approaches it does not lay emphasis on competition but cooperation among individuals which at the first sight may appear outdated in present world based on fierce competition. However at a closer analysis one may realize that on the labour market general practice is working in teams and not as individual entities. Working as a team member for the sake of the whole group and at a higher level the company/institution, not having in mind just individual interests is not simple at all, this skill must be acquired and trained. With following five principles at its base: positive interdependence, individual and group responsibility, promoting interaction, social skills and permanent group evaluation cooperative learning teaches people how to work efficiently together by stimulating individual and group performance in a way leading to real synergy. After the concise presentation of these five principles the study offers a  description of the steps to be undertaken in planning teaching units based on cooperative learning, stages in the teaching process including the presentation and analysis of efficient work techniques. In its final chapter it deals with aspects of practical applicability by presenting the author’s own experience till now regarding the implementation of teaching units based on cooperative learning in educational institutions in Romania and abroad. Concluding the theoretical aspects and empirical findings presented in this study one may say, that this didactic approach is worth trying further implementation in higher education in our country.

Keywords:  kooperatives Lernen, positive Interdependenz, soziale Fertigkeiten, Zusammenarbeit, Interaktion, Synergie

JEL Classification:  A20; I20; I23; Z19

Pagination:  146 – 158

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Author(s): HOREA Ioana-Claudia

Abstract:  Considering the degree of implication and the interest of non-philological students in learning foreign languages, they can be classified into several categories. From the categories found as best represented in the practice of teaching to economic students and not only, we identified that a valid target group for the approach of our current study would be the category proving not very much interest in, nor a propensity for, the foreign language, though quite interested in the other disciplines of specialty. The focus of the study is to find the most appropriate ways we, as teachers of languages to students at non-philological specialisations, can address the category aforementioned, as well as to identify more general and comprehensive aspects, of an administrational nature, that can effectively cause a mentality change beneficial to the typology indicated. We began with an overview of the typologies of students. We enumerated several reasons the target group may serve as arguments for their reluctance with respect to learning foreign languages with the same diligence and seriousness as any other of the specialization disciplines in their curricula. Then, we presented a series of factual exemplifications meant to dismantle their erroneously founded grounds. Next, we showed that the need of a shift in consideration of the foreign languages disciplines is becoming more and more evident and is felt to be most effective if performed at decisional levels. Traditionally, foreign languages have not been given the appropriate importance in the consideration, promotion and evaluation of academic disciplines at other specializations than the philological ones. Against the evidence of foreign languages having historically been allotted a rather secondary level of relevance, there is now a strong endeavour to raise awareness of their right place in the formation of the skills and competences necessary to a complete specialist, particularly in the economic fields nowadays. The study presents models of several beneficial changes that have occurred within the Faculty of Economics in Oradea, where the positive effects witnessed are proofs of the successful shift of an obsolete mentality. As several methods of practical class approach were merely overviewed in the final part of the study, extended analysis on such methods shall constitute the object of further research into the matter.

Keywords:  foreign language learning, typology of non-philological students, awareness of language importance

JEL Classification:  Y80; Z00; K00

Pagination:  159 – 166

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Author(s): Pop Anamaria Mirabela, Sim Monica Ariana

Abstract:  Learning a new language at any age is an enormously rewarding experience in many ways. Studying a foreign language helps students understand English grammar better and improves their overall communication and problem-solving skills. Beyond the intellectual benefits, knowledge of a foreign language facilitates travel, enhances career opportunities, and enables one to learn more about different peoples and cultures. In Romania, languages continue to struggle to gain the status of key learning area in many primary, secondary schools and even universities, while many countries in the European Union have adopted a policy which requires ‘mother-tongue plus two foreign languages’, introducing languages from the earliest years of primary education. This is due to the fact that contacts between people of different cultural and linguistic backgrounds have increased in the past few decades, a number of factors like advances in technology – the internet, telecommunications, travel – increasing international migration and the trend towards economic globalization contributing to it. As these trends continue into the future, the need for intercultural competence will be heightened. Due to growing economic relations between Romania and various countries of the world, knowing a foreign language gives one the much-needed edge. This paper attempts to provide language teachers and language learners with accessible, concise information about the benefits of languages learning and the advantages of having a certificate proving proficiency in a particular foreign language, with emphasis on English. It draws on literature in a number of fields including second language acquisition, language education, presenting key arguments which are fundamental to supporting and promoting the benefits of languages. Also, it draws on the results of a research performed at the Faculty of Economics with 1st and 2nd year students. The research is based on the assumption that the language courses offered at the Faculty of Economics should provide students with internationally comparable proof of their language competence. This is extremely valuable for students who wish to obtain a language proficiency certificate which represents, in our opinion, a must for the Business graduate.

Keywords:  English proficiency; language certificates; ESOL; IELTS; TOEFL

JEL Classification:  Y091

Pagination:  167 – 176

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Author(s): Boghean Carmen, State Mihaela

Abstract:  The economically active population is part of the human potential of a country or a region and constitutes the available labour force involved in the production and provision of goods and services. The active population is one of the main production factors, but it is also accompanied by other, equally important factors: capital and nature. A thorough outlook at the economically active population is conditioned by the analysis of the information related to the size and the structure of the active population in terms of several criteria, such as: age, residence, sex, level of education, national territorial units, etc.

One of the criteria used for assessing the development level of a country is the occupational structure of the economically active population, i.e. the grouping of the active population in each of the three economic sectors: primary sector (agriculture, forestry, fishing and hunting), secondary sector (manufacturing and constructions) and the tertiary sector (services).

The historical development of the size and structure of the economically active population is best revealed by an analysis of the time series that have alternated during the reference period 2000-2011, based on the information presented in the Labour Force Balance. The structuring of the active population by development region was based on the identification of the relative measurements of structure according to a number of social and economic characteristics. The analysis of the ratio of the economically active population to the total population as a general indicator needs to be accompanied by the analysis of the specific activity rates by group.

Sustained development requires the involvement of all the policymakers in an joint effort to reduce the demographic decline that is affecting both our country and the other EU member states. This decline must be stopped by making investments in: health and science, as well as in labour force employment policies.

Keywords:  economically active population, general activity rate, development regions, level of education

JEL Classification:  J21

Pagination:  179 – 189

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Author(s): Burtic Daniel

Abstract:  In this paper we have tried to define the notion of communication and delimit the concepts of direct communication, mediate communication and mass media communication. Unlike usual approach, we have brought to light the economic elements of the communication process. In this respect, we have tried to show that both linguistic structure and the subsequent definitions of the communication notion contain an ample economic feature. The means of communication have always been important, whether we speak of agrarian, industrial or informational society. In the first stage, companies that provided transport services had to handle the agricultural products which were supposed to be carried to the markets or consumers. In order to carry out these services efficiently, roads were built to enable merchandise transport. During industrial age, the necessity of transport still remained crucial, but there was a slight change in products. This time energy was the main product which needed transporting. Whether we speak of the transport of coal, oil, gas or electrical power, the industry dependence on energy and, implicitly, on energy transporters is indisputable. This situation led to the building of main pipe lines for energy transport. Nowadays, informational society needs information transport. Of course, goods and energy are still being transported today, but our society will hardly do without communication main lines. In order to meet the existing needs in this respect, we witness a development of the communication infrastructure. Contemporary progress is strongly connected to network communication development. Whether we refer to internet, fiber or wireless networks, all of them transport each and every second huge amounts of information. Society, conquered by communication, discovers each passing day new elements and creative approaches through which the communication process between people can be catalyzed and maximized. In all these attempts, the communication process is only the means to achieve higher goals. These interests cause an increase in performance of the communication system. Whether we speak of local, national or global interests, the key factors for mass control are ontologically related to the communication system. This field has been explored by researchers over centuries, but not enough, because today’s background and challenges are more complex than yesterday’s. In the present paper we are placing ourselves somewhere between the collection of past experience and future uncertainty, marked by the passion and duty to explore. In the communication field, we are in a similar position to medical research; when we discover a treatment, we realize that new types of viruses have appeared which require new solutions. The working ground of mass media is extremely moving. Whether we speak of technology, finance, competition, interests, demand and supply or all of them, the cycle of changes happens more and more rapidly, almost stunning. The above mentioned ideas have motivated us in approaching this topic, which we invite you to study.

Keywords:  communication; mass communication; mass media

JEL Classification:  L82; D83

Pagination:  190 – 199

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Author(s): Colantonio Emiliano

Abstract:  The paper deals with the opportunities to make risk free profits from sports arbitrage betting and bonuses. Different questions arise around the topic: how common are these chances? Can these really be considered as free risk investments? Can cooperation among bettors influence them? Answers involve betting markets, which have received much attention in the recent economic literature due the fact that betting has become a multi-billion dollar industry. Betting markets have experienced an extraordinary growth over the last years due to extensive deregulation, abolition of national monopolies and the advent of internet gambling. Part of published research has focused on agents behaviour (typically bookmakers and bettors) and markets inefficiency. A betting market is expected to be efficient, since it involves public information and numerous participants; it is usually quite large; it is characterized by limited transaction costs; it offers readily observable market expectations and outcomes; its odds and payoffs are fixed and they cannot be influenced by bettors. Despite of these characteristics, sports arbitrage opportunities happen regularly, hundreds of times every day in a betting market. Adjustment processes are usually rapid but not instantaneous. Specific software applications exist which show sport arbitrage situations in real time. Hence creating an income via sports arbitrage betting is possible, even if this can not be considered as a riskless investment. Suitable preparation and knowledge, enough time spent in the activity, adequate financial resources are indeed necessary. Essentially risk free profits can be made by bettors from bonuses (particularly deposit bonuses and risk free bets) offered by bookmakers, by means of the adoption of specific profitable cover strategy. Cooperation among bettors may help in realizing greater advantages both from sports arbitrage betting and from bonuses. Cooperation may allow bettors to share information and knowledge about the sports arbitrage betting. This may enhance the effectiveness and efficiency of this activity by reducing the so called “execution risk”. Moreover, if some conditions take place, a bettor could achieve higher profits cooperating with other punters rather than using a bonus alone.

Keywords:  betting markets, arbitrage, cover strategy

JEL Classification:  D03; D84; L83

Pagination:  200 – 208

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Author(s): Jivan Alexandru

Abstract:  This paper aims at courageously building the design of a conceptual system of thinking economics, conceived as an alternative to the routine one. In this purpose, methodologically, the paper is, pointing out several of our main conceptions that are developed in our researches, also several recent set of ideas and most recent works in the economic literature concerning the topic of productivity. Part of a larger research, our approach blame the common practice in economic life and, as well, in economics theoretical analyses concerning the conceiving and assessing productivity, as being almost exclusively quantitative and formal (ignoring important qualitative and causal aspects of the economic complex process). The organization and building of the paper is made in the logic of presenting the key concepts that are the pillars of the presented system of thinking, starting with the recent context of the New Long Crisis, with the requirements of the concept of knowledge society, with references to the European Union approaches, presenting our opinion concerning the value state and meaning, and finding them in the actual economic growth concept, which is presented as responsible for the entering in the New Long Crisis. Several roots from the genuine liberalism are invoked, in the more recent scientific environment of the service economy, which brought important new ideas and understandings concerning the general design of an economic activity (be it material or immaterial), the intellectual core of all human acts, the servicity approach, recovering the genuine conception on value and productivity. The debate results in pointing out several capital common misunderstandings which give occasion to (and even require) alternative approaches and conclusions, approaches which are conceived as (and can be) useful for developments in better directions that are solving problems on the very long time. The occasion is used also for reminding a most recent conception on an alternative economy.

Keywords:  productivity; value; growth

JEL Classification:  D29; O49

Pagination:  209 – 218

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Abstract:  In the present paper will be presented an analysis of the open, excellent and attractive research systems based on the economic indicators taken from IUS2010, IUS2011 that uses the latest statistics from Eurostat and other internationally recognized sources as available at the time of analysis. The datas are taken from the Proinno Europe site:, the last document introduced  by European Commision  for research develompent and innovation. International scientific publications per 1 million inhabitants (IUS 2010,IUS 2011) and 10% most cited scientific publications with values taken from IUS 2010 and IUS 2011 is analyzed too. By studying IUS 2011 and IUS 2010 we be made a conclution for the period 2000 to 2010. In respect of the 10% most cited scientific publications, these values are analyzed in the period between 2000 and 2007. These datas are taken at European Union level only for the period 2004-2009. The evolution of doctoral graduates from non-EU countries which are represented as a percentage (%) of the total number of students, according to  IUS 2011 is done too. A  conclusion concerning the trend for the period 2005 to 2009 is made here too. Analysis of graduates of doctoral internships which belongs to ISCED 6  per 1000 inhabitants aged 25-34 years, based on data taken from the database IUS 2010 and IUS 2011 may represent the evolution of EU doctoral internship graduates during 2000-2010. Were reported in the EU only data from 2002 to 2009. It is done the analyse of the trend from 2002 to 2008. Intellectual development respectivelly publications made in public-private partnership to 1 million inhabitants which are assigned to countries where are research in companies and other private sector organization is done too. But we have here an analysis done only to European area. The analyse of scientific publications made in public-private partnership to 1 million in the period from 2003 to 2008 is done too. The present study is part of Doctoral Grant “Implications for innovation, research and development role in the development of Romania’s economic competitiveness”, having Director: Prof. Dr. Alina Badulescu in Oradea University, Faculty of Economic Sciences.

Keywords:  Higher Education and Research Institutions, Economic Growth of Open Economies, Economic Development, Analysis of Education, Human Capital; Skills; Occupational Choice

JEL Classification:  I25 ,I23, F43, F63, I21, J21, J22, J23, J24

Pagination:  219 – 228

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Author(s): Saveanu Sorana Mihaela, Saveanu Tomina Gabriela

Abstract:  Considering the multiple benefits of volunteering, this paper analyses both the forms and the sources of volunteering among students. Community participation in all its formal or informal types, by producing collective goods is proven to be beneficial for the society. Nevertheless it has positive outcomes for the individuals involved in such activities by strengthening their social capital, empowering them and providing social skills needed for a better social integration. These effects are even more important for youth which are still in their formation stage. Consequently, by getting involved, volunteering in different activities, youngsters develop both values and competencies which promote awareness of social problems and future involvement in solving such issues. More, some of these values and skills may also facilitate their integration in the field work. As we consider that volunteering is particularly important for youth, in this paper we investigate the forms of participation among students in Romania and Hungary cross border area. The research objectives set in this analysis were to: (1) analyse the dimensions and structure of volunteering among students in this area, (2) investigate volunteering covariates, and (3) to elaborate a profile of students involved in such activities. The investigated covariates of volunteering were structured on: socio-demographical characteristics, educational participation, previous academic path, current academic integration, and employment. Although volunteering and associative participation are intertwined, in this investigation on students we consider the second as a particular form of volunteering. Analyses are presented separately were appropriate, yet the focus of this paper relies on volunteering. Our main findings reveal a significant difference between volunteering among students in Romanian and Hungarian universities. Among socio-demographical characteristics solely household endowment proved to influence volunteering. Academically engaged students, with good school achievement are the ones that volunteer. The profile of students that volunteer supports the common sense idea of “good students” involved in all areas of their life. The data analysed in this paper is derived from an international research conducted in Romania and Hungary cross border area, in which 2619 students from seven higher education institutions were questioned.

Keywords:  volunteering, associative participation, higher education, academic integration, working students

JEL Classification:  D64, D71, H40, I21, L31, Z13

Pagination:  229 – 239

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Author(s): Badulescu Alina, Pacala Anca

Abstract:  Corporate Governance has particular importance and relevance for the good management and governance of the companies. Even the disruption between the owners and the executives has been widely recognised since many decades, the frauds and manipulations we have witnessed in the 90s and later represent a turning point for both theoretical research and practical approaches in this matter. Moreover, for transition economies, the issue is much more relevant as many institutions involved in governance mechanisms have been emerged since then. As to reduce the differences between the interests of management and the shareholders’ ones, several mechanisms of external and internal control can be imposed. The paper discusses main recent developments and evolutions with reference to legal aspects and institutional aspects, specifically the development of the stock exchange. Selected indicators concerning Bucharest Stock Exchange are analysed for the period 1995 (re-opening of the Stock Exchange after political transformations in the 90s), e.g.: number of companies, number of transactions with shares, capitalisation, number of issuing companies, number of new issuing companies. As for legal aspects, we have analysed both Romanian legislation and the Corporate Governance Code of the Bucharest Stock Exchange, and international reports on implementation of Corporate Governance in Romania, particularly OECD Report Corporate Governance in Romania (2001) and World Bank Report on the Observance of Standards and Codes (2004).  Investigating the legal framework and the evolutions registered, we can conclude on the role of the above-mentioned mechanisms and on further developments and improvements necessary to enhance corporate governance mechanisms and ensure companies‘compliance to these requirements. Moreover, as we will show, Bucharest Stock Exchange has known since its creation in 1995 times of development and consolidation, in terms of number and value of transactions, capitalization etc.

Keywords:  corporate governance, stock exchange, legal aspects, Romania

JEL Classification:  G32; G34

Pagination:  243 – 252

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Author(s): Mella Piero

Abstract:  The search for ever greater levels of productivity is due in general to man’s natural tendency to minimize the amount of labour needed to produce the goods useful for maximizing the satisfaction of his needs for survival and progress. Labour in effect represents a necessary but “unpleasant” and strenuous activity to be minimized. As production requires labour, and labour is extremely strenuous, since the dawn of economic activity man has searched for ever higher levels of labour efficiency, expressed by the ratio between the volumes and quality of the goods produced or consumed and the effort required to produce or to consume them. In this search, working man soon realizes it is more efficient – thus, more convenient – to specialize in the production of a single good, a component of a good, or even a component of a component, giving rise to the first production processes and production systems, thereby reducing those segments of the processes that lead to time savings through learning. This need to increase the efficiency of production has become even more deeply felt when the production was carried out by business organizations. This paper will try demonstrate that productivity is the basis of all productive systems, which are viewed as transformers of utility and value, since the search for maximum productive efficiency is necessary to reduce production costs and thus to produce value. After presenting a coherent frame of reference we shall examine the drivers of productivity and then move on to discuss the consequences of the continual growth in productivity and the non-economic aspects linked to the gradual improvement in productivity.

Keywords:  productive system; productivity; drivers of productivity; hypothesis of increasing productivity; employment; jobless economy

JEL Classification:  D24; L23; M11

Pagination:  253 – 262

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Abstract:  Abstract: We have considered that the paper can be structured in five chapters meant to bring light, as much as possible, on the tight relation between financial discipline and economic growth, the role and place of financial discipline as an important factor of economic growth, in the same time having propositions which will generate a different approach of financial discipline and will contribute to a beneficial finality for the society. Currently, the economic growth is considered a synthetic expression of the chances to have a better life and, that is why it represents a major macroeconomic policy objective. The economic growth is interpreted as an ascending positive evolution of macroeconomic results. Economic growth consists in the quantitative increase of activities and their results considering the entire national economy, in a close relation with the factors contributing to this increase. The economic growth is expressed by the dynamics of macroeconomic indexes of the results of the activity in real terms, that is GDP, GNP and NI. For the macroeconomic dynamics is correlated with the demographic dynamics, the variation of macroeconomic indexes is frequently reported to the variation of total population. Thus, the economic growth is measured synthetically through the growth pace of GDP, GNP and NI per total and per inhabitant.   In all developed countries, the weight if direct taxes in the volume of fiscal revenue represents from 70% in the EU to 85% in the USA, which shows the importance of the role this group of taxes has in forming budget revenues. The economic situation of a state can be positively or negatively influenced by direct taxes; they can hinder or give an urge to economic growth, achieving the regulating stimulation function of the development of economic processes. Considering Romania, one of the main economic problems is the insufficiency of investment resources allotted, these being the main factor contributing to economic growth, a situation when the increase of this allocation is appreciated as being one of the state’s priority tasks.  

Keywords:  financial discipline; economic growth; fiscality; taxes; VAT

JEL Classification:  E62, H21

Pagination:  263 – 271

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Author(s): Vancea Mariana

Abstract:  The purpose of this paper is to analyze the mergers and acquisitions waves that marked the European Union and to emphasize specific characteristics of each period. Thus, we focused on the periods characterized by a significant increase in the number of operations, concentrated in a short period of time. United States have experienced six waves of mergers and acquisitions while in Europe they were less pronounced until the ’60s, when increasing interdependence of economies favored concentration movement. The year 1986 marked the construction of the Single Market and for that reason the wave of mergers and acquisitions that Europe experienced in the late 80s (1987-1991) represented, in fact, the first truly European wave. The next M&A (mergers and acquisitions) wave took place in the late 90s (1997-2000), the last wave began around 2003 and ended quickly, in 2007, with the outbreak of the financial crisis. Thus, the objective of this paper is to reveal how the mergers and acquisitions activity in the EU evolved during these waves. At the European level, the introduction of Euro, globalization, technological innovation, deregulation and privatization, low interest rates, financial markets boom and existing liquidity led to an increase in mergers and acquisitions activity. We analyzed the evolution of M&As in the European Union, both of the national, community, and international ones. We compared M&A activity in new Member States and old Member States, and we presented some sectoral aspects. The data presented in the paper can shape the new profile of the global economy. Thus, the United States no longer have absolute supremacy in terms of mergers and acquisitions. EU firms have become important players in the global market of mergers and acquisitions. This paper is based on a systematic, logical, and comparative analysis of scientific literature and of the statistic data provided by the European Commission and UNCTAD referring to mergers and acquisitions. Thus, we used as a research method the qualitative approach in order to analyse the European Union M&A activity.

Keywords:  mergers, acquisitions, waves, European Union

JEL Classification:  G34

Pagination:  272 – 283

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Abstract:  In this paper we shall study the evolution of the Romanian macroeconomic stability in the period 2005-2012. This analytical research is based on secondary data provided by the Romanian National Institute of Statistics, as well as by EUROSTAT, and these data will be introduced in tables, based on which we shall draw up charts to help us make a correct image of the studied phenomena. In the end, we shall use a certain kind of chart – the macro-stabilization pentagon – which will give us the measure of macroeconomic stability at the level of our country, during the considered period. The results of this endeavour will serve to all those who want to know to what extent Romania has had a stable economy in a period marked by the economic crisis wherefrom it hasn’t fully detached yet. However, in the part designated to conclusions, we shall observe that the year 2012 has positive characteristics, from the economic point of view, the surface of the macro-stabilization pentagon afferent to this year benefiting from a significantly more emphasized regularity than the other studied years.

We will use during the paper the following economic indicators: budgetary deficit, current account deficit, inflation rate, unemployment rate and gross domestic product growth rate. With the values of all these indicators we will compile some tables and, subsequently, charts for every one of them and after that we will use the economic macro stability pentagon, in order to find out if the Romanian economy recovered after the economic crisis.

We were suggested to the idea of this approach manner by two books: FinanÈ›e publice (Iulian Văcărel coord., 2003) and ReflecÈ›ii economice – ContribuÈ›ii la teoria macrostabilizării (Mugur Isărescu, 2006). In these books we found references to the particular chart – the macro stability pentagon. In the final part of this paper we will try to use this chart to make an image of the overall economic behaviour of our country.

Keywords:  budgetary deficit, current account deficit, inflation rate, unemployment rate, gross domestic product growth rate, macro economic stability

JEL Classification:  A10, E63

Pagination:  287 – 295

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Abstract:  In this paper the authors show how performance analysis using the local government financial rates. Such developments are analyzed performance of North-West region of Romania and counties components, using indicators such as ROE, ROA, ROTA and others.

Keywords:  Return, Assets, Equity Investments

JEL Classification:  H72

Pagination:  296 – 304

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Abstract:  This paper is an attempt to correlate fiscal problems with financial reporting accounting regulations, a correlation regarded in terms of financial audit. The subject of the present paper is an interdisciplinary one and it requires the understanding of three types of regulations, namely: fiscal regulations (The Fiscal Code), national and international accounting regulations  (the accounting law, including the adjustments to date carried out through the Order of the Ministry of Public Finance 1286/2012and the International Accounting Standards – IAS), the International Financial Reporting Standards (IFRS)and the regulations of the National Securities Commission regarding the reporting concerning the financial statements of the entities quoted on the regulated securities market.

The purpose of the paper is to synthetize the most important aspects of the financial reporting procedures in the conditions of applying for the first timeof the regulations contained in the International Financial Reporting Standards and the emphasis of the main procedure problems generated by the reporting process.

The main source of the synthesis of the problems suggested comes from the synthesis of information and results of the audit activity of such financial statements and their comparison with the regulations in the field and the experience presented in the literature in the field.

The result of the regulations’ compliance with the new procedures needed in the reporting process for the first time in the IFRS conditions is capitalized in procedures defined by the national legislation and by IFRS, necessary for the compatibility of financial information for the public entities and, in the same time, procedures   adjusted for the auditing of such financial statements.

The implications of settling out such procedures target the practical activity of preparing, publishing and auditing financial statements.

In what follows, the author is trying to synthetize the problems in a procedural manner and to solve these correlations in a procedural manner necessary for the first steps in the application of the IFRS and, also, the author made his own financial statement auditing procedures of such patrimonial entities.

Keywords:  taxation, accounting, reporting standards, financial position.

JEL Classification:  H30,G18

Pagination:  305 – 309

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Author(s): Mukhopadhyay Debasis, Karmakar Asim Kumar

Abstract:  The global financial meltdown and consequent economic recession in developed economies have clearly been major factor in India’s economic slowdown. Given the origin and dimension of the crisis in the advanced countries, which some have called the worst since the Great Depression of the 1929, every developing country has suffered to a varying degrees, depending on their exposure to sub-prime and the related assets. No country, including India, remained immune to the global economic shock.

 The crisis surfaced around August 2007 with the sudden revelation of the risky and illiquid nature of many sub-prime mortgage instruments and with  bursting of the bubble in the sub-prime mortgages in the US as reflected in the credit markets. Eventually, the sub-prime crisis had affected financial institutions in the US, Europe and elsewhere including the shadow banking system fostered by investment banks, broker-dealers, hedge funds, private equity groups and structured investment vehicles ( SIVs), money market funds, non-bank mortgage lenders and in the process, had caused, within a few months, a huge financial meltdown, a string bankruptcies and a sharp global imbalances and slowdown in practically all industrialized countries. This enormous shock reflecting the growing integration of financial markets internationally in the chain of payments — what Trichet, one of the central bankers of Europe called financial psunami — with unprecedented virulence reached Europe on 9 August, causing the European financial markets to seize up.    The collapse of the Merrill Lynch and Lehman Brothers in Mid-September 2008 further aggravated the situation leading to the crisis of confidence in the financial markets and, as the Reserve Bank of India ( RBI ) Governor D. Subbarao (2009) had rightly pointed out  that from three channels: the trade channe l( affecting the capital and current account of balance of payments), the financial channel and the confidence channel, it arose. The resulting uncertainty cascaded into a full-blown financial crisis of global dimensions.

India could not insulate itself from the adverse developments in the international financial markets, despite having a banking and financial system that had little to do with investments in structured financial instruments carved out of sub-prime mortgages, whose failure had set off the chain of events culminating in global crisis. The feedback effect of the crisis on the Indian economy was not significant in the beginning. The initial effect of the sub-prime crisis was, in fact, positive, as the country received accelerated Foreign Institutional Investment (FII) flows during September 2007 to January 2008. This contributed to the debate on “decoupling hypothesis,” where it was believed that the emerging Asian economies, especially the larger ones like China and India could remain insulated from the crisis and provide an alternative engine of growth to the world economy in moderating the global downturn and paving the way for a worldwide recovery in a year or so.  It was also believed and there were also arguments that the “strong” domestic financial sector of these economies would be capable to be remain immune to shocks from the international financial system.  The arguments soon proved unfounded as the global crisis intensified and spread to the emerging economies through different channels– one such important channel is capital and current account route of the balance of payments (BoP ). It is worth mentioning that with the recent drive of the government towards capital account convertibility through gradual relaxation of the capital account transactions and the more and more close integration of the domestic economy with the global financial markets, the first memorable impact of global crisis was on the country’s capital inflows, especially on  external commercial borrowings (ECB ) and FII .Almost   immediately after the crisis surfaced , net ECBs and FIIS registered a sharp decline between October and November 2007, from$3.6 billion and $5.7 billion to $2.2 billion and minus $1.6 billion, respectively.

 In the above backdrop the present paper expresses some facets of the global crisis, including its impact on some sectors of the Indian economy. In Section II, we discuss the macroeconomic explanation of the crisis along with the severity of the crisis spread over European countries.

Keywords:  Global meltdown, Bubbling effect

JEL Classification:  G01, G15

Pagination:  310 – 330

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Author(s): NAN Anca-Petruta

Abstract:  In spite of the development possibilities, the agriculture in Romania is becoming a risky environment, because of the extreme weather events but also because of the lack of organization and the lack of involvement of the authorities in diminishing their effects. We can say that the performance of this sector, as well as its efficiency, depends directly of the competence of the government, the agricultural producers and the insurance agencies to reduce the specific risk for which is necessary a constant level of investment. The most used method in reducing the agricultural risk is multiple insurance, but, this insurance product does not benefit of the attention that it is worthy of, mainly because of the reduced level of income from the rural area as well as the  deficient infrastructure. The high level of complexity of harvesting agricultural exploitations, the breeding of animals as well as the conditions in agriculture has made the evolution of activities in this domain to be increasingly harder, reason why there is a search for new options to reduce/eliminate risks at which the agricultural producers are exposed to namely the proposal of implementing insurance based on indexes. The purpose of the study consists of presenting a new tool in view of developing agriculture and agricultural insurance, thus new tools are being added to the ones and they bring two new attractive characteristics namely they eliminate many of the existent problems in traditional insurance of agricultural crops (moral hazard, adverse selection, bigger costs of transaction), making them more viable and less dependent on public subventions, thus being a new and useful instrument which is being added to the instruments that the Romanian government has at its disposal to manage the risks in agriculture better and more efficiently. Insurance based on indexes can help at avoiding the unwanted risks specific to this sector. This, combined with other improved instruments of managing risk, either ex ante (better irrigation systems, better adapted breeds, better plans for flood prevention, better counselling services) or ex post (improvement of offered services from insurance agencies) are powerful instruments for efficient managing of risks in agriculture.

Keywords:  agricultural insurance; insurance based on indexes; agriculture

JEL Classification:  G10; G22; Q14

Pagination:  331 – 338

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Author(s): Oprean Delia, Podoaba Lucia

Abstract:  This paper continues our scientific and practical research. The analysis of information collected, along with specialists opinions represent our positivistic research methodology used. Analysis the time evolution of the rate of return specified for private and voluntary pension funds, investment structure, the economic dependency ratio, the number of employees compared to that of pensioners represent research strategies used (comparative and longitudinal). The hypotheses regarding causal relationship between specific variables private and voluntary pensions are determined causative (to explain the reasons and effects of the studied phenomenon), due to the desire to understand the current reform measures in this area, established by the involved stakeholders. Qualitative treatment of the phenomenon studied allowed us to obtain the relevant conclusions and proposals, required by practical viability and sustainability of the pension system in Romania.

Keywords:  private pensions, investment, employment/employee, reform

JEL Classification:  J32, O16, J21, P41

Pagination:  339 – 348

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Author(s): Becsky-Nagy Patricia

Abstract:  As part of a research about Hungarian academic start-ups, I made a survey examining part of the answers of a long questionnaire created for the whole research filled in by academic spin-offs of most important Hungarian universities.

The study is structured as follows. First I present the most important operational information on university spin-off companies taking part in the research. Then I give an insight to the details of financing spin-offs, thoroughly analyzing institutional and informal venture capital and the role of funding opportunities – tenders. I examine which financing resources dominate in academic spin-off companies in various phases of life-cycle (seed, startup, other early or expansion stage).I am interested in whether venture capital playes it’s classic role (financing fast growing high-technology small firms) or not and what the reasons according to the spin-off companies ) are. I examine how tenders influence the growth of Hungarian spin-offs, and what the most important of the companies about tenders, including barriers or positive indicators.I present the experiences of spin-offs in the fiel of the three mentioned financial resources, and try to answer what kind of changes to subserve venture capital financing Hungarian spin offs would be needed.

Keywords:  venture capital, spin-off

JEL Classification:  G24

Pagination:  351 – 360

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Author(s): Droj Laurentiu, Droj Gabriela

Abstract:  The extension of the European Union with the last two “waves” of new members in 2004 and later in 2007 brought new opportunities for the countries in Eastern Europe, especially those linked with the usage of European funding to support public or private investments. It is obvious that “effective utilisation of EU support can foster the success of economic performance”(European Commission, 2009). Financing investment projects proposed by the SMEs can be realized through several financial programmes, especially those established under the European Regional Development Fund (ERDF). In order to be approved investment projects must comply with the requirements of the financing program especially those related to a proper realized Cost Benefit Analysis (CBA). A major emphasis within the CBA consists from sensitivity and risk assessment modelling. Sensitivity analysis aims to identify those variables / risks that may impact during project development and operational period and may lead to failure of positive factors leading to significant change in the financial and economic profitability of the project. Sensitivity analysis used to measure consider identifying risk factors that have the greatest influence on the net present value in general, and in particular on EU-funded projects, the financial and economic rates from financial modelling to analyse cost-benefit analysis (CBA) (including rate gap financing for investment projects where required) and indicate their impact during project cycle reg. Sensitivity analysis can help identify poor design choices and can highlight the need to obtain further information on certain variables (European Commission, 2008). Regarding this, the current paper has as its main objectives the analysis of the decision system for approving an EU funded project. The secondary objective is to analyze the proposed indicators within the sensitivity and risk assessment system which are used for selection of investment projects. The analysis is made using as a case study an investment project developed by Romanian companies. Both approaches of sensitivity analysis: deterministic and stochastic analysis, were tackled within the paper. As final conclusions of this paper we will demonstrate the theoretical and practical role of cost-benefit analysis – sensitivity and risk assessment to select the best applications that will be proposed for funding under the European grant programs.

Keywords:  Sensitivity analysis, Cost benefit analysis, OFAT, Risk analysis, European Regional Development Fund, Monte Carlo Simulation

JEL Classification:  G17, G21, F35, O16, H43, C63, C61

Pagination:  361 – 371

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Author(s): Droj Laurentiu

Abstract:  Since the start of the European Union Structural Funding Programs 2007-2013, especially those focused on financing investments proposed by private companies, a big change seems to be taken place. Large numbers of companies have applied for grants within these programs and especially for funding under the European Regional Development Fund (ERDF). But after the initial enthusiasm and initial success reported by both the Management Authorities and private beneficiaries big issues have aroused regarding lack of financial resources for co-financing to support investments or expenditures in the initial stages funding the project. Under this context the banking sector was called for support and was expected to be heavily involved in ensuring external financing. This was not as initially predicted. A big concern came from the fact that the projects, even if achieved excellent scores on the technical evaluation from the management authorities, had huge problems in receiving even basic approval from the banking system. Since it seems that most of these inconsistencies are derived from the evaluation phase of projects this study tries to focus on establishing an equilibrium between banking analysis indicators and the scoring system used by the European Union management authorities. Identifying  common criteria used for selection of good sustainable projects to be funded within European Structural Funds constitutes a big challenge for the management authorities and for the banking institutions as well. The applicants must realize financing application based on a set of indicated criteria. In order to achieve financing, these entities learned to modulate their financial indicators and their business plans according to the requirements. But a large number of already approved projects by the ERDF managing authorities found themselves in impossibility to comply with banking standards as well. Correlation of both European Union and banking system criteria, especially the Cost and Benefit Analysis Indicators with the banking financial indicators could be a great solution to current challenges: making the projects proposed for financing bankable, also, and thereby increase the absorption capacity of the beneficiaries. To solve this problem the current study proposed the creation of a mixed scoring assessment system containing 15 indicators for which were established various evaluation values. The main goal of the system was to fulfil both the evaluation criteria of European Union management authorities and the creditworthiness criteria used by the banking sector. In the final stage of this paper the assessment system was tested over a number of 50 Romanian companies, which were selected for European financing.

Keywords:  financial analysis, Cost Benefit Analysis, European funding, selection system, bankability, European projects

JEL Classification:  H43, G30, G32, C61, G17, G21

Pagination:  372 – 381

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Author(s): Herczeg Adrienn

Abstract:  Analysis of capital structure of corporations is a key issue of economics and the effect of its fluctuation can be observed on several fields of the life of corporations. It wields influence shall I say the competitiveness of the sector, property status or financial and profitability situation of corporations, effectiveness of management, market value of the company as well as the expectable output rate of equity for owners. My empirical analysis is based on data containing 5 manufacturer enterprises from Hungary between 2009 and 2011. To substantiate my aims, during my research in the scope of a technical literature processing I reviewed the most important parameters of the fluctuation of financing, fund- and capital structure, especially considering their agricultural references. I cared especially the followings: financing and the system of the sector supports, thus reviewing: root causes of lack of capital in agrarian sector, connection between capital structure and profitability of the sector. I demonstrated capital structure theories considered to be the most important also in a technical literature processing, emphasizing their practical materialization, thus proving the fact that up to this day there is no existence of an accepted ruling theoretical trend for defining development of an optimal capital structure. With regression calculating I searched the volume of influence of chosen indices of capital structure on financial and profit situation of corporations, in addition I studied which variant of those that take a part in development of capital structure, should be in functional relation with profitability indices. I try to assess the reasons of the changes in the structure of resources of enterprises in order to find the determinants effecting the capital structure. Furthermore, I determine the capital structure with that profit running could be achieved in the most effective way. As a result of my review I can state, that the capital structure proportions take serious effect on the fluctuation of profitability  and I defined a proportion of foreign capital and own capital which if reached or exceeded, may lead to operation producing deficit.

Keywords:  manufacturers, capital structure, liability, profitability

JEL Classification:  M40

Pagination:  382 – 389

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Author(s): Pirtea Marilen, Nicolescu Ana-Cristina

Abstract:  Very much research has been developed into debating what caused the global financial crisis and the possible solutions for avoiding a future one. Therefore, concern with governance issues and their focus has increased dramatically in recent years. An effective corporate governance requires supervision and stability of the authority and rights and also obligations of shareholders, stakeholders, and civil society altogether. Corporate governance cannot be considered a fixed number of regulations and procedures, but an innovative process by which the most crucial decisions in companies are managed, values and cultures are redefined, and the leaders are assessed. The governance of banks can be assessed in the same way as the corporate governance of any type of organization because the supervision of banks depends and is coordinated by the internal control bearing factors, which sometimes can lead to a bank default. The purpose of the case study is to examine the existence and regulations compliance for top ten Romanian Banks (for the year 2011), due to the fact that the banking sector considers the implementation of principles of corporate governance as having a significant importance.

Keywords:  Corporate Governance, Codes of Good Practice, Financial Sector.

JEL Classification:  G34, G39, G20.

Pagination:  390 – 397

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Author(s): Stepanyan Armen

Abstract:  The paper addresses the assessment of major U.S. airlines’ liquidity and solvency based on information disclosed in the statements of cash flows as part of their 10-K Form annual reports filed with the Securities and Exchange Commission. Conducting financial statement analysis for major U.S. airlines has generated deep interest in and a significant importance towards using various frequently used cash flow ratios to gauge U.S. airlines’ viability both in the short term and long term in that cash flow information is more reliable and more revealing. The main purpose of this paper is to gain a thorough insight into the financial performance of U.S. airlines for the last five consecutive years using cash flow information as a supplement to the traditional ratio analysis. For this analysis various cash flow ratios for measuring a company’s liquidity and going concern status are used and described. The paper covers the cash flow analysis for both the legacy carriers (Delta Airlines Inc., United Airlines Inc, American Airlines Inc, Continental Airlines Inc., US Airways Inc) which had been founded before the passing of the U.S. airline deregulation act in 1978 and two major low-cost carriers (Southwest Airlines Co. and JetBlue Airways).  All cash flow ratios for the selected U.S. carriers have been calculated based on information from their three main financial statements: the balance sheet, income statement and the statement of cash flows for the period from 2007 to 2011.The U.S. airline industry has been significantly affected by the recent economic crisis and skyrocketing jet fuel prices. Therefore, the results of the cash flow analysis show that for the most part selected U.S. airlines have liquidity problems and are likely to face financial difficulties in terms of meeting ongoing financial commitments in the long term which, in fact, explains why major U.S. airlines are highly leveraged being dependent on external sources of financing. The paper may be useful for those who have interest in financial statement analysis.

Keywords:  Cash flow, ratio analysis, financial statement, earnings, liquidity, airline industry

JEL Classification:  M41; M20

Pagination:  398 – 408

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Abstract:  The present paper tries to cast some light on the origin of the financial and banking crisis. Firstly, it emphasizes the changes made by the central banks in order to achieve better regulation and supervision of the banking system. Secondly, it attempts to answer the questoin whether the financial crisis could have been foreseen. Last, but not least, it offers an overview on the characteristics of a substandard credit.

Keywords:  financial crisis, banking panic, substandard loans

JEL Classification:  G21

Pagination:  411 – 420

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Abstract:  Scope of the study: The study would try to throw some insights into the existing services provided by the banks and the gap between the customer expectations, perceptions and the actual state of performance. The results of the study would be able to recognize the lacunae in the system and thus provide key areas where improvement is required for better performance and success ratio.

Research Objectives:

-To find out the level of expectation and the level of perception of the customers from the services offered by the banks.

– To compare the level of perception and expectation of the services offered by the banks.

– To know which service quality dimension the bank is performing well and in which dimension it needs improvement.

-To address the importance of improving service quality in the banking industry.

This study was structured in two directions: identify expectations of customers before using the services of Banca Romaneasca and their perception about the quality of banking services after becoming bank customers.

Data collection was obtained using questionnaires and the collected data were summarized in a summary of the results grid, applying then calculations and analysis on them. They showed such attitudes, opinions and perceptions of customers about the quality of services are offered by Banca Romaneasca, and then were formulated recommendations clear and immediate on the quality of customer service provided to adapt SERVQUAL dimensions to the socio-cultural context specific to the Romanian banking market.

A questionnaire was developed to identify underlying dimensions of bank quality and to asses consumers’ perceptions of the importance of each of these dimensions.

Hypothesis-  H0: There is a statistically significant difference between perceptions and expectations of Banca Romaneasca customers.

The results of the service quality analysis show that reliability and empathy are the two most critical dimensions of service quality, and they are directly related to overall service quality.  

Keywords:  SERVQUAL, dimensions, Tangibles, Reliability, Responsiveness, Assurance, Empathy

JEL Classification:  G21, M31

Pagination:  421 – 429

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Abstract:  In recent years, organizations are obliged to render more services in addition to their offers. The quality of service has become an aspect of customer satisfaction. It has been proven by some researchers that service quality is related to customer satisfaction. Others used service quality dimensions to evaluate service quality. The main purpose of this study is to examine the relationship between customer satisfaction and service quality in service sectors with respect to the service quality dimensions.

Customer satisfaction has been a subject of great interest to organizations and researchers alike. The principal objective of organizations is to maximise profits and to minimise cost. Profit maximisation can be achieved through increase in sales with lesser costs. One of the factors that can help to increase sales is customer satisfaction, because satisfaction leads to customer loyalty (Wilson et al., 2008), recommendation and repeat purchase.

Romanian banking system can be characterized as a dynamic business environment in which banks encounter considerable difficulties to increase or at least to maintain market share. Increasing the number of banks led, on the one hand to increased competition, and on the other hand has increased standards that banks must meet to gain a net advantage in this area.

Competition between banks is a factor that generates increasing demands from customers, putting pressure on management. People everywhere are now more and more access to information, both quantitatively in terms of sources and in terms of quality, so it is expected that banks working together to meet the needs where when and how they want. Otherwise, customers are willing to make changes, and the bank risks losing its market share for competitors.

Considering all of this, the main concern of credit institutions in Romania should be to maintain a portfolio of clients. Long-term cooperation relations between a bank and its customers is the proof of that bank\’s efforts in providing quality services that meet consumer demands.

Keywords:  Customer satisfaction, Service quality, dimensions, SERVQUAL, service sectors, competition

JEL Classification:  G21, M31

Pagination:  430 – 439

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Author(s): Percic Stanislav, Apostoaie Constantin-Marius, Chirlesan Dan

Abstract:  This research aims at performing an econometric analysis on the credit cycle and business cycle from a comparative perspective, with a focus on ten developing and advanced economies from the area of Central, Eastern and South-Eastern Europe, in order to better understand their behaviour and the impact of the interactions between them. To achieve this aim, the study focuses on two strategic objectives: a) on the one hand, it analyzes the short-term dynamics (from one quarter to the other) of the relationships between credit expansion and economic growth in order to better grasp which variable influences the other; and b) on the other hand, the research investigates the cyclical components of the data sets (after extracting them from the real GDP and the total volume of credits given by the banking system to the non-governmental sector), i.e. it performs statistical analysis on the medium-term relationships between the business cycle and the credit cycle for each of the ten European economies. The findings revealed in the first phase of the investigation that we cannot speak of a relation of unidirectional causality between credit expansion and economic growth across countries (not even across geographical regions). In Bulgaria, Latvia, Lithuania and Slovenia, economic growth had an important influence over the crediting activity, thus “guiding” it, whereas in the case of Poland, Romania and Slovakia, Granger-type causality relations were registered from the crediting expansion process towards economic growth. The second part of the investigation revealed that sometimes the credit cycle seems to be independent from the business cycle, manifesting an amplitude, a synchronicity and a volatility that is different from and superior to that of business cycle in all the analyzed countries (“having a mind of its own”). Moreover, there is evidence of important spill-over effects of the credit activity across banking systems at national and regional level thus confirming the international feature of the credit cycle.

Keywords:  credit cycle, business cycle, unidirectional causality, amplitude, synchronicity

JEL Classification:  C01, C19, C29, E30, E32, E51

Pagination:  440 – 450

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Author(s): Tarnaczi Tibor, Kulcsar Edina

Abstract:  Nowadays, the most dominant characteristics of the financial environment are instability, variability, riskiness and uncertainty. It is difficult to find a field where the decision making process is risk-free. This statement is especially true in case of financial investments according to which risk taking is rewarded. But it is also true that the financial market participants cannot be completely avoided risks, but there are many options for managing and minimizing them. One of the most well-known theories of financial instruments’ risk minimization is the modern portfolio theory, which is the collection of tools and techniques by which a risk-averse investor may construct an optimal portfolio. In portfolio theory it is also known the possibility of risky assets diversification to obtain the optimal return/risk ratio. Consequently, this paper aims to examine the efficient portfolio alternatives by determination of performance ratios based on CAPM model and modern portfolio theory, such as Sharpe ratio, Jensen’s alpha and Treynor ratio and risk measuring methods, such as Value at Risk, or Expected Shortfall. In present research we concentrate to a comparative analysis of portfolios consist in main stock indices shares of two neighboring countries from Central and Eastern Europe: Hungary and Romania. The analysis was performed on the Romanian BET and Hungarian BUX stock market indices using the six-month daily closing prices. Data of the analysis were downloaded from the official websites of Romanian and Hungarian stock exchanges. The statistical analysis was made in R statistical system. Using such tools to uncover information and ask better questions will support the investors to make better and better investment decisions. The results of present research show a greater performance level for Romanian portfolio, but also a higher level of risk, with lower volatility toward market changes and major specific risk. For the Hungarian portfolio, the performance is more temperate, the level of risk is also smaller and the volatility to market factors is more relevant, so the specific risk is moderate in this case.

Keywords:  diversification, portfolio theory, risk, efficient portfolio, return, performance analysis

JEL Classification:  G10, G11, G12, G19

Pagination:  451 – 462

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Author(s): Tesu Ramona Vasilica

Abstract:  The present article has as a research field the theoretical, methodological aspects of the bank’s capital adequacy mechanism, according to Basel Agreement. The purpose of this paper is to underline the main challenges of the bank’s capital adequacy. The study reflects that the current global financial turmoil continues to pose a threat to the effectiveness of the Basel rules which are aimed at achieving global financial stability. Also, the present paper aims to reflects that in light of the Basel Accord, new and potent ally better financial ratios are being developed to prevent future banking crises from happening.The objectives of the research theme, presented in this paper, are oriented mainly towards:  understand the role and importance of capital in a bank’s balance sheet and identify the composition and relative importance of the different measures of capital from a regulatory perspective (Core Capital, Tier 1 Capital and Tier 2 Capital); know the structure of the Basel Accord (minimum capital requirement, supervisory review process and market discipline) and the key principles of each; be aware of the enhancements to the Basel Accord from Basel III and interim amendments. The Basel III introduces paradigm shift in capital and liquidity standards. Firms should ensure they are engaging with Basel III as soon as possible to position themselves competitively in a new post-crisis financial risk and regulatory landscape. The National Bank of Romania offers to its users, information’s’ regarding the challenges to the bank’s capital adequacy through the Reports of Financial Stability and the Annual Reports. The present research is based on a deductive approach – strictly qualitative. For analyzing all the data I used the following research methods: comparative method, document analysis, external observation. I choose this subject for scientific reasons and realistic reasons. A result of this research tries to highlight the extent to which the final structure of capital bank, the requirements of capital banks. If we compare the analyses challenges of the three Accord Basel, we can see that the relationship: Capital requirement under Basel I < capital requirement under Basel II < capital requirement under Basel III.

Keywords:  Bank’s Capital Adequacy, Basel Accord I,Basel Accord II, Basel Accord IIITier 1Tier 2.

JEL Classification:  G21

Pagination:  463 – 471

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Author(s): Trenca Ioan, Petria Nicolae, Dezsi Eva

Abstract:  This paper represents a theoretical enquiry in contagion and its transmission mechanism. Our main purpose in to present the different views regarding contagion as a mechanism, correlated with interdependence, a state of markets. We present numerous theories about the definition and the transmission of shocks. But As Rigobon (2002) states, the main problem of the theoretical literature of contagion is that the measurable events are more rare that the number of possible hypothesis. So the only aspect on which everybody agrees is that there is no unanimously accepted interpretation of contagion. The channels of contagion, according to our reasoning and based on the directions pointed out by theoretical literature, can be divided into channels which act in interdependent markets, and channels which can be attributed to investors behavior. In this case the cause of propagating the shock becomes the criterion upon which the transmissions of channels are classified. In this paper we present these channels together with their characteristics.

Keywords:  Contagion, Spillover Effects, Interdependence, Transmission mechanism, Stock markets

JEL Classification:  G01; G15

Pagination:  472 – 482

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Author(s): Belenesi Marioara, Bogdan Victoria, Popa Dorina

Abstract:  Our interest in this subject resides in the need to understand the new meanings of accounting and financial reporting considering that the importance of knowledge-based assets is increasing. Therefore, we have been interested in understanding some of the defining and essential aspects of a knowledge-based economy and we have tried to identify one of the Romanian industries, most marked by knowledge and intellectual capital and, in the end, we wanted to point out the main features of an accounting in knowledge-based economy. One of this paper’s objectives is to carry out a study at the macroeconomic level regarding the ICT Industry, a valuable element of knowledge-based Romanian economy, in the last half decade as well as of its constituent sectors: Telecommunications, Software and IT services and Hardware and electronics. The information contained in this study is based on the annual analyses of the Institute for Computer Technology, which, in its turn, is mainly based on processing the balance sheet data of the firms in the ICT industry in Romania and, also, information communicated by companies or provided by public institutions like NIS, NRB and NCA. The study is framed within the area of quantitative research, in a preponderantly inductive approach, using interpretative methods in order to understand the effects of economic conjunctures on the ICT industry, a knowledge-based industry, as a constituent element of a knowledge-based economy. We have noticed that the Telecommunication sector is the most unfavourable evolution during the entire length of time valuated, generating a negative influence. Even since 2007-2008, which corresponds to the economic boom, the growth recorded until then was attenuated. The slight increase of several indices (turnover and the production sold – returns form services, more exactly) and the slight reduction of the other indices part of the analysis (added value, export, number of forms and personnel) are the result of telephone market saturation, competition increase and the continuous tax reduction. The following years corresponding to the time of economic contraction negatively affected the evolution of the Telecommunication sector.

Keywords:  knowledge based economy, accounting, ICT industry, Romania

JEL Classification:  M41, D83, O11

Pagination:  485 – 497

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Author(s): Bogdan Victoria, Popa Dorina, Belenesi Marioara

Abstract:  The first objective of the paper is to carry out a retrospective of the literature written on the topic at the national level, yet especially at the international level regarding the aspects of accounting in knowledge based economy, starting from concepts such as knowledge, typology and the role of knowledge, knowledge based economy and the characteristics of accounting in knowledge economy. In order to review the literature in the field, we used the quality research with a descriptive-conceptual perspective of a fundamental type, according to the deductive method, starting from concepts and theories existing at the level of knowledge based economy and the accounting used in this new economy. The paper has also in view the drafting of a study at the macroeconomic level, regarding the evolution of ICT Industry in Romania in the last half of decade, a period in which the economy and its sectors have been seriously affected by economic imbalances. The study is framed within the area of quantitative research, in a preponderantly inductive approach, using interpretative methods for the understanding of the effects of economic conjunctures on the ICT industry, a knowledge-driven industry, as a component part of a knowledge-based economy. The collection of data has been made by accessing the webpage of the Institute of Computer Technology through an IT programme installed on a personal computer which has allowed the downloading of files in an intelligible format. The data presented in these have been retained and processed simple arithmetic calculus: data processing was made with tabular calculus. After collecting and processing the primary data, the results have been analysed quantitatively, both as absolute and relative sizes and as evolution in time, by graphically representing them. The second objective refers to the analysis of traditional accounting model versus the knowledge based accounting model, emphasising the limits of the traditional model and outlining several orienting directions for the knowledge based model.

Keywords:  knowledge, knowledge based economy, accounting, ICT industry, Romania

JEL Classification:  M41, D83, O11

Pagination:  498 – 511

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Author(s): Burja Vasile

Abstract:  Abstract. The value creation is the major objective of companies’ functioning. It aims at meeting the general interests of stakeholders. The shareholders are directly interested by value added as they can recover the investments made and obtain the expected profit. Managers and the other employees are motivated through certain salary incentives to act for creating value. The general interest of national economy to increase the value created is due to the fact that this indicator is the main condition for raising the standard of living and quality of life.This is why, the analysis of economic value added created by companies and identification of factors which can influence it, is an important element in the process of substantiating the managerial decisions and investments options. There are different methods that can be used to measure the companies’ performance in the process of value creation but sometimes they provide contrary or partially information. The paper presents the indicator Economic Value Added which can be used both to substantiate the strategic and operational decisions and assess the results of their implementation. The case study presented in the paper is a theoretical and practical tool to analyze this indicator and evaluate the influence factors that determined its manifestation. The findings highlight some directions to act for increasing the Economic Value Added according with the stakeholders’ interests. The paper contributes in a theoretical and practical way to academic debate through proposing an analysis model which is based on the DuPont equation. Information provided by it, constitutes important arguments to shift the traditional view of appreciating performance with profit, in favour of adopting a value created oriented corporative philosophy, which concerns the cost of all capital sources. The management based on economic value added allows increasing performance through the re-modelling of the internal and external investment portfolio, and optimizing the financial structure by minimizing the weighted average cost of capital. However, it does not exclude traditional policy, based on maximum turning to account of internal reserves that influence economic results (decrease of costs, production increase, increase of inventory rotation speed etc.).


Keywords:  economic performance, Economic Value Added (EVA), cost of capital, stakeholders� interests

JEL Classification:  G11, G12, G31, M21

Pagination:  512 – 522

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Author(s): Tamasne Orban Ildiko

Abstract:  In the process of the European Union enlargement, experts felt an increasing need for the harmonization of existing systems and the adoption of practices used in the EU countries. Hungary intended to meet the requirements stated by the European Union by introducing, among others, the EU directives, the FADN (Farm Accountancy Data Network) agricultural data network, and the System of Agricultural Accounts as well. Despite the efforts towards rapprochement between accountancy systems and the harmonization of information systems, a judgement of enterprise performance and the practice of income calculation and profitability analysis show great differences in many aspects between the member countries. Considering that financing and profitability problems of enterprises are very important questions in the economy, I regard a comparison of income calculation methods of agricultural enterprises used in some EU countries essential. Regarding the above mentioned situation, the general aim of the paper is to introduce and compare analysing methods used in some EU countries, such as Great-Britain, the Netherlands and Hungary. In the course of comparing income calculation practices and methods in the European Union, first I have briefly examined the reporting system of these countries, and next the formats of profit and loss accounts follow together with the patterns of profit and loss calculation and income categories used in the FADN system for the analysis of agricultural activities in the different countries. After all, in the purpose of getting extra information I have taken into consideration the opportunity cost as well. After reviewing the elements, methods and systems about income calculations, I try to find answers to the following questions: Are there differences between practices of EU member states despite a seemingly unified European regulation system? If there are differences, will the shown incomes be of different volume?

This paper is mainly a theoretical issue which aim is to create the basis for an other, empirical, calculation-orientated research.

Keywords:  methodology, income, FADN, profit and loss statement

JEL Classification:  M41

Pagination:  523 – 529

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Author(s): Hada Teodor, Marginean Radu

Abstract:  This study aims to elucidate and to exemplify an important technique for assessing the economic entities, namely the fundamental analysis of the balance sheet, in several significant aspects. The analysis of financial data reported in the balance sheet are, for an economic entity, the basis of a principle diagnosis by determining specific indicators of economic and financial analysis. This analysis aims to provide an insight into the company’s financial position. The stated aim of this study is to highlight the usefulness and necessity of the Balance sheet analysis as the first step for the good financial management of an enterprise.

The analysis in this paper is based on an updated and specific bibliography of economic and financial analysis, which, by using real data, interprets computed indicators on the main balance sheet items. Thorough analysis is then followed by financial stability assessment expressed by calculating and interpreting the Working Capital and finally by studying the rates of financial profitability (ERR, return on equity and return on assets). The case study research is dynamically conducted over a period of four years and it substantiates a diagnosis on the company’s financial condition background and thus, we conclude that our analysis may reveal a true picture of the financial position and stability of an economic entity, resulting the importance and usefulness of studying the balance sheet.

Keywords:  balance sheet analysis, economic and financial analysis, working capital analysis, financial rates of return

JEL Classification:  M41, G32

Pagination:  530 – 539

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Abstract:  The International Public Sector Accounting Standards Board (IPSASB) has released in June 2012 a Consultation Paper (CP) entitled “Public Sector Combinations” (PSCs) to initiate discussion on the possible accounting treatment for these events. The purpose of this paper is to examine and to provide an overview, regarding the reactions of various categories of preparers, users, auditors, standard-setters and other interested parties to this CP. The research involves a qualitative approach based on the detailed examination and the content analysis of twenty six comment letters that are collected from the official website of the IPSASB. To this end, we analyse the answers to seven specific matters for comment (SMCs) and nine preliminary views (PVs). This research shows that the proposals generally encounter favourable reactions by the different organizations around the world. Most of the respondents that provide general comments support the need for guidance in this area and provide specific comments for improvement. However, some differences of opinion between respondents have been detected. Furthermore, respondents from France are not satisfied with the provisions of the CP and suggest that the text should emphasize on amalgamations. Another three respondents are of the view that transactions between public sector entities (PSEs) cannot be likened to commercial transactions and recommend the IPSASB to explore more in depth public sector oriented situations. The results of this study indicate that for this standard to be successful, further investigations concerning the PSCs’ theoretical and practical implications are necessary. The importance of this topic, as well as the impact of the IPSASB on the government combinations accounting treatment impose the necessity of examining the feedback of worldwide organizations which are interested on this issue. Thus, this paper is original in that it addresses the problem of a possible accounting treatment for PSCs in the standard development process of IPSASB, emphasizing a significant gap in the literature regarding accounting treatment specific for these events.

Keywords:  public sector combinations, IPSASB, Consultation Paper, comment letters

JEL Classification:  L32, M41

Pagination:  540 – 549

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Author(s): Nicolae Traian Cristin, Pepi Miticã

Abstract:  The financial crisis began on 2008 has led to a debate about the pluses and minuses of fair-value accounting (FVA). This debate presents a new start for fair-value accounting  going forward and standard setters&#8217; push to extend fair-value accounting  into other areas. In our research, we found four important issues as an attempt to make sense of the controversies. First, much of the controversies results from confusions about the issues of fair-value accounting . Second, while there are legitimate concerns about implementations of fair-value accounting , it is less clear that these problems apply to the stipulations of fair-value accounting  in the accounting regulations. Third, historical cost accounting (HCA) is not the remedy. Fourth, although it is difficult to avoid the fair-value accounting  standards per se, implementation issues are a potential concern, especially with respect to litigations. Fair value accounting is used when reliable fair value estimates are available at a low cost and when they convey information about operating performance. The costs of constructing reliable fair value estimates are expected to be a key cross-sectional determinant of the choice between the two accounting practices – HCA and FVA . By shining a bright light into dark corners of a firm’s accounts, fair value accounting precludes the dubious practices of managers in hiding the reality of accounts. Proponents of fair-value accounting argue that the market value of an asset or liability is more relevant than the historical cost at which it was purchased or incurred because the market value reflects the amount at which that asset or liability could be bought or sold in a current transaction between willing parties. A measurement system that reflects the transactions prices would therefore lead to better insights into the risk profile of firms currently in place so that investors could exercise better market In conclusion, we highlight several ways for future researches.

Keywords:  Fair value accounting, Banks, IFRS, Earnings, Financial reporting.

JEL Classification:  G30, M41

Pagination:  550 – 558

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Author(s): Botezat Elena-Aurelia

Abstract:  Entrepreneurial universities have emerged as a consequence of survival in a global competitive environment. It is for that reason change in economic education becomes so important. The aim of this paper is to discuss how well learning-by-doing programs could be used and produce significant and sustainable results in Romanian universities used the results of the implementation of a learning-by-doing program (PRACTeam). The project “The practice of economics students. An inter-regional partnership on the labor market between universities and the business field” (PRACTeam) developed starting from the 1st of October 2010 for a period of three years by three partners working together: the University of Oradea – Faculty of Economics, the West University of Timiºoara – Faculty of Economics and Business Administration, the University “&#536;tefan cel Mare” of Suceava – Faculty of Economics and Public Administration. For students in the second year undergraduate programs, 180 students/year from each of the three Universities partners, time for practical internship is 90 hours, 6 hours / day, during three weeks. Place of internship for students in undergraduate studies is provided by various units (private companies, public institutions, NGOs) under certain partnership agreements, as well as Framework Convention, which specifies the rights and obligations of the parties involved. The internship- units appoint a tutor, who will guide the undergraduate students during the internship, this is do in collaboration with an representant of the university. Methodology-wise the paper relies upon a qualitative research approach that includes interviews with twelve undergraduate students, systematic Observation (using the PRACTeam Selection Sheet and PRACTeam Sheet of practical skills) as well as secondary data regarding knowing and showing what you know. It is anticipated that a quantitative approach could be used for a follow-up work which can test capacity for generalisation of this paper`s findings. Thus it would be interesting to know whether this increase educational effectiveness through ”learning by doing” – basically  it is maintained over time (e.g. in the master studies). What would we expect after completing this program is to determine a change, the undergraduates to be transform. How can we improve learning? One way to enhance “learning” is through “by doing”. If you want the graduates to learn about business, they must be put in situation to see it with their own eyes how it works, or even how it to do. It is a shift from a learning model based primarily on the reproduction of information from one based on producing results using information. In the economic education by including “Learning by Doing” – program PRACTeam, undergraduates are encouraged to prefer the questions, rather than the imperatives: “how to be done?”, instead of  “you must do it!”.

Keywords:  management, change, economic education, learning-by-doing

JEL Classification:  M10

Pagination:  561 – 571

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Author(s): Emanoil Muscalu, Alexandra Stanit

Abstract:  Abstract. The paper aim is to interpret and define the concept of the „knowledge worker” with reference to the context of post-industrial transformation (new economy, information/ knowledge). In the new economy a certain category of specialists, called knowledge-based specialists is emerging. The usual employee works with his hands and produce goods or services. Instead a knowledge worker works with its head instead its hands and produces  ideas, knowledge and information. Terms like knowledge work, knowledge workers, and knowledge intensive firms point to emerging social structures and processes in organisations. This focus allows us to analyse organisations in ways that differ from the notions involving less dynamic forms of organisational configurations.

Keywords:  knowledge, knowledge workers, knowledge economy,organization

JEL Classification:  D83

Pagination:  572 – 580

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Author(s): Florian Gyula Laszlo

Abstract:  Harmonizing organizational strategy with strategy at supply chain level can maximize the overall benefits for supply chain participants. After a discussion of the performance transmission tools and their mechanism, this paper focuses on estimating the impact of harmonizing organizational strategy with strategy at supply chain level on the organizational performance. Results document the statistically significant impact of customers’ orientation and integration efforts on organizational performance.

Keywords:  supply chain management, supply chain performance

JEL Classification:  M10, C54

Pagination:  581 – 586

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Abstract:  Worldwide, the trend of the last twenty years has been that of globalization and the intense development of the social systems. In this context, nation states are put in a completely new position in which institutions and administrative systems should be flexible to accommodate these changes. In the new coordinates of established geopolitical framework, central and local government is the defining factors in economic competitiveness of a country or economic region. A very important aspect of the globalization is related to the affirming power of civil society emergence and to the concept of social responsibility. What distinguishes the contemporary era from the modern one is the high sensitivity to ethical issues, manifested at the level of individuals and organizations. This fact can be explained by technological advances of communication that allow free access to information about the conduct of national and international communities, less tolerant regarding the business related abuses. We witness thus a process of powerful radicalization of the pressure groups thanks to planetary networks, which inevitably leads to a reassessment of principles and culture of the organization, be it public or private. Romanian society is in a continuous process of change, in which all the economic, social, political and civic factors know a new dynamic in trying to adapt to present conditions. For Romania, under these conditions, all the changes in government acquire new dimensions. Thus, public bodies must respond to new changes in the world economy, but equally to new requirements of integration into EU structures. Public administration reform involves changes in the substance of its major components, both at central government and the local government and public services in general. Furthermore, the development of democracy requires a new relationship between citizens and government, involving the growing and strengthening of the role of local authorities and the reconsideration of the partnership between the civil society and local officials. This paper proposes a theoretical and operational analysis of the new coordinates that define the context of reconstruction of the government – stakeholders relationships.

Keywords:  administra&#539;ie, reform&#259;, societate, civil&#259;

JEL Classification:  M31

Pagination:  587 – 594

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Abstract:  With the development of information society, the introduction of information and communication technology raises new challenges for public administration efficiency while providing the opportunity and the coordinates for developing activities closer to the citizen; in this context, increasing administrative capacity improves the ability for Romania to defend its interests at European and international level. Electronic government or e-Government becomes more and more a major feature of the new information and knowledge-based society. The phenomenon is complex and refers to the many connections that exist between authorities, individuals and organizations present in a society. E-Government is the use of information technology applications by central government authorities with the following objectives: improving access to information and public services of central public administration authorities, removing red tape and simplify working methodologies, improving information and services exchange between central and local authorities, improving the quality of public services to the central government. The basis for the development of this concept was the need felt by the government to provide to citizens and organizational and social entities quality services, providing time and place utility, creating added value for all stakeholders. The arguments supporting this process of modernization of public services consist in improving public services, public confidence and democratization of society as a whole. This paper captures, in theory, structural elements of e-government platforms in Romania, focusing on stakeholder theory – taken from the sphere of private organizations and adapted to public domain – as a prerequisite to rethink governance. Thus, were analyzed the system coordinates of the relationships between public system and stakeholders and the benefits emerging from rethinking their alignment with EU policy context.

Keywords:  e-guvernare, e-administratie, stakeholder, orase inteligente, cetateni

JEL Classification:  M31

Pagination:  595 – 604

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Author(s): Pintea Florin Radu


Abstract: The paper work presents the importance of relationship marketing within the process of forming and developing the customer segments that are focused on the brand. Although mass marketing during the main stage of promotion will always serve for brand awareness, the relationship marketing is the one to establish and increase the loyalty after a purchase.  By this means, one may reduce costs and increase incomes, Relationship marketing generating intangible benefits. 

The philosophy of the relationship marketing must be converted into tangible relationships. These connections must become a part of the business and marketing plan of any company. Relationship marketing orientation to organizations brought to the fore three concepts whose importance has grown significantly in the last decade: attracting, retaining and regaining lost customers. Options managers and marketing professionals may turn to offensive strategies for attracting new customers, or the defensive strategy of maintaining existing customers. Implementation of effective marketing strategies requires a substantial effort to measure the value of each customer. Relationship marketing takes into consideration the needs and the expectations of the customers. Relationship marketing is applied  both for intermediate consumer and also for the final consumer and it is based on changing view the client satisfaction, becomes a priority and conditions the existence of the producer and seller with a bog accent on quality and better servings. Truly the relationship marketing refers to the process  of knowing the real needs of the clients: economical, emotional and moral and also to satisfy efficiently  these needs. Relationship marketing strategy depends on the number of clients the company has and the efficiency level of serving them. The company that properly  implements the relationship marketing is a company that succeeds in attracting and maintaining the profitable clients. Relationship marketing is the key that really succeeds in real promotion towards sails to customers, to make them buy again and make recommendation for other clients. Relationship marketing establishes mutual advantageous relations between manufacturers and distributors, making an optimization of the company financial performances.    

Keywords:  relationship marketing, brand-customer relationship, member-get-member programe

JEL Classification:  M 31

Pagination:  605 – 613

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Author(s): Popescu-Spineni Dana, Popescu-Spineni Sabina, Manuc Daniela

Abstract:  Given that in Romania obesity has also become a recognized public health problem and still there is not a public health policy on the broader “socio-ecological” model, we thought it useful to carry out three surveys using the Delphi method with the purpose of identifying and building a hierarchy for the optimum national intervention strategies to prevent obesity in Romanian children and adolescents. Of the 300 experts invited to join the Delphi surveys, 76 completed the two rounds of questions (25.33% response). The final number of surveys participants included: 26 school doctors (Delphi I); 25 interdisciplinary experts (DELPHI II); 25 parents (DELPHI III). The outcomes of our study were compared with those of the European project PorGrow. Responses were classified by the principle of ranks, using the average weighted ranks given of each participant in the survey for each question. For analyzing the degree of concordance between the three views expressed, Kendall’s nonparametric test of rank correlation coefficient was calculated. This study shows a consensual opinion regarding the necessity of applying not just a few separate measures, but a whole package of well coordinated, well integrated measures, that are able to complete one another and to adapt to the Romanian social-economic and cultural environment in order to reverse the progressive tendency of the obesity epidemic on children and teenagers.

Keywords:  obesity, prevention, public health policy

JEL Classification:  H51, H83, I15, I18, I30, I38, J18, M54

Pagination:  614 – 623

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Author(s): Sabou Simona

Abstract:  This paper presents aspects of agriculture in Maramure&#537;, compared with the situation recorded in the region to which it belongs, the North – West, at the end of 2010. Thus the work is addressed to all those interested in these issues. Maramure&#537; County is part of the North – West Region, along with Bihor, Bistri&#355;a-N&#259;s&#259;ud, Cluj, Satu Mare and S&#259;laj. The paper is based on statistical information provided by the National Institute of Statistics, Cluj Regional Department of Statistics. In March 2013, the latest data available are those that refer to the end of 2009. Thus, based on this information, it pinpoints the area cultivated with the main crops, the land by use, agricultural production of goods and services, the average yield per hectare for main crops, total fruit production, number of animals, farm vehicles. After 1989, Maramure&#351; County, as well as the entire North – West region, underwent major changes. Population decreased from year to year, however the lack of jobs has become a constant reality. The mining of ore, the processing of metals other than iron and the auto industry, which used to cover most of the jobs in Maramure&#351;, entered into a continuous decline, which culminated in the closure of all mines in the county. In this situation, adapting to the new conditions, the current economic reality, is a daily problem for the people of this county. Maramure&#351; is known for its wooden churches, its rural architecture, its old traditions – preserved until today – its craftsmen and its impressive landscapes. Much of the county remained non-industrialized in the communist period, so that traditional agriculture is at home in this part of the world. In Maramure&#537;, agriculture is not an option. It is the result of the lack of jobs in other areas, which lead to the return of the population to rural areas. It is a way of making a living.

Keywords:  Maramure&#351;, NW Region, agriculture, cultivated area

JEL Classification:  Q15, R10

Pagination:  624 – 630

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Author(s): Todericiu Ramona, Serban Anca

Abstract:  In most of the organizations, people are now recognized as the vital asset.  Their knowledge, skills and abilities must be deployed to the maximum effect if the organization is to become successful.  The intangible value of an organization relating to the people it employs and its human resource strategies is gaining recognition and it is generally accepted that this has implications for long-term sustained performance.

The recent chances in the economy and the development of new technologies are creating the proper set for a series of other changes regarding the human resource management.

The first one refers to the need to respond to the challenges raised by the knowledge workers and the second one refers to the increasing role of human resource management in the strategical moves of the organizations.

Lately, because of the recent mentioned developments, strategic human resource management became a subject of ongoing discussion for academics.  Its definition and relationships with other aspects of business planning and strategy wary, but the common agreement is that strategic human resource management is a complex process that is constantly evolving and that there is a need of understanding its usefulness. Having quality professional practices is a must, but this shouldn’t be the only focus of the best human resource practitioners. They need to be able to combine their attention to basic administration with also making important strategic inputs that have a positive impact on the organization.

The purpose of this article is to present the current research state in the field of strategic human resource management.  In order to achieve this, the factors that underline the importance of human resource management are assessed. The study has been accomplished using the methodology of bibliographic study and qualitative research.

Keywords:  human resource management, knowledge society, chief executive officers, partnership

JEL Classification:  M12

Pagination:  631 – 638

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Author(s): Ghirvu Alina

Abstract:  The development of new media changed radically the markets and made companies and brands to orientate toward new ways of promoting their products and services. Marketers are intensively investigating the potential of new advertising alternatives for better understanding ant to use of the advantages offered by the interactive online environment. In the Internet context, studying consumers’ perception of advertising with new media sets become very important for understanding the way that new media like computer and video games are perceived and accepted by the public and in what manners they could be used for promotional purposes. The present paper investigates the basic elements that define opinions, feelings and attitude of consumers from Romania towards video games in general and advertising in online games in particular, trying to find and describe a series of aspect regarding consumers’ grade of acceptance towards video games as an advertising tool and social acceptance of this practice. The lack of studied regarding Romanian consumers determined the necessity of researches on this matter for helping advertisers in implementing this method and to use advergames and in-games as part of their promotional strategy. The study uses the qualitative research method of semi-structured in-depth interview. As part of a bigger study, the present paper is a preliminary study for investigating the basic element that help in defining consumers’ attitude towards the use of video games as a promotional tool. The results illustrate the essence of interviews applied on ten volunteers and show that in general Romanian consumers have positive feelings towards advertisements in video games and they are willing to accept them as long as they are not intrusive, are not disturbing the game play or there are advantages at product acquisition. Further research is looking to deepening these facts and to confirm these findings at statistical level.

Keywords:  consumers’ attitude, video games, advertising, Romanian market

JEL Classification:  M37

Pagination:  641 – 652

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Author(s): Gordan Camelia, Pop Marius Dorel

Abstract:  The purpose of this paper is to discuss the main issues that deal with higher education institutions’ mission statements, from a marketing perspective. It has long been argued in the literature that missions represent the foundation upon which institutions build their strategic plans, and that they should be the first step any institution takes before designing its strategy. Based on a review of the most recent literature in the field, the paper explains why missions appear as a relevant tool for the activity of higher education institutions, and provides insights into the way in which these institutions should engage in mission development. The main problems sorrounding the development and implementation of missions are also discussed, with emphasis on their contribution in providing educational institutions with a clear direction when faced with the changing environment. Furthermore, given the fact that some authors argue the ineffectiveness of mission statements, the paper sets to establish whether they should still be given the same importance within higher education institutions, or should they be cast aside. Considering the contribution of higher education to society, we also discuss the topic of universities’ third mission, service to society, which is beginning to be more and more embraced and implemented by higher education institutions. Throughout the paper, we argue that missions hold a significant role, and that is to provide universities with a course of action, and to guide them towards fulfilling their purpose within society. The authors complete the discussion by suggesting a number of research directions in the final sections of the paper, that show a large potential both for helping educational managers to improve their institutions’ activity, and for building richer theories of marketing management.

Keywords:  higher education, mission statements, mission development, education marketing, strategy, education management

JEL Classification:  M31, I23

Pagination:  653 – 663

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Author(s): Liliana Adela Zima

Abstract:  TAbstract: The Umbrella Brand can be define to be the mother brand which is not usually model specific which houses the family of brands. sis a trustworthy, relevant, and distinctive promise to the consumer. In our case of General Motor’s Europe, Opel /Vauxhall is the Umbrella Brand. To develop and maintain on the automotive  market a strong brand there are some marketing and management requirements to  applied. This document summarizes the Marketing requirements for the Gamma Monocab program. The Gamma Monocab will be branded as a Corsa, considering that it strongly relates to the other 4300 bodystyles in terms of exterior and interior styling, and that would benefit from the Corsa brand equity, requiring lower investment in brand awareness. It is very important at the beginning to follow for example the Corsa Product Compendium . This Product Compendium consists in thirteen parts which are: the Foreword, the Executive Summary,

The Marketing positioning, the Exterior Design, the Interior Design, the Drive ability Chassis, the Powertrain, the Functionality Features, the Safety and security, the Aftersales, the Infotainment, the Quality and the environment. The essence of Opel/Vauxhall in terms of Umbrella Brand Mission that Opel challenges the market with innovative German-engineered products and services that exceed customers expectations by delivering best-in-class quality and superior value The  research was practical because I had an practical degree practice at Adam  Opel AG especially at European Business Team and at the Department of markets research and I had an specific field of activity at Corsa Brand Team.    The Brand Strategic Objectives are Quality Leadership, Affordable High Technology, Superior Value, Environmental responsibility, Mature driving Pleasure, Harmonious Distinctive Styling. In the Gamma Monocab Opel Zafira and Meriva are the top brands and in this study I tried  to make a good compare between these brands and the competitors  brands. Market research indicates a high positive correlation between the number of problems a vehicle sustains during its operational life and the overall level of customers satisfaction with vehicle in turn directly impacts willingness to repurchase.  Price and packaging will challenge competition making Gamma Monocab a logical decision for customers looking for an ideal compromise between interior space and flexibility for passengers and luggage, with an expressive styling in a vehicle that they can afford. The General Motor’s Europe product – base car segmentation includes four major segments which are: larger, smaller, family /  functional and sporty/ personal.

he Umbrella Brand can be define to be the mother brand which is not usually model specific which houses the family of brands. sis a trustworthy, relevant, and distinctive promise to the consumer. In our case of General Motor’s Europe, Opel /Vauxhall is the Umbrella Brand. To develop and maintain on the automotive  market a strong brand there are some marketing and management requirements to  applied. This document summarizes the Marketing requirements for the Gamma Monocab program. The Gamma Monocab will be branded as a Corsa, considering that it strongly relates to the other 4300 bodystyles in terms of exterior and interior styling, and that would benefit from the Corsa brand equity, requiring lower investment in brand awareness. It is very important atAbstract: The Umbrella Brand can be define to be the mother brand which is not usually model specific which houses the family of brands. sis a trustworthy, relevant, and distinctive promise to the consumer. In our case of General Motor’s Europe, Opel /Vauxhall is the Umbrella Brand. To develop and maintain on the automotive  market a strong brand there are some marketing and management requirements to  applied. This document summarizes the Marketing requirements for the Gamma Monocab program. The Gamma Monocab will be branded as a Corsa, considering that it strongly relates to the other 4300 bodystyles in terms of exterior and interior styling, and that would benefit from the Corsa brand equity, requiring lower investment in brand awareness. It is very important at the beginning to follow for example the Corsa Product Compendium . This Product Compendium consists in thirteen parts which are: the Foreword, the Executive Summary,

The Marketing positioning, the Exterior Design, the Interior Design, the Drive ability Chassis, the Powertrain, the Functionality Features, the Safety and security, the Aftersales, the Infotainment, the Quality and the environment. The essence of Opel/Vauxhall in terms of Umbrella Brand Mission that Opel challenges the market with innovative German-engineered products and services that exceed customers expectations by delivering best-in-class quality and superior value The  research was practical because I had an practical degree practice at Adam  Opel AG especially at European Business Team and at the Department of markets research and I had an specific field of activity at Corsa Brand Team.    The Brand Strategic Objectives are Quality Leadership, Affordable High Technology, Superior Value, Environmental responsibility, Mature driving Pleasure, Harmonious Distinctive Styling. In the Gamma Monocab Opel Zafira and Meriva are the top brands and in this study I tried  to make a good compare between these brands and the competitors  brands. Market research indicates a high positive correlation between the number of problems a vehicle sustains during its operational life and the overall level of customers satisfaction with vehicle in turn directly impacts willingness to repurchase.  Price and packaging will challenge competition making Gamma Monocab a logical decision for customers looking for an ideal compromise between interior space and flexibility for passengers and luggage, with an expressive styling in a vehicle that they can afford. The General Motor’s Europe product – base car segmentation includes four major segments which are: larger, smaller, family /  functional and sporty/ personal.

 the beginning to follow for example the Corsa Product Compendium . This Product Compendium consists in thirteen parts which are: the Foreword, the Executive Summary,

The Marketing positioning, the Exterior Design, the Interior Design, the Drive ability Chassis, the Powertrain, the Functionality Features, the Safety and security, the Aftersales, the Infotainment, the Quality and the environment. The essence of Opel/Vauxhall in terms of Umbrella Brand Mission that Opel challenges the market with innovative German-engineered products and services that exceed customers expectations by delivering best-in-class quality and superior value. The Brand Strategic Objectives are Quality Leadership, Affordable High Technology, Superior Value, Environmental responsibility, Mature driving Pleasure, Harmonious Distinctive Styling. In the Gamma Monocab Opel Zafira and Meriva are the top brands and in this study I tried  to make a good compare between these brands and the competitors  brands. Market research indicates a high positive correlation between the number of problems a vehicle sustains during its operational life and the overall level of customers satisfaction with vehicle in turn directly impacts willingness to repurchase.  Price and packaging will challenge competition making Gamma Monocab a logical decision for customers looking for an ideal compromise between interior space and flexibility for passengers and luggage, with an expressive styling in a vehicle that they can afford. The General Motor’s Europe product – base car segmentation includes four major segments which are: larger, smaller, family /  functional and sporty/ personal.

Keywords:  umbrella brand, brand strategic objectives,segmentation

JEL Classification:  M31

Pagination:  664 – 671

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Author(s): Mone Sorina-Diana, Pop Marius-Dorel, Racolta-Paina Nicoleta-Dorina

Abstract:  Marketing performance management has been one of the most prominent streams in recent marketing research and practice. Concepts such as marketing metrics and marketing performance management systems have been advanced, together with holistic models to measuring and managing performance of the marketing process. Nevertheless, these advancements envisage predominantly large organizations, which have the strategic approach and the dedicated resources needed to conduct a proper marketing performance management process. Our paper focuses on the small and medium-sized enterprises (SMEs), aiming to explore the dimensions that such organizations consider or should be considering in order to improve marketing performance. Thus, we conduct an exploratory study using the in-depth interview with 20 marketing professionals from SMEs in Romania, aiming to explore their perceptions, practices and intentions related to measuring and managing marketing performance. Our paper starts with an introduction to the topic of marketing performance management and a review of the most recent contributions in this stream of marketing literature. Further on, the qualitative research methodology is described and continued with the presentation of the findings of the qualitative interviews conducted. Finally, some conclusions and directions for further research are outlined.

Keywords:  marketing performance, performance measurement, qualitative study, small and medium-sized enterprises, Romania

JEL Classification:  M31

Pagination:  672 – 680

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I would like to point out that this paper focuses on the skincare product market, because of the amplitude that it holds in the global cosmetic industry.

The aim of this paper is to compare the dominant cosmetic consumer&#8217;s market (i.e.France, Germany, U.S.A. ) to the ones that are just now emerging( China, Republic of Korea, India).

In the progressive manner I tried to highlight the importance of Asiatic skincare cosmetic market in the context of global skincare market.

The products on the cosmetics market like skincare products amounted in 2012 to 288 billion $, make-up products to 20,92 billion $, hair care products to sums equaling 45,69 billion $, while the perfumes market got to 8,44 billion $.

The skincare products industry is today more productive than ever. The market of these products was performant between 2011 and 2012 and registered a great development in countries like France, Germany, Italy, Spain and Great Britain. It meant in 2011, 6,8 percentages more than the year before.

 In 2012, the European sector of skin care products registered an important increase, regarding the value, especially in France and Germany. By comparison with the American one, the difference of sales volume value between the two sectors (European and American) is relatively little. The biggest increases of sales volume, expressed in percentages, were registered in France and Spain.

The well-known competitors and experts concentrate their attention upon the Asian continent, that has become day by day more interesting for the cosmetics companies all over the world. On the entire Asian continent, companies try to discover skin care formulas that are more and more sophisticated. The high-quality products, once available only in Japan, are now reachable also in Korea and China, thing showing that the Korean market finds itself into a permanent transformation.

Keywords:  world-wide cosmetic industry, European cosmetics market, Asiatic cosmetics market , Korean cosmetics market, Chinese cosmetic market, Japanese cosmetic market

JEL Classification:  M31

Pagination:  681 – 691

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Author(s): Scorte Carmen, Farcas Mariana

Abstract:  The hospitality industry is one of the most dynamic sectors of contemporary society with a pronounced role in the globalization process. Nowadays, hospitality industry does not only face the challenges of the economic crisis, but also the changes of the market, in consumer’s behavior and in technological trends. Accounting, as a language of business, must keep pace with developments in the areas investigated, and the need to promote universally recognized concepts proves its usefulness more and more. When an entity’s management team is facing difficult problems such as the economic and financial ones, a situation frequent in the hospitality industry given the complexity of these activities, a need is naturally felt, for a set of accounting principles which are not similar with the immutable laws of nature from physics and chemistry.

The contribution of accounting to the fulfillment of the strategic objectives of the managers in hospitality and tourism industry is manifested also in the form of providing the information necessary for monitoring, for determining the degree of liability and the effect produced at various work places, which allows detection of internal reserves, of unnecessary and uneconomic spending and of losses. Also, accounting has developed the capability of knowing the economic and financial situation, so that it can provide, in optimal conditions, the information necessary to make the most appropriate decisions. Moreover, the purpose of accounting is to make the information and its methods a targeting tool, a “dashboard”, an advisor, in order to determine the conditions in which the economic entity operates at both micro- and macroeconomic level.

These were the reasons that led to the start of our scientific approach, aiming at a radiography of the impact of accounting information on managerial decisions in the hospitality industry in Romania. This article is primarily a theoretical one in which we intend to review the literature on the topic of accounting information in the hospitality industry and of management accounting practices in this sector.

Keywords:  accounting information, accounting management; managers, hospitality industry

JEL Classification:  M 41

Pagination:  692 – 702

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Author(s): Vlasceanu Cristina

Abstract:  The aim of this paper is to make a correlation between performance, a leader receptive to new ideas and an innovative management of the organization. Wishing to highlight the role and importance of innovative management, I will present its characteristics, features, factors of influence, and how a leader receptive to innovative ideas stimulates an innovative system in the organization.

The contribution of this paper is that it makes a correlation between, and a comparative presentation of, the characteristics and importance of the two pillars of the paper, which are: innovative management and a successful leader, by broadly exposing the advantages and drawbacks of innovation management within an organization and the influence of the participation of an innovative leader in the management system. It is important to note the bond that exists between an innovative management, innovation and the team leader of the organization. Many specialty researches show that there is interdependence between the innovation capability of the organization and its chances of success in the current dynamic market.

Pagination: 703-709

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Author(s): Vorovenci Ion

Abstract: The economic evolution of Romania, during the reign of Charles I, is so obvious and unique in Europe that does not fail if you paraphrase historian Gheorghe Brătianu and say that it was “a miracle”.
The process of taking the country out of feudalism, started during the reign of Alexander John Cuza, and concluded in subsequent years when they laid the foundations of capitalist economy, european-style. Romania earned their independence and created most institutions with economic profile, diversified ministries and institutions of higher education (technical colleges and the Academy of Higher Commercial and Industrial Studies).
Also, the monetary system of the LEU (Romanian currency), Bank institutions, first National Bank of Romania, the railway complex developed and was carried out at the junction of the European railways, Danube navigation, trade, as well as cereal stock market of Brăila, and this forms an important yardstick for the cereals market in Europe.
With the coming of Charles I, its doors to the West opened for Romania, the Prince and later King being the guarantor of future economic relationships with Western capitalists.
The detachment of the Romanian economy from the sphere of influence and the dependence of the Ottoman Empire were made under the impetus of Britain and France, and, later, of Prussia, powers interested in the development of trade at the mouths of the Danube, through harnessing the principalities, Moldova and Romania, and their attraction to the European economy. Political solution meant to hasten this process had been given even by the great powers, by the election of a foreign Prince as Ruler of the provinces, after the Crimean War (1853-1856). At the beginning, it was very hard to accept a foreign Prince, the progressive forces of the two countries resorting to election as Ruler of Alexander John Cuza. After his abdication, the foreign Prince was accepted. Alongside Cuza, Charles I is the main reformer of modern Romania.


Pagination: 710-721

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