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Željko Bogdan, Boris Cota and Nataša Erjavec

Abstract

In this paper, we investigate whether the differences in the current account balance and export performances for a new EU countries are a result of exchange rate policies. The analysis shows that countries with a flexible exchange rate have better export performances and the current account balance in the pre-crisis period. The obtained results show that movements in the current account balance are mainly driven by domestic variables. In the countries with a flexible exchange rate, real and nominal depreciation affects export positively although the magnitude of these effects is tiny and limited to the crisis period. These results point to a higher significance of non-price competitiveness on export which should be a future research topic.

Open access

Robert Kecskes

Abstract

The way in which we communicate is changing radically. In the analog world, promotional communication was consumed rather passively. In today’s digital age, consumers have become more active. Especially, the younger consumer generation - referred to as iBrains- are increasingly spreading their own product experiences across digital channels into the virtual world. Stimulus-response communication still has its place, but must be supplemented with interactive offers that enable a dialogue with consumers. Diverse communication channels must be utilized - analog as well as digital - in order to reach the young target groups. As consumers tend to be “always on”, they use different communication channels simultaneously, leading to continuous partial attention. Therefore, not only new channels are necessary but the entire communication style and design need to be adapted. It is not enough to simply make contact. Instead of thinking about shortening the message, creativity should be put into creatively combining different building blocks of communication.

Open access

Mădălin-Ioan Neagu and Mircea Constantin Teodoru

Abstract

The aim of the paper is to test the valability of Engel's law in the Romanian consumption dynamics after 1990. We used NIS ad EUROSTAT data to interpret the dynamics of the households' income and consumption expenditures and its structure by destinations. We explored the relationship between consumption and income through the regression analysis and found that the Engel's law applies in the Romanian economy, since 1990 to 2016, with specific evolutions and influences.

Open access

Olimpia Neagu, Doru Ioan Ardelean and Vasile Lazăr

Abstract

The aim of the paper is to explore the association between environmental performance and income level in the world economy in 2016. Data from Yale University and World Bank are used in a cross-country regression analysis comprising 166 countries. The gross Domestic Product per capita (based in purchased power parity, constant 2011 international dollars) in these countries is positively associated with the environmental performance index (EPI) calculated by Yale and Columbia University in 2016. Furthermore, the causality of this relationship is from GDP per capita to Environmental Performance and both Environmental Health (EH) and Ecosystem Vitality (EV) are positively associated with GDP per capita. Environmental Health (EH) is stronger related to GDP per capita, meaning that investments in public health, sanitation and infrastructure are increasing as countries develop.

Open access

Silvia Paula Todor, Rodica Ghiur, Petre Brezeanu, Florin Dumiter and Marius Boiță

Abstract

The fiscal policy is an instrument that collects resources for the state budget necessary to perform state functions; stabilize the economy; regulation of the economy and recovery growth. The most important instruments are taxes and taxpayers. Since 1989, with the transition to a market economy, a special tax policy has been known by excise taxes. Analyzing the case of Romania and the evolution of excise duties (hereinafter ED) conformity we created some regressions that illustrate the ED correlation in Romania between 2002 and 2015. The methodology used: three unifactorial regression models showing how ED impacts economic indicators such as GDP, power purchase expressed through the net annual average salary, and household final consumption expenditure. Moreover, each model has been tested and verified using statistic tests to give reliable results. In a first stage, we analyzed the correlation between GDP and consumption as endogen variable and ED, then we created another model that we kept ED as an independent variable, but we changed the dependent variable using the purchasing power as a dependent variable. Because according to the used tests we demonstrated that correlation coefficients are significant, we proceeded to explain them starting from fiscal policy and economic reality, own of these analyzed 14 years. In conclusion we highlighted below as the ED depends on GDP and consumption and the purchasing power can influence the ED. For future discussion and studies we intend to compare the results with other countries in different geographic areas in Europe

Open access

Florin Lucian Isac and Eugen Florin Remes

Abstract

Accelerating growth in business globalization places managers in an international environment with more ethical challenges.

Ethical principles that govern businesses in a particular culture may not match with the conditions, norms and customs of other cultures.

The article aims to examine comparatively the role of culture in explaining ethical issues and dilemmas in organizations.

Treating the issue of business ethics in companies nowadays offer different perspectives depending on the influence of the cultural context of countries where these companies operate.

Each cultural context shows its specificity, in addition to legal regulations, customs, habits or moral issues, which deserve to be highlighted in a paper on how to conduct business from an ethical perspective.

Open access

Olesea Sirbu, Rodica Crudu and Augustin Ignatov

Abstract

In the present conditions when the demographic pressure upon the environment is higher than ever, the humanity faces the challenge of sustainability. Namely the sustainability of human activities is important and nothing can assure it better than sustainable energy supplies. The European Union is the leading global power in terms of adjusting its policies to increase innovation to assure a sustainable growth of its energy sector as a key to an advanced economic system. The present research focuses on the impact of European Union policies on the sustainable development of its energy sector by analyzing quantitatively and qualitatively various indicators intended to offer a throughout insight. The results obtained focus on the identification of the main innovation paradigms; the description of the main modern environmental challenges, especially in the energy domain; the determination of the relation between innovation and energy sustainability, and its analysis at the level of European Union.

Open access

Alexandru Jivan, Ciprian Alexandru Șipoş and Janeta Weisz

Abstract

The paper highlights some important correlations between the outcomes of the Romanian educational system and certain key indicators concerning the Romanian economy. The indicators are selected on the basis of the logic correlations and considering the limits of available data. The time-lag models were used because the macroeconomic effects of the factorial indicators considered as determinants on dependent variables cannot be usually detected in the same year. The results allowed interesting discussions concerning the Romanian education system and its funding-related evolutions in the last decade.

Open access

Simona Sabou, Bianca Avram-Pop and Liliana Adela Zima

Abstract

The purpose of this study is to identify the behavior of customers in the online environment. We analyzed the evolution, characteristics, advantages and disadvantages of this type of commerce, and its implications on the consumers. In order to identify the customers’ behavior online, we selected three variables which are characterized by time intervals of the latest online order, and six variables which analyze the main problems faced by consumers of goods/services bought online (a long shipping time, damaged products, non-compliant products, fraud related issues, underperforming complaint system, technical issues, lack of customer and legal aspects). Online commerce is less developed in the Czech Republic, Romania, Poland, Lithuania, Ireland, Bulgaria, Estonia, Slovenia and Norway. But, the advantages of ecommerce weigh more for the consumer than the problems they face, for example: online shoppers will continue to make online purchases even if they have experienced delays in delivering goods/services, damaged products, online fraud, technical problems or difficulties in finding information about the warranty of goods/services.

Open access

Chama Chipeta, Daniel Francois Meyer and Paul-Francois Muzindutsi

Abstract

Job creation is at the centre of economic development and remains a source of sustenance for social and human relations. The creation of a job-enabling economic environment is imperative in promoting social and economic cohesiveness in the macro and microeconomic environment. Any shocks to the economy, particularly those of exchange rate shocks and changes in economic growth, may negatively affect the labour market and job creation. This study made use of quarterly observations, from the first quarter of 1995 to the fourth quarter of 2015, to investigate the effect of the real exchange rate and economic growth on South Africa’s employment status. South Africa, a developing country, was selected as a case study due to its high unemployment rate that is still increasing. The Vector Autoregressive (VAR) model and multivariate co-integration techniques were used in assessing the impact and responsiveness of employment to the real exchange rate and real economic growth in South Africa. Findings of this study revealed that employment responds positively to economic growth and negatively to the real exchange rate in the long-run. The short-run displays a positive relationship between real economic growth and employment, while the relationship between employment and the real exchange rate is also negative. However, the effect of economic growth in creating jobs is not significant enough in stimulating job creation in South Africa, as indicated by results in variance decomposition. Movements in the exchange rate exerted a significant short and long-run negative effect on employment dynamics; implying that a depreciation of the rand against the U.S. dollar is associated with decrease in overall employment. Exchange rate stability is thus important for economic growth and job creation in South Africa. The study provided further recommendations on promoting job creation in South Africa and other developing countries.