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Abstract

This paper considers the information value of carbon-emissions disclosures for investors. Our argument is that Financial Institutions (FIs) do need to map the carbon-financial intensity of corporate activities so as to provide investors with higher returns on capital relative to the carbon emissions attached to this capital. Our analysis maps out carbon-financial risks in the S&P500 constituent companies that are domiciled in the US and capturing approximately 82% of the total U.S. equity market value. We examine the extent to which carbon-financial risk has already impacted on the allocation of capital (debt and equity) and market value exposure from carbon emissions in the S&P500. Our analysis of carbon generating and carbon dependent business models in the S&P 500 reveals a complex and interconnected physical-financial value chain. This new insight will force FIs to now become active investor’s rather than simply investing (or disinvesting) at a distance in order to secure a long-term decarbonisation of their portfolios. This papers also argues for new innovative disclosures such as company’s reporting their top 10 material carbon-stakeholder relations. This would help FIs understand a company’s business model in terms of carbon interdependency and inform regulatory and technical interventions thereby avoiding the possibility of a disruptive evacuation of capital from carbon-intensive business models.

Abstract

Students are often described as an under-reported and under-supported group of the population falling into energy poverty. Although the main drivers of energy poverty are well documented, up to this date little attention is given to housing tenure as a cause of energy poverty. This study aims to support the understanding of the motivations and barriers faced by property owners that rent accommodation to students for making energy efficiency improvements to their rented properties. With this understanding recommendations for alleviating energy poverty experienced by students living in the private rented sector can be formulated. The research conducted is based on qualitative methods; focus group discussions and interviews. Data were collected from almost 30 student landlords in seven EU countries between October 2017 and January 2018. Findings show that grants and financial incentives are key for the questioned proprietors to move to energy efficiency improvements of their property but bureaucracy burdens are a major barrier for moving forward with them. In addition, the need for stronger information campaigns on energy efficiency issues is revealed. Eventually, a number of financial, consumer protection, energy efficiency and informational measures for alleviating energy poverty experienced by students living in private rented accommodation are proposed.

Abstract

The paper focuses on providing an academic context that will help to understand better the concepts of knowledge management and e-learning on a university background. The study investigates the use of e-learning tools within the student learning process on 200 respondents (students) from the Bucharest University of Economic Studies. It was based on a survey analyzing in a comparative manner the features and benefits of e-learning versus traditional learning and the outcomes revealed that e-learning should be used in a more frequent and efficient manner as it presents much interest to the students and it can contribute to their research abilities, not only to their final grades for different disciplines.

Abstract

One can find at the level of the specialized literature a heated debate on the metaphor that defines the status of the international economy and human society. Some analysts argue that the Third Industrial Revolution is currently undergoing an advanced stage, while others claim that due to the speed, scale and impact of the transformations that have taken place, the fourth industrial revolution has already begun. This paper analyzes how the artificial intelligence, personalized medicine, virtual reality or the internet of things are a few motors that fueled the advance to the Fourth Industrial Revolution and their impact on cognitive competencies, skills and abilities to guarantee tertiary education programs. The main analytical hypothesis is that technology is the one that encourages humanity to accelerate and focus on changes in other areas, especially that the risk of increasing gap between technological advance and in areas such education appears. The paper examines the concrete way in which transformations that follow a symbiosis of man with technology contribute to the configuration of a new paradigm to which the educational environment has to face with. The paper aims also to highlight the main challenges of the educational environment in relation to the fourth industrial revolution, and what are the necessary transformation for a good correlation of the human capital with technological progress. Emphasis is on new sets of skills, creativity, innovation, so that new business models can be developed and applied in a changing environment.

Abstract

From the Solvency II perspective, the capital requirement for operational risk is based on the application of a standard formula. The limitation imposed by this approach as well as the definition of operational risk by establishing certain types of activities (i.e. internal processes, people, systems, etc.) as generating causes does not allow, at least for the time being, the establishment of an effective way of managing the operational risk regardless of the type of strategy chosen. Any human operator involved in the risk identification and evaluation processes, within most of the organizations, would use the logic of the included middle based on Boolean binary values (i.e. true/false, 1/0, etc.). This article attempts to logically analyze the methodological impact that would result from using a logic of the included middle which accepts that an identified operational risk and an unidentified operational risk may coexist at the same time, in a risk profile, provided that the identified one is actual and the unidentified one is potential, reciprocal and alternative but never up to the 100% limit. The included middle in this approach is the transition state, which is perfectly possible in terms of defining the topological properties of the time in which the identified operational risks analyzed are assessed. The novelty of this approach is based on the fact that the logic of the included middle, which we include in research as a concept and as a tool, was one of the nudging factors that underpinned the development of the wave mechanics (e.g. Schrodinger’s Cat Paradox) and some of the quantum physics theories later, and its use has never been tested in risk management.

Abstract

The digitalization current is among one of the most relevant factors that currently drive transformation in the economy, with different degrees of impact across the main segments of the economy. As the topic of sustainability is now on the agenda of the biggest economic players, digitalization and the ability to leverage Information and Communication Technology opportunities have been recognized as drivers for innovation and change and a means to reach the sustainability goals. Reaching energy efficiency has been among the main objectives of both the public and the private sectors, leading to an increased interest in recognizing and capitalizing on energy efficiency opportunities. This in turn has an impact on the overall energy productivity, defined as the economic output per unit of energy. While this indicator has relevance at both micro and macro level, it is important to identify which makes some countries perform better than others. In the current economic context, studying how the performance of countries in the digital era correlates with the energy productivity can reveal further information on how it can be improved. The Networked Readiness Index is an indicator which assesses how well a country can capitalize on digital technologies and whether their usage of Information and Communication Technology has a relevant socio-economic impact. This paper analyzes which components that are assessed in a country’s Networked Readiness Index might influence energy productivity. Based on a panel data analysis performed on European countries, the study identifies that the individual usage of Information and Communication Technologies, the business and innovation environment and the usage of ICT by the business segment could have an impact on the energy productivity of a country.

Abstract

In the dynamic changing environment, entrepreneurial universities have been playing an increasingly important role for socio-economic innovation and development. The aim of this study is to perform an analysis, involving the observation of the dimensions of entrepreneurial universities. We consider that nowadays the evaluation of universities should take into consideration the tools that school leaders, professors and students may use to evaluate teaching programs in innovation and entrepreneurship. As a result of the fact that the tertiary education institutions are appreciated by the way they relate to the social and economic needs and characteristics of the individuals, the Romanian universities are currently pursuing and trying to undergo a development process making the shift from a classical university to an entrepreneurial university. Specific literature has argued that the dynamic culture of the entrepreneurial university encourage students and graduates to new innovative and entrepreneurial initiatives and increase their employability. The purpose of the current paper is to inspire debates and actual steps to be taken so as higher education institutions in Romania to become even more competitive and support economic growth by fully embracing the role of entrepreneurial universities. Research methodology includes the application of the questionnaire conceived by the HEInnovate team in two universities from Romania, authors comparing the results through a qualitative analysis and interpretation within the European framework. Results underline a similarity between the responses among the seven pillars of HEInnovate tool, but given the area of influence we identify the gaps and propose specific recommendations for short and long-term future. The conclusions of paper area meant to enhance performance in development of innovation and entrepreneurial skills in students in North-East region of Romania, with the aim to raise the region’s competitive edge.

Abstract

Intellectual capital started to raise and become a focal point of many businesses as they started invest in their own knowledge based activities and recognize its importance. In today’s world can be observed a more dynamic, flexible and growth oriented business environment than ever. Thus, the need for an increased amount of intangible assets in businesses lead to the recognition of the intellectual capital as a competitive advantage and strategic asset. Due to its expanding importance and relevance a significant number of measurement, valuation and evaluation methods were developed. Consensus regarding different methods was not yet reached, but all these methods are designed to help to get an approximation of the reality, thus contributing in short-term and long-term decision making. The aim of the paper is to assess the level of intellectual capital evaluation practices in multinational IT companies and IT SMEs in Romania. The study is questionnaire based and represents a mix of quantitative and qualitative research. Overall, although the challenge of intellectual capital evaluation remains significant, this study leads to the opportunity to identify evaluation patterns, best practices and a short list of useful evaluation indicators for businesses which already are or could be implemented in the near future.

Abstract

There is a considerable amount of publications written on rolling back the EU supra state, national sovereignty regain, and strategic (mis)conceptions for analysing Brexit scenarios for both the UK and the EU. Many articles present a unilateral point of view with a tendency to be normative. The presentation of only one-sided political, historical, and business perspectives can be very dangerous, limiting understanding and constructive approaches. This also happens with macro-economic analyses that are used fit for purpose. David Cameron’s political calculation to call for a referendum regarding the UK’s withdrawal from the European Union has had complex ramifications. With causes that have led to the British citizens’ decision that range from multiple crises in the European Union, member states’ inability for burden and risk sharing, to the lack of trust portrayed by European institutions and a confusing internal rhetoric. With a City of London remaining undecided and continuously evaluating the value at risk of Brexit, and in the absence of a new European financial center, it is important to make sense of the arguments of both in and out supporters. Thus, this article attempts to present a more integrated approach, spanning across politics, trade, private businesses and social attitudes. This paper looks beyond international relations between nations and takes into consideration the international relations between corporations and their business strategies.