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Open access

Razvan Hoinaru

Abstract

Corporate reporting is generally perceived as a type of accounting fit for purpose for the 21 century, taking into consideration not only the traditional shareholders’ needs and views but also stakeholders’. Academic literature tends to over-appreciate the non-financial nature of corporate reporting, forgetting that numbers can have their own narratives, which can be read in between the lines. It is true that numbers present certain uncertainties and an extra level of reporting can provide a better interpretation, in a complementary or continuous manner. The present research looks at the current European Union binding legislation and academic and professional judgements towards it. The ultimate questions to be answered is if corporate reporting is improved information? and whose needs are really served: shareholders, the traditional users of accounts, or stakeholders, always hidden, but intuitively taken into account. Findings of the research show that public good is largely perceived as the duty of private interest, as regulated by the public authorities. This mainly happens as shareholders and whoever puts money at risk still are the primarily user group, but the context and consequences of reporting are wider than before. The approach taken by this paper was first of all to discover inside outs of corporate reporting and secondly to look how industry self-regulators interact with public authorities, for the common good. The added value of the present papers is represented by its policy recommendations presented as conclusions.

Open access

Iulian Lita and Tănase Stamule

Abstract

The following study is, in addition to a reassessment of literature and an analysis based on non-parametrical techniques based on linear programming. The analysis based on the Data Envelopment Analisys (DEA) technique will be used to see whether the model that we have used has a significant importance, if there are any substantial differences between the efficiency scores obtained or estimated through various methods. The theoretical part, based on the DEA technique will be analysed under the influence of both the works of Farell(1957), and also Charnes, Cooper, Rhodes(1978), Banker, Charnes, Cooper(1984) and other newer models. The dissolution of efficiency scores obtained through the CRS-DEA model has been studied for a long time into two different components: One is linked with the scale inefficiency and the other one represents the pure technical inefficiency. This dissolution can be done by using the CRS model with technology when not all the companies are operating at the optimum level, i.e. through the simultaneous application on the same set of data of the CRS and VRS models. In this study, the main non-parametrical Data Envelopment Analysis method is presented (Wu, Fan, Zhou, Zhou, 2012; Halkos, Tzeremes, 2009) and its application on a group of 42 companies (The headquarters of a top commercial bank in Romania - S.C. BRD GROUPE SOCIÉTÉ GÉNÉRALE ), based on the information gained in the years 2016-2017. This paper is original because it combines the already developed method with new techniques, in order to link together economic factors and operational research and leaves more room for future researches with the purpose of further assessing and changing the performance of every decisional unit under the influence of the environmental factors.

Open access

Cosmin Ilie

Abstract

The strong emphasis on achieving excellence in the services the museums provide to its target public opens a new road to an area that is not characteristic of traditional museology, namely the journey of innovation. This road to innovation has two pillars: a mature knowledge-based strategy (in response to identified needs of target groups) and the ability to provide education (according to identified needs). Both components are totally dependent on visitors, their needs and their personal or collective experiences. This paper addresses these pillars, considering that education is not a mere accumulation of knowledge, but how the visitor experiences, interacts and learns during his visit. Using the literature review as research methodology, this paper aims to analyze the stakeholders of a museum and to assess their partnerships with other museums, by highlighting the clear advantages of stakeholder involvement in the management system of the museum. The main results shows that museums, as cultural organizations, are a brick at the foundation of economic development in many cities. The involvement and support of the stakeholders is essential for a museum that wants to set and meet appropriate community service goals. Understanding stakeholder`s value is important for effective reporting on the performance of the museum, which transforms and translates through continuous public support for the museum.

Open access

Daniela Yordanova

Abstract

Employability of graduating students is a main precondition for successful university to work transition. Discrepancies on the labour market in terms of demand and supply of highly qualified specialists, increasing requirements and expectations of recently university graduates towards their future jobs, high speed of technological changes resulting in new jobs for which educations is lagging behind and increasing demand for well-developed transferable skills are some of the main challenges which universities are facing nowadays. Thus, their main priorities shall stress on collaboration that is more effective with industrial companies, resulting in contemporary curricula and development and implementation of new forms of cooperation for encouragement of graduating students’ employability. There are some good practices in Bulgaria for common initiatives leading to better professional orientation and further job placing but there is a lack of overall strategic approach in this field. Therefore, there is a necessity of identification and introduction of new forms of cooperation, which will boost partnership and could provide the labour market with more adequate specialists, matching employers’ recent requirements. The purpose of the paper is to provide a methodology of evaluation of problems in university-industry cooperation for encouragement of graduating students’ employability.The main elements of research of cooperation between universities and industry in Bulgaria include (1) description of possible forms of cooperation, (2) evaluation of industry attitudes for cooperation based on 4 criteria - importance, application, interest for participation and awareness of the forms, (3) comparison of opinions of industry and universities in Bulgaria.

Open access

Manuela Liliana Mureșan and Puiu Nistoreanu

Abstract

Tourism has undoubtedly become a factor of economic and social development for everyone in contemporary society. What seems clear is that tourism growth, with the ultimate goal of increasing the socioeconomic level, is a chronological process that requires a certain amount of time before the desired results begin to be observed. Tourism in Romania is an activity linked to the cultural world and natural heritage, as well as the traditions and customs specific to each historical regions of the country. This research makes an analysis of the flow of visitors in Romania, but also an analysis of statistical data provided by the National Statistics Institute of Romania (in the range of 2013 - 2016) with regards to the departures of the Romanian population abroad. We were interested to see what who visits us and what geographical areas they are interested in, and what this means, but especially if this tourist flow analyzed for a period of four years has an impact on the development of the community. The data show that the largest number of arrivals in our country comes from our neighbors, so a tourism promotion strategy aimed at the neighboring markets would be an important factor for the development of tourism communities, all the more so with as are the countries whose main industry generating economic profit is tourism. A long-term national policy of investment and promotion of the destination Romania at international level is necessary, especially since the data obtained clearly tells us that the interest in the Romanian tourism is increasing and this fact leads to the development of the community where it is being developed.

Open access

Vasile Alecsandru Strat, Laura Trofin and Irina Lonean

Abstract

Using Prospective Evaluation Synthesis (PES) - a theory based evaluation method - and spatial distribution analysis of the young NEETs population in correlation with demographic and economic indicators at European, national, regional and county level, the research is looking for evidence on the factors influencing both the labour market (request and demand) and the success of active labour market policies (ALMPs) in increasing young NEETs employability and decreasing their number. Taking into account that Romania has the lower rate of registration of young NEETs to the Public Employment Services and that most of the active labour market measures are targeting only registered NEETs, the article reviews all Romanian policies designed to target young NEETs and finds they have limited impact. It also analyses the number of young NEETs, the regional disparities and county level disparities and it finds no correlation between the economic strength of the county and the presence of the NEETs. Considering the characteristics of young NEETs in Romania: their education level, their previous work experience (in average), their family responsibilities, the percentage of registered young NEETs and comparing Romanian policies with successful policies in other countries with similar profile of young NEETs the article concludes that in order to be effective, the tools planned and applied need to be highly customised and their success is still dependent on natural economic dynamics. However, further research is needed to determine the economic indicators with a positive effect over the young NEETs employability.

Open access

Alina Petronela Alexoaei and Raluca Georgiana Robu

Abstract

The aim of the paper is to provide a consistent literature review on the importance of structural convergence for the countries within the same economic area focusing on two main topics: the structural similarity problem of countries within an integration area and the evolution and development of the union itself (in line with Chenery and Singer’s approach). We aim to synthesize the most referential findings of the literature and project them on the most recent events in the European Union pointing out the relevance of structural convergence and of the continuation of the process under a reassessed form. The relevance of studying the structural convergence process lies in the medium and long term implications related to the synchronization of business cycles, long-run development patterns and of the dynamics of specialization. Moreover, the topic is of high interest both in the context of the future evolution of the European Union and in the decision making process of adopting the Euro in Romania’s case. On the side of theoretical papers, there is a rich literature on structural change that generally recommends that economic structures and the differences between them should be the starting point for analysis and development of theories of economic development. We believe that the preoccupations for this topic should be recalled in the context of the European events and new facets should be explored. Along with the views expressed in the European Commission White Paper, that the form will follow the function, we emphasize the importance of designing the proper institutions at European Union and Eurozone level, but also at national level with taking into consideration the goal of advancing towards structural convergence.

Open access

Cristian Stefan

Abstract

Cryptocurrencies have experienced an exponential growth trend in the past 24 months, followed by a big crash. In the early years of the Internet, inspired entrepreneurs such as Jeffrey Bezos realized that, when something grows exponentially, it becomes ubiquitous within a short time span. Similarly to the Internet in 1994, cryptocurrencies have recently been growing at a dazzling rate, thus one can expect them to be used on a global scale very soon, in spite of the last bubble which has already burst. Alternative currencies are greeted with great enthusiasm, due to their potential to return financial power back to the people, especially in the context of general dissatisfaction and disappointment with the banking sector. They bring about several advantages, such as financial innovations, lower fees as well as increased availability to developing populations. At the same time, their high volatility and lack of supervision might imply that they only serve as complementary financing and not as a substitute of traditional banking. This article discusses the development of cryptocurrencies, including aspects related to Bitcoin, financial technology and the blockchain. Using historical data from Coinmarketcap.com between April 2013 and February 2018, I run a quantitative analysis of the distributions and evolution over time for all listed cryptocurrencies with known market capitalization. I look at the interplay between number of cryptocurrencies and market value, at growth rates, cumulative shares and volatility. I find a phenomenon of exponential growth and violent volatility, which I explain in light of cryptocurrencies’ strengths and weaknesses, as identified in the literature. I emphasize the importance of cryptocurrencies in the context of the global digital economy and I discuss future implications.

Open access

Simona-Andreea Apostu

Abstract

The economic activity generates two types of flows: flows of goods and services and cash flows. These two types of flows generate two types of circuits in the economy, flows of goods and services generate the circuit corresponding to real economy and monetary flows (incomes and expenditures) generate the monetary - financial circuit. The monetary circuit is fundamentally determined by the level and structure of real economy. Comparing production revenue used for consumption with the amount of products and services produced and purchased, an average pricing is obtained. Unless the condition that the revenues generated in the economy are equal to production, it will lead to rising prices, i.e., inflation. Therefore, an adequate correlation between financial flows and real economy must be ensured. From this perspective, were analysed countries from European Union over time, using panel analysis.