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Actuarial Assumptions for Employees Benefits

Abstract

Entities that have assumed the obligation to provide benefits to employees both during employment and post-employment, in accordance with international regulations, in particular IAS 19 “Employee benefits”, have the obligation to present to users’ financial payments and rights related to employees. The evaluation of the employees’ benefits is based on actuarial techniques and on professional judgments that require the highlighting of the arguments underlying the identification and establishment of the actuarial hypotheses. To achieve this objective, we conducted research on how to select actuarial assumptions in the process of determining the benefits of employees in an entity in the energy field. The conclusions established highlight the role of the actuarial assumptions chosen in establishing the managerial vision on the obligations to be estimated for the personnel expenses, both present and in the future, in the context of the unpredictable evolution of the dynamics of the employees, as well as of economic circumstances created by constantly changing wage policies.

Open access
The effects of experiential training in teaching-learning entrepreneurship in VET schools from Europe

Abstract

Following the training organized in vocational schools in five European countries, in which were used experiential methods of teaching entrepreneurship, through questionnaires applied to both students and teachers, the results obtained were analyzed, respectively the students’ perception on the teaching methods used by the teachers, the knowledge, skills, abilities acquired. In order to carry out the study, three research hypotheses were formulated, and the results obtained have fully confirmed them. The conclusions of the study highlighted the positive effects of the experiential methods on the entrepreneurship teaching-learning process.

Open access
Investigations Regarding the Influence of Corporate Governance on Financial Performance. Empirical Study on Banks Listed on the Romanian Capital Market

Abstract

The role of corporate governance in achieving the financial performance in a sustainable development context is recognized. A fundamental premise in defining and applying good corporate governance is the area of the elements that describe the structure of the capital, elements that influence the guidelines and policies of the Board of Directors regarding the obtaining of the financial performance. On the equation “share capital - financial performance” we find the imprint of the compliance rate of the management statements with the requirements of the Corporate Governance Code applicable on the capital market on which the entity trades its shares. In this context, considering the compliance of the management statements published in the set of annual reports with the Corporate Governance Code, our researches investigate the relationship between the capital structure and the financial performance of the banks listed on the Bucharest Stock Exchange.

Open access
Rebranding and its Impact on Banking Activities – Case Study

Abstract

Rebranding is regarded as a necessary form when an organisation faces different problems due to the economic transformations of the society that requires new ways of visibility and decides to assign revitalization techniques to the brand image in order to refresh it. Nowadays, most of the Romanian banking companies went through the rebranding process firstly because they were involved in mergers and acquisitions, and secondly, to expand their target markets and to keep their loyal customers in an ever-changing market environment. This study aims to outline the impact of rebranding on a financial institution in Romania, CEC Bank, the oldest Romanian bank operating on the Romanian market since 1864. Following the 2007 rebranding, the purpose of the bank was to create a competitive commercial bank image. For this bank the rebranding process proved to be successful.

Open access
Six Sigma Method Important Element of Sustainability

Abstract

Six Sigma is not a training, but it is business strategy which involves the entire staff. The main goal of this works represents the analysis of the implementation of Six Sigma method within a company, like future solution for growing and developing a business. As main method of research was used documentation. The research carried out in this work will try to test/research two important aspects regarding the situation of a company: applying these methods accordingly may produce positive effects on long term on the business environment and create a healthy growth and economic development within a company.

Open access
Social measures, financial support to maintain, increase population in some European countries

Abstract

The evolution of the number of the population in many countries, even at European level, gives signs of concern, of which we should be aware: the significant decrease of the population, the negative changes in its structure can have negative and drastic economic and social effects if the governments do not intervene reasonable time. The implementation of measures must be well thought out, with the possibility of financial support and maintained for a long time, so that the expected effects appear. In Europe, some governments (especially in Eastern Europe) have already assumed this responsibility, implemented a series of measures to keep the youth in the country, to increase the number of children, with the purpose of increasing the population and balancing its structure. The paper presents a comparative analysis of the measures implemented by three European countries (Poland, Romania and Hungary) in order to increase the population in the following decades.

Open access
Testing the Beneish Model Relevance in Case of Entities with Confirmed Reputational Risk

Abstract

The Beneish model is a useful tool for assessing the potentially fraudulent behaviour of an entity that could resort to misstated financial reporting by manipulating earnings. Tarjo ---amp--- Herawati (2015) concluded that “the M-score of the Beneish model was generally able to detect financial fraud”, following a study on 35 listed companies that were confronted with allegations of fraud in the period 2001-2014, by accessing the sanctions database applied to companies of public interest (issuers) published by the Financial Supervisory Authority. Also, Ahmet Ozcan (2018) stated that the Beneish model “brings effective value in the analysis of the quantitative characteristics of falsified financial statements”, a conclusion based on a concentrated research on a sample of 174 firms over the period 2005-2017. However, the construction of this model was not oriented for the financial services industry, therefore the studies referred to above do not include any investment firms. Our research aims to assess the relevance of the use of the Beneish model to entities involved in scandals on fraudulent or suspected distorted financial reporting operations (Romcab, 2017 and Harinvest, 2013) in order to Test the Beneish model’s validation capability. On the basis of the conclusions obtained, it can be accepted that the applicability of the model is validated for the entities examined.

Open access
Für Gott und den Profit
Open access
Is the Greek debt sustainable? Analyzing three different scenarios for the forthcoming period 2018–2022

Abstract

In this paper, we attempt to estimate the development of the Greek public debt for the period 2018–2022. In order to achieve this, we analyze three different fiscal scenarios that are based on the official data available, together with our estimations that are based on a specific conceptual framework that we develop. The three scenarios are based on a different mixture of Gross domestic product (GDP) growth rates and budgetary surpluses of GDP. The analysis concludes that the numerical outcome is almost the same in all three case scenarios. However, the third scenario is the best since it leads to higher growth, GDP, and less austerity measures, and thus making public debt sustainable in the long run. The third scenario also provides the best combination of the trade-off between austerity and growth. We conclude by discussing some policy measures.

Open access