Sorin Nicolae Borlea, Codruta Mare, Monica Violeta Achim and Adriana Puscas
The results of extensive studies that analyzed the existence and meaning of correlations between the economic growth and the financial market development lead us to a more thorough study of these correlations. Therefore, we performed a broad study of the developing countries from around the world (the developing part of each region constructed by the World Bank through its Statistics Bureau). The regions taken into analysis were: Europe and Central Asia, South Asia, East Asia and the Pacific, the Arab world, Latin America & and the Caribbean, the Middle East and North Africa, and Sub-Saharan Africa. For comparison purposes, we have also included in the sample the North American countries, the Euro Area and the European Union as a whole, because these last three areas are the main benchmarks of the financial markets. The results are consistent with those from previous studies on the subject and vary depending on region and financial indicator considered.
Sorin Nicolae Borlea, Monica Violeta Achim and Alexandra Ioana Daniela Rus
This research comes to empirical investigate whether the country‟s levels of corruption may be explained by some behavioral factors such as culture, tax morale, trust, religion or happiness. For this purpose, a cross-countries survey of 148 countries is used. The findings document that power distance, trust in legal system, happiness and religion are the most important behavioral determinants of the corruption, explaining about 50 % from the level of corruption around the world. A higher power distance, a lower level of trust in legal system, a lower level of happiness (measured by subjective well-being) and a higher level of religiosity conduct to a higher level of corruption. The findings are important for the policy-makers in order to include the non-economic factors in the analysis of corruption behavior of the people belong to a country, and thus to adopt the most appropriate decisions to fight against this phenomenon.
Alexandra Ioana Daniela Rus, Monica Violeta Achim and Sorin Nicolae Borlea
The aim of this paper consists in providing a general overview of the notion of intellectual capital as a key to maximizing the corporate performance. Following the researches carried out, we present the delimitations of the intellectual capital in relation with human capital, relational capital and structural capital. In terms of its measurement, we focus on a question which could be a solid base for the next studies: “Can intellectual capital be evaluated?” In this regard, a number of methods (direct and methods based on assets returns), generic model and individual company models were presented, concluding in this way with a hierarchy in terms of utility and their importance.
Sorin Nicolae Borlea, Monica Violeta Achim and Monica Gabriela A. Miron
This study was carried out to empirically investigate the relationships between corruption and shadow economy among the European Union countries, over the period 2005-2014. Moreover, since one would expect corruption and shadow economy to be more common in poorer countries, this study was therefore carried out to determine how corruption and shadow economy affect economic development. The empirical findings of this study confirm a high and positive relationship between corruption and shadow economy, therefore a higher level of corruption involves a higher level of shadow economy. Regarding the influence of corruption and shadow economy on economic growth, a high and negative relationship was found. This means that increasing corruption and shadow economy negatively affects economic growth.